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The best way to describe 2020, at least so far, might be "unpredictable." Just when we think we've seen it all, life throws us another reason why smart investing and retirement planning matters now more than ever.
Since leaving the Marine Corps over 20 years ago to work in finance, I've had the privilege of working with many kinds of investors: large pension fund managers, insurance companies, and military veterans – ranked everywhere from three stripes to three stars. In times like these, I'm reminded of what makes military clients unique: They're often better suited to weather market turbulence and uncertainty.
Here are a few reasons I've noted during my professional career as to why that may be the case:
1. A mindset for planning and contingencies
One characteristic among my clients and their families is their uncanny ability to create a plan and execute it. Their professional lives thrive on discipline, contingency planning, and mission-focus. As a result, it creates an individual well suited to long-term thinking and remaining calm.
2. An ability to tune out market noise
In late March, I called a client about a big downdraft in the market. Of our 20-minute conversation, about five was actually dedicated to the market. Unlike my civilian clients, I knew our call would likely center more on personal and family updates than it would on his portfolio review.
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