This has always been a subject of discussion when I talk to people about building their long term wealth or the "Golden Goose".
The main idea is to have your money work as hard for you as you do for it. Our mission should be to save and invest rather than to spend it all. And this is a skill which we have to choose to develop, the rich skill and the poverty skill. It's may sound like a funny way of describing it, nevertheless it holds a lot of truth.
Rich skill is to have a lot of money and spend a little, while the poverty skill is having a little and spend a lot.
So long-term versus short-term, lets put it in simple terms: Poverty skill: people work to earn money to live today.
Rich skill: work to earn money to pay for investments, which will pay for the future.
