We think of long-term stuff, but this concept is abstract. What is long-term?
Better to have 30-year visions. Ask 2 simple questions:
In 30 years, what skills I want to be the best at?
In 30 years, who do I want to be friends with?
Answer these 2 questions.
It’s okay if you don’t have answers. I know 2 skills I want to be working on. As for friends, I’m sure of a few.
One reason why 30-year visions are difficult is that we don’t commit. We don’t want to risk our lives on a few skills. We want to hedge. We lack conviction.
But like any portfolio chases alpha, we should chase alpha too. (Look up Jensen’s alpha, if you’re unclear.)