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Flight Planning: Pilots never fly without a plan.

 

However, many aviators rely on a gambler’s “roll-the-dice” Wall Street roulette wheel strategy when it comes to managing their personal financial plans.

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Threat consideration and robust risk management are the structural pillars aviation safety. Would you take-off without the certainty of having enough fuel to land at your destination? Pilots are risk managers first, so why not use the same risk-management skill sets in retirement planning. Incorporating training and technique into your aviation skills is not always immediate, but the best course of action in a pilot’s aviation career. The same holds true for your financial plans.

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Years ago, at the beginning of a pilot’s career, the promise of a guaranteed pension by funded by airlines was a very strong reason to enter the profession. That promise has disappeared for most professional pilots, particularly those in the passenger carrier space.

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To replace valuable pensions and offload risk, airlines replaced pensions with 401(k) savings plans. Yet, on a good day, 401(k) s are difficult to comprehend and highly unstable. Polluted with risks, misinformation, institutional bias and sins of omission, 401(k)s are financial chimeras that guarantee nothing.

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In a state of bewilderment and not being aware of other alternative strategies, pilots frequently surrender their financial destiny to the Wall Street casino. By blindly committing to mutual funds, IRAs, 401(k) and 529 college savings plans and other like plans, aviators forgo the same certainty and safety that aviators demand in their own aircraft and for the customers they serve.

 

To mitigate the discontinuation of pensions, aviators would be wise to implement disciplined, long-range, conservative and mathematically sound savings programs. This approach works better over time than just leaving saving in the Wall Street gambling den. Remember, 75% of the listed stocks on the NASDAQ during the dot.com meltdown and boom in 1999 and 2000 have either disappeared or been merged out of existence. (Source: The Economist)

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Join Us and Kill the Sacred Cows

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At The Prosperous Pilot, we want to challenge the dangerous speculation strategy of blindly following Wall Street and the mutual fund chimera game. Join us. Kill the sacred Wall Street cows that are damaging your prosperity.