Search

Notices
Regional Regional Airlines

financial planning

Thread Tools
 
Search this Thread
 
Old 11-20-2006 | 05:39 AM
  #1  
Thread Starter
Gets Weekends Off
 
Joined: Feb 2006
Posts: 564
Likes: 0
Default financial planning

Pay
guarantee of 1800 dollars/month

after all dues, crash pads etc how much can i plan to take home per month
Reply
Old 11-20-2006 | 05:50 AM
  #2  
BoilerUP's Avatar
Doing One Pilot's Job
 
Joined: Sep 2005
Posts: 7,883
Likes: 119
Default

We need more information for an accurate assessment. An example based on me:

Air Wisconsin first year pay: $24.17 @ 75hrs/mo, plus 6.75/mo medical reinbursement. That makes my gross guaranteed income per month just under $1820. I have medical/dental for my wife and myself, I pay $10/mo for at-home FLICA access, I put 5% into my 401k, and have $100/mo come out for a Flex Spending plan. Until this month, I had $50/mo come out for initial uniforms. Probationary ALPA members do not pay dues.

After all that, my guaranteed net income is $1220 monthly, give or take a 5 spot. However, I am a lineholder and typically credit 83-88 hrs/mo with 14 days off, so my actual monthly net including overage & perdiem has averaged over $1800/month.

Your mileage may vary...
Reply
Old 11-20-2006 | 05:56 AM
  #3  
Thread Starter
Gets Weekends Off
 
Joined: Feb 2006
Posts: 564
Likes: 0
Default

I am just starting Comair

23.75/hour

guarantee 75 hours month

1.75 per hour perdiem

need medical insurance for family
Reply
Old 11-20-2006 | 05:58 AM
  #4  
Thread Starter
Gets Weekends Off
 
Joined: Feb 2006
Posts: 564
Likes: 0
Default

so your net after all those expense is still over 1800/month
Reply
Old 11-20-2006 | 06:01 AM
  #5  
Gets Weekends Off
 
Joined: Nov 2005
Posts: 1,425
Likes: 0
Default

Originally Posted by buffalopilot
Pay
guarantee of 1800 dollars/month

after all dues, crash pads etc how much can i plan to take home per month
Here is a list of deductions that generally come out of your paycheck 1st year:

-Federal withholdings
-Medicare
-FICA
-State withholdings
-Long Term Disability (if company offers it, you are required to pay)
-Short Term Disability (if company offers it, you are required to pay)
-Uniform Deduction (if you have to buy your own at first, and if you elect to not buy it outright and have it deducted from your paycheck)

*optional*
-Health Insurance
-Denal Insurance
-401k (if company offers it)

On a $1,800 guarantee, you will see roughly in the neighborhood of $1,200 to $1,300 AFTER the above items (assuming 10% into 401k).

You will only pay union dues if you are at a carrier with a union (you knew that LOL) and after one year longevity, at least with ALPA. So you won't pay the 1.95% your first year.

Crashpads don't get deducted from you paycheck, they aren't run by the airline. Depending on where you are, they can run from $100 - $300+.

I just read your post, medical insurance for a family will probably run you $150-$250 depending on the plan. It's expensive. Hope your wife has a job !!

To expand on boilerup's post - once you are a lineholder and don't spend your per diem (Comair's is pretty good BTW, we are only at $1.60/hr) your $$ with increase dramatically, at least 50% more.
Reply
Old 11-20-2006 | 06:04 AM
  #6  
Thread Starter
Gets Weekends Off
 
Joined: Feb 2006
Posts: 564
Likes: 0
Default

$12 -$1300 after all deductions and then add approx $300/mo perdiem right?
Reply
Old 11-20-2006 | 06:07 AM
  #7  
Gets Weekends Off
 
Joined: Nov 2005
Posts: 1,425
Likes: 0
Default

Originally Posted by buffalopilot
$12 -$1300 after all deductions and then add approx $300/mo perdiem right?
You don't get per diem if you don't fly. Per diem is only paid while on the road. If you sit reserve for 18 days that month and never get called out, you don't get any per diem.
Reply
Old 11-20-2006 | 06:37 AM
  #8  
Thread Starter
Gets Weekends Off
 
Joined: Feb 2006
Posts: 564
Likes: 0
Default

It sickens me that i have a job offer from Comair and I really want it but when i sit and figure out the financials, it stinks, i dont know if i can do it! any suggestions? please?
Reply
Old 11-20-2006 | 06:41 AM
  #9  
BoilerUP's Avatar
Doing One Pilot's Job
 
Joined: Sep 2005
Posts: 7,883
Likes: 119
Default

Welcome to first year pay at the regionals. Now imagine being a 5th year regional CA making 60k+ a year, married with young children, car & mortgage payments, and taking a paycut to go to CAL or UPS for the first year. OUCH...but the payoff comes shortly thereafter.

I personally haven't had any problems on first year pay, but then again I'm young, married with a wife that has a good job, and we have no debt other than student loans.

You might also consider if you can afford to work at Comair after concessions are renegotiated. Best of luck to you!
Reply
Old 11-20-2006 | 06:50 AM
  #10  
rickair7777's Avatar
Prime Minister/Moderator
Veteran: Navy
 
Joined: Jan 2006
Posts: 44,888
Likes: 684
From: Engines Turn or People Swim
Default

Originally Posted by buffalopilot
It sickens me that i have a job offer from Comair and I really want it but when i sit and figure out the financials, it stinks, i dont know if i can do it! any suggestions? please?

If you're single you can make it work, and still have beer money, even if it looks scary on paper.

If you are supporting a wife, she will need to get a job.

If she is taking care of kids and can't work, then you might look into racking up your credit cards for a year.

Unless you have a ridiculous amount of debt payments that you cannot defer for a year, you should be able to make it work...but nobody said it was going to be fun.
Reply
Related Topics
Thread
Thread Starter
Forum
Replies
Last Post
SWAjet
Money Talk
12
12-10-2006 02:24 PM
JSchraub
Flight Schools and Training
4
09-15-2006 04:39 AM
ToiletDuck
Hangar Talk
7
09-01-2006 09:00 PM
F15AvionicsTech
Flight Schools and Training
5
06-03-2006 07:08 AM
RockBottom
Major
0
02-21-2005 10:35 PM

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On



Your Privacy Choices