Just thought I'd fill everyone in on how I am doing on my plan, per the above posts. I think this thread was my first JC post!
It's been a long time an I'm still working hard at the savigns plan. As of January 15th all the following is in place:
* 2006 Harley = 100% paid for.
* 2006 Toyota Tacoma Extended Cab Sport = 100% paid for (yeah, no more mini since I felt long term reliability was important when I won't be replacing any vehicles for a good 10 years).
* College Loans for BSBA Degree = 100% paid for.
* Credit Card Debt from post 911 trauma in my business = 100% paid for.
* House = Sold to be mobile later this year and after 26 months in it, made $20K on the sale after realtor and money to the buyer.
* That means 100% debt free with a savings account of $33K saved so far and collecting a 5.05% rate in a savings account with a bank in NY.
I predict at this rate by July 1 when my lease is up in the apartment I moved to for the interim, I'll have $48K to $50K in the bank. I can now literally save right about $3,000 a month +/- a couple hundred depending on how my recruiting team does and how I do directing the division at the office since the better we do the more money we all make. If I focus on how the money will get me flying, I'm hoping that keeps me motivated since it's getting tough to stay motivated at work knowing I'm getting so close to my goals. At any rate, not a bad savings rate after paying my monthly rent ($1,250) and utilites ($475) and vehilce insurance ($225) and gas/ food/ party money ($1,600). And yes, I need a woman in my life to teach me how to be more frugal since I'm in for a very big change (accepting applicaitons for one who is willing to accept a poor future pilot, or shall I say support a future pilot).
So estimating a flight program through MEI costs about $50K. Also assuming no large price hikes in the near future. And also assuming I'll need $35K ($2,900/mo) living money for 12 months before I make a penny as a CFI. And assuiming once I am a CFI I'll figure out how to live off a CFI income. Here are the decisions I have coming up assuming I can keep up the current pace:
* I can leave in July/ August/ September to pursue my dreams. At this point I'll need about a $40K loan to be safe on the money. I think this is what I'm leaning toward since that's a reasonable amount in my opinion and I can manage that.
* Figure out how to continue to work while pursuing flight training here at the local level. Now this would be perfect! But I thought about it and it's not even possible. Working 10-12 hours a day for 5 days a week leaves no time to study or fly outside the weekends. And my brain is always on work and stressed, so I'd not be real productive. Just not an option.
* If I worked for another 12 months longer than planed, until 8/31/08, I'd have $95,000 saved which would be enough to cover everything for cash. I honestly don't think I can survive that long since every day in my current life makes me more anxious. Heck, it's been 8 years and I'm not getting any younger and with how I feel right now this really is not an option.
* Or I could forget my dream and just work another 17 years and have over $2 million saved in cash with a lot of equity tied up in a nice house I can pay off over the next 15 years and then retire early at the age of 50. Yeah, never work again and just relax debt free once again with money in the bank. That is assuming I can survive that long in my current biz and not get hit by a bus or something before I make it another 17 years. Uh, not an option when airplanes been your life dream!
Interesting times and decisions for 2007. But this shows others who struggle with figuring it all out, if you put together a plan and really stick with it, you can make it happen! I been working at this since the summer of 1998 and I am now 33 years old (will be 34 in May). So pretty much after a 10 year plan with many ups and downs, I'm just about there. Fingers crossed the next 7 months go as planned.
And I know there are others out there who feel as I. Every day that I am not in Flight School starting to pursuing my dream, seems like another day in my prison sentence of waiting to start my new life. I actually cross off the days on a calandar and have a weekly count down to August posted on my wall!
Oh, and if you read all posts in this thread, my new flight school order is as such. And notice the big academy programs went away solely due to me not being able to afford them. I am stressed enough about taking a possible loan at $40K and FSA and others would require even more than that for me to feel "safe":
1) Falcon Aviation Academy (50% sure on this one)
2) SkyMates (20% sure this is a back-up to Falcon)
3) White Air (16% sure this is my third place choice)
4) United Flight Systems (14% sure this is tied for third place, but since White Air supports Jet Careers more than UFS I'm all for White Air)
I'll be visiting them all in May to finalize my decision and reserve my start date. I'll see if the order changes after I visit each school since at that time I will in detail price out their program and compare it to the quality of the program I see when I visit. I'll go to where I get my best qaulity for the dollar, hence the best overall value.
Cheers,
Joe