top 10 wealth-destroying mistakes pilots make
04-07-2008, 05:02 PM
#34
Che Guevara
Joined APC: Aug 2005
Posts: 6,408
Originally Posted by Tech Maven
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. Marring 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.
*
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. Marring 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.
*
04-13-2008, 09:24 AM
#39
Gets Weekends Off
Joined APC: Apr 2008
Position: Sleeping in the black swan’s nest.
Posts: 5,709
Pretty much in line with what Tech posted initially...
I had an old captain on the 777 one night about mid PAC tell me.
Son if you want to retire with any money here is the secret.
Keep the first wife.
Keep the second home.
And if an investment promises more than 10% returns it a *******ing scam job don't do it!
Pretty sage advice really.
How many of you guys have heard of optioneer?
I was told over and over how stupid I was for not getting into optioneer. 30 percent returns, maybe more, it's full proof, you can't lose etc etc..
I am not hearing to much about that one anymore, besides how guys who are in it are losing their behinds right now.
Over the years I've also heard about any assortment of get rich quick scams form starry eyed pilots. MLM's, pyramid schemes, land deals, auto direct dealerships you name it. Without exception I've never seen one of these "deals" workout. And I might add everyone of those guys who had their little full proof deal all set up are still pushing throttles for a living. None of them have moved on to a life of wealth and luxury.
One of my financial strategies is. If a pilot highly recommends a full proof financial deal, runaway, quickly!
I had an old captain on the 777 one night about mid PAC tell me.
Son if you want to retire with any money here is the secret.
Keep the first wife.
Keep the second home.
And if an investment promises more than 10% returns it a *******ing scam job don't do it!
Pretty sage advice really.
How many of you guys have heard of optioneer?
I was told over and over how stupid I was for not getting into optioneer. 30 percent returns, maybe more, it's full proof, you can't lose etc etc..
I am not hearing to much about that one anymore, besides how guys who are in it are losing their behinds right now.
Over the years I've also heard about any assortment of get rich quick scams form starry eyed pilots. MLM's, pyramid schemes, land deals, auto direct dealerships you name it. Without exception I've never seen one of these "deals" workout. And I might add everyone of those guys who had their little full proof deal all set up are still pushing throttles for a living. None of them have moved on to a life of wealth and luxury.
One of my financial strategies is. If a pilot highly recommends a full proof financial deal, runaway, quickly!
Last edited by Airhoss; 04-13-2008 at 10:02 AM.
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