Mesa #1 Regional for Third Consecutive Year

[rene]

Yay Mesa, you get the privlage of flying United owned A/C.

If you think about it for a few minutes, its not actually a bad thing, no aircraft risk? What ruined the industry for the past five years is CRJ 200 aircraft risk out of sinc with contract term?

 

[Nevets]

Yay Mesa, you get the privlage of flying United owned A/C.

Funny how you didn't say the same thing with the DAL owner CRJ700/900s. Haters gotta hate?

 

[rene]

Funny how you didn't say the same thing with the DAL owner CRJ700/900s. Haters gotta hate?

Just enjoy the moment, like a fine wine. It could be all over but it isn't. Mesa is back and a lot of people are happy about that.

 

[Ops check good]

.......Yep

 

[amcnd]

If you think about it for a few minutes, its not actually a bad thing, no aircraft risk? What ruined the industry for the past five years is CRJ 200 aircraft risk out of sinc with contract term?

Guess you learned that trick from SkyWest.. They went after "tail risk"... I agree Mesa is in a better spot. No 200's,1900's, DCH8's. But don't think Mesa wont screw up again..

 

[khsgt]

So the average median household income in the US is about 51K per year. If someone is making 275K(5.4 times 51K) per year as a widebody Captain am I to understand that that person is unlikely to "make themselves rich"? Just how much annual income would you say is necessary to be rich?

BTW, the average income worldwide is 7K per year.

(You just opened a can of worms.....so be it.)

Sorry, don't get on flight info much. As a point, the average income almost qualifies for food stamps.

Disclaimer: I am a former Mesa Guy with no formal business or investment training or school...just a guy trying to make it for him an his family with a wife that is truly a partner in the quest for real freedom.

To answer your question... A $275k W2 paycheck is not making yourself rich or even wealthy for that matter.

Wealthy = Enough residual income to cover your ordinary expenses without a paycheck.

Rich = Enough residual income to do whatever you want without having to work.

Out if a $275k gross pay, you are losing 35% to Uncle Sam with no real tax deductions to speak of so you are taking home less the $193k before state income taxes, property taxes, alimony, child support, etc that the old captains usually have. Out of whatever number is left you will buy the big house on a 30 year mortgage, be making car payments on that corvette that you "deserve" and whatever amount of money you manage to stick in retirement/savings will grow just slightly faster then the rate of inflation....and you need at least $1million in today's dollars for retirement plus $100k per kid for college (fun fact, a dollar in 1988 = $1.98 today). Not only that, but whatever money you have in the stock market is taxed at 50%+ with no credit for losses....that's a suckers bet. I own a C Corp and I won't take dividends to save my life because it is the dumbest way in the world to get money out of a company...yet public companies have no choice.

Now fun questions for you to consider: When was the last time you completed a personal financial statement? What is your net worth? How does it compare to what it was 5 years ago? Let me guess...growing at less then $25k/year? Good luck having that $1.2m (today's dollars) when you fly your last 5 day trip when you are 65. You will find that no matter what people make, folks manage to spend most of it on sh!t(houses/cars/vacations/etc). As an example, my family and I live strictly on my flying salary, even though that counts as less then half of our income, and next year may be only a quarter. My net worth increase after our living expenses will be $380k next year, 70% of that after tax CASH.

There are a whole bunch of ways to make money without a paycheck, and some of them you can do and keep your flying job. You must develop multiple income streams to have any chance at making it. Small business ownership, operation and investment and real estate investment are a few ways to proceed...but this requires folks spend their money on something other then sh!t and work their butts off. I see my pilot friends buying big houses and shiney new cars with no down and low interest, while I concentrate on growing assets while driving crappy cars and living in small houses. With 50 hours of work this month, I have set in motion events that over the next 7 years will add $2.6 million AFTER tax to my net worth...and that's assuming no other actions on my part which we both know I am already formulating and planning. This is while I keep a full time flying job paying over $120k/year. This is probably my last flying job, and I don't intend to be flying in 5 years (I'm 32 now). In going to retire from flying when I have an EBITDA of $1 million a year. We started from scratch with a $70k investment 2 years ago with one company...I am starting my 3rd next week.

Flying is fun, it's a sh!tty way to make a living. I realized this when the thought hit me: I can work my entire life as a successful airline pilot and when I retire, I can't walk into the factory at Cirrus and buy a new 4 seat piston airplane...and that fact is pathetic. I choose financial freedom.

I once heard this and it makes perfect sense now regarding America: 90% of the population is completely financially illiterate and doesn't care. 10% of the population has some understanding of how to make money work for them...but only 2% actually have the balls to sign on the dotted line and really try. Try www.mint.com and see where you really stand. Most folks on this board will not be even positive.

You have any other questions, PM me.

And you may resume the Mesa discussion. I am proud to be a LAMA!