November 7, 2003 Volume I, Issue #6
Copyright 2003 by Judith Logue, Ph. D. |
http://www.shairing.com
A Note From Judith
When my talented mother, Laura, passed away last year she left more sculpture, oil paintings, and portrait drawings than space to put them. Her flair for creativity, thinking beyond boundaries, and belief in the progress of women are part of her appreciated and living legacy.
Like Amelia Earhart, Laura thought women should do whatever they wanted to do, regardless of gender stereotyping. Besides personal and sociocultural progress for women, Mother believed we should be educated and financially independent. She would therefore be pleased that today's feature article looks at how women in aviation can profit from some critical changes in our world since September 11, 2001.
TeleShairing® Calls And Workshops
Our next Teleshairing® Call is Tuesday, November 25th, 10:00-10:59 a.m., ET / 1500 Zulu. This is a chance to meet and talk with women pilots who may join us from anywhere around the world. As an experienced group leader, I'll help you in defining your goals, envisioning your dreams, and adding competence and value to your flying and your life. Confidentiality is maintained and requested. Please E-mail judith@shairing.com for registration, the conference call number, and instructions. Let us know of any issues, topics, and concerns you want addressed, too!
Today's Feature Article
PROSPERITY CONSCIOUSNESS AND AVIATION
Just as how you think about flying affects how you fly, the way you think about money affects how you make, spend, and keep money. A commonsense approach to money with a goal of prosperity in aviation requires three essential things: 1. Awareness of your values, thoughts, and feelings about money; 2. Knowledge of what is going on in the aviation world around you; and 3. Defined goals based on financial facts and focused plans.
1. Values and Money
Values are those qualities you consider important and meaningful. How important is money in your life? Do you denigrate its importance? Have you chosen your work for love or for money?
I have found it helpful to also ask the following: Do you see money as a means to happiness or is it a goal in and of itself? Can you rate the following reasons for making money in order of importance to you: 1. Security and protection; 2. Freedom of choice; 3. Giving to others; 4. Survival and luxuries; and 5. Stimulation and excitement? When you do this, you will then have a clearer sense of why you want money.
Jerry Gilles wrote MoneyLove (Evans, 1978) in which he discussed how money is an extension of our self-esteem, and how emotional health is related to healthy money attitudes. He also wrote that enjoying your money will make it easier for you to accumulate wealth, and that "you can be as good a person rich as poor, probably better." Finally, Jerry said that to have as much money as you want you need three things: 1. A clear vision of what you want; 2. The belief that you will get it; and 3. Practical skills to put your beliefs into action.
So it could be helpful to understand your relationship between flying an airplane and money. If you fly because it is your passion and also your livelihood, you have a stronger chance of having fun while making money. In addition, statistics show that people who like what they do make more money.
If you fly as an avocation, you also appreciate the sources of income that afford you this luxury! For instance, I met a wonderful woman whose gratitude to her husband for the gift of her airplane was striking. She enhanced the beauty of her own character and personality with her appreciation of his kindness and generosity.
2. Profit And Opportunity In Crisis -- The World of Aviation Around Us
Crisis is a time of both opportunity and pitfall. Most of us know that how we approach crisis is everything.
Since the tragic events of September 11, 2001, the aviation industry has changed. According to the NBAA Fact Book, after the initial grounding of all U.S. air traffic, over 90 percent of the National Airspace System became accessible to most business aircraft operators, and new security procedures increased ground time for airline travel. This has led to an increase in companies drawn to the productivity, efficiency, safety, and security of business aircraft and away from the cost in time and money of commercial airlines.
The market forecast from Honeywell Aerospace 11th Annual Business Aviation Outlook shows a continuing demand for new business aircraft with customers accepting more than 7,600 units, valued at over $121 billion, for the period of 2003 to 2013. The projection is for a modest decline followed by a steady climb toward nearly 900 aircraft deliveries per year, with innovative approaches to business aviation. These include new jet models, fractional ownership, and an increase in the number of companies operating business aircraft. During 2002, 13,958 operators flew 22,576 turbine-powered business aircraft worldwide, most of them in North America.
