An excellent summary. For the young folks it should be mentioned that “stable” should be put in quotes, and they really don’t care about the stability. They see signs of it imploding they’ll be on to the next girl in a heartbeat. Heh....consolidating your feed with the bigger more stable companies is a better play.
Damn dress code. ;-)As long as it isn’t “put hair in bun, pulls heels off, takes earrings off, prepares to kick someone’s ass” Ha!
Painful truth. I’m just the old 90’s aviation dropout who decided to teach in “old” age and then hit a medical DQ scenario for now, but I’ve done five “recessions” in my biz and watched them beat up everyone, including airlines which is just a watching “passion” for me, and they’re indiscriminate and random who they hit... and who’s investors and whack job leadership decide to buy out or mess with at the Wall Street level of the game. We all really have no control of it.Oh but we still have people that are under the impression that they’re going to have a “recessionless” career.
Why did you have to remind me of that? Some 25 year (at the time) legacy guy I know and truly love as a person suckered me into one of those damn sales pitches. I still haven’t figured out how. And why is the berry thing so popular amongst pilots? At least my idiot family member doing the MLM crap tries to sell me things like vacation trips and essential oils. I did get a kick out of them telling me to try essential oils for a spinal cord injury though. FML. Hahahaha.My acaí berry pyramid scheme is paying dividends (thanks old school F9 FO) should break even any day now.
Technically isn’t it guaranteed, just delayed? Closer to a guarantee than in my non-aviation biz, for sure. LOL.If you’re under 30 then you can always consider ATC! You’ll always have work, although actually being paid isn’t always guaranteed
I volunteer as a layperson financial counselor.Got bills. Can't afford it.
Okay... could you maybe save up for a bit?
Not really... (shows me pics of house remodeling, new car, motorcycle, and/or boat later in trip).
* the lawyer recommends always saying layperson, much safer. I am 100% NOT a licensed fiscal pro nor going to meet any fiduciary requirements or have to, okay SEC if you’re reading this, got it?
That story is really cultural and not just an airline pilot thing. We are a culture completely addicted to debt, but won’t admit it’s an addiction. It meets all of the DSM criteria for one...
I tell people that yes, it really is fun with the four wheeler and the jet skis and the heavy duty diesel pickup, and the sports car for weekends.... and all of whatever they “own”*, but what’s even more fun is waking up without ANY bills.
* If we talk for more than one session or I know them personally, eventually we get into the “ownership” discussion. You don’t own it unless you have the title. You’re renting it to own it. And in the case of real estate you may even have the title but you’re still renting it... at a very low price compared to the mortgage... just try not paying the taxes on it for about three years and see if you own it.
Anyway... don’t know why I felt compelled to share, but man do a lot of folks need a perspective check on what they do with their money. Especially if they make decent amounts of it.
But I never lecture them against what they did... to themselves... that’s in the past. We talk about how to plan for the future. Poor, rich, doesn’t matter — people spend beyond their income all the time. They ignore the risk it incurs. Maybe it was the “recession-less career” that stuck a quarter in me... and got me going.
Anyway. Earn as much as you can, then spend some, save some, and give some. That’s a Ramsey phrase, but it’s accurate for the happy folks I meet. There’s an occasional curmudgeon who’s happier not giving any, but they’re rare. His other statement that personal finance is 20% math and 80% behavior, also holds water.
Trying to stay on topic to your post, that dude should sell the toys, save up half a year worth of hard “must pay” expenses (not the toys) and get on the applications, resume, logbook catch-up, and networking bandwagon if they want to bounce.
But ... most likely he won’t. Most people need a coach telling them if they said they wanted something to go GET it.
Fiscal rambling mode off now... finish off with this...
Take care of yourself. Fiscal health is as important as physical health. Work the muscles, get stronger, drop the fiscal junk food.... etc. ;-)