Airline Pilot Central Forums - ExpressJet take home pay

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Quote:

Originally Posted by USMCFLYR (Post 1001264)

I understand that your situation may be different / unusual, but for others reading this and confronting the same decision, my financial advisor also called me crazy when I asked whether I should contribute to the matched retirement plan since I already had other investment strategies going. I thought he was going to crap-a-brick :)

WHAT :confused: Someone working for free!! :eek:
What would his union say?

USMCFLYR

I am confused. He told you NOT to contribute to your company 401k and forgo the company match?

I dont see the reasoning here. You are putting in pre-tax dollars and getting an immediate 6.5% return (4% match, 2.5% defined contribution in the OP's case 1st yr XJT.) If you put it into a conservative stable value fund returning 3% a year your chances of losing your initial investment is pretty slim. You could roll it over upon being vested to your outside 401k or just leave it alone when you moved out of the country. Just because you are living abroad doesnt mean you need to liquidate all of your investment accounts.

What am i missing? Are they expecting your tax rate in the foreign country to be sky high so they want you to put everything in a roth? I dont trust financial advisers because there are certain instances where they are out for their own benefit.

Quote:

Originally Posted by newarkblows (Post 1001665)

I am confused. He told you NOT to contribute to your company 401k and forgo the company match?

I don't know what the OP's case is, but you did misunderstand my position.
My guy told me that I was CRAZY IF I DID NOT PARTAKE OF THE FREE MATCH.
I am, and he did, agree with your position.

USMCFLYR

Quote:

Originally Posted by meloveboeing (Post 1000801)

I saw the 10k figure and I had to laugh. But then I thouhgt can an FO make 10k a month with 22 days off? So I did the math. He had 1 week of vac so he could have gotten 2 four day trips droped. And for argument's sake lets say each is worth 25 hours. And lets say he is a very senior FO so he had 1 more four day on his schedule. So he started out with 3 four days each worth 25 hours and he got 2 dropped thru vac. Then the remaining four day he got FBO. So now he is getting paid 75 hours and flying zero. So then he went on to pick up trips at red flag 200% pay and let's say he picked up 75 hours worth, so that's 150 hours, plus the 75 hours he originally had, that's a total of 225. Multiply that by the max FO salary of $43.76 and that's $9846 plus $350 per diem that's $10,196 as a senior (over 7 years) FO pay.

Now for those of you just starting out, 200% pay does not apply to you. And line holders can take away your agressive pickups and they have 9 hours before show to do so. As they hire more people There will be less trips in open time. Right now for June there are only 20 so trips for the entire month of June in IAH. I would calculate take home pay based on 75 hours plus per diem. At least you'll know that's the least you gonna get paid. The FO that made $2500 sounds high. How many hours did he fly?

I've been at XJET almost 13 years, and I can see that figure would be hard to imagine from the right seat.