Airline Pilot Forums

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RAINY DAY FUND

Let’s talk for a bit, just pilot to pilot. We would like to discuss saving for a rainy day. We, as pilots, count as one of our tools the capacity to plan for contingencies and have a keen ability to carry out and execute those contingencies. We study procedures, practice them in simulators and even engage other professionals regarding events in their personal history that we can utilize for our own benefit. After all, why should we stumble over the same footfall as someone else if we can learn about it beforehand? The same goes with our financial planning. There may come a time, due to circumstances foreseen or unforeseen, that your regular paycheck stops. What will you do?

We propose you build a safety net, a rainy day fund. How do you do this and how much should it be? First define the target. Look at your paycheck and determine your “take-home pay.” The monthly amount you earn, minus taxes, union dues, social security and insurance. Do not subtract any loan or mortgage payment you have automatically deducted from your paycheck. The idea behind the fund is to be able to pay these bills in the event of a paycheck interruption. So, you have a good idea of how much take-home pay you receive each month. Now double it. That gives you two months’ pay to correct any problem facing you. Now you have a target. So how do you get there?

The first idea would be to use your profit sharing check which arrived today, February 14. It will be a nice enhancement to your fund. Put the money in an interest bearing account. Keep it liquid; easy access should be a requirement. Should the profit sharing check be insufficient to meet your target, there are other sources available to you which we will discuss in future communications.

We as pilots have a responsibility to be prepared for contingencies on the airplane, in our profession and in our personal lives. A rainy day fund is a tool to address many contingencies. The important thing to remember here is discipline.

Start saving for a rainy day.

Chairman
UAL-MEC Strategic Planning and Strike Preparedness Committee (SPSC)

Thanks for the laugh SPSC. Smoking crack if anyone thinks UAL/CAL would ever be allowed to strike.

Thanks for the laugh SPSC. Smoking crack if anyone thinks UAL/CAL would ever be allowed to strike.
If you are gonna send out a mass email on that subject, you should also send out a mass email about flying safe and taxiing at a safe speed..and not flying broken ass aircraft, or not flying fatigued or ill, or hungry..and to follow the IMSAFE guidelines in the far/aim..I know for sure that I am Stressed and that Emotions are running high due to the lack of a jcba and the dragging of the feet.........................................

Would have much rather got a $100,000 retro check for my rainy day fund.

Thanks for the laugh SPSC. Smoking crack if anyone thinks UAL/CAL would ever be allowed to strike.

The real funny part is seeing how some pretend unionist on here are hoping that the government will step in and save them from them selves. Best to be prepared...

I have been on my "rainy day fund" for almost 3.5 years. JCBA negotiations are a joke... sad thing is there is a high likelihood in 9 months a new president will be elected. The window of opportunity could be closing fast.

I have been on my "rainy day fund" for almost 3.5 years. JCBA negotiations are a joke... sad thing is there is a high likelihood in 9 months a new president will be elected. The window of opportunity could be closing fast.
Agree.....Looks like there is another round of mediated talks coming up at the end of the month...With Scheduling all but wrapped up, I think that we might get a better feel as to what management intentions are going forward. I keep hearing that a JCBA and SLI does not benefit management UNTIL all the IT issues are resolved. In either case, their excuses are running low going forward...

....... sad thing is there is a high likelihood in 9 months a new president will be elected. The window of opportunity could be closing fast.


Idunno,

Jobless claims are dropping, the market is doing well, some economic indicators are looking up and meanwhile the top three R candidates are having trouble sealing the deal within their own party, let alone with the independents. So, things are looking up for the Pres. I guess it depends on what channel you watch.

Lots of banter about whether or not we'll be allowed to strike and there are cogent arguments supporting both sides. Who can say? What's important is that the company thinks we are willing and determined to walk and have the cash necessary to do so. So, I'll play along. The cash is the bank and I'm EAGER to get the chance to walk. I am tired of yellow rain and our pathetic contract.

A whole mess of widebodies parked on ramps around the world would really send a message to the banks. And since they're the ones el hefe ultimately listens too it might just give him a shove.

If you are gonna send out a mass email on that subject, you should also send out a mass email about flying safe and taxiing at a safe speed..and not flying broken ass aircraft, or not flying fatigued or ill, or hungry..and to follow the IMSAFE guidelines in the far/aim..I know for sure that I am Stressed and that Emotions are running high due to the lack of a jcba and the dragging of the feet.........................................

Basically, what would Bob (block or better) do in those aforementioned scenarios.

Thanks for the laugh SPSC. Smoking crack if anyone thinks UAL/CAL would ever be allowed to strike.

You have to read between the lines. This is a subtle ALPA endorsement of VJM and vacation fly through. We have to start building up our savings after our costly third divorces, boats run aground on lake Conroe, Harley's we are too fat too ride. Flying past age 60 just isn't enough. We need a funding source for that down payment on a McMansion in the woodlands since we can no longer get 100% financing. Thank goodness there will be plenty of FO open time this summer or we could never have made it.
For those of you sticking around to get that big retro check, best of luck to ya!

Signed class of 83-85

Idunno,

Jobless claims are dropping, the market is doing well, some economic indicators are looking up and meanwhile the top three R candidates are having trouble sealing the deal within their own party, let alone with the independents. So, things are looking up for the Pres. I guess it depends on what channel you watch.

Lots of banter about whether or not we'll be allowed to strike and there are cogent arguments supporting both sides. Who can say? What's important is that the company thinks we are willing and determined to walk and have the cash necessary to do so. So, I'll play along. The cash is the bank and I'm EAGER to get the chance to walk. I am tired of yellow rain and our pathetic contract.

A whole mess of widebodies parked on ramps around the world would really send a message to the banks. And since they're the ones el hefe ultimately listens too it might just give him a shove.

You mean you actually think/believe those unemployment numbers are accurate or reflect reality. Just look at who defines unemployment... Enough said. I am not counted in those numbers and I have not had a paycheck since October 2008. What a JOKE!!! If you believe the numbers any government entity puts out, I have some products I'd like to sell you!!! Oh, and by the way rainy day fund is still holding up!

True statement about Government statistics. They only report jobless claims; nothing said about how good the resulting jobs are. Hypothetical example:

"Good evening; Headline News. Global TransAir shutdown last month, leaving 500 pilots in the Tri-County area without jobs."

"McDonald's Corporation reports strong growth and the addition of 1000 sales-person jobs in Tri-County."

"Tri-County Department of Labor reports jobless claims and total unemployment are down......":(