Pilot Money Podcast Timothy P. Pope, CFP®

Join Timothy P. Pope, CFP® in this relatable solo episode of the Pilot Money Podcast. Tim shares a personal story  about his recent close-call with impulse buying. Tim explores the triggers and tactics he used to maintain financial discipline. This episode also touches on Tim’s passion for aviation and his recent flights with his family.  
Listen as Tim recounts back-to-back moments of resisting the temptation to clean out the shelves at a local hardware store and avoiding making a fun but untimely large purchase. He shares his strategies for staying true to his financial goals despite strong impulses to buy. This episode is packed with insights on recognizing and managing emotional spending triggers, practical advice on maintaining financial health, and how to involve family in financial decisions to create accountability and support.
What You'll learn from this episode:
Understanding emotional spending: Learn about the psychological triggers of impulse buying and how to identify your own.Strategies to combat impulse purchases: Tim shares effective techniques for resisting the urge to make unplanned purchases, including practical tips like discussing potential buys with family or using financial planning tools.The role of communication in financial health: gain insights into how open conversations about finances with family members can help manage spending impulses.Reflections on financial decision-making: Tim reflects on how revisiting financial plans and goals can help steer clear of detrimental financial decisions and provides a framework for listeners to apply in their own lives.This episode not only offers personal stories but also equips you with the tools to navigate your financial journey with more confidence and control.
Resources:
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Email: pilotmoneypodcast@ceterainvestors.com
Disclosure:
Timothy Pope is a Certified Financial Planner™ offering securities and insurance products offered through Cetera Investment Services LLC, member FINRA, SIPC. Advisory services are offered through Cetera Investment Advisers LLC. Tim’s Branch Office is located at 5200 77 Center Drive, Suite 330, Charlotte, NC 28217. The branch phone number is 704-717-8900.

The views depicted in this material are for information purposes only and are not necessarily those of Cetera Investment Advisers.

This Podcast is designed to provide accurate and authoritative information on the subjects covered. It is not, however, intended to provide specific legal, tax, or other professional advice. For specific professional assistance, the services of an appropriate professional should be sought.

In this eye-opening episode of the Pilot Money Podcast, Timothy P. Pope, CFP® sits down with Nik and Anna Fialka for a deeply personal and insightful conversation about the financial challenges and triumphs of a pilot's family. Nik, the host of "Ready for Pushback," and Anna, the unsung hero managing the behind-the-scenes dynamics of the Fialka household, share their unique perspectives on navigating the unpredictable financial landscape of the aviation industry. From enduring years of income uncertainty and making tough sacrifices to finally achieving financial stability and planning for the future, this episode is a candid exploration of the highs and lows of a pilot family's journey. Listeners will learn valuable lessons on saving, budgeting, investing and the importance of resilience and teamwork in facing financial challenges head-on.
What You'll learn from this episode:
The  importance of saving and financial planning for families in the aviation industry with an emphasis on the unpredictability of income amid career transitions.Practical strategies for managing finances during periods of low income, including prioritizing needs, making difficult sacrifices, and the value of perseverance and resilience.Insights into the challenges of adjusting to a higher income, the temptations of increased spending, and the discipline required to build savings and invest in the future.The significance of making financial decisions as a couple, including budget meetings, prioritizing spending, and the impact of financial choices on relationships and family dynamics.Reflections on the value of experiences over material possessions, teaching children about money management, and the importance of living within one's means to ensure long-term financial security and happiness.

Nik and Anna's story is a testament to the strength and determination required to navigate the financial turbulence often encountered in the aviation industry. Their experiences offer valuable lessons on the importance of saving, the challenges of financial management at different income levels, and the critical role of communication and shared goals in achieving financial stability.

Resources:
Ready For Pushback
 
21.FIVE - Professional Pilots Podcast - Ep. 71.  "What's it like to be married to a pilot and raise a family?"

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Disclosure:
Timothy Pope is a Certified Financial Planner™ offering securities and insurance products offered through Cetera Investment Services LLC, member FINRA, SIPC. Advisory services are offered through Cetera Investment Advisers LLC. Tim’s Branch Office is located at 5200 77 Center Drive, Suite 330, Charlotte, NC 28217. The branch phone number is 704-717-8900.

