Are Airline Pilots Heavily in Debt??

[Whine Lover]

Hahahahaha!

Oh...and I went to Embry-Riddle on Mom and Dad's dime ( mostly ) and let me tell you....What a great party.

1970's, Daytona, Spring break ...Yeah.

Did it ever help me in my aviation career ? Maybe. Not sure really.

But I do know that it certainly never hurt me....


YKMKR

 

[Whine Lover]

Lear,

I too buy meat and produce at the local grocer...ALDI's is not quite as well priced and the produce is not as good.

Also, I buy a few one of a kind , name brand items ( on sale only ) at the local Chain Stores.


YKW

 

[xrated]

Debt and financial responsibility have much less in relation to career and income, than they do to self esteem, ego, social patterning, and other things.


It isn't what you make or how you make it...It's all about how you perceive yourself and your money, coupled with a small bit of logic and some self discipline, that allows you to handle finances with some degree of responsibility.

That's all that needed to be said! Be responsible and realistic and you'll be ok. The question is, is going 100k into debt for a regional job in todays environment "responible"? Glad I don't have to make that decision today.

 

[1st Rate]

"Living like no one else so later I CAN live like no one else" Nothing like being debt free!!

 

[Whine Lover]

" The question is, is going 100k into debt for a regional job in today's environment "responsible" ?

Simply put....NO.

The Cost/Benefit analysis no longer works in today's airline industry.

20 years ago one could spend 18-20k to gain a commercial, multi, instrument and a CFI and then find employment as a CFI or Regional first officer making 10-12k annually. A few years of that and one could make 20-22k or so as a Regional captain or maybe as a charter or corporate co-pilot. Then off to the larger airlines and after first year pay of 20k, 40-60k for a few years as first officer and then off to the left seat for an even more respectable income with at least 20 years of six figures til' retirement.

Nowadays it's 50k+ for the ratings, 20k at the regionals....for several years, maybe make it to Captain and pull down 40-60k and if you ever escape the regionals, 10-20 years as a first officer at the larger operators where you can make less ( when adjusted for inflation etc. ) than people did 20 years ago for doing the same job. You may NEVER see six figures ( as a base wage ) in today's environment.

Not a pretty picture if you ask me.



YKW

 

[dashtrash]

The answer is yes.

 

[slaquer5]

Why not go to Costco, that place rocks.

 

[DrunkIrishman]

Airline Deregulation is here to stay, deal with it. Pay won't be coming back to what it was 20 years ago. You shouldn't need Suzy to tell you that!

 

[Whine Lover]

Well, that's a much simpler analysis...Thank you.

If you put in that much more than used to be required, and you get back that much less...It's probably not a wise investment.

Ouch.


YKMKR

 

[STL717]

Remember you are an airline pilot you will be "between jobs" an average of 2.7 times during your career.

Oh.....

I'm glad I already got that out of the way!

 

[Wesb737fo]

Back in the early 90's I had been working as an engineer for a couple of different companies when I decided that if I continued in that career I would wind up in a loony bin. I quit and went to flight school full time to pursue an aviation career. If someone had told me what would transpire over the next couple of decades I still would have borrowed the money (20K) to do what I did. It was an easy choice considering I was single with no debt and hardly a care in the world. Borrowing a 100k to do this job does seem kind of crazy unless you have the money to blow.

Now that I have a family to support it would be a little different. As someone said before, this is a great job but a sh***y industry.

As far as debt goes, I have noticed that a lot of guys get themselves into trouble after making it to major airline jobs. This isn't merely a problem with our industry, this is nationwide. I know so many that spend more than they make.

I like Dave Ramsay's philosophy and used it myself to get out of debt accrued after my previous airline went into BK and eventually out of business. It took me four years after starting my new job to rid myself of 19k in credit card debt (I paid for the wedding myself......remember one word...elope) and 15k on autos. It wasn't easy.

Dave Ramsay says, "don't buy stuff you don't need with money you don't have to impress people you don't even really like."

 

[navigatro]

I thought Aldi was the best....

Then I found Costco.

My financial strategy is to live on a budget of 2/3 of my salary, i.e

If you make 60K, budget and spend like you make 40K. Yes, it means a smaller home and car, and not a lot of toys, but in the long run it will pay off.

 

[pilotyip]

got the big picture

I thought Aldi was the best....

Then I found Costco.

My financial strategy is to live on a budget of 2/3 of my salary, i.e

If you make 60K, budget and spend like you make 40K. Yes, it means a smaller home and car, and not a lot of toys, but in the long run it will pay off.

Living below your means really make it easy