George Calbert - First Command Financial Advisor

10/13/2026

Happy birthday to the U.S. Navy! ⚓

Today, we honor the sailors whose honor, courage, and commitment continue to protect our Nation and defend freedom around the world.

10/01/2026

Successful investing can feel like it requires knowing when to make the next move. Research suggests that sometimes the harder skill is knowing when not to.
Market headlines, interest rates, geopolitical events, and daily price movements can create pressure to do something.
But long-term investing may have more to do with consistency and discipline than constantly reacting to what is happening today.

In “Trading Is Hazardous to Your Wealth,” published in The Journal of Finance in 2000, Brad Barber and Terrance Odean studied more than 66,000 households. They found that households trading most frequently earned lower net returns during the period studied than those trading less frequently, with trading costs contributing to the difference.

In “Save More Tomorrow,” published in the Journal of Political Economy in 2004, Richard Thaler and Shlomo Benartzi studied a program allowing employees to commit in advance to increasing retirement contributions when their future pay increased. Participants using the program substantially increased their savings rates over time.

That is an important planning lesson.

Building long-term financial progress often involves consistent saving and investing habits rather than frequent reactions to market events.

For military families and professionals building their financial future:

Finance your goals.
Stay focused on long-term goals.
Don't let short-term emotions control long-term decisions.

All three matter.

What stands out to me from this research is how much behavior can influence financial outcomes.

It can be tempting to stop investing when markets decline, chase investments after strong performance, or change strategies because of today's headlines.

But market volatility doesn't automatically mean your financial plan has changed.

For service members, pay raises, promotions, bonuses, and special pays can provide opportunities to strengthen long-term investments. Instead of allowing every increase in income to become an increase in lifestyle, consider directing part of it toward your future.

The goal isn't to predict every market movement.

The goal is to build a strategy you can remain committed to through different markets and different stages of life.

The appropriate investment strategy depends on each individual's goals, time horizon, risk tolerance, and financial circumstances and should be evaluated as part of a comprehensive financial plan.

If you’re ready to talk through your financial goals and plans, reach out anytime.

George Calbert, CMFA
[email protected]
360.564.1620
8820 59th Ave SW, Suite 200
Lakewood, WA 98499

References:
Barber, B. M., & Odean, T. (2000). Trading Is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors. The Journal of Finance, 55(2), 773–806.
Thaler, R. H., & Benartzi, S. (2004). Save More Tomorrow: Using Behavioral Economics to Increase Employee Saving. Journal of Political Economy, 112(S1).

With over 50 years of financial coaching experience, First Command is proud to serve America's military.

09/27/2026

Honoring Gold Star Mother’s and Family’s today and every day. We remember the brave men and women who gave their lives in service to our Nation and hold their families close in our thoughts and gratitude.

09/18/2026

We pause to remember the brave Americans who endured captivity, those who never returned home, and the loved ones who continue to carry their legacy forward. May we always honor their courage, sacrifice, and unwavering dedication to our Nation. 💙

09/18/2026

Happy Birthday to the United States Air Force! Today, we celebrate the Airmen who have answered the call to serve with courage, innovation, and dedication since 1947.✈️

09/17/2026

A financial emergency doesn’t ask whether you’re ready. It simply sends the bill.

A major car repair. An unexpected trip home. A household expense. A PCS that costs more than expected. A sudden change in employment.

When those moments happen, the difference between an inconvenience and a financial setback may come down to one thing: having cash available when you need it.

Research supports the importance of that preparation.

In “Financial Literacy and Emergency Saving,” published in the Journal of Family and Economic Issues in 2014, Patryk Babiarz and Cliff Robb examined the relationship between financial knowledge and emergency savings. Their research found that financial knowledge and confidence were positively associated with the likelihood of having emergency funds.

In “Emergency Saving and Household Hardship,” published in the same journal in 2016, Leah Gjertson examined the relationship between emergency savings and financial hardship. The research found that households with emergency savings were less likely to experience certain forms of hardship.

That is an important planning lesson.

An emergency fund isn't money waiting to be invested. It is money with a job.

For military families and professionals building their financial future, this is a good reminder:

Saving helps absorb financial shocks.
Liquidity provides options when life changes.
Preparation can help protect the rest of the financial plan.

All three matter.

Without readily available savings, an unexpected expense may become credit-card debt, require selling investments, or force money to be taken from another financial goal.

That is why I like to think of an emergency fund as a financial shock absorber.

Its purpose isn't necessarily to maximize return. Its purpose is to provide liquidity and flexibility when life doesn't go according to plan.

For service members, adequate reserves may be especially important when preparing for a PCS, transitioning from the military, purchasing a home, or experiencing changes in family circumstances.

The appropriate emergency-fund amount depends on each household’s circumstances and should be evaluated as part of a comprehensive financial plan.

If you’re ready to talk through your financial goals and plans, reach out anytime.

George Calbert, CMFA
[email protected]
360.564.1620
8820 59th Ave SW, Suite 200
Lakewood, WA 98499

References:

Babiarz, P., & Robb, C. A. (2014). Financial Literacy and Emergency Saving. Journal of Family and Economic Issues, 35(1), 40–50.

