Practical thought #3
Dream = Goal + Process
Have you ever looked at someone successful—maybe a CEO like Warren Buffett, an athlete like Michael Jordan, or even someone you know who launched a thriving business or landed their dream job—and thought to yourself, ‘Wow, these people are geniuses! I wish I could do that!’ or perhaps, ‘I could never do that!’?
I used to feel the same way. But studying numerous successful people—and reflecting on elements of my own journey—taught me that their achievements aren’t accidents. They have dreams, sure, but what truly sets them apart is their plan: a clear, practical process they follow relentlessly. Often, the greater their success, the more intense their process was, and the longer they sustained it. Consider Warren Buffett, who reportedly read around 500 pages a day for decades – with that level of consistent dedication, how could he not become exceptional?
I remember when I was in my early twenties: ambitious, reasonably intelligent, and working extremely hard. I had always thought to myself, ‘By the time I’m 30, I’ll be a millionaire.’ Doesn't this sound familiar?
Well, I’m now 34 and, unfortunately, still not a millionaire. I did work really hard, but it turns out hard work alone wasn't enough. I used to think becoming a millionaire would just sort of happen—difficult, yes, but achievable if I just kept grinding away.
No.
The difference between a dream and reality often lies in having a clear, structured process and the discipline to follow through. Let me share two stories—one personal, one more general—to show you what I mean.
Example 1: From a small city to Finance
When I was in university, my dream was to work in finance – think stock market analysis or investment banking. This was challenging. I grew up in a small city where finance wasn't a common career path, my parents ran a restaurant, and I had no industry connections or mentors to guide me. I later discovered that breaking into demanding fields like investment banking or buy-side roles (positions focused on managing investments) takes more than good grades and simply applying for jobs online.
Just working hard and following the traditional path wasn’t impossible, but it felt improbable. Breaking into finance required a specific strategy. So, I built a process, adapting it as I went along. It took a long time—longer than I hoped—partly because I wasn’t always as disciplined as I could have been, and partly because I sometimes got comfortable and didn't push for the next step when I needed to. Here’s a high-level view of what my process looked like:
1. Study hard to earn top grades and stand out.
2. Land an entry-level job at Deloitte Accounting in my city, a role that offered exposure to finance.
3. Enrol in the CFA (Chartered Financial Analyst) program to build expertise.
4. Network by attending local finance meetups and emailing professionals for advice.
5. Learn the industry inside-out by reading market reports and practicing stock analysis.
6. Invest my own money in stocks to understand the job firsthand.
(I delve into the specifics of this process in another post). This wasn't groundbreaking; each individual step seemed achievable, and ultimately, it was. It worked. I eventually landed an equities role because I followed a clear path, step by step. The lesson? Big goals are conquered through a series of small, deliberate actions.
Now, the tricky part is that depending on your goal, you may not initially know the optimal process. I'll explore this further in a future chapter, but the key is often finding the right mentors, models, or resources to help you refine your approach—learning from people who’ve already achieved what you’re chasing.
Example 2: The Six-Pack Principle
Let’s use a simpler analogy: Imagine wanting a six-pack. If you just hoped for it, or even if you worked out occasionally and ate reasonably well, it's still very unlikely to happen spontaneously. Why would it?
But, if you create a specific plan—say, a consistent gym schedule, a meal plan focused on lean protein and controlled calories, and daily core exercises (a plan proven effective by countless others)—and follow it consistently, you will eventually see those abs. It’s almost guaranteed, and virtually anyone can achieve it if they stick to the process.
This sounds obvious, right? So why don't we apply the same logic to our bigger dreams? Often, the problem is a missing, incomplete, or flawed plan. My earlier millionaire dream failed precisely because there was no real process guiding my actions. I worked hard and invested some money, but I never mapped out the necessary steps, the math, or realistic timelines.
Think about your own goals: is the process you are currently following actually designed to get you there?
Revisiting the Millionaire Dream
Let’s say I set that millionaire goal again (and maybe I will). This time, I’d create a structured process, perhaps something like this:
Consistently save 30-40% of my monthly salary and immediately deposit it into a dedicated investment account. You can even break it down further into a daily process goal with budgeting.
Aim for an ambitious but potentially achievable average annual return of 10-20%+ through strategies where I have proven skill (e.g., stock analysis), backed by a sound investment philosophy. (Yes, this requires significant skill and discipline – becoming a millionaire is achievable, but rarely easy).
Potentially add a supplementary income stream to accelerate progress (optional but helpful).
Regularly track progress against these targets and adjust the process as needed (e.g., increase savings rate, refine investment strategy).
With these steps, I could calculate approximately how many years it might take to reach a million dollars and adjust my process if I wanted to reach it sooner. Then, I could potentially aim to compound that further. The point is, if I define the process and stick to it, achieving the goal becomes primarily a matter of time and discipline.
Your Dreams Need a Blueprint
The key takeaway is this: dreams are powerful motivators, but they aren’t enough on their own. To turn aspirations into reality, you need more than just desire; you need a plan, a structured process, and the relentless follow-through to execute it.
If you hit roadblocks or aren't sure how to build your process, seek out mentors, coaches, books, or even peers who've successfully navigated a similar path—they can help you refine your blueprint.
So, ask yourself: What’s your dream? And more importantly, what’s your process to make it real?
My next post provides a framework for designing a structured process.
