The dark side of the pilot shortage.

ATN_Pilot said:
Being able to buy what you want when you want to buy it never gets old. I think you're just stingy and you're going to die having not enjoyed a penny of what you've earned. At least your heirs will enjoy it, I guess.
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Well I had to be...I didn't have a family business to inherit ;).

I honestly don't have the cajones or knowledge base to go down the road of starting a business. You've accomplished a lot, good on you.
 
ATN_Pilot said:
Not really.



Nah, not really.

Being able to buy what you want when you want to buy it never gets old. I think you're just stingy and you're going to die having not enjoyed a penny of what you've earned. At least your heirs will enjoy it, I guess.
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I, personally, hate the purchasing experience. Parting with hard earned money sucks, but the lasting enjoyment I get from how I spend it makes the whole experience fulfilling. I know how hard I work and I like seeing it's rewards manifested, be it in the monthly contributions to my kids 529 plans, my own 401K, or my Lear 31 fund. You can't take it with you, might as well enjoy it!
 
Anyone content with a sub 6 figure salary is content to work until they die. To be that sucker making other people rich. It's not enough money to adequately save for a retirement you can enjoy before you are too worn out to do anything. They are typically the same people who do no understand compound interest.
 
z987k said:
Ya, I mean if you really suck at math and have no intention in learning basic economic concepts, Dave Ramsey is a godsend.
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Dave Ramsey works for those people, because actual mathematics are less important than feelings of achievement. If you lack the intelligence or desire to work out your finances, Dave Ramsey makes you feel like you're doing well. So you invest in his latest book and leave good reviews about how it's working for you, because you genuinely feel like you are. It's snowflake financials.
 
NickH said:
Dave Ramsey works for those people, because actual mathematics are less important than feelings of achievement. If you lack the intelligence or desire to work out your finances, Dave Ramsey makes you feel like you're doing well. So you invest in his latest book and leave good reviews about how it's working for you, because you genuinely feel like you are. It's snowflake financials.
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Controlling your spending is a huge part of monthly budgeting and it's where quite a few people - regardless of intelligence and income level - go wrong. That I think is Ramsey's point in using cash/cutting up credit cards, because the people that get themselves into those situations lack control. That's all it is about.

Yes it can make more sense to pay off a higher % CC first but the effect of getting rid of one card and moving to the next is a huge incentive that helps people psychologically.
 
z987k said:
Anyone content with a sub 6 figure salary is content to work until they die. To be that sucker making other people rich. It's not enough money to adequately save for a retirement you can enjoy before you are too worn out to do anything. They are typically the same people who do no understand compound interest.
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I don't actually agree with you. One can save significant amounts on a $100k household income. It's still quite a bit of money. What is important is your expenses must be kept in check and focus on saving while younger in order for compounding to take effect.

No, you won't get rich quick. In order for that to happen you'd normally need to use leverage which isn't a bad thing as long as it's used on assets that produce income.

I am personally afraid of debt and loans. After going through the 9/11 recession and then right afterwards the 2009-2010 recession I am deathly afraid of taking risk. Our jobs can disappear overnight with no ability to replace the income.
 
wheelsup said:
Yes it can make more sense to pay off a higher % CC first but the effect of getting rid of one card and moving to the next is a huge incentive that helps people psychologically.
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Yes, it helps people who aren't very bright and can't do math. I'd rather teach the people how to do math. But I guess that doesn't make the big bucks, which is all that Ramsey cares about. Making money off of other people's stupidity and/or ignorance.

wheelsup said:
I don't actually agree with you. One can save significant amounts on a $100k household income. It's still quite a bit of money.
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In 1980, maybe.
 
wheelsup said:
I don't actually agree with you. One can save significant amounts on a $100k household income. It's still quite a bit of money
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It's really not. It just seems that way because another thing people who suck at math can't wrap their head around is inflation.
But on top of that, you need to save a huge percentage of your income to be able to retire before you're just about dead.
 
z987k said:
Ya, I mean if you really suck at math and have no intention in learning basic economic concepts, Dave Ramsey is a godsend.
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He's basically the Dr. Phil of the central-US married couples that haven't broken the code that slapping down a credit card means "taking a high interest loan" in exchange for trinkets like points.
 
z987k said:
Anyone content with a sub 6 figure salary is content to work until they die. To be that sucker making other people rich. It's not enough money to adequately save for a retirement you can enjoy before you are too worn out to do anything. They are typically the same people who do no understand compound interest.
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I know we are talking to a lot of people at SJW and such who are making salaries competitive with drs, lawyers, and dentists. But honestly, how many people get the opportunity to earn this kind of money?

