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Flying Adages for the Ages with a Financial Planning Twist

If one thing holds true, pilots LOVE to tell stories and regale any who will listen with tales of heroic feats in the air and timeless wisdom learned through experience, or more often, the wisdom passed down from generations of aviators over the last century.  These are often conveyed or formatted around sayings; this is an attempt to translate some truths from the flying world to that of personal finance:

Fuel Left in the Truck, Runway Behind You, and Altitude Above You

All useless.  EVERYONE makes mistakes in finances.  But they can't be a reason not to press on.  We must learn from them and endeavor not to make them again.

It's A lot More Fun to Burn the Top Half of the Fuel Tank Than the Bottom

In the same vein as above, it's imperative to have a branch plan, a Plan B, should the primary plan not work out (divert fuel).

Speed Is Life

This is a saying from the pilots of the RF-4C (a tactical reconnaissance aircraft from Desert Storm that would fly in and take pictures before and after combat strikes.."Alone, Unarmed, and Unafraid").  Their only defense if engaged by the enemy was to put the coals to the fire in afterburner and run fast! 

A corollary to that which applies to all types of flying is: "Speed is Life, but Altitude is Life Insurance."  Without delving too much into the physics of it, it really comes down to energy management.  Speed can be converted into altitude and vice versa.  However, it cannot be created or destroyed (thank you conservation of energy!)

The same holds true in finance:  Speed=Spend, Altitude=Savings.  Financial planning is all about energy management, as well.

There Are Old Pilots and There Are Bold Pilots, But There Are Very Few Old, Bold Pilots

Everyone's met them:  the hot dog, the showboat, the pilot that flies a little too low, or a little too fast.  Often times the bold get away with the shenanigans (for a while).  But just as often, their antics end in tragedy.  Risk is inherent in flying.  The key is to acknowledge, respect and mitigate that risk.

Wealth building has risk associated with it as well.  But sound financial planning is a long game; it's a marathon.  If  encountering an adviser with the attitude: FULL THROTTLE = GLORY, IDLE = SHAME....get away as fast as possible.

A Superior Pilot Uses Superior Judgement To Avoid Situations Which Require the Use of Superior Skill -Frank Borman

This is self-evident.  Financial planning, by design, is that mechanism which can help save us from ourselves.  There are no quick fixes, there are no short-cuts.