Going back a few weeks, I was talking with my 23-year-old son Will about something he was intending to do. I laid out the more sensible case for what might be a better choice for the longer term. I punctuated my parenting masterclass by highlighting the problems that lay ahead with his preferred option.
He replied instantly, “that sounds like a future me problem” and proceeded to ignore all my advice.
It made me laugh in the moment, but it was a great insight into the mindset of not only young people but everyone these days in a world of getting what you want now and worrying about the ramifications later.
The world seems to be accumulating a lot of “future me problems”.
The more I thought about it, the more I realised Will had tapped into something deeper than he probably intended. He had perfectly captured one of the defining characteristics of human nature. We all have an incredible ability to separate today's decisions from tomorrow's consequences. We naturally overvalue immediate rewards and undervalue future costs. Behavioural economists have studied this tendency for decades, but sometimes a 23-year-old can explain it in five words.
The evidence is everywhere. We promise ourselves we'll start exercising next week because our health is a future me problem. We put off difficult conversations because repairing relationships is a future me problem. We delay saving and investing because retirement belongs to someone we'll meet decades from now. Unfortunately, future me eventually becomes present me, and the bill always arrives.
Businesses aren't immune either. Underinvestment in technology, neglected maintenance, weak cultures and postponed strategic decisions rarely cause immediate pain. In fact, delaying them can often make this quarter's numbers look better. The consequences belong to a future management team. Until one day they don't. Many corporate crises are not unexpected events at all. They are simply years of future me problems finally demanding attention.
The same pattern plays out across society. Governments can borrow and spend more because servicing the debt is a future taxpayer problem. Infrastructure can be delayed because congestion is a future commuter problem. Housing shortages, energy security and countless other long-term challenges often begin with decisions that were easier to postpone than confront. The temptation is always the same. Enjoy today's comfort and let tomorrow deal with the consequences.
The trouble with putting off problems is that they rarely stay the same size. Left unattended, they have a habit of compounding. A missed opportunity becomes regret. A small issue becomes a crisis. One poor decision is manageable, but a series of deferred decisions changes the direction of a career, a business or even a life. The longer we convince ourselves that tomorrow will deal with it, the fewer options we are left with.
That might be one of the most overlooked characteristics of successful people. They don't necessarily make fewer mistakes than everyone else. They are just more willing to accept a little discomfort today to avoid much greater discomfort tomorrow. They make the difficult phone call. They invest before they spend. They exercise even when they don’t feel like it. They address small problems before they become big problems.
We end up spending much of our lives trying to solve problems our younger selves created. The quality of our future often depends less on intelligence than on our willingness to do difficult things before they become urgent.
Every decision is ultimately a negotiation between today's comfort and tomorrow's freedom.
The most successful people, businesses and societies aren't those who don't have many problems or don't have big problems. They're the ones who tackle them front on and refuse to leave them for future me.
General Disclaimer: This information is of a general nature only and may not be relevant to your particular circumstances. The circumstances of each investor are different, and you should seek advice from an investment adviser who can consider if the strategies and products are right for you. Historical performance is often not a reliable indicator of future performance. You should not rely solely on historical performance to make investment decisions.