In my library, I still have the original hardback copy of Charles Schwab’s “Guide to Financial Independence”. I read it cover to cover one day poolside at my apartment complex.

The year was 1998.

A recent college graduate, job firmly in hand, I was already looking for “what’s next”. My co-workers talked about stocks, dividends, 401k plans? I was 100% absolutely and shamelessly clueless.

I quickly opened my own 401k and made sure I had a good mix of Large Cap, Small Cap, International, just like Chuck said to do. I still remember his phrase “core and explore”, which is basically another way of saying lay the foundation first before you start being more speculative. Got it.

What I see today is ironically the exact opposite. I blame the onset of commission-free trading primarily but also platforms like Robinhood which have turned global markets into the county fair. I am all for investing early in life but I have a feeling so many will be burnt to a crisp early and oblivious they may look away and never return. We may be witnessing just that in crypto.

Case in point, when I determined I had it all figured out in 1999 I sent E*Trade a check for $2,000 and purchased my first two stocks. They both went bankrupt. Never mind that, I just added more money and bought something else. Try and try again.

No secret now, the biggest tech bubble in history was building. Everything was so easy, so effortless and like many others my back was turned and I got burned. I am sure there are many investors, new and old, feeling a similar pain in 2022. Seasoned participants will also agree it was way too easy in 2021.

Thankfully in 2000, I was still working on my foundation, taking financial planning courses and saw my little side venture as just that. It was an isolated exploration. My trading forced me to focus and if anything sped up my desire to know more about individual companies and sectors.

The key takeaway for me though looking back on that historic period in market lore is despite the painful learning curve, I never walked away. I fought through it and twenty some odd years later I am still engaged.

I’m still here.

I think the reason for that was I had already embraced The Process.

• Education: The desire to never stop learning, reading voraciously anything and everything to expand perspective and hone knowledge.

One of my favorite interview questions when I was hiring a new employee usually came at the end of the session and I simply asked “What is the latest book you have read and why?” It was a great way to see a reaction to being put on the spot and provided instant insight to their personality.

• Accountability: Realizing that any type of success financially, however that may be defined is not up to my employer, my family or fate. It is up to me.

Life is a series of personal choices and decisions over time. You were faced with a choice and you made a decision, good or bad. That simple truth can be applied to 99.9% of our past circumstances but it is very challenging to accept. The great thing is all of us can apply that mindset to the future and benefit greatly from it.

• Planning: Being able to clearly define the present and visualize what I want the future to look like, what it should include, what it should exclude.

Goal setting can be a very dangerous game. Nobody likes to come up short and when it happens our psyche can take an unrecoverable hit. May I suggest an alternative? Picture your future self however –you- define it and just make sure everything –you- do, financially or otherwise leans in that direction. When that first domino leans in the right direction, the remainder follow suit.

• Persistence: Revisiting my plan and my progress with a critical eye and staying the course undeterred by the ebbs and flows of the market or life.

Bear markets happen. Life happens. Rest assured a smack in the face or punch in the gut is headed our way just a matter of when. Marines live by a simple motto: Adapt, Improvise and Overcome. Easier said than done but it’s worth noting – without persistence any plan is destined to fail.

Your process may look similar or it may look completely different.

It may not even exist! I can assure you there was a time when that was the case for me. I also occasionally lose sight of it and go completely off the reservation. Sometimes it takes a while to get back on my route, but I usually will in due time.

Think about your own process and what will work for you. Avoid lofty goals and just take steps to lean toward your vision of where you want to be, personally as well as financially.

Embrace The Process.