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I have decided to save up money for pilot training. I'm just wondering how long it took ye to save up the money?
Realistically what % of your salary can be saved for pilot training if I lived at home.
Thanks for any help
tfin25
26th Nov 2015, 22:22
What an odd question.
Save as much as you can afford to save.
Try and read a book called Rich Dad, Poor dad. There are a lot of tips about saving in it. Principally, 10% of your salary under compound interest makes a lot of money over time.
Phil
chibuku
27th Nov 2015, 11:15
Slightly OCD of me but I'd calculated ~68% of earnings after tax spent on flying and ancillary costs towards licenses, with an average salary of £23k for 3 years, approaching 4 now.
That's before rent and food so think twice before any financial commitment..!
Michaelshezzer
27th Nov 2015, 14:37
That is currently what I am doing... I'm working as a class 1 lorry driver essentially taking home 21k year which is about 27k gross... Just make sure that your earning enough before saving. Typically I'm saving around 5000k then doing sections of my training. So for instance my ppl + night rating is going to cost all in around 8100 inc landing fees and equipment... I want to start this training in good weather so I'm looking at March. I'll use the 5k plus a loan to cover the rest so that I don't have to stump the rest of the money straight away.
Pay the loan off as quickly as possible then start the next step which for me is atpl study + 50 hour building ....
Lol basically just do a business plan and try and justify costs and schools.. And the end goal....
For instance I know a school who provide an awesome course with well written reviews not in this country who are charging 17000euro for MEP(L) + ME/IR + CPL under CAA UK which around 13k in sterling at the current exchange rate this include landing fees :D ...
It beats paying 26k for the same thing in the uk that's really the best deal I could really find and that was multiflight at Leeds :o
Good luck
MarkerInbound
27th Nov 2015, 15:04
Years ago someone asked Gordon Baxter* how much money it took to fly. His reply was, "Why, all of it!"
*Texas radio personality and aviation writer.