Aviation careers and emergency budgeting

I know that it isn't an improper term, but this is starting to sound like people that write FIAT and GOLD and THE JAB in roughly the same sentence. Like we are supposed to be afraid of the USD because it hasn't been tied to gold for 50+ years. In spite of being the standard currency across the world, and the strongest, for generations since. I'm not saying bad things can't happen, but that isn't a conspiracy story I'm paying to read.
 
CoffeeIcePapers said:
I took 4-5 economics classes in college, and none of them even mentioned personal finance, from my recollection. They didn't have economics in my high school, either, but I am a product of a 1 star public education.
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And economics was usually taught by professors who were functionally immune from bad swings in the economy.

Cash is the way. Pay as you go. Do everything you can to get out from debt and start building from there.

I used to think that it’d be hard, but back about 15 years ago I went on leave and cut expenses to the bone, still leaving a tiny bit of “eat out” money, and it was amazing how much you could reign it in IF you didn’t have the sword of Damocles of debt hanging over you.

Six months of expenses is good. Twelve is better.
 
I've been furloughed more than just about anybody I know, and when my generation was furloughed post 9/11 it was for 7 years or more.

Six month expenses in the bank bought us time. Having a spouse with a good full time job bought even more. (Selling soaps on ETSY doesnt count. A real profession)

Live in your FO house with your FO wife.

I never bought much in the way of toys. Spoiled my kid, but seldom myself.

I pay cash for cars. The only debt I have ever had was a mortgage. Never carry credit card debt.

That's all I know. I'm not a finance guru, so I cant speak to investments or real estate and certainly not crypto. I just live my life like the other shoe is about to drop, and am always prepared for it to do so.
 
Maurus said:
Tomorrow I could be sitting right seat in our lowest paying jet on reserve.
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How would this work with regards to bidding, after captain slots are filled captains would bid on open FO slots?

Normally, how often are FO seats filled by Captains? When there are no reserve FO’s available.

I fly a lot but never count stripes of guys in the right seat.

121 questions for $50, Jack.
 
Pilot Fighter said:
How would this work with regards to bidding, after captain slots are filled captains would bid on open FO slots?

Normally, how often are FO seats filled by Captains? When there are no reserve FO’s available.

I fly a lot but never count stripes of guys in the right seat.

121 questions for $50, Jack.
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He’s saying if the airline downsizes, he could be forced into a downgrade and displacement onto lower paying equipment.
 
ZapBrannigan said:
He’s saying if the airline downsizes, he could be forced into a downgrade and displacement onto lower paying equipment.
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Makes sense. I was wondering if there was odd bidding scenarios at the bottom of the seniority ladder

So, captains in the right seat is an emergency after FO reserves are unavailable?

In a downturn, are captains ever demoted to FO? Probably all in the small print of the union contract.
 
Pilot Fighter said:
Makes sense. I was wondering if there was odd bidding scenarios at the bottom of the seniority ladder

So, captains in the right seat is an emergency after FO reserves are unavailable?

In a downturn, are captains ever demoted to FO? Probably all in the small print of the union contract.
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My previous airlines, reserve Captains were allowed to be called to take a flight that was missing an FO (still got CA pay). My current airline, and I am assuming most majors, this is not allowed. (Thank god, because this is dumb).
 
Most places in 121 Captains can’t fly as FOs. Years ago SWA had a position called Lance Captain where they could fly either seat, but that’s gone. The obvious exception is checkpilots.

When I flew 91 corporate you could fly either seat. Some days you were PIC, some days SIC, and regardless, whoever was flying the leg flew it from the left seat.
 
Kingairer said:
The algorithms have been hitting the Dave Ramsay clips hard lately it appears :)
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Honestly I brought it up because of how many there are in ATC that couldn't miss a single paycheck before they started running into issues. We are only a month into the shutdown and many are already in financial trouble.
 
Maurus said:
Honestly I brought it up because of how many there are in ATC that couldn't miss a single paycheck before they started running into issues. We are only a month into the shutdown and many are already in financial trouble.
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I am WAY more concerned with TSA employees who are much more likely to be paycheck to paycheck due to the fact that it's an entry level job.
 
Autothrust Blue said:
The poorest people I know are “adherents.”
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I think most of the general ideas are solid and repeated by many other financial types. Having rainy day savings accounts is pretty common sense. Some of the things I disagree with, and illogical, but I dont think I am the target audience. I cringe when people call into a show to get permission or to seek praise from the "leader"/
 
Kingairer said:
I think most of the general ideas are solid and repeated by many other financial types. Having rainy day savings accounts is pretty common sense. Some of the things I disagree with, and illogical, but I dont think I am the target audience. I cringe when people call into a show to get permission or to seek praise from the "leader"/
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Yeah.

Oh, while the advice here is all reasonably good, make sure you go enjoy your life too. You don’t get to take any of this with you.
 
jhugz said:
I’d love to see the math on this. Inflation is at about 4% per year. Debasement is only being pushed by crypto grifters to sell the MLM pyramid scheme. As long as you put the savings in a money market mutual fund, you’ll keep up with inflation.
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We’ve all seen it happen over time slowly then suddenly:

IMG_2240.jpeg


There are dozens of indicators. I’ve already posted lots of information on this and in typical JC fashion it’s ignored every time. Also I’m now accused of being a “crypto grifter” lol even though I’ve specifically said on this thread it’s not the best place for your Emergency fund.

Here is one of the best summaries on the debasement of your dollar:

www.visualcapitalist.com

Purchasing Power of the U.S. Dollar Over Time

$1 in 1913 had the same purchasing power as $26 in 2020. This chart shows how the purchasing power of the dollar has changed over time.
www.visualcapitalist.com www.visualcapitalist.com


Don’t take it from me take it from Morgan Stanley our dollar could lose 20% of it’s value this year:


Those index funds in the 401K. The reason they are going up at around 14% a year is because the rate of return is measured in dollars…

5c877fc0d363b3cbfdc39492975c69f6.jpeg
 
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