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Originally Posted by FetaCheese
(Post 3090481)
Seriously. This “get your house in order” crap gets really old. How is someone supposed to prepare for losing a six figure income job exactly? Go ahead and fly a little extra now. How long will that little bit of extra income hold you over for? An extra month tops? Give me a break. Short of selling your house and everything you own there is NOTHING you can do about going from airline pilot income to no income.
First of all, yea you’re losing a 6-figure income. But by taking any job you can find to stem the bleed of cash while you hunt for something better you certainly buy yourself time. And hopefully you have enough savings to make sure that you can last 6-12 months. Second of all understand that 2020 is going to be a really bad year for pilots (or most everyone really). But it will pass and things will come back. If you can’t afford the mortgage, consider renting the house and then you yourself renting something cheaper to live in to lower your bills. Consider reducing down to 1 vehicle if possible. Or selling a vehicle and buying a cheaper one... These events don’t have to be apocalyptic. But they will be uncomfortable. |
Originally Posted by Dobbs18
(Post 3090440)
The WARN requirement is for a 90 day notice to the best of my knowledge, so thats puts the earliest furlough possibility at like Oct 15th if they are received this week. And to the people that said we(AA pilots) said we wouldnt have to furlough bc of VPLOAs, that is just ridiculous, all anybody with a brain said was that they would help mitigate the number down. My best guess is 2,000 are sent out because why would they undercut the number?? its going to suck when they go out and i am kind of pist bc i would have taking a LOA in Aug but none were offered for my category!!!
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Originally Posted by chrisreedrules
(Post 3091243)
If you can’t afford the mortgage, consider renting the house and then you yourself renting something cheaper to live in to lower your bills.
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Originally Posted by chrisreedrules
(Post 3091243)
Well that’s not true at all.
First of all, yea you’re losing a 6-figure income. But by taking any job you can find to stem the bleed of cash while you hunt for something better you certainly buy yourself time. And hopefully you have enough savings to make sure that you can last 6-12 months. Second of all understand that 2020 is going to be a really bad year for pilots (or most everyone really). But it will pass and things will come back. If you can’t afford the mortgage, consider renting the house and then you yourself renting something cheaper to live in to lower your bills. Consider reducing down to 1 vehicle if possible. Or selling a vehicle and buying a cheaper one... These events don’t have to be apocalyptic. But they will be uncomfortable. |
Originally Posted by Al Czervik
(Post 3091252)
I’d love to hear the conversation with the wife.
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Originally Posted by chrisreedrules
(Post 3091243)
Well that’s not true at all.
First of all, yea you’re losing a 6-figure income. But by taking any job you can find to stem the bleed of cash while you hunt for something better you certainly buy yourself time. And hopefully you have enough savings to make sure that you can last 6-12 months. Second of all understand that 2020 is going to be a really bad year for pilots (or most everyone really). But it will pass and things will come back. If you can’t afford the mortgage, consider renting the house and then you yourself renting something cheaper to live in to lower your bills. Consider reducing down to 1 vehicle if possible. Or selling a vehicle and buying a cheaper one... These events don’t have to be apocalyptic. But they will be uncomfortable. |
Originally Posted by senecacaptain
(Post 3091257)
If your are one of those "investment experts" we occasionally get in the cockpit, please don't give me advice
I hope we all see what is going on here. Billion dollar corporations get government bailout money nearly instantly, and us working stiffs get $1200 and some crappy temporary unemployment benefits. |
I’ll pile on
there is absolutely something you can do to prepare for unemployment with 6 months notice. Yes rent (or sell) the house. Make vehicle changes. Have the spouse start abc-ing again if possible. Or hide assets if bankruptcy is inevitable. Comparing what you have now to what you will have after furlough isn’t the right comparison. It’s more like what you can save from a burning house vs one that will flood in 12 hours |
Originally Posted by JulesWinfield
(Post 3091276)
He gave you some pretty practical advice. Have a savings account and leverage the assets you own to try to hold off bankruptcy. Crying about it isn't going to help.
I hope we all see what is going on here. Billion dollar corporations get government bailout money nearly instantly, and us working stiffs get $1200 and some crappy temporary unemployment benefits. |
Originally Posted by Elismcpikle
(Post 3091255)
Wow, truly amazing, Chuck Schwab over here.... thanks for stopping by.
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