How much debt....

[jws717]

$0 and 22, Busted my butt in college got scholarships and slung china garden at night. also lived at home, not that much fun but it beats 100k in loans.

 

[sflax]

I own a home in the Bay Area, I win just on that alone (525,000), plus 80,000 in school debt, plus car 12,000.

 

[V-1]

Ok, so what's the business?

Just about any well-run small business in the right location will produce profits that will exceed the amount of money most regional First Officers will earn annually.

I prefer to remain anonymous on these boards, and if I disclose the type of business I operate here, the probablilty is I won't be able to berate other pilot groups, argue with those I feel are wrong, or continue to be a general nuisance here without being easily identifyable among my peers.

What would be the point of flightinfo.com then?

The business:
Is not home-based.
Requires a reasonable amount of time.
Requires a reasonable amount of capital.
Is classified in the retail sector.
Is legal in all 50 states.
Sells a product most of us use everyday.

If one is bored, or have ever thought about running a business, check out www.sunbeltnetwork.com . One might get some ideas, or find something locally that interests them. One might even (after learning that Subway franchise down the street is probably earning the owner around $60,000 annually after an initial $35,000 investment) rethink why one spent $35,000 or more on training so they could be a six year regional f.o. earning $40,000 annually.

 

[BIGGOAT]

None! As it says, "In the Black".

 

[kingairyahoo]

...and gave a few handjobs to get my MEI.

lol...im amazed no-one has demanded details on this one

 

[F16fixer]

Just about any well-run small business in the right location will produce profits that will exceed the amount of money most regional First Officers will earn annually.

I prefer to remain anonymous on these boards, and if I disclose the type of business I operate here, the probablilty is I won't be able to berate other pilot groups, argue with those I feel are wrong, or continue to be a general nuisance here without being easily identifyable among my peers.

What would be the point of flightinfo.com then?

The business:
Is not home-based.
Requires a reasonable amount of time.
Requires a reasonable amount of capital.
Is classified in the retail sector.
Is legal in all 50 states.
Sells a product most of us use everyday.

If one is bored, or have ever thought about running a business, check out www.sunbeltnetwork.com . One might get some ideas, or find something locally that interests them. One might even (after learning that Subway franchise down the street is probably earning the owner around $60,000 annually after an initial $35,000 investment) rethink why one spent $35,000 or more on training so they could be a six year regional f.o. earning $40,000 annually.

Well I'm glad to see that your making it. I was just curious as to a few details. Other peoples success is interesting to me, and that's why I asked. 90% of the time it's daddies capital paving the way and junior just gets to look important. Not every one has $200,000 lying around to start a business, so it interests me to see how people get started.

Thanks for the website. I'll check that out.

 

[V-1]

Well I'm glad to see that your making it. I was just curious as to a few details. Other peoples success is interesting to me, and that's why I asked. 90% of the time it's daddies capital paving the way and junior just gets to look important. Not every one has $200,000 lying around to start a business, so it interests me to see how people get started.

Thanks for the website. I'll check that out.

Thanks for the well-wishes. With most small businesses, the property is leased, reducing the need for initial investment capital. I've seen many profitable businesses for sale one could finance with a SBA loan and 20% down. Often the seller will finance the existing inventory over a period of time...say three to four months. Additionally, one can negotiate with the seller for a training period to learn how to operate the business.

There was a U.P.S. store franchise near my business location that sold a year or so ago. The asking price was $140,000, with an advertised annual profit of $70,000. I don't know how much it finally sold for...probably somewhere around $125,000. Hire a C.P.A. to review the financials if you find something of interest.

Obviously, it takes some amount of capital to acquire a business, and some to operate it. There is a significant amount of work involved in the early days as well. Honestly though, it's not rocket science. I've met some pretty stupid businesspeople over time...if they can succeed, almost anyone can.

 

[Propsync]

Graduated in 1997 (21) with two degrees and 300 hours. Debt was $7,000. I worked as an RA and got an untold amount of scholarships. Got a salary job so I could flight instruct part-time.

I don't think I could do the same thing now, mainly because the rates have gone up so much. If I was 18 now, I don't think I'd go into aviation, simply because of the cost. Debt is only worthwhile if you can get a good return on your investment. 700 a month for 30 years for student loans are too much. You really need some of that money for retirement now. Many will wind up retired and broke.

 

[USC328]

If you work hard and live frugally, you can make it without a problem. I'm 25, worked 3 jobs in college. (Flight instructor, ramp agent for AirNet and threw papers) Went to a state school, paid for everything myself. Instructed a couple years, then hired at AirNet as a pilot. Paid off $20k in debt in one year on AirNet first year salary. (Made about $40K and lived frugally) After 1.5 years with AirNet, left for regionals. Just made it through first year pay, while maxing out my Roth IRA and contributing the max of 15% into company stock purchase program. Made close to $30k first year regional FO (SkyWest) and am on track to make $50-60K second year jet FO. Needless to say, I'm debt free and starting my retirement investments. You have to learn to work the system at your regional. I've credited as high as 183hrs a month (blocking 62) and am on track to credit 160hrs this month. Hint: Pickup standup trips for time and a half. Low block, high credit.

Good luck to everyone!!!

PS: I recommend listening to Susie Orman or Financial Peace University by Dave Ramsey. They offer GREAT advise when it comes to getting out of debt and beyond.

 

[Captain Overs]

I own a home in the Bay Area, I win just on that alone (525,000), plus 80,000 in school debt, plus car 12,000.

Houses don't count. That's good debt.

 

[Bobby Orr 4]

I could not flip through the 3 pages to see if anyone mentioned this.
DO NOT GET DIVORCED.
Would have saved me beaucoup de largent.

 

[trainer8]

$0 in debt. Last rating I got was my MEI about two years ago. I was 33 then. Got my private when I was 20 (C-150s rented for $30/hr then). I've had a full time job since I was 17 and only added a rating or certificate when I had the money saved up. Paid my way through college as well (public university non aviation degree). I don't necessarily recommend talking as long as I did to get this career going, but not having any debt makes having a regional f/o job more bearable. I feel for you guys out there with the big debt.

Nice job...well done...having no debt is liberating.

How about this...1977...C-172....$12 per hour...wet...when there was 80 octane....

T8