Living Below your Means vs Living in Base
08-29-2024, 10:11 AM
#101
Gets Weekends Off
Joined APC: Apr 2018
Posts: 3,269
Just curious, you think it's not a realistic option because of the current real estate market? Which I completely understand, i've got a buddy at an ACMI, 76 CA who can't afford to get into a home in ATL. We built our house new 11 years ago for $500K'ish, it would now sell for $1.3M on our street. And it's nothing insane, relatively standard 4/3 around 3,000 sq ft on a 1/3 of an acre. And people are still buying these places 2 days after going on the market, for over asking. Young couples too, I don't know where they get this money from.
My dad used to tell me "I wish I bought a house sooner.. it was the best investment I ever made." And I would say "yeah, but it's the ONLY investment you ever made (he had a pension)."
08-29-2024, 10:29 AM
#102
Gets Weekends Off
Joined APC: Mar 2018
Posts: 2,516
I'll emphasize this. You can just go head down, nose to the grindstone and blindly accumulate savings and wealth when you're young.
But approaching age 50 (maybe sooner if you hit max contribution limits) you'll definitely want a professional to look at your situation holistically. Fee only, not somebody with a financial product to sell, and they need to be local in your state to address your specific tax situation.
The point of this, now that you have wealth, is to ensure that you don't waste any wealth or opportunity by mismanaging investments, taxes, social security, etc. For example you may need to reduce 401k savings late in your career, to avoid excess RMD's and associated tax in retirement.
But approaching age 50 (maybe sooner if you hit max contribution limits) you'll definitely want a professional to look at your situation holistically. Fee only, not somebody with a financial product to sell, and they need to be local in your state to address your specific tax situation.
The point of this, now that you have wealth, is to ensure that you don't waste any wealth or opportunity by mismanaging investments, taxes, social security, etc. For example you may need to reduce 401k savings late in your career, to avoid excess RMD's and associated tax in retirement.
08-30-2024, 03:58 PM
#103
Gets Weekends Off
Joined APC: Feb 2008
Posts: 19,646
Day trips generally go senior, often very senior. Nice if you live close, like them, and can hold them.
But not really a valid proposition for most pilots to tell them "just fly turns".
If the question is "how do I spend more time at home after my wife retires at age 60?", then turns might be the answer.
But not really a valid proposition for most pilots to tell them "just fly turns".
If the question is "how do I spend more time at home after my wife retires at age 60?", then turns might be the answer.
08-30-2024, 04:53 PM
#104
Line Holder
Joined APC: Feb 2024
Posts: 68
Not to mention the products that you have available to you. Generally, qualified purchasers/accredited investors have far better options available to them that they are not able to purchase through retail brokerages directly, like hedge funds, etc. While you might pay someone to access these investments, the trade off in gains/tax-efficiency outweighs those fees.
As a pilot at a major airline you have outstanding retirement vehicles. If you haven’t saved enough for retirement it’s a you (spending) problem.
08-31-2024, 04:15 AM
#105
Clear ECAM
Joined APC: Oct 2014
Posts: 949
I’m 80% in my seat and I could fly only day turns Mon-Fri every month if I wanted.
08-31-2024, 06:46 AM
#106
Gets Weekends Off
Joined APC: Feb 2016
Position: 737
Posts: 320
I'm honestly curious, since 80% isn't really that senior, what sort of system manipulation are you doing to only get day turns during the week? I'm not sure i've ever seen a junior'ish guy with only day turns on their sked
08-31-2024, 09:17 AM
#107
Gets Weekends Off
Joined APC: Jun 2011
Posts: 1,090
There are a lot of commuters into NYC, so at DL the day turns go more junior than at other bases
08-31-2024, 09:20 AM
#108
Gets Weekends Off
Joined APC: Nov 2017
Position: NYC 7ERA
Posts: 2,082
I'm also that weirdo that loves EWR trips, but I live in NJ and am too junior to hold them. When I was a commuter I hated EWR trips.
08-31-2024, 12:21 PM
#109
Clear ECAM
Joined APC: Oct 2014
Posts: 949
I’m not manipulating anything, but I use TTS and DOTC constantly. We just had a union email the other day that said only 40% of the crewforce uses our trip trade system, so there’s plenty that can do what I do and choose not to.
I honestly don’t care what PBS awards me. I don’t fly any of it. I drop/trade/pickup my way into the schedule I want. I usually pick up last minute trips with high credit and low block. IROPs are a gold mine.
I’m not saying I can hold turn awards, but if that’s all I want to fly for the month I can do it no problem.
08-31-2024, 04:30 PM
#110
Gets Weekends Off
Joined APC: Mar 2018
Posts: 2,516
Hedge funds almost always underperform index funds, and are less tax efficient. The only people who have any investing advantage are the spouses of Congressmen.
As a pilot at a major airline you have outstanding retirement vehicles. If you haven’t saved enough for retirement it’s a you (spending) problem.
As a pilot at a major airline you have outstanding retirement vehicles. If you haven’t saved enough for retirement it’s a you (spending) problem.
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