This is a famous framework created – or perhaps popularized – by Jeff Bezos, the founder of Amazon.com
The idea is to think long term, and not to let the noise of daily life interfere with the really important decisions in life.
For instance, he was going to quit his job halfway through the year, thus giving up on a potentially large bonus at the end of the year, and if he had thought of things in that way, he may not have started Amazon.
Instead, he understood that when he was 80 and looking back, he would not regret quitting to start his own company even if he failed, but he would regret not trying at all.
This is a great way to think about decisions in life, as it gives you the focus on what’s important and what isn’t, and often it means that you prioritize a bias to action instead of waiting for something to happen.