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My family recently hiked Chimney Tops Trail in the Smoky Mountains. Here are four investment lessons learned from this hiking experience:

1. Set Goals and Make Plans

We wanted to take my cousin on a Smoky Mountain hike before she returns home to Utah. If we didn't set the goal and make plans, this trip wouldn't have happened. As you set financial goals and make plans, you may surprise yourself with what you can accomplish.

2. Prepare

In order for the hike to go smoothly, we knew we would need adequate food and water. We also know we'd need a backpack to carry my son if we wanted to move at the pace that would allow us to summit and return before dark. Before you invest, it's prudent to have adequate short-term savings so you don't have to interrupt long-term compounding.

3. Manage Risks

Some risks you can manage. We brought a light and warm clothes incase the descent was dark and cold. True risk is what's leftover after you think you've thought of everything, such as someone's bladder in our group not being able to last the whole trip. With money, you can manage some risks by diversifying your portfolio and having insurance in place. Other risks and blindspots may require the help of a professional.

4. Be Patient

We experienced a few setbacks in our trip like starting later than we planned, running into traffic, and rolling my ankle on the descent. Exercising patience helped us enjoy the journey despite the setbacks. A patient investor is rolling with the inevitable punches and allowing time to work it's magic as the key ingredient of compound interest.