Taking on Debt to fund flight training
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Taking on Debt to fund flight training
Am currently employed in a half-decent (non flying) job. However, I find myself spending countless hours at the airport before and after flights just watching the airplanes and taking in the ambience. I definitely want to fly with an Airline and am working towards it in terms of networking, reading about the industry and finally - flight training.
Since I am employed full time - training has been slow (because of the time and $$ constraints). If your experience(s) has it been more beneficial to take out a loan and get all the licenses right away - or do the training slowly as is my case.
Any other ideas/comments suggestions for me.
Your responses are appreciated.
Thanks.
Since I am employed full time - training has been slow (because of the time and $$ constraints). If your experience(s) has it been more beneficial to take out a loan and get all the licenses right away - or do the training slowly as is my case.
Any other ideas/comments suggestions for me.
Your responses are appreciated.
Thanks.
Why do it if it's not fun?
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Shon,
I guess I probably had a similar choice to you, but I never even considered the loan.
First of all, the market at the moment is crap, but improving, so there's no harm in taking things slowly. I'm hoping that when I'm ready to look for a job, there will be more jobs available than there are right now.
Second, I figured that I need some kind of insurance in case I don't get a job as quickly as I'd like (or maybe at all). So I don't plan on leaving my current career until I get my first flying job - that way I know that whatever else happens I'll be able to pay the mortgage and keep myself fed.
Just my own opinion, but this is obviously an extremely personal thing since everyone's home circumstances and priorities are different.
FFF
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I guess I probably had a similar choice to you, but I never even considered the loan.
First of all, the market at the moment is crap, but improving, so there's no harm in taking things slowly. I'm hoping that when I'm ready to look for a job, there will be more jobs available than there are right now.
Second, I figured that I need some kind of insurance in case I don't get a job as quickly as I'd like (or maybe at all). So I don't plan on leaving my current career until I get my first flying job - that way I know that whatever else happens I'll be able to pay the mortgage and keep myself fed.
Just my own opinion, but this is obviously an extremely personal thing since everyone's home circumstances and priorities are different.
FFF
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Shon
Age must be another consideration. If you have a successful career I would be guessing that you are no spring chicken.......could be wrong and apologies if I am, but if doing it 'slow time' is going to take you another 5-10 years then that has to be a factor when contemplating your chances of gaining that first flying job. I'm not sure about things in the US but I thought it was much more structured as regards flying jobs; literally starting small and 'doing your time' on each size of aircraft before eventually getting onto something big. That of course brings another factor into the equation - what are your goals, where do you want to end up, what is a realistic timeframe to achieve that and will you be 'over the hill' in the eyes of the recruiters by the time you get to that level if you spend too long getting your licences issued?
So, as with all these things there is no 'right' answer, it's personal preferences and tough decisions, usually spattered with a reasonably large dollop of risk and hopefully the determination to succeed.
So try thinking out a plan to achieve your goal(s) and then put a timescale on it. It may become evident that unless you get your licence issued in the next couple of years that you may not be able to achieve these goals and even if you can the financial risk may be too great.
Regards
PP
Sitting on the fence and trying to see both sides as usual!
Age must be another consideration. If you have a successful career I would be guessing that you are no spring chicken.......could be wrong and apologies if I am, but if doing it 'slow time' is going to take you another 5-10 years then that has to be a factor when contemplating your chances of gaining that first flying job. I'm not sure about things in the US but I thought it was much more structured as regards flying jobs; literally starting small and 'doing your time' on each size of aircraft before eventually getting onto something big. That of course brings another factor into the equation - what are your goals, where do you want to end up, what is a realistic timeframe to achieve that and will you be 'over the hill' in the eyes of the recruiters by the time you get to that level if you spend too long getting your licences issued?
So, as with all these things there is no 'right' answer, it's personal preferences and tough decisions, usually spattered with a reasonably large dollop of risk and hopefully the determination to succeed.
So try thinking out a plan to achieve your goal(s) and then put a timescale on it. It may become evident that unless you get your licence issued in the next couple of years that you may not be able to achieve these goals and even if you can the financial risk may be too great.
Regards
PP
Sitting on the fence and trying to see both sides as usual!
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WHAT TO DO???
How's it going,
I'm in a fortunate position cause i'm a Pharmacist and for the past 2 1/2 yrs i've been doing bits of flying and exams while doing locum work to fund it. I'm finishing work in Nov to finish ATPL and MCC which i should have by Feb.
I would go for it if I was you. Flying is all i've ever wanted to do, it has just taken me till now(i'm 31) to (almost) get the licence.
I did get to final stage of Aer Lingus cadetship twice in my twenties but three years ago I decided to go and do it myself.
I could have done it quicker but this way means I haven't to borrow as much money.
My attitude was that I didn't want to look back when I was 50 wishing I had done it. The industry is looking up at the moment due to the budget airlines and they are going to need lots of pilots in the coming years, just look at their a/c orders! A mate with 200hr ATPL just started with Ryanair a few weeks back. He just finished uni and borrowed the money. He's skint now but won't be in a years time!
I've even heard of guys re-mortgaging houses and moving their families to USA to do it!
Thats my thoughts anyway.
I'm in a fortunate position cause i'm a Pharmacist and for the past 2 1/2 yrs i've been doing bits of flying and exams while doing locum work to fund it. I'm finishing work in Nov to finish ATPL and MCC which i should have by Feb.
I would go for it if I was you. Flying is all i've ever wanted to do, it has just taken me till now(i'm 31) to (almost) get the licence.
I did get to final stage of Aer Lingus cadetship twice in my twenties but three years ago I decided to go and do it myself.
I could have done it quicker but this way means I haven't to borrow as much money.
My attitude was that I didn't want to look back when I was 50 wishing I had done it. The industry is looking up at the moment due to the budget airlines and they are going to need lots of pilots in the coming years, just look at their a/c orders! A mate with 200hr ATPL just started with Ryanair a few weeks back. He just finished uni and borrowed the money. He's skint now but won't be in a years time!
I've even heard of guys re-mortgaging houses and moving their families to USA to do it!
Thats my thoughts anyway.
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No no no,
Do not take a loan out!
Just believe me, don't do it, seen people come and go, If you cant afford it, its unfortunate, if you take a loan out its just Dumb.
I know a couple of people who are in big trouble now because they took the loan out because they were optimistic about getting good well paid jobs, now they are just security guards in extreme debt.
Do not take a loan out!
Just believe me, don't do it, seen people come and go, If you cant afford it, its unfortunate, if you take a loan out its just Dumb.
I know a couple of people who are in big trouble now because they took the loan out because they were optimistic about getting good well paid jobs, now they are just security guards in extreme debt.