The views depicted in this material are for information purposes only and are not necessarily those of Cetera Investment Advisers.

This Podcast is designed to provide accurate and authoritative information on the subjects covered. It is not, however, intended to provide specific legal, tax, or other professional advice. For specific professional assistance, the services of an appropriate professional should be sought.

In this light but insightful episode, Timothy P. Pope, a CERTIFIED FINANCIAL PLANNER™ who specializes in the planning needs of professional pilots, draws parallels between the game of Monopoly and real-world financial planning. After delving into technical topics in previous episodes, Tim decides to share a more relaxed conversation about five crucial financial planning lessons he observed while playing Monopoly with his children. Through the lens of Monopoly, Tim discusses the importance of income-producing assets over mere cash holdings, the critical role of timing in financial decisions, the necessity of understanding and optimizing your investment portfolio, the impact of emotions on financial strategies, and the process-oriented nature of successful financial planning. This episode not only promises a fun listening experience but also delivers practical financial insights that listeners can apply to their own lives.

What You'll learn from this episode:
The importance of Income-Producing Assets: Why relying solely on cash might not be the best strategy for long-term financial success.Timing is Everything: How the timing of financial decisions can significantly impact your financial health.Optimizing Your Portfolio: The importance of understanding how your assets work together to achieve your financial goals.Emotions and Financial Decisions: The dangers of letting emotions drive your investment strategies.Financial Planning as a Process: The journey from relying on a paycheck to generating significant returns from your investments.Resources:
Schedule An Appointment
Our Practice’s Website
Email: pilotmoneypodcast@ceterainvestors.com
Disclosure:
Timothy Pope is a Certified Financial Planner™ offering securities and insurance products offered through Cetera Investment Services LLC, member FINRA, SIPC. Advisory services are offered through Cetera Investment Advisers LLC. Tim’s Branch Office is located at 5200 77 Center Drive, Suite 330, Charlotte, NC 28217. The branch phone number is 704-717-8900.

The views depicted in this material are for information purposes only and are not necessarily those of Cetera Investment Advisers.

This Podcast is designed to provide accurate and authoritative information on the subjects covered. It is not, however, intended to provide specific legal, tax, or other professional advice. For specific professional assistance, the services of an appropriate professional should be sought.

As tax season is in full swing, now is the perfect time for pilots to begin thinking about the next year. What went well last year and what do you want to change for next year’s tax season? In this episode we explore real estate investment opportunities with an emphasis on proactive tax planning strategies. Whether actively managing properties or investing passively, real estate offers unique tax advantages for pilots seeking to diversify their portfolio, generate cash flow, build wealth and potentially off-set W-2 income. As founder of Summit ATS (advanced tax strategies) Billy Withers joins us to share valuable insights on how pilots can use real estate investments to minimize tax liabilities. For pilots with an interest in real estate, there are many on-ramps that may suit your lifestyle and financial goals. 

What You'll learn from this episode:
Several real estate investment strategies tailored to pilots' financial situations, from passive investing to active management.When tax planning is done properly, you eliminate last minute surprises and tax season becomes a formality, not a fire drill.The requirements for achieving real estate professional status and how pilots can participate by leveraging their time effectively.By self-managing short-term rentals like vacation properties, crash pads, etc. pilots can utilize depreciation and other tax benefits to reduce high W-2 tax liabilities.The tax characteristics of passive investments, including deferred taxation and strategic reinvestment strategies.Resources:
Billy’s LinkedIn Profile
Summit ATS
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Practice Website
pilotmoneypodcast@ceterainvestors.com
Disclosure:
Timothy Pope is a Certified Financial Planner™ offering securities and insurance products offered through Cetera Investment Services LLC, member FINRA, SIPC. Advisory services are offered through Cetera Investment Advisers LLC. Tim’s Branch Office is located at 5200 77 Center Drive, Suite 330, Charlotte, NC 28217. The branch phone number is 704-717-8900.

The views depicted in this material are for information purposes only and are not necessarily those of Cetera Investment Advisers.

