Last week, I talked about having enough FU money as a woman (a term coined by JL Collins, the Godfather of the financial independence retire early F.I.R.E. community). This time, let’s talk about something interesting that is happening in my industry.
In these past few months, the Canadian airline industry has announced some drastic changes to its different carriers. First, the Toronto Cathay Pacific base is about to close later this year after 10+ years of operation. Then came the news of Westjet being bought out by Onex, and lastly, Air Canada negotiating the purchase of Air Transat.
This naturally sparks some anxiety in me. I am too blessed with a smooth sailing of 14 years in the industry thus far. Heck, even the 2008 financial crisis left me pretty unscathed.
Base closure means lay offs. New management might be a fresh start. A merger sometimes mean seniority issues and flying routes and schedules being affected.
On the flip side, these new initiatives could mean boosts in productivity, expansion and global presences and profit for the different companies, and that might mean a brighter future for us.
As much as I love my job, it’s a great reminder that job security and conditions are never guaranteed. As an employee, we are powerless to the future of our jobs. Gone are the days for most people to stay in one company until 65, collect the pension, and enjoy retirement for the rest of their lives. Mind you, I thought I would be one of the exceptions, with a defined benefit pension, and a lucrative lifestyle. However, these recent turbulent news have jolted me back to reality. This is definitely not to be pessimistic, in fact, it has greatly motivated me to further pursue financial independence and to be very grateful for what I have.
Job unpredictability doesn’t just apply to the airline industry, but across all sectors. It will be an interesting time in the next few decades, to see how our society will evolve. The rapid advancements of artificial intelligence, climate change, an increased interconnected global digital network might completely alter the way we work, live and travel.
Since I can’t really control the outcome of my future job conditions, the only thing I can do is to safeguard myself. Hence I am continuing my strategies to save 40% of my income, invest it, and grow it to a 7-figure portfolio in 10-15 years. Let’s hope I will make it there! These are the steps I am taking so far to get there.
Since everything is still up in the air, my motto is, plan for the best, prepare for the worst but don’t forget to enjoy the ride! I am going to travel as much as possible in the meantime. I aim to save $600 a month on travelling (I know, that’s a lot, but it’s my thing, ok?), which equates to $7200 a year. If I can do four cheaper $1000 trips, and two “expensive” $1500 trips, that is still six trips a year! (Possible because of my very low airfare and travel hacking for hotels and travel credit) Since my rent is at $640 a month (utilities, internet, parking spot included), it frees up money for me to do what I enjoy most.
Financial independence means taking control of our resources and this ultimately protects us from the storm, regardless of your relationship status, and job security. This journey definitely is not going to be easy. Temptations are everywhere especially on every layover to fight the urge to shop and eat everything in sight! But I know the reward will be so sweet when we finally get there. So think twice if we really need to buy that 10th pair of shoes, or 10th bottles of wines, or 10th bars of chocolate, whatever floats your boat!
Thank you so much for reading! I hope you enjoy the article and find it useful.
I am the most active on Instagram! Follow me on my stories on what I do on layovers and travelling in general.