I want to plan!
Thread Starter
Join Date: Sep 2002
Location: Earth
Posts: 90
Likes: 0
Received 0 Likes
on
0 Posts
I want to plan!
I am really young and nowhere near retirement. I'm posting here casue I want to know how many pilots have side businesses. I have always thought that a side business would offer security, but pilots aren't usually good businessmen (I think). And how do pilots usually invest their money (Shares, trusts, property tc?)
Dream Coder
Join Date: Oct 2002
Location: Canada
Posts: 286
Likes: 0
Received 0 Likes
on
0 Posts
In my personal opinion, I think pilots are just like another sector of society, in that they invest or plan based on what they are willing to risk.
Some pilots might invest in money markets, funds or commodities, some with a higher sense of risk, may start the occasional bar or restaurant. (Yes, it is a big risk)
And then there are those who invest in International trusts or securities, real estate in tax advantaged jurisdictions, or join with others in larger investments. (Those pilots are usually very well informed and understand the risks)
It really depends on what kind of research and preparation your willing to do. Then how much are you willing to risk...
And by the way, theres no such thing as too young to plan for retirement, one day you won't be flying, you may be married, you may have children, whatever the scenario, planning is never a bad idea.
I wish you the best of luck.
Some pilots might invest in money markets, funds or commodities, some with a higher sense of risk, may start the occasional bar or restaurant. (Yes, it is a big risk)
And then there are those who invest in International trusts or securities, real estate in tax advantaged jurisdictions, or join with others in larger investments. (Those pilots are usually very well informed and understand the risks)
It really depends on what kind of research and preparation your willing to do. Then how much are you willing to risk...
And by the way, theres no such thing as too young to plan for retirement, one day you won't be flying, you may be married, you may have children, whatever the scenario, planning is never a bad idea.
I wish you the best of luck.
Join Date: Oct 2001
Location: australia
Posts: 80
Likes: 0
Received 0 Likes
on
0 Posts
domeplease
I've been thinking about this lately as well. I've started reading up on realestate investing. There are heaps of books out from various authors. Very interesting reading, and I recomend reading through a few. But like what Ridley says, those who take the gamble should be very well informed (a little more than what I have done so far) on what they are planning to do, otherwise they are wasting their time (and quite possibly their money as well).
The only advice I can give you was given to me from my dad:
Don't ever put all of your eggs in one basket, don't be greedy, and be sceptical about every 'get rich quick' ploy that presents itself to you.
rgds
fnb
PS, good forum!
I've been thinking about this lately as well. I've started reading up on realestate investing. There are heaps of books out from various authors. Very interesting reading, and I recomend reading through a few. But like what Ridley says, those who take the gamble should be very well informed (a little more than what I have done so far) on what they are planning to do, otherwise they are wasting their time (and quite possibly their money as well).
The only advice I can give you was given to me from my dad:
Don't ever put all of your eggs in one basket, don't be greedy, and be sceptical about every 'get rich quick' ploy that presents itself to you.
rgds
fnb
PS, good forum!
Join Date: Nov 2001
Location: Not a huge sand box but very nice winters anymore
Age: 57
Posts: 548
Likes: 0
Received 0 Likes
on
0 Posts
Franks I'm with you on this one.
Don't invest what you cannot afford to lose. I've plenty of guys who think they now more than the pro's do about investing and lose alot of their money.
A pension is one way of a financial future and investing should be looked at an extra if it works for you.
Don't invest what you cannot afford to lose. I've plenty of guys who think they now more than the pro's do about investing and lose alot of their money.
A pension is one way of a financial future and investing should be looked at an extra if it works for you.
Join Date: Oct 2002
Location: Seattle
Posts: 25
Likes: 0
Received 0 Likes
on
0 Posts
I have always found a self administered 401K (USA) or an RRSP (Canada) a fairly good supplement to a registered pension plan until the recent stock market meltdown.
Now I'm looking at real estate again since interest rates are so low, anybody got any better options?
Now I'm looking at real estate again since interest rates are so low, anybody got any better options?
Whatever happens,.. happens!
Join Date: Apr 2000
Location: 19' N, 82' W
Posts: 360
Likes: 0
Received 0 Likes
on
0 Posts
DMP....I am on the other end of the career spectrum, in other words i am nearing retirement, here are a couple of pointers that might help to prepare you for life after aviation:
One of the best things you can do, is to acquire some additional skills, long distance learning is becoming more and more popular, you can select something that will alow you enter another field of endeavor should the need arise, you can prepare to open a business or whatever you like, (run a resthome for retired Pilots)
The key is to start early to allow you to go at an easy pace, whether it is learning or investing, the more time you have the easier it is. Many pilots nowadays have no pension to look forward to, which is the case in my situation, the advantage for me is that i always knew this to be the case and therefore accepted that it was up to me to make plans to finance the evening of my life.
I am fairly well diversified, some in mutual funds, some in real estate, some liquid and some of it trusting in my skills the earn a little bit of an income after I stop flying.
It is a lot nicer to face the future with a plan, any future!
take care!