This Podcast is designed to provide accurate and authoritative information on the subjects covered. It is not, however, intended to provide specific legal, tax, or other professional advice. For specific professional assistance, the services of an appropriate professional should be sought.

In this episode, CERTIFIED FINANCIAL PLANNER™ Timothy P. Pope delves into the intricacies of the backdoor Roth IRA strategy. He explains how this method allows high income earning pilots to bypass income limits and contribute indirectly to a Roth IRA, providing valuable insights and considerations for implementation. Tim explains how modified adjusted gross income (MAGI) affects eligibility for Roth IRA contributions and why it’s important to track your compensation growth.
Tim outlines common scenarios where pilots may inadvertently contribute more than allowed to a Roth IRA. He also discusses  two primary methods to fix these excess contributions: removal and recharacterization. Tim explains the process for each method, highlighting considerations such as tax implications and timing requirements. Lastly, Tim  emphasizes the importance of assessing existing IRA accounts and potential tax implications before executing a backdoor Roth IRA strategy.
What You'll learn from this episode:
Roth IRAs offer tax-free growth potential, but eligibility is subject to income limits based on Modified Adjusted Gross Income (MAGI)Making contributions to a Roth IRA while exceeding income thresholds may necessitate corrective action, such as excess contribution removal or recharacterization. The pro-rata rule: What is it? How it’s enforced by the IRS and how it affects individuals with pre-tax IRA balances. Why consideration of pre-tax IRA balances and potential tax implications is crucial before executing a backdoor Roth IRA conversion.Why pilots need to assess their current financial circumstances and tax planning needs before executing on these strategies.Resources:
IRS Form 8606 - Instructions
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Our Practice’s Website
Email: pilotmoneypodcast@ceterainvestors.com
Disclosure:
Timothy Pope is a Certified Financial Planner™ offering securities and insurance products offered through Cetera Investment Services LLC, member FINRA, SIPC. Advisory services are offered through Cetera Investment Advisers LLC. Tim’s Branch Office is located at 5200 77 Center Drive, Suite 330, Charlotte, NC 28217. The branch phone number is 704-717-8900.

The views depicted in this material are for information purposes only and are not necessarily those of Cetera Investment Advisers.

This Podcast is designed to provide accurate and authoritative information on the subjects covered. It is not, however, intended to provide specific legal, tax, or other professional advice. For specific professional assistance, the services of an appropriate professional should be sought.

Tim hosts Dylan and Max from the 21. Five Show in this episode. Dylan and Max reflect on their experiences during various aviation downturns, spanning their 20-year careers. Max shares his proactive approach to mitigating career risks by diversifying his skill sets. Dylan talks about getting laid off right before his wedding and emphasizes the necessity of maintaining an emergency fund to weather unforeseen challenges. They caution against making long-term financial commitments at the peak of prosperity, urging newcomers to exercise restraint and avoid overextension. Dylan highlights the value of networking and building relationships within the aviation community, emphasizing its role as a safety net during career turbulence.

What You'll learn from this episode:
Why an emergency fund is an important foundation to your financial planWhat should your emergency fund target be based on your family’s income and industry factsCan you have too much or too little cash and how to reconcile your risk tolerance and your risk capacityHow networking can have a direct impact on your financialsWhy diversifying beyond retirement accounts can help stabilize your finances during a down-turn Resources
21.Five Podcast
21.Five Show LinkedIn Page
Schedule An Appointment 
Our Practice's Website
Email: pilotmoneypodcast@ceterainvestors.com
Disclosure:
Timothy Pope is a Certified Financial Planner™ offering securities and insurance products offered through Cetera Investment Services LLC, member FINRA, SIPC. Advisory services are offered through Cetera Investment Advisers LLC. Tim’s Branch Office is located at 5200 77 Center Drive, Suite 330, Charlotte, NC 28217. The branch phone number is 704-717-8900.

The views depicted in this material are for information purposes only and are not necessarily those of Cetera Investment Advisers.

This Podcast is designed to provide accurate and authoritative information on the subjects covered. It is not, however, intended to provide specific legal, tax, or other professional advice. For specific professional assistance, the services of an appropriate professional should be sought.