TLDR: In a world dominated by short-term thinking, He Rui Ming, co-founder of Woke Salaryman, highlights the detrimental effects on society and the environment. Drawing from Buddhist principles, he urges mindfulness in spending, ethical investing, and supporting politicians with long-term visions.
One of the important ingredients to anyone’s success is the ability to think long-term. Unfortunately, in today’s world where addiction to instant gratification is prevalent, long-term thinking is in short supply.
And this is a problem for me, you, and the world. How so?
Today, we can already witness and experience the adverse effects of short-term thinking in our society. Pollution, corruption, and many poor decisions. These poor decisions, compounded over decades can become insurmountable, and seemingly irreversible forces.
In Buddhism, the concept of interdependence teaches us that all beings are interconnected and that our actions have far-reaching consequences.
Failing to consider the long-term implications of our actions would be disregarding the natural law of cause and effect, which then perpetuates a vicious cycle of suffering.
Adopting some Buddhist principles can help guide us to be part of the solution, not the problem. Here are three areas to consider:
1. Mindful Spending and conscious consumerism
The problem:
The average consumer is guilty of overbuying. Many of us adopt a ‘buy-and-throw-away culture’ when it comes to goods and services. We often change our clothes, not because they’ve reached the end of their usable lifespan; but rather, because fashion tastes have changed. The same applies to gadgets and appliances that roll out with new features every year.
There is nothing inherently wrong with wanting new things for a better life but our consumption habits are extremely pollutive, with serious implications for the planet’s sustainability. For instance, fashion production alone contributes to 10% of global carbon emissions and results in massive land waste.
And how often are our spending habits fueled by our sense of lack and insecurities, thereby perpetuating the cycle of desire and dissatisfaction?
The solution:
The practice of mindfulness can help address this issue and turn us into more conscious buyers. For example, instead of succumbing to the urge for constant novelty, we can prioritise durable, sustainably-produced goods that minimise environmental impact. We can also practice repairing and maintaining items, extending their lifespan and reducing waste.
Mindfulness can also enable us to recognise moments when our spending habits are external manifestations of our inner lack. By acknowledging the underlying emotions and unhealthy desires, we can avoid falling into the trap of shopping addiction and overspending. Instead, we can focus on fulfilling our long-term needs and goals, such as saving for a house or investing in experiences that bring more lasting satisfaction.
Lastly, being mindful of our financial balances can help us to avoid unnecessary strain. As the Buddha taught, “knowing his income and expenses leads a balanced life, neither extravagant nor miserly.” This balanced approach ensures that our income remains in surplus over our expenses, promoting financial stability and well-being.
2. Ethical Investing: Aligning Financial Choices with Long-term Sustainability and Social Responsibility
The problem:
Typically, people invest in a company with profit-making as the main priority. The quicker the profits, the bigger the gains, the better. But this too, has implications. Are the companies that we invest in prioritising shareholders’ desire for gains at the expense of the other important factors that contribute to the long-term success of a company? Employee welfare and wages, environmental sustainability, safety, ethics, product quality, just to name a few.
Don’t get me wrong – profit is definitely important too, but it’s just one measure of success. When we prioritise profit above all other factors, we risk fueling a destructive cycle that harms society, nations, and the environment.
Ultimately, we, as investors, will bear the brunt of these negative impacts.
For example, supporting companies engaged in corruption and unethical business practices can worsen social inequalities and fuel social unrest and political instability. This instability may lead to disruptions in business operations, widespread layoffs, and a ripple effect on the economy, driving up the cost of living and eroding the stability of financial markets.
The Solution:
Advocate for companies that demonstrate a commitment to making a positive impact on society and the environment, even if it means sacrificing short-term profits. As the Buddha taught, right livelihood involves earning a living through ethical and morally upright means, avoiding occupations that cause harm to oneself or others.
By practicing sustainable investing and prioritising companies that uphold ethical business practices, we align our investments with the principles of right livelihood.
Consider incorporating environmental, social, and corporate governance (ESG) factors into our investment decisions to make more informed and responsible choices. This approach not only promotes long-term financial sustainability but also contributes to the well-being of society, nations, and the planet as a whole.
3. Policy Advocacy: Shifting Political Priorities Towards Long-term Societal Benefits
The problem:
In many democracies around the world, short-term thinking often rears its ugly head in the form of election cycle fever – typically five years.
Politicians, understandably eager for re-election, may prioritise policies yielding quick wins and popularity instead of playing the long game for societal benefits.
For example, a country might opt to deplete its national reserves for immediate welfare benefits rather than endure painful austerity measures. While this may provide short-term relief, it burdens future generations with long-term consequences.
However, this shortsighted approach is not solely the responsibility of politicians. We, as voters, also shape political priorities. Our demand for immediate results often influences politicians to adopt short-term strategies to secure our votes.
For instance, we may support candidates offering quick fixes to pressing issues, even if they lack long-term sustainability. This pressure from voters incentivises politicians to prioritise short-term gains over long-term benefits.
The solution:
Back political leaders implementing policies that address long-term societal challenges, such as climate change and ageing populations. When we align our votes with candidates who demonstrate a genuine commitment to tackling complex issues with long-term solutions, we send a powerful message to politicians and policymakers. We signal that we prioritise the well-being of future generations over immediate gratification, and we demand leadership that considers the long-term consequences of their decisions.
Furthermore, as voters, we have the responsibility to educate ourselves on the long-term implications of policy choices and to hold our elected officials accountable for their actions.
By actively engaging in the political process and advocating for policies that promote sustainability and resilience, we can help shape a brighter future for ourselves and for generations to come.
By shifting our perspective to a long-term lens, we can make balanced, sustainable decisions. It’s the equivalent of swapping junk food for a nourishing meal, pacing oneself in a marathon, and focusing on lifelong learning over exam scores.
This mindset promotes collective well-being, helping us become not just better individuals, but also better members of our shared world.
Remember – the more people think short-term, the more we suffer.
Wise Steps:
- Cultivate Contentment: Find joy and satisfaction in what you already have, reducing the impulse for excessive consumption and materialistic desires.
- Develop Patience: Learn to endure short-term challenges with equanimity, and allow time for positive actions to yield results.
- Cultivate Compassion: Considering the well-being of others and the environment in our actions and decisions to promote collective welfare over individualistic pursuits.
