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Old 2nd May 2007, 12:23
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FairWeatherFlyer
 
Join Date: Aug 2004
Location: London, UK
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This is partly off-topic, but at 19 there were things i was not interested in and didn't really comprehend...

My best advice? Buy a house. Keep flying occasionally (to have fun(!) and to slowly work your way towards 250hrs). After 5 years, sell the house. If you've been canny (and a bit lucky with the housing market) the equity that you'll earn (£50k-ish)
Concentrate on the phrase 'lucky' in that statement and you will be ok as you will appreciate there are risks involved in this illiquid investment.

Like many other markets, including the helicopter pilot employment market, it's important to understand the building blocks that make up the supply and demand. The UK housing market features extreme leverage, substantial transaction costs, a generation of buyers who do not understand inflation or the thanks we owe to the chinese for keeping it down for us, local and central goverment conspiring to control supply, a huge drop off in subsidised public housing provision, increased demand from a naive buy-to-let brigade who are yield-clueless, use of dubious/cheap financing (interest only mortgages, loans from parents), an addiction to short-term rates (cf trad. US market), local factors like school catchment areas, highly salaried staff who 'know' their lifetime jobs can't be outsourced to eastern europe/india, the list goes on...

If you want to live somewhere for sometime, buy a house, enjoy living there and take advantage of the CGT exemption. If you think it's an investment that you're depending on to fund a career (or a pension), ensure you learn a bit about the risks+issues first and don't limit your choices to the UK market.

Back on topic - as others have noted, the pilot's world is international so make sure you don't limit your career horizon to just choices in the UK. Good luck.
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