James 1:2-5 (ESV)
2 Count it all joy, my brothers, when you meet trials of various kinds, 3for you know that the testing of your faith produces steadfastness. 4And let steadfastness have its full effect, that you may be perfect and complete, lacking in nothing. 5 If any of you lacks wisdom, let him ask God, who gives generously to all without reproach, and it will be given him.
v. 2 Count it all joy This isn't a one time thing. It is a consistent joy, a joy that is a once-and-for-all attitude. Joy that God gives that is our strength (Nehemiah 8:10).
v. 4 let steadfastness (Or, endurance NASB) have its full effect This is a cause and effect relationship.
cause: steadfastness
effect: perfect and complete
v. 5 In the context of this verse, one who lacks wisdom asks God for wisdom facing trials. It is important to remember that. Even though, I am sure there is an application outside that. But it is interesting to note how often it is taken from the context so readily.
To ask for wisdom we have to realize that we are lacking (1 Corinthians 3:18-19). And the first step is clear Proverbs 1:7 (ESV)
The fear of the Lord is the beginning of knowledge;
fools despise wisdom and instruction.