Welcome! “Million-Air” is a new series to help you become Pilot-in-Command of your financial life and build significant wealth over your airline career.
This column addresses the unique considerations you face as an airline pilot, as well as what it takes to truly become PIC of your financial life. It will also share with you why you must build significant wealth and the strategies that will get you there.
You Face Unique Considerations
As a professional pilot you have an amazing career, but face several unique financial considerations that need to be addressed, which include:
Economic impact on airlines
The financial dangers of a furlough
The risk of losing a medical
Forced retirement at age 65
Operating another business
Coordination of military benefits
Dealing with flight school and student loans
What It Means To Become PIC Of Your Finances
In the simplest sense, being PIC of your finances means that you are in positive control of your financial life at all times. You are in command of your money; it isn’t in control of you. It also means your money is working for you and not just the other way around.
How To Become PIC Of Your Finances
How do you become PIC of your finances and reach millionaire status? You follow a six-item checklist:
Think correctly about money and wealth
Have a plan
Operate your financial life like a business
Increase your value and make more money
Save and invest wisely
Protect against the risks you face
Designed To Do Three Things
This column is designed to help you address each of the unique financial considerations you face as a pilot and accomplish three very important things:
Build greater wealth so you can do more of the things that are most important to you,
Build wealth faster so you can shorten your “leg” to financial freedom, and
Position and protect yourself financially so you don’t get hurt when things go wrong
What I Believe And What It Means To You
I believe two very important things about every professional pilot: First, you need to become a millionaire several times over (more below). Second, there are no “go arounds” in your financial life.
Because of these beliefs, I’ve devoted this column to help you reach your full financial potential, avoid the pitfalls that could arise, and guide you in exercising wise financial decision making (think “ADM” but for your finances) in the most important areas of your financial life.
Who I Am And Why I Exist
My purpose is to push people to see what’s possible in their lives and inspire and guide them to reach their full financial potential.
I’m a private pilot, a Certified Financial Planner™, and I’ve spent the last 17 years studying and working with the most financially successful people. I know what works and what doesn’t work, and I know it can work for you.
Throughout the years, I’ve accumulated 22,000 hours “in type” helping people get a structure in place to build significant wealth by making wise financial choices. When I’m not helping people move forward in their financial life, I’m with my family or flying around “low and slow.”
Why You Must Become A Millionaire Several Times Over
Just like flying, building wealth can be challenging, but it is also incredibly rewarding. There are proven steps to becoming a millionaire several times over, and I know for certain that every pilot can execute them.
There are two main reasons you need to build significant wealth and become a millionaire multiple times over.
First, anything less simply won’t be enough for you to live the life you and your family deserves. Over a 30-year retirement, $1,000,000 could safely generate an income far less than $50,000 a year. For most, this isn’t nearly enough to live off of – especially after being used to a good six-figure salary.
Second, you need to make sure you are immune to the financial shocks of the economy, your industry, and your airline. Times will not always be as good as they are now, and a true aviator is prepared for anything.
It might sound like a tough climb, but I can promise you this: becoming a millionaire and building significant wealth is incredibly doable! Building wealth is a science, and I will show you how in this column.
I believe deeply that each one of us has an obligation to live up to our full potential, and when we do, we not only change our world, but we change the world of our family, community, country, and neighbors.
If you have any specific questions you would like answered or a special topic you would like addressed, please reach out.
I look forward to helping you move forward financially as you continue with your career!