Whew, did we hit financial wake turbulence last year!

Many pilots slammed into major wake turbulence in 2020 because they didn’t have a financial flight plan!

As pilots, we train for the "unexpected" so that when something goes wrong in our aircraft, we are ready and prepared. Flight instructors have hours of instruction on how to get out of wake turbulence, but no one teaches us how to recover from hitting financial wake turbulence.

In fact, in most cases, professional pilots get little to no financial education before taking the controls of their aircraft.

It’s imperative that we prepare for the unexpected in the cockpit and in our bank accounts, especially when it comes to financial wealth building. Last year’s downturn was caused by factors well beyond our control....like furloughs and layoffs.

But the devastation in the airline industry and our national economy jolted most households, while others took it all in stride.

What was the difference? Whether or n...

If 2020 has taught us anything, it’s always be ready for the unexpected.

As a Floridian, I am always ready for Hurricane Season. My family stocks up on essentials, especially bottled water and we make sure our trees are trimmed before the season starts.

As pilots, we train for the "unexpected" so that when something goes wrong in our aircraft, we are ready and prepared.

It's imperative that we are prepared for the unexpected in other areas of our lives - for the downturn that may be caused by factors well beyond our control.

In 2020, many Americans stayed home and curbed spending as they remained uncertain about their financial futures, about their jobs. In fact, many pilots lost their careers when airlines shut down all together.

This year, however, is proving to paint a different picture and more and more people are vaccinated and feel more comfortable about getting out and more comfortable spending money.

Companies like Target and the parent company of Outbac...

Is the state of your finances stressing you out?

You're not alone.

A recent survey showed that finances are the #1 cause of stress.

Politics, work and family issues followed suit.

But there are a few strategies you can use to minimize financial stress. Here they are:


✈ Get clear on your financial situation - How much do you make? How much do you owe?

✈ Get Financial Goals - think about how money stresses you - Are you in debt? Are you living paycheck to paycheck?

✈ Set priorities about paying off debt - How much is the debt, plus the interest on that debt costing you financially and emotionally?

✈ Create a budget - or a guideline for your money! Make it easy on yourself but don't forget to set aside a bit of money to enjoy.

✈ Check your accounts on a regular basis. This allows you to see if your cash flow doesn't align with you goals, or if there has been fraudulent activity.

✈ Don't be hard on yourself. Every once in a while you are going to spend more than you wanted. Just realize that a p...

In an ideal world of aviation, pilots would start with a legacy carrier before they turn 30, start saving for retirement by at least maximizing their 401(k) account and stay married to the same spouse for the entire time.

The previous scenario should create a very nice income to support a very nice retirement lifestyle.

Unfortunately for many, "livin' the dream" doesn't look like that. It sometimes looks like you're hanging on for dear life!

Instead it's a roller coaster, with income taking massive swings as pilots progress from one airline to another, sometimes taking a furlough or displacement along the way. And those are the lucky ones!

Many pilots have seen their jobs collapse right under their promising career as the carriers close shop.

Personally, I have experienced two airline closures, two furloughs and a displacement.

Just when I though the going was going well, 9/11 happened. And then you realize it's well beyond your control.

Never again.

N...

As pilots we usually have a destination, well before planning for the actual trip begins.

It's essential. How else will you know what variables go into the flight planning?

What's your payload? How's the weather? What's the best routing? How much fuel will you need? What are your alternates, just in case things don't go as planned?

You can visualize the differences in flight plans between a flight from New York to Paris, compared to a flight from New York to Florida.

The timing and effort spent before for the longer flight reflects more extensive planning.

Your money works the same way.

Planning for a life of luxury will differ from planning for an “average” lifestyle. If you don’t aim for Paris, you’ll never get there. If you don’t aim for a comfortable retirement, you won’t get there!  

Unfortunately, most people don't plan for the endgame. They're barely making ends meet, or they're saving a little, but have no plan for the endgame.

It's essential to know what you want bef...

"You're the same today as you will be in five years except for two things: The people you meet and the books you read!" 

- Author Sharon Lechter

"Three Feet From Gold: Turn Your Obstacles into Opportunities"

Motivational speaker Jim Rohn was quoted as saying that you are the average of the five people we spend the most time with.

The average of what depends on what you consider important - family, finances, health, relationships, spirituality.

Where ever you are in any of these areas, there is always an opportunity to expand or improve, depending on your priorities.

Change comes by changing your habits or your environment.

Connections matter - both personal and introspective.

If you want to "be rich" in any of those areas, don't complain you're not where you want to be.

Instead, hang out with people who you admire, people who are where you want to be.

If you want to have better relationships, hang out with people who have inspiring relationships.

If you want better f...

Hundreds of pilots are facing a more certain future than they were last March, but so many have lost pay and even entire jobs.

Taking control of your own finances and adding income outside the cockpit is really the only way to secure your own financial future, to secure your own Success Flight Path.

If you aren't really sure what type of business or investment to start, start with what sparks you! What interests you? What types of skills you have that lend themselves to profitability?

Can you teach something? Sell something? Offer guidance in a particular area?

Below are just a few questions to ask yourself when starting your search:

What do you like to do?

• What you are good at doing? (If you're not sure, ask friends, family and co-workers.)
• What do people ask you for help doing?
• What you can do that others that they can’t or don’t want to do?
• What people are willing to pay for you to do?
• How much would other people pay you to do that, and would that amount be
...

When you plan, there is peace. You have direction. You can accommodate the unexpected and you can allow for the "good" surprises.

This holiday season, enjoy the Success Flight Path Advent Calendar.

Click Here

Enjoy the motivation and direction to set you up for the New Year, whether you're flying, furloughed, displaced, or still waiting to see what the airlines have in mind for you.

Happy Holidays.