As a dedicated marathon runner and coach in my personal life, and a Registered Investment Advisor in my business life, I have noticed a lot of similarities between investing and marathoning. This "Investing for the Long Run" series will illustrate the similarities between the two seemingly unrelated activities. This article will provide an overview of the concepts. Follow up articles will delve a little deeper into each of the main points.

For both activities, you need some GOALS. As a marathoner, your goal may be just to cross the finish line, or maybe you want a specific time, say to have a Personal Record (PR) or to qualify for the Boston Marathon. As an investor, your goal is probably to accumulate funds for a particular financial goal…a new home, a college education for your kids, retirement, etc.

Once you have your goals, you need a PLAN. Marathoners need a training plan that includes a mix of long runs, tempo runs and speedwork. Each workout complements the others and has a specific function within the plan. You can't just do long runs. You can't just do speedwork. You need all parts to balance your training.

Investors also need a PLAN. An investment plan should consider the time frame you have to reach your goal and the level of risk you are comfortable with taking, or need to take. A good plan will help you determine how your assets should be allocated. You should own a mixture of asset classes (large companies, small companies, international companies, real estate, commodities, and bonds). Each asset class complements the others and has a specific function within the plan.

Marathoners and investors both need DISCIPLINE. The excitement, or emotion, at the start of a race can cause you to start too quickly and use up energy you will need later. For most marathoners, there's a point in the race when you fear whether you will finish. You need the discipline to control your emotions, stick with your plan and break through The Wall.

It's the same with investing. You need the discipline to avoid the emotions that can wreck an investment plan. Greed causes you to buy an investment that has been performing well, thus "buying high." Fear causes you to sell when an investment has performed poorly, thus "selling low." Not the prescription for a successful investing experience.

PAIN is often part of both marathoning and investing. Completing a marathon stresses the body which leads to physical pain. As we have learned in the last 18 months or so, investing can stress the mind and leads to a different kind of pain.

Finally, both marathoning and investing could, and should, lead to very satisfying REWARDS. Only the elite marathoners win prize money, but all finishers receive a medal. But even more important than the medal, the biggest reward for a marathoner is the personal feeling of accomplishment…of knowing that you pushed yourself harder and farther than most will even attempt.

For investors, the rewards are more tangible. Because you had a GOAL, developed a PLAN, and had the DISCIPLINE to stick with it through the PAIN, you were able to retire, start a business, buy a home, pay for an education, or make someone's life better.

Whatever your financial goal, remember…Investing is a marathon, not a sprint!