I have an aunt and uncle who have never made more than six figures yet they have a nice house and nice cars paid off, have paid for kids' college, and have millions put away for retirement in their early 50s. Shoot, if you make six figures and are able to live on less (say you don't have a large family and are in a low COL neighborhood) you should be able to put away enough money to accumulate some properties where rental income alone will provide a comfortable retirement. I know of a few communities where home prices are low and rental prices are high...

z987k said:
can't wrap their head around is inflation.
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If you're talking about the fact that inflation might be out of control in the present/near future, that has a lot more to do with bad economic policy than personal finances! 2016 Median US household income is $59,039, so most people would have to say six figures is actually a lot of money.
 
nibake said:
I know we are talking to a lot of people at SJW and such who are making salaries competitive with drs, lawyers, and dentists. But honestly, how many people get the opportunity to earn this kind of money?

I have an aunt and uncle who have never made more than six figures yet they have a nice house and nice cars paid off, have paid for kids' college, and have millions put away for retirement in their early 50s. Shoot, if you make six figures and are able to live on less (say you don't have a large family and are in a low COL neighborhood) you should be able to put away enough money to accumulate some properties where rental income alone will provide a comfortable retirement. I know of a few communities where home prices are low and rental prices are high...



If you're talking about the fact that inflation might be out of control in the present/near future, that has a lot more to do with bad economic policy than personal finances! 2016 Median US household income is $59,039, so most people would have to say six figures is actually a lot of money.
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Just because the middle class has been destroyed doesnt make 100k a lot of money.
 
ATN_Pilot said:
Yes, it helps people who aren't very bright and can't do math. I'd rather teach the people how to do math. But I guess that doesn't make the big bucks, which is all that Ramsey cares about. Making money off of other people's stupidity and/or ignorance.



In 1980, maybe.
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I don't disagree with you on this.

Here's the situation of someone I know.... He got himself so far into debt with credit cards (multiple meaning more than 6), and student loans that his credit was down the toilet and out to sea. I'm talking in the 400s. His situation was so bad that he couldn't even qualify anymore for a real bank account. I think he used Amex Serve. He was working for peanuts at the time.

He was finally able to work up to a Construction Manager job that paid a wage that he could live on, so he started using the Snow Ball method to pay off is debt. He did that for a few years. That allowed him to rebuild his credit (regular payments and his credit responsibility lowered) so he could get a real bank account. He eventually qualified for a credit card to consolidate some of the payments with the highest interest rates.

Now he still has several credit lines open that he's paying on but its much more manageable and he can pay off the higher interest ones first while keeping minimum payments on the other ones. During this time he's been putting a little in savings as well.

My point is that this person successfully used Dave Ramsey's Plan to get out of crummy credit and to a point where he could worry about interest rates.
 
Roger Roger said:
I feel as though this thread should be retitled #firstworldproblems.
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Either that or clueless financial advice from a bunch of entitled dudes who because their parents made life easy for them they not only think they are smart but that because everything worked out so easy for them thet dont understand why shouldn't it have been so easy for others.
 
av8tr1 said:
Roger Roger said:
I feel as though this thread should be retitled #firstworldproblems.
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Either that or clueless financial advice from a bunch of entitled dudes who because their parents made life easy for them they not only think they are smart but that because everything worked out so easy for them thet dont understand why shouldn't it have been so easy for others.
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IE Snowflakes who think they have all the answers to all the problems because of anecdotal evidence. Sent from my iPhone using Tapatalk
 
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