Rule #56: Never make a decision that will not be a good decision in five years (think like an investor, not a trader, and most certainly not like a “bargain hunter”) _My personal rules for life and living
Do not let the urgency of the moment or your emotions about the urgency of the moment force your hand to make a decision that you will later regret.
The fear of losing out or being left behind by the “crowd” can cause you to make quick, emotional decisions that will come back to bite you.
Forcing out a five-year time line or trajectory will slow you down and help you make measured and purposeful decisions that have a much better chance of giving you a good return.
The ONE THING for today: In all your decisions – big or little – ask yourself this question: “What will be the results of this decision in five years?”
If you can’t answer that question, chances are you don’t need to make the decision and if you can, and you still go with your decision, chances are you made a good decision.