Hedley

I did the same. I couldn’t afford to eat out or take even moderately priced vacations for a while, but I put 20% of my gross away every month. I also worked a part time job outside of aviation to be able to pay the bills because there wasn’t much left after I put that money into savings. I was taught that you’ll acquire more wealth if you start early rather than wait until savings is just discretionary income and it has paid off huge. I will be able to retire with no difference in my standard of living and be financially comfortable for the rest of my life.

ndem763

What does the 36 mean when they say reserve minimum guarantee is 75:36?

QRH Bingo

Not everyone can afford to max out their 401(k) right off the bat, as the maximum contribution for 2021 is $19,500, That's pretty much 1/2 of a new regional FO's salary. However, for those young folks out there that may be browsing this, it is excellent advice to start SOMETHING, ANYTHING toward your 401(k) (or other retirement like an IRA) At a minimum, you should contribute whatever gives you the maximum company match - it's free money (but know there is usually a vesting period to be able to keep it when you leave). Also, if you're healthy and are comfortable selecting a High Deductible Health Plan, you can also contribute to an HSA which can be invested to earn money (certain stipulations can apply, so be sure to read the fine print). You don't have to use it for current medical expenses and can also be saved for retirement, if desired.

Flymeaway

36 minutes. 75.6 hours of pay.

herewego

No vesting period when you leave OO. As soon as the match gets deposited it's yours to take with you. Stay three years until you can get 1000 PIC deposit $7500 Skywest deposits $7500. You take $15000 to your next Gig and roll it into their plan, Or leave it at Charles Schwab and let it grow to over $100,000 when you retire at 65.

Hedley

I couldn’t max it out early on either, and I made less (inflation adjusted) than what many regional pilots do today. What I did was faithfully put 20% of my gross away every month, without fail. I also worked a second job because there wasn’t enough to pay the bills and save if I didn’t. Once my pay started going up I was able to ditch the second job and also afford to eat out and take moderate vacations. I now find myself surrounded by people nearing retirement with less saved than I have built up with 10-15 years remaining in my career. They’ll have to find work after retiring, while I will have the option of leaving early and retiring comfortably. It’s always better to be the ant than the grasshopper.

SoFloFlyer

Super helpful advice and info, guys! Thank you! The 401(k) vesting period is huge. Been burned before because I wasn’t there for 3 years. Oh well. As far as base seniority and seat seniority, sounds like a game changer. Thank you all for the replies!

CompltResetJet

Not sure if this has been asked before in this thread, but I'm trying to figure the logistics of relocating to my eventual assigned base. I was curious what the typical length of time between completing training at SLC/DEN and starting IOE at your assigned base is.

FLPilot3190

As little as 3 days up to a couple weeks. My IOE’s for both the CRJ and ERJ were about 4-7 days after the checkride.

f1racer328

Anyone have any guesses on how long new hires will be on reserve for, since hiring has resumed?