One of the best things you can do, is to acquire some additional skills, long distance learning is becoming more and more popular, you can select something that will alow you enter another field of endeavor should the need arise, you can prepare to open a business or whatever you like, (run a resthome for retired Pilots)
The key is to start early to allow you to go at an easy pace, whether it is learning or investing, the more time you have the easier it is. Many pilots nowadays have no pension to look forward to, which is the case in my situation, the advantage for me is that i always knew this to be the case and therefore accepted that it was up to me to make plans to finance the evening of my life.
I am fairly well diversified, some in mutual funds, some in real estate, some liquid and some of it trusting in my skills the earn a little bit of an income after I stop flying.
It is a lot nicer to face the future with a plan, any future!
take care!
Join Date: Oct 2002
Location: Toronto
Posts: 72
Likes: 0
Received 0 Likes
on
0 Posts
That sounds like well thought out planning and advice to me particularly a Rest Home for Retired Pilots I feel closer to needing it everyday.
Hmm, I bet the pilots junior to me would love to hear me saying that.
Hmm, I bet the pilots junior to me would love to hear me saying that.
Whatever happens,.. happens!
Join Date: Apr 2000
Location: 19' N, 82' W
Posts: 360
Likes: 0
Received 0 Likes
on
0 Posts
The more I think about it, the better it sounds. All you would need is a Bed and a Bar, most times you could seat the retired capatain in a Cockpit seat with a Yoke and a set of throttles to hold on to and put a Basic T in front of him, I'm sure he would be content for hours.
You're not kidding about the young F/O's hearing you, at a recent sim session I was nudged to "drop dead" just prior to flare, after the F/O landed, he called for someone to come and take the dead guy out of "his" seat!
You're not kidding about the young F/O's hearing you, at a recent sim session I was nudged to "drop dead" just prior to flare, after the F/O landed, he called for someone to come and take the dead guy out of "his" seat!
Join Date: Oct 2002
Location: Toronto
Posts: 72
Likes: 0
Received 0 Likes
on
0 Posts
Now you're talking, throw in a golf course near by and I think you've got it.
I have to laugh about your junior pilots comment. Our association just did a survey and we voted in favour of carrying stun guns, to which one of our senior Capt's said "now I'm wondering whether they're supposed to assist in warding off unwanted intruders in the cockpit or to vend off over -aggresive crew members trying to move up a few numbers the easy way".
I know, I know I have digressed and am now completely off the topic of this thread.
I have to laugh about your junior pilots comment. Our association just did a survey and we voted in favour of carrying stun guns, to which one of our senior Capt's said "now I'm wondering whether they're supposed to assist in warding off unwanted intruders in the cockpit or to vend off over -aggresive crew members trying to move up a few numbers the easy way".
I know, I know I have digressed and am now completely off the topic of this thread.
Join Date: Oct 2002
Location: Pittsburgh, PA
Posts: 7
Likes: 0
Received 0 Likes
on
0 Posts
Flufdriver question
Flufdriver I have a pension & I'm nearing mid career but I think I will need to augment it (kinda like a long overseas trip augmenting a crewmember) to maintain my current lifestyle.
Have you got any recommendations or suggestions?
vestage - av8r
Have you got any recommendations or suggestions?
vestage - av8r
Whatever happens,.. happens!
Join Date: Apr 2000
Location: 19' N, 82' W
Posts: 360
Likes: 0
Received 0 Likes
on
0 Posts
vestage - reply
As Skygirl says, a good financial advisor is very helpful, the difficult part is to distinguish between good and bad, they sound the same.
You're probably correct that you will have to supplement your pension to maintain your Lifestyle, it is commonly believed that you should plan to have an income (when retired) of between 60% - 80% of your pre-retirement amount.
As I said in my previous post, I consider myself fairly diversified, i am also fairly handy, I own some rental properties which i maintain and administrate myself, they have a ROI of approx. 20% net.
i believe the most important thing you can do to enjoy retirement is to guard your health, stay active and mentally engaged, exersize etc. this keeps the healthcare bills down and allows you to protect your resources.
Hope that helps, now if I can only follow my own advice!
You're probably correct that you will have to supplement your pension to maintain your Lifestyle, it is commonly believed that you should plan to have an income (when retired) of between 60% - 80% of your pre-retirement amount.
As I said in my previous post, I consider myself fairly diversified, i am also fairly handy, I own some rental properties which i maintain and administrate myself, they have a ROI of approx. 20% net.
i believe the most important thing you can do to enjoy retirement is to guard your health, stay active and mentally engaged, exersize etc. this keeps the healthcare bills down and allows you to protect your resources.
Hope that helps, now if I can only follow my own advice!
Join Date: May 2002
Location: ATL
Posts: 35
Likes: 0
Received 0 Likes
on
0 Posts
FD That sounds like very good advice but I tell you I have enough problems just staying on my exercise regime.
Diversivication is the key but I've always felt that real estate is generally the safest with a reasonable return. Twenty percent is a great return do you usually invest in residential or commercial property?
