Rainy day fund
02-14-2012, 04:08 PM
#1
SLI best wishes!
Thread Starter
Joined APC: Feb 2011
Position: B767 Capt
Posts: 399
Rainy day fund
View this message on the Web
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)
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)
02-14-2012, 07:24 PM
#3
Gets Weekends Off
Joined APC: Dec 2007
Position: Cal reserve..the gift that keeps on giving
Posts: 532
Originally Posted by LifeNtheFstLne
Thanks for the laugh SPSC. Smoking crack if anyone thinks UAL/CAL would ever be allowed to strike.
02-15-2012, 02:27 AM
#5
SLI best wishes!
Thread Starter
Joined APC: Feb 2011
Position: B767 Capt
Posts: 399
Originally Posted by LifeNtheFstLne
Thanks for the laugh SPSC. Smoking crack if anyone thinks UAL/CAL would ever be allowed to strike.
02-15-2012, 02:36 AM
#6
Gets Weekends Off
Joined APC: Jul 2011
Position: Aeronca Champ
Posts: 120
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.
02-15-2012, 03:04 AM
#7
SLI best wishes!
Thread Starter
Joined APC: Feb 2011
Position: B767 Capt
Posts: 399
Originally Posted by flyingfarmer
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.
02-15-2012, 07:11 AM
#8
Gets Weekends Off
Joined APC: May 2009
Position: The GF of FUPM
Posts: 3,073
Originally Posted by flyingfarmer
....... 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.
02-15-2012, 07:13 AM
#9
Gets Weekends Off
Joined APC: Apr 2009
Posts: 710
Originally Posted by socalflyboy
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.........................................
02-15-2012, 09:33 AM
#10
Gets Weekends Off
Joined APC: Sep 2008
Position: 737 FO
Posts: 163
Originally Posted by LifeNtheFstLne
Thanks for the laugh SPSC. Smoking crack if anyone thinks UAL/CAL would ever be allowed to strike.
For those of you sticking around to get that big retro check, best of luck to ya!
Signed class of 83-85
Last edited by davessn763; 02-15-2012 at 05:22 PM.
Thread
Thread Starter
Forum
Replies
Last Post
