The most difficult thing is the decision to act. The rest is merely tenacity. The fears are paper tigers. You can do anything you decide to do. You can act to change and control your life, and the procedure, the process, is its own reward. – Amelia Earhart
Earlier this week, we experienced the perfect “appliance” storm. Two burners on the oven stopped working, our microwave broke, and both our washer and dryer went out. I had to stay home one morning as a technician came to both fix the burners and install a washing machine.
While I was waiting for the “I’ll be there between 9 a.m. and 1 p.m.” promise, I turned on the TV and came across the movie Rocky 3. I turned it on just after Rocky’s trainer, Mickey, died.
Rocky is training for a rematch for the heavyweight boxing title, but his heart isn’t it, and he appears to quit. In a poignant conversation with his wife, Adrian, he divulges that he feels like a fraud because all his title defenses over the years were handpicked fighters they knew he could beat. He lost his self-confidence.
In stirring dialogue, Adrian says: “And you wanna tell me that those fights weren’t real, that you were carried? Well I don’t believe it! But it doesn’t matter what I believe because you’re the one that’s got to carry that fear around inside you, afraid that everybody’s going to take things away and afraid that you’re going to be remembered as a coward, that you’re not a man anymore. Well, none of it’s true!
“But it doesn’t matter if I tell you. It doesn’t matter because you’re the one that’s gotta settle it. Get rid of it! Because when all the smoke has cleared, and everyone’s through chanting your name, it’s just going to be us. And you can’t live like this. We can’t live like this. Cause it’s going to bother you for the rest of your life. Look what it’s doing to you now. Apollo thinks you can do it; so do I. But you gotta want to do it for the right reasons. Not for the guilt over Mickey, not for the people, not for the title, not for money or me, but for you. Just you. Just you alone.”Rocky: “And if I lose?”
Adrian: “Then you lose. But at least you lose with no excuses, no fear. And I know you can live with that.”
HARD WORK and following a process regardless of the outcome are values that we should learn early on. In school, children learn that the hard work sometimes needed to come up with the correct answer is more important than the answer itself. While a student may get 100 on a homework assignment by copying someone else’s answers, they are shortchanging themselves by not actually learning the material.
In this week’s Torah portion, Shoftim, we read the famous verse: “Righteousness (Tzedek), righteousness you shall pursue so that you will live and take possession of the land that Hashem, your G-d, gives you” (Devarim 16:20). The famous question is asked about why we need the repetition of the word “Righteousness”? Rabbi Yissocher Frand writes: “Rav Elya Meir Bloch interprets that ‘the pursuit OF righteousness must also be pursued WITH righteousness.’ We are not merely being taught to run AFTER justice. We are told to run AFTER justice WITH justice.
“Many times we pursue that which is righteous and fair. Our goal is to ensure that what is right prevails. We are often tempted to let the ends justify the means. We may overlook the fact that we have to step on a few laws here and there as long as in the end ‘righteousness will prevail.’ We know, unfortunately, how many times throughout history, the pursuit of justice was carried on in unjust ways. This has caused terrible destruction. The message of our verse is that we may not overlook unscrupulous methods to achieve lofty goals. Righteousness must be pursued WITH righteousness. Achieving Tzedek in any other way is not Tzedek.”
When it comes to investing, you need to trust the process. According to Denny Baish of Fort Pitt Capital Group, “In the world of investing, it’s common for some people to experience a bit of buyer’s remorse. Not the kind you get when you make a big Black Friday purchase, but the kind investors might experience during times of market volatility or turmoil.”
He gives three tips:
1) Trust the process. It’s important to trust your investment strategy and do your best to tune out the talking heads that create fierce headlines and may strike fear or hesitation into an investor.
2) Make decisions when life’s circumstances change, not your emotions. It’s best to make allocation changes based on what’s changing in your life and not your emotions. Some life events that could drive change include retiring, switching careers, expanding your family, or receiving a raise.
3) Ask for help and guidance. Part of having trust in your investment decisions is knowing exactly what they are. Financial advisers cannot only help take some of the emotions out of investing, they can answer any questions you might have along the way so that you know exactly what you’re investing in and what the strategy is to accomplish your financial goals.
Whether it’s boxing, trying to perfect character traits, or having a secure financial future, don’t get frustrated if you hit some bumps in the road. Remember: Following the process is the key to success.
The information contained in this article reflects the opinion of the author and not necessarily the opinion of Portfolio Resources Group or its affiliates.
aaron@lighthousecapital.co.ilAaron Katsman is the author of Retirement GPS: How to Navigate Your Way to A Secure Financial Future with Global Investing.