Because of the increase in fractional ownership, in which companies or individuals receive management and pilot services as part of their owning a fraction of an aircraft, people who have never before used business aircraft are experiencing the advantages of business aviation. Executive Jet Aviation (NetJets) began operation in 1986, and Bombardier started Business Jet Solutions (FlexJet) several years later, followed by other companies such as Raytheon, Flight Options, and CitationShares. After September 11, on-demand air charter activity increased by 30 percent in 2001.
These aircraft also have access to nearly 5,300 airports ("reliever airports") in the United States, compared to the 558 served by scheduled air carriers. According to the NBAA Fact Book, corporate/executive and business aircraft operators have compiled excellent safety records, and many fly with two pilots. A number of fleets are now composed of Stage 3 aircraft, which are much quieter than the earlier Stage 1 aircraft. This attracts more customers, too.
It goes almost without saying that these companies all hire pilots, creating opportunities. These changes remind me of my mother's instruction to "color outside the lines, Judy." For instance, you may have grown up planning to be the captain of a major airline, for both personal satisfaction and financial success. And, you may be frustrated because of the furloughs and downward trends in the aviation industry -- until you see opportunity in cultural shifts.
Even the recent ending of the era of the Concorde provides unforeseen opportunities. There has been talk in the media about whether NetJets will move in with a fast alternative. But so far solutions are not evident. From our perspective, professional pilots who keep an eye on such trends will be among the first to move into the positions that become available. Because of this emerging trend and its importance to you and your future, please contact us at judith@shairing.com to discuss your comments or questions about such happenings.
These new trends mean that success -- and financial satisfaction and security -- depend on your moving forward in ways you may not yet have considered. They also suggest looking inside at your own attitudes and reflecting on your own flexibility or rigidity.
An example that I well remember is Mother's story about a member of our community who became a millionaire during the depression because he had the perspicacity to form a junk and scrap metal business! He might have let his pride as an educated man be an obstacle. This work was critical to our economy, but it was hardly a prestigious profession at that time. Fortunately, like the research which points to people who like and love their work -- regardless of whether it is as a doctor or janitor -- he believed in himself and in the meaning and importance of what he was doing. He understood the relevance of his contribution, and he enjoyed his customers and the freedom it gave him to educate his children, which was one of his most important values.
3. Next Steps For You As A Pilot -- Goals, Financial Facts, Focused Plans
First, take a look at your values and figure out where and how prosperity and money fit into your short range and long range goals. Write them down. If you want a list of values for self-measurement, e-mail us today at judith@shairing.com for a good list.
Second, make a list of your long-term (1 year, 5 year, 10 year) goals. Consult a financial advisor to review them. A young woman pilot I know did this and was very pleasantly surprised to be told she was doing everything right! If you find out you need further help, consider some professional coaching to outline your goals and the steps to reach them.
Finally, think right now of a personal question and a short-term goal for yourself that has to do with money. E-mail it to judith@shairing.com, and I'll be happy to reply today.
Other News
There are professionals who specialize in women and money. Check out Dr. Lynne Hornyak's Web site www.WealthHealthy.com. Answer her questions about your money attitudes. Engage in thinking to increase your awareness about your historical approach to financial success, and about your current attitudes toward spending and saving. Also, look at Suze Orman's books in your local bookstore to focus on healthy financial attitudes (neither hoarding nor extravagance), and on practical methods for achieving financial satisfaction. For aviation insurance, as well as products for financial security for aviators, contact Bruce McGehee, an experienced pilot and owner of Advanced Aviation Resources, LLC at www.Jetcs.biz.
The September 2003 Consumer Reports rated Making the Most of Your Money by Jane Bryant Quinn (Simon & Schuster, 1997) and The Road to Wealth by Suze Orman (Riverhead Books, 2001) as "Very Good" with detailed, comprehensive information on the most important personal-finance subjects. What I liked best about their rating is that the article states that these books can be used as "evergreen references, except for tax rates and rules." Other books rated below these, such as Smart Women Finish Rich by David Bach are rated as accurate and complete, but they may be more useful for motivation than for reference.
About Your Coach
Judith offers anyone who reads this E-Letter a free consultation for coaching on any topic or goal that matters to you. Please call 609-921-0828 or E-mail judith@shairing.com to arrange for your consultation. As preparation for this call, bring three of your most important challenges and/or goals for your life. Then, Judith will show you how to consider some new and different life takeoff and landing maneuvers that will improve your flying and your life!
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