Comma needed here?

When a situation is getting me down, I know that it will be short-lived and make for an entertaining story later on.

Would a comma be appropriate after short-lived to make a pause suitable, or is this sentence fine as is?

Thanks, teachers!

Thank you, Mister M.

I think your response is givng the impression of contraction by the fact of you are using the phrase "strictly speaking" and "I think" in the same response to a particular question.

Anyway, why did you say a comma should precede the and, strictly speaking. Are there any rules of grammar you are basing your conclusion/recommendation on?

When a situation is getting me down, I know that it will be short-lived and (it will) make for an entertaining ...  

No, I have changed my mind-- the comma is not strictly needed before the and, since the conjunction does not introduce an independent clause.  However, I would still use it because I would wish to emphasize the sequence of events:  (1) it will be short-lived, and then (2) it will be entertaining.  If the depressing situation is not short-lived, it will have no entertainment value.  The comma, as a pause, lets the reader consider each aspect individually.