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.
You ask yourself what you would regret doing (or not doing) when you look back on your life when you are 80. You then work now to reduce how much regret you might experience in the future.
For instance, when Bezos was thinking of starting Amazon, he was going to have to quit his job halfway through the year. This would mean that he would be giving up on a potentially large bonus at the end of the year.
He understood that when he was 80 and looking back, he would not regret quitting to start his own company, losing his yearly bonus, and even just failing outright, 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.
I find it helps me have a bias-for-action and try bold ideas and strategies instead of just waiting for life to happen.