Gjertson, L. (2016). Emergency Saving and Household Hardship. Journal of Family and Economic Issues, 37(1), 1–17.

With over 50 years of financial coaching experience, First Command is proud to serve America's military.

09/11/2026

On Patriot Day, we remember the nearly 3,000 lives lost on September 11, including civilians and first responders, and honor the service members who serve to defend America’s freedom today.

09/09/2026

A common assumption is that building wealth begins with investing.

But before we focus on protecting a portfolio, there is another asset worth considering:

The income that creates the portfolio in the first place.

In “Human Capital, Asset Allocation, and Life Insurance,” published in the Financial Analysts Journal in 2006, Peng Chen, Roger Ibbotson, Moshe Milevsky, and Kevin Zhu examined the relationship between human capital, investments, and life insurance.

Their research presents an important financial-planning concept: human capital—the economic value of future earnings—can be one of an individual's most significant assets.

For someone early or midway through a career, decades of future earnings may represent substantially more economic value than the investments they have accumulated so far.

That is an important planning lesson.

Protect your income before accumulating wealth.

For military families and professionals building their financial future, this is a good reminder:

Your income funds your lifestyle.
Your income supports your family.
Your income makes saving and investing possible.

Protecting that income should therefore be considered alongside accumulating assets.

Life insurance can help address the financial consequences of premature death. Disability coverage can address a different risk—the possibility of being alive but unable to continue earning an income.

What I find particularly valuable about the research is that it connects risk management and investing rather than treating them as separate financial decisions.

A household may have an excellent investment strategy, but the ability to continue funding that strategy often depends on future earnings.

And insurance needs aren't necessarily static.

Research by Liebenberg, Carson, and Dumm also found that life-insurance decisions change as households experience changes in their financial and life circumstances.

Marriage, children, promotions, homeownership, separation from the military, and retirement can all change the financial risks a family faces.

Before we protect the portfolio, we should understand the economic value of the income creating the portfolio.

The appropriate insurance and investment strategy depends on each individual's circumstances and should be evaluated as part of a comprehensive financial plan.

If you’re ready to talk through your financial goals and plans, reach out anytime.

George Calbert, CMFA
[email protected]
360.564.1620
8820 59th Ave SW, Suite 200
Lakewood, WA 98499

References:

Chen, P., Ibbotson, R. G., Milevsky, M. A., & Zhu, K. X. (2006). Human Capital, Asset Allocation, and Life Insurance. Financial Analysts Journal, 62(1), 97–109.

Liebenberg, A. P., Carson, J. M., & Dumm, R. E. (2012). A Dynamic Analysis of the Demand for Life Insurance. Journal of Risk and Insurance, 79(3), 619–644.

With over 50 years of financial coaching experience, First Command is proud to serve America's military.

08/29/2026

The U.S. Marine Corps Reserve marks 110 years of service, built on a legacy of honor, courage, and commitment.

Today, we celebrate their contributions and thank them for their enduring service to our country.

08/26/2026

A common assumption is that people fail to save enough because they simply don't understand the importance of saving.
But behavioral-finance research suggests something more complicated: knowing we should save and actually doing it are two very different things.
In “Save More Tomorrow: Using Behavioral Economics to Increase Employee Saving,” published in the Journal of Political Economy in 2004, Richard Thaler and Shlomo Benartzi studied a program that allowed employees to commit in advance to increasing their retirement contributions when they received future pay raises.
Participants who joined the program substantially increased their savings rates over time.
Earlier research demonstrated another powerful behavioral effect.
In “The Power of Suggestion: Inertia in 401(k) Participation and Savings Behavior,” published in the Quarterly Journal of Economics in 2001, Brigitte Madrian and Dennis Shea examined the impact of automatic enrollment in a 401(k) plan. They found that changing enrollment from something employees had to actively choose to something that happened automatically dramatically increased participation.
That is an important planning lesson.
Good intentions are valuable. Good financial systems can be even more powerful.

For military families and professionals building their financial future, this is a good reminder:
Pay yourself first.
Automate good financial decisions.
Increase savings as income grows.

All three matter.
What surprised me most from the research is how strongly seemingly small changes in the way saving decisions are structured can influence long-term behavior.
Instead of waiting until the end of the month to see what is left, consider making saving one of the first financial decisions each month.
For service members, there can be natural opportunities to revisit savings: promotions, annual pay increases, special pays, bonuses, and other changes in compensation.
A simple question can be powerful:
When your income increases, will your lifestyle automatically increase with it—or will your savings increase too?
The appropriate savings strategy depends on each individual's circumstances and should be evaluated as part of a comprehensive financial plan.
If you’re ready to talk through your financial goals and plans, reach out anytime.

George Calbert, CMFA
[email protected]
360.564.1620
8820 59th Ave SW, Suite 200
Lakewood, WA 98499

References:
Thaler, R. H., & Benartzi, S. (2004). Save More Tomorrow: Using Behavioral Economics to Increase Employee Saving. Journal of Political Economy, 112(S1).
Madrian, B. C., & Shea, D. F. (2001). The Power of Suggestion: Inertia in 401(k) Participation and Savings Behavior. Quarterly Journal of Economics, 116(4), 1149–1187.

With over 50 years of financial coaching experience, First Command is proud to serve America's military.