Don't Become An Airline Pilot

[AirCobra]

These two statements contradict each other. The average American household has over $8000 in high interest credit card debt in addition to student loans and loans for flashy vehicles. If you honestly have NOTHING more than your mortgage, you are WAY AHEAD of the game. Mortgage is the only "debt" you get to live in and one of the rare "debts" that appreciates.

I'm trying to decide which is more weak and lame. Someone who can't control their own finances and seeks the pity of those less fortunate or someone who is doing just fine and seeks the pity of those less fortunate. Either way, you certainly take the cake.

You are either lying about your actual financial situation or a drama queen that needs people to feel sorry for you.

Where have you been? Homes have not been appreciating in most parts of the country. In Vegas, Florida, and California they have lost 30% of their value, with an average loss of 10-15% everywhere else. Let me explain how that works: Three years ago you got that dream job with Aloha in Hawaii. You moved your family over and bought that tiny $600,000 ranch at the boom in the housing market which is all you could afford on FO wages. Now your airline is gone. You can't afford to live in Hawaii so you need to sell your place. Lucky you and your wife put about $30,000 in improvements so you hope it sells quickly. Get with the realtor. She says your house is worth $480,000. That means to sell your house, including commissions, you will need to come up with $150,000 even if you get full asking price. That much money is enough to wipe most peoples retirement savings. Now repeat this scenario with any number of pilots who lost their jobs this month. The only way to avoid this is to have bought a house where the values did not go down. Most of those places are in the Northeast which means your are paying a much greater percentage of you salary for your mortgage. Do you understand now how easy it is for a regular airline guy to suddenly be $150,000 in debt? THis has nothing to do with not being able to control your finances.

 

[pilotyip]

That is why living near KYIP is a good deal, new hire DA-20 F/O's can buy a new home on first day wages. 1100 sq ft condo 90K,

 

[CopilotDoug]

I'm trying to decide which is more weak and lame. Someone who can't control their own finances and seeks the pity of those less fortunate or someone who is doing just fine and seeks the pity of those less fortunate. Either way, you certainly take the cake.I don't think he was seeking pity, just attempting to educate those without any close experience to draw from about the real world and his aviation experience.

 

[TWA]

Aircobra, I see your point, but this guy didn't (as far as anyone here knows) lose his job. If your house loses a large percentage of its value, or you are getting it from behind in rising interest rates, you can always refinance. This guy is way ahead of the power curve as far as debt goes.

 

[CopilotDoug]

That is why living near KYIP is a good deal, new hire DA-20 F/O's can buy a new home on first day wages. 1100 sq ft condo 90K,

You can't compare USA jet to a regional...Regional pay sucks anyway you cut it. I have flown with a few pilots (about 5 or 6) furloughed from various mainline carriers and not one will go back to their respective carrier. One of the few professions where years of experience don't equate to higher pay if you find yourself out of a job. Combine that with today's instability and you could be playing Musical Chairs for the rest of your career.

 

[AirCobra]

TWA,
You can't always refinance. Loan criteria has really tightened up and fewer lenders are offering refinace options. Value of homes is also less and interest rates are higher, so if you can refinance there is really no benefit.

 

[Snapshot]

Now your airline is gone.

This guy still has his job. If you remember he's pulling in $80K a year.

The only way to avoid this is to have bought a house where the values did not go down. Most of those places are in the Northeast

He does live in the Northeast.

This has nothing to do with not being able to control your finances.

Yes it does.

Where have you been?

I've been on this thread, discussing this guy's situation. I'm not sure where the guy who lost his job and has a house in Hawaii you're looking for is, but he's not here.

 

[N6069L]

I'm glad it's not just me...

http://www.time.com/time/magazine/article/0,9171,1727702,00.html

 

[satpak77]

Yes we all love to fly airplanes there is no questions about it, but let me tell you from a 757 FO’s perspective for a major airline. I AM POOR AND IN DEBT DUE TO THE LOW SALARIES. I have been flying for a major for almost 3 years and was at a regional airline for 6 years prior. I HAVE NEVER MADE MORE THAN $80000 in one year. And what's even worse is that working for an airline (believe me ANY AIRLINE) you are surrounded by very much negativity that you will also become very negative yourself. I've tried everything to try to stay positive but this has become impossible. If you consider this career, please do your research thoroughly and ask airline pilots about what they REALLY think of their job and do take their answers into consideration. Watch this you tube video and you will be humiliated even if you are not a pilot!!
http://www.youtube.com/watch?v=RayMaswju1A

The major airline pilot job is not what it used to be. Many friends of mine have been in that airline career path grinder that churns souls, marriages, and sanity. If I was born again, I would have become a lawyer or gone into computer science/etc, and owned by own airplane for fun. It is not the same career it used to be.

Best of luck to those still in the pursuit, and my hat is off to those guys who ended up at FedEx, SWA, etc type companies. More power to you.

 

[bushrat]

Looks to me like this thread is a debate between those who "live to fly" and those who "fly to live".