#81 - The Power of AI and Passive Income Strategies for Pilots with Jim Higgins

Passive Income Pilots

In this episode of Passive Income Pilots, hosts Tait Duryea and Ryan Gibson sit down with Jim Higgins, a former airline pilot turned co-founder and COO of a successful tech startup, Thread. Jim shares his unique journey, from negotiating contracts for American Eagle during 9/11 to leading a company that uses drones and AI for utility inspections. They discuss AI’s growing accessibility for building apps and businesses, the shift from pensions to defined contributions, and practical financial strategies for aspiring airline pilots. Jim also imparts key leadership lessons he learned in aviation and entrepreneurship.

Jim Higgins is a University of North Dakota professor and the co-founder and Chief Operating Officer of Thread, a tech startup specializing in utility line inspections using drones and data analytics. With a background as a pilot, union leader, and tech entrepreneur, Jim brings knowledge on leadership, financial strategy, and the intersection of aviation and technology. His diverse experience provides valuable insights for airline professionals looking to diversify their careers and income streams.

🤝 Meet us in person on November 11th in Atlanta, GA. Space is limited, so be sure to RSVP: https://bit.ly/PassiveIncomePilotsATL112024.

Show notes:

(0:00) Intro

(3:15) Leadership and financial lessons from 9/11

(5:30) Defined benefit vs. defined contribution explained

(8:48) Portability of 401ks for pilots

(10:44) Self-directed IRAs and investment strategies

(14:36) Union perspective and contract negotiations

(17:20) Health savings accounts (HSAs) and retirement

(19:40) Teaching financial literacy to aspiring pilots

(23:00) Time value of money and debt management

(26:35) Building apps with AI and micro SaaS

(33:35) Depreciating software for tax benefits

(38:54) Leadership lessons applicable to aviation

(43:47) Outro

Check A.M. Best for insurance company ratings:

https://web.ambest.com/home

Connect with Jim:

• LinkedIn: https://www.linkedin.com/in/jim-higgins-6949a31/
• Tools mentioned:
• Cursor: https://www.cursor.so/
• Replit: https://replit.com/
• Book: "My American Journey" by Colin Powell: https://www.amazon.com/My-American-Journey-Colin-Powell/dp/0345466419

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*Legal Disclaimer*

The content of this podcast is provided solely for educational and informational purposes. The views and opinions expressed are those of the hosts, Tait Duryea and Ryan Gibson, and do not reflect those of any organization they are associated with, including Turbine Capital or Spartan Investment Group. The opinions of our guests are their own and should not be construed as financial advice. This podcast does not offer tax, legal, or investment advice. Listeners are advised to consult with their own legal or financial counsel and to conduct their own due diligence before making any financial decisions.