Life- look at the big picture.....
Hi Backontrack,
Your situation is exactly the scenario that I was mentally grappling with a little while ago.
I'm now 31, fATPL 300hrs TT, MCC etc. and have experiened all of the same problems as many of us in terms of getting THE job.
Also, my Wife and I have put a lot on the line in terms of just getting to where we are now.
Let me fill you in.
We moved here from Australia to follow my dream, and in doing so left behind secure jobs, a comfortable financial situation, a great way of life, our friends, our families- to venture into the unknown and convert my Aussie License to a JAR one, and to try and make a new (even if temporary) life on the other side of the World. It has been the best and worst time of my life.
Back home though, our financial situation allowed us to save enough money so that fortunately, we don't have any debts from my Training. However, the saving did take about five years, and when I add up the funds that have gone into the training (I had to do the full approved flying/ theory courses as I have low hours)- I realise that we would be well set up financially if we had used these funds differently.
Which brings me to my main point.
There is so much more to life than flying for a living.
When I was in my teens and twenties, I used to look at Commercial Flying through rose- coloured glasses and think to myself "I'd be happy for the rest of my life if I could fly a Boeing everyday". However- some years of maturing (and the issues that my Wife and I have jointly tackled in the process of setting up a life here)- have shown me that there is so much more in life to enjoy.
Yes, I still have a desire to fly. Yes, we have jointly made big sacrifices and made big risks to be here but I will NOT put at risk our long- term financial well being. We have poured money into the dream, and I am being proactive in finding ways of building up hours so that I may be more attractive to the Airlines. These avenues though, will not require any significant funds out of my own pocket. For instance, it looks like I may have secured some meatbombing work for the weekends over Summer. All that I've been asked is to fund 150 Pounds towards my 10 hours of being checked in their C206, and that 150 Pounds should give me a return of at least a couple of hundred hours before the end of the year. If you are chasing hours, why not consider this route or Glider Towing- instead of splashing out another 6 grand when it could be reducing your existing debt?
Personally, if for some reason the meatbombing work doesn't eventuate, I will pay to keep my Medical and IR current- but after that enough is enough. I have the minimum required to be employed by an Airline, and refuse to consider something like buying a Type Rating UNLESS I had a signed Contract to be employed after completion. Also, I would not enter into such an arrangement unless I was on at least 30 grand a year. Look at the figures for such arrangements with some Airlines, ie: Emerald. You pay 13 Grand on a Type Rating for the return of an annual salary of 16- 17 Grand (and no commitment to a job after). Simply ludicrous!!!!!!! If you can afford to lose the cash, then go for it- it may work out, it may not. If that cash is needed to service your existing debts- DON'T DO IT! The same applies to the 6 grand that you are contemplating borrowing.
As I said, there is life outside of flying. You have your new Wife to think of. Depending on age, starting a family might become an important issue which really throws the financial Cat amongst the Pidgeons. Remember- your Wife has dreams too. I say this from my own situation- my Wife is 35 in March and we've put the idea of Kids on hold for years in order to follow my dream. Being 35 soon, my Wife doesn't have all of the biological time in the World, and I feel very fortunate that I don't have a huge debt to repay as well as considering kids.
Which brings me to another important point:
I've set myself a deadline by which time, if there are no firm real job prospects in the pipeline by about the end of next year, we will go home and look at other things to do. The rest of our lives can't be put on hold forever. Maybe you need to consider this sort of principle in terms of your time and money. The reason why I've chosen the end of next year is because by this time we will have recouped the funds that we put into coming here. I'm also fortunate in that the Company that I work with at Manchester Airport also has an operation at home in Melbourne- so it will be very easy for me to go home to a job. If it doesn't work out for us over here, we can very easily pick up where we left off. Although you find your current line of Work "soul destroying", it's also important to remember that it gives you and your family the means to live your lives- and to service your existing debt.
I know I sound like I'm going on about money a lot- but at the end of the day this is what your thread is about. The comfort and standard of living that my Wife and I get to enjoy now (and in the future with a Family), is extremely important to me. Also important is building long- term wealth, because when you and me get around to retiring, you'd better have your own means of funding life after Work because the Government certainly won't be. In Australia, we became accutely aware of this 10 years ago, but here in the UK far fewer people seem to realise this. The western world has a rapidly ageing popuation, and the demographics of society will swing leaving Welfare systems unable to cope. The earlier in life people realise, the easier it is to put yourself in a position to overcome this.
I guess to sum up;
1. Keep the big picture in terms of life. You owe that to your family.
2. That debt will still have to be paid LONG after the gloss of flying a jet everyday has faded.
3. DON'T GO ANOTHER 6 GRAND INTO DEBT!!!!!
All the best mate- let me know how you go.
Best Regards,
Gearup.