Top 10 wealth-destroying mistakes pilots make

[jed_thrust]

Found this on AirlinePilot Forums...

10. Buying expensive cars every few years
9. Saving only within their 401(k), no outside savings whatsoever
8. Purchasing a plane, boat, a vacation home, and other expensive needless toys--most of which depreciate greatly in value
7. Marrying flight attendants with bad financial histories and discipline
6. Depending on a social security check being there upon retirement
5. Marrying again following their second divorces (three divorces are the equivalent of giving up 15 years of seniority and starting as a new hire with a new airline)
4. Depending on their company's A fund being there upon retirement
3. Thinking that they can outsmart the markets over time by investing in hot stock picks or following market trends like a lemming (think tech stocks in 1998)
2. Buying the largest homes they can afford

..and the largest pilot wealth-destroying mistake..

1. Marrying the wrong kind of women that end up leaving/cheating /taking upwards of half the wealth the pilot earned over decades (also called Not doing their homework on the women they sign a marriage contract with)

PS: I have done all 10. *

:ugh:

[gipilot]

Well, at least Cx Cos '99 won't let you afford not a single one of them options. Hmmmm, so management is looking out for us.

Cheers.

[404 Titan]

jed_thrust

Property will make you money, even in the current market if you treat it as a long term investment. If you are a property flipper then you will eventually get burnt.

One of the biggest mistake pilots make with investments is they follow what other pilots do like sheep. Think for yourself. Think outside the box and for god sake do your research. If you don’t understand what you are doing it is better to do nothing.

gipilot

You would be surprised what some "B" scalers buy. It isn't just the domain of our "A" scale brothers.

[Dan Winterland]

One of the best bits of advice I ever heard WRTo investments is ask your fellow pilots what they are doing, then do the opposite!

[Aussie]

Yeah just a pitty that so called sheep mentality in pilots doesnt exist in the tougher times like when management try to cut pay, hire DEC, pay for TR ect!

[Cavallier]

I remember the old adage about coming to Hong Kong :-

1. Don't buy a car
2. Always leave with the girlfriend/wife you arrived with
3. Never take financial advice from a pilot

Unfortunatly I have already fallen foul of tip number 2!!



The Cav

[Blogsey]

I remember the old adage about coming to Hong Kong :-
Or as I heard:
If it floats, f**ks, or flys.......rent it.

[Flugmaschine]

LOL That's one of the funniest things I have ever heard! :} But it rings lots of truth.

[Sir Donald]

Have their testies sold off to pay for a job then not join a union due to lack them.

[CharlieLimaX-Ray]

If it has tits or tyres it will end in tears!

[sawadecup]

That's the one!!! Think twice before you act!! ;)

[moosp]

Yeah but no but yeah but no but if you got millions on your deathbed you've screwed it all up. This life was meant to screw around and don't anybody let them tell you different (Hollywood citation?)

One of Spike Milligan's fictional characters had it right when he pointed out that his entire estate when he died would be enough for a three day wake.

Which would you rather see above you as you rattle your last? A rich wizzened first wife that whispers, "relax and let the poison work" or your fourth wife, now 21, who is cupping your b**ls?

Youth is wasted on the young.

Grizzle mode off.

[freightdog188]

do you HAVE to marry the 3rd and 4th ones? ;)

[Phlap1]

Keep your little pistol in its holster.
This remains the biggest single
mistake pilots make.

[stillalbatross]

Really Phlap1? Kids are fun. Are you advocating a childless existence?

[404 Titan]

stillalbatross

I think he is refering to scr*wing around.

[Guava Tree]

Blogsey on post #7 of this thread has it nailed.
Getting married is the biggest mistake.
Trying to escape the gilded cage without very thorough preparation is the second mistake.
The one who is willing neither to financially realise his mistake nor to make proper and thorough escape preparations is doomed to live in his gilded cage until he is carried out in a box.
The system is broke and needs to be fixed.

[claraball]

Here's one more. If you think you need advice to invest from a third party choose wisely. From personal experience in Hong Kong Bryan Kelly of Allied International referred to me by one of our great LA based Canadian captains is a crook who will sell you out like yesterdays lunch special. He funnels your funds through a company called Dragon Property Group. Take it from a victim and avoid these criminals.:ouch::mad:

[Cpt. Underpants]

Who is the crook - Kelly or the LAX based captain?

I have heard about another LAX based captain who sells an "investment" in Guernsey or Jersey (don't know which). Is it perhaps one and the same?

[VR-HFX]

The 3F theory is indeed valid although I must say I have met people who have broken all 3 rules and are happily retired with all 3F's in place and a shed of cash. Their numbers can, however, be counted on the toes of one foot.

The thing I find most incredible, is that a common profession makes the person sitting next to you more believable than the taxi driver who gets you to the hotel.

In this day and age when someone uses flattery on an airline pilot...even if he is a colleague...excuse the cynicism...but I would be very wary.

You can only blame someone else if you refuse to do your own due diligence and make your own decisions.

Lecture over...but I still love the 3F theory...and my old man told me about it 30 years ago!