Originally Posted by
Clandestino
Marie-Antoinetteish moments were truly abundant in this thread but this one really takes the cake.
I guess we should all strive to be born into wealthy families.
Or at least marry into one.
Getting married - something else to be avoided in my opinion! But hey, each to their own! But please, not this ‘born into a wealthy family' crap again. Why is there always some fool who assumes that? I was born into the bottom end of income earners, it took me about five years of working long hours to pay for my CPL, and longer to get my ATPL. I lived in a hangar, youth hostel, and caravan behind my car to save on rent.
There is nothing unusual about struggling for a decade to land a decent job flying. And yet, there are always fools who think everything must have been handed to folk on a golden plate if a pilot..I assume they’re either total jerks, or just too lazy to get out there and struggle of 10 years or more, and they’re looking for excuses as to why aviation has not provided them with a big mansion on the hill. ”Oh it’s all because I wasn’t born wealthy.” Boo hoo. Grab a box of tissues and wallow in self pity dude.
There are plenty of commercial pilots who worked hard for years to pay for their training, and who ended up doing well. And if you come from a background like that, you might even appreciate the importance of keeping debt to a minimum, and savings to a maximum.
Took me about 13 years in the aviation industry and until my mid 30s to get a decent wage flying - first flying job paid less than the unemployment benefit. But eventually I landed a decent job and I bought an inexpensive apartment for cash some years after that. I never wanted a bank loan as I’ve seen how work can dry up fast. I’m now out of work again due to this virus, so I’m glad I have no debts and a place to stay. Might have to do something outside of aviation for a while - who knows!
Another thing anyone who earns good money should do, is save up one years worth of living expenses in cash. Impossible to do on a low salary, but everyone who was in a lucrative flying job during the recent aviation boom should have that - although most choose to spend it.
I’ve seen many people buy crazy expensive houses and cars on credit, save zero cash, and then loose their job and end up in a financial mess.
It’s a common theme - earn more, spend more - save no more, and end up no better off than when you earn a minimum salary.
Aviation is boom and bust. If you position yourself with the assumption that the boom is always going to last, then sooner or later you’re going to be in deep financial trouble. Nothing is is secure in life - work within the assumption that things can turn on a dime and you’ll be a little more prepared, or accepting, when that happens. Boom and bust - that is the reality of aviation and if you choose to keep your head in the sand, or pretend people have to be born into wealthy families to do ok in aviation or be financially cautious, then good luck...you’re going to need it!