The Valley of Disappointment

 James Clear, author of Atomic Habits, describes the Valley of Disappointment as the phase where effort hasn't yet produced visible results.

When we start a new habit, we expect progress to be linear. Instead, results are delayed. The work is happening, but it's mostly invisible. Because improvement doesn't match our expectations, motivation drops, and we tend to quit right before the payoff begins.

Clear says those who push through the Valley of Disappointment are the ones who eventually see breakthrough outcomes.If we can get through The Valley of Disappointment, my friends, that's when the curve goes parabolic.

In investing, this valley is especially brutal because the beginning is so boring. You save. You invest. You check your account.

And nothing happens. Or worse, the market goes down, and it feels like you're doing it wrong.

I'm in the middle of a valley myself at the moment as my husband and I are starting a franchise. It's. A. Lot. Of. Work. with very little to show for it so far. It feels more like money pouring out the door than a viable business. But we'll persevere because in a year or two, it'll be an additional income coming in and we'll be happy we took the risk and did all this work.

(Note: I just cold-called a guy and he unleashed a list of expletives on me the likes of which I've never heard before and for a moment my valley felt like a dark hallow.) 

In the orchard, seeds spend a long time doing invisible work. Roots first. Always.

Can you imagine if you dug them up every week to check their progress?

Investing works the same way. If you are getting in and out of the market, second-guessing your commitment to long-term investing, you are unlikely to stick around long enough to go parabolic.

The early years don't look impressive because compounding hasn't kicked in yet. The curve is flat before it gets powerful. That's not a flaw. That's the design.

Most people give up not because investing doesn't work, but because they don't stay long enough to see it work.

The boring part isn't a signal to stop.

It's a sign you're right on schedule and carry on.