What type of location do you prefer?
Diversivication is the key but I've always felt that real estate is generally the safest with a reasonable return. Twenty percent is a great return do you usually invest in residential or commercial property?
What type of location do you prefer?
Join Date: Oct 2002
Location: Pittsburgh, PA
Posts: 7
Likes: 0
Received 0 Likes
on
0 Posts
Fluf thanks for the advice.
It sounds like you've got a few good friends that keep you in the know.
Where would you suggest is a good place to start? Most of the financial people I know are too hungry to be objective...
Is there a group you like? What books would you suggest I pick up? Are there any organizations I could join that would give me that kind of advice? (That I could trust) (HAHA more damn questions)
vestage - av8r
It sounds like you've got a few good friends that keep you in the know.
Where would you suggest is a good place to start? Most of the financial people I know are too hungry to be objective...
Is there a group you like? What books would you suggest I pick up? Are there any organizations I could join that would give me that kind of advice? (That I could trust) (HAHA more damn questions)
vestage - av8r
Join Date: Sep 2001
Location: Miami (on days off) or KCLT
Age: 48
Posts: 110
Likes: 0
Received 0 Likes
on
0 Posts
Vestage,
If you need a good financial planner in the PIT area, drop me an email at [email protected]. I'm originally from that area, and have a lot of family up there. We all use the same guy there.
Andy
E145 CA IAH
If you need a good financial planner in the PIT area, drop me an email at [email protected]. I'm originally from that area, and have a lot of family up there. We all use the same guy there.
Andy
E145 CA IAH
Whatever happens,.. happens!
Join Date: Apr 2000
Location: 19' N, 82' W
Posts: 360
Likes: 0
Received 0 Likes
on
0 Posts
skygirl
I know what you mean by staying on the exersize program, unless you get up at 5 am and start, the day is over before you can blink twice.
my personal belief is that while the top end of any industry is the most glamorous, it is often not where the steady money is made, therefore, I aimed my developement at the lower end of the rental market and I keep it in good condition. When the economy is humming along good, I get a lot of single professionals that are starting a career or are new here, when times are a little tougher, (like now) I get tenants that are moving down a notch to save on rent. I've been able to keep a 90% occupancy over the last three years.
The key is not to let the property run down, make sure you think of your tenants as your customers and treat them accordingly.
Of course location is always important, consider the needs of your customer, singles don't need to be near primary Schools, public transport access may be important, safety always is etc. let common sense guide you.
I have to agree with you, this rental apartment project has been the best investment I have made so far.
Vestage:
Looks like Bad-Andy has you covered.
Like I said earlier, I've been around a while and I have seen and learned a few things.
Whenever I have to choose someone where trust is going to be a significant issue, I am more interested in the character of the person then all the certificates on the wall or an impressive resume, even with my limited computer skills I can manufactor all that.
I would advise you to do the same, don't be dazzled by B*ll-sh*t.
Good luck!
my personal belief is that while the top end of any industry is the most glamorous, it is often not where the steady money is made, therefore, I aimed my developement at the lower end of the rental market and I keep it in good condition. When the economy is humming along good, I get a lot of single professionals that are starting a career or are new here, when times are a little tougher, (like now) I get tenants that are moving down a notch to save on rent. I've been able to keep a 90% occupancy over the last three years.
The key is not to let the property run down, make sure you think of your tenants as your customers and treat them accordingly.
Of course location is always important, consider the needs of your customer, singles don't need to be near primary Schools, public transport access may be important, safety always is etc. let common sense guide you.
I have to agree with you, this rental apartment project has been the best investment I have made so far.
Vestage:
Looks like Bad-Andy has you covered.
Like I said earlier, I've been around a while and I have seen and learned a few things.
Whenever I have to choose someone where trust is going to be a significant issue, I am more interested in the character of the person then all the certificates on the wall or an impressive resume, even with my limited computer skills I can manufactor all that.
I would advise you to do the same, don't be dazzled by B*ll-sh*t.
Good luck!
Last edited by flufdriver; 27th Oct 2002 at 14:30.
Join Date: May 2002
Location: ATL
Posts: 35
Likes: 0
Received 0 Likes
on
0 Posts
That all makes perfect sense to me FD do you know anything about the term "Triple Net Lease" I hear that term allot with commercial properties but I've never understood it.
Any help would be appreciated.
Any help would be appreciated.
Whatever happens,.. happens!
Join Date: Apr 2000
Location: 19' N, 82' W
Posts: 360
Likes: 0
Received 0 Likes
on
0 Posts
Skygirl
Sorry, can't help you with that one.
Things are very simple here since we don't have any direct taxation.
In most places one has to continously guard against the tax implications with any investment move they make, fortunately I have no such worries.
Here we pay taxes on what we spend, not what we earn and i prefer it that way.
take care!
Things are very simple here since we don't have any direct taxation.
In most places one has to continously guard against the tax implications with any investment move they make, fortunately I have no such worries.
Here we pay taxes on what we spend, not what we earn and i prefer it that way.
take care!