Sorry, another what would you do thread

[Customx]

I've been teaching in Korea for 3 years, and was planning on coming back to the States in August or September to start flying. After a lengthy discussion with my fiance yesterday, I've thought about stayin here until next February. The advantage to this would be increased pay from my job, about 2 months more vacation, the ability to travel around Asia a little more, and at least $20,000 more saved up from August -February. As much as I would like to come back in August, I can't help but feel concerned about my future finances, especially when training at an academy runs about $45-50,000. I would like to avoid loans at all costs, which is why I'm contemplating staying an additional 6 or 7 months saving up enough to pay for everything in cash. The only problem with this is that training costs are sure to increase, probably by at least $5-10,000 between now and next year. Therefore, I'd probably only save about $10,000 more during those 6-7 months. Am I correct in this assumption?

Would you stay an additional 6 or 7 months, knowing that you're probably only going to save about $10-15,000 because of increased training costs? I think I've become way too conservative because of all the "Should I borrow 50k-60k for ATP?" threads. A number of people have said they regret borrowing the money because of the $40-50k in interest they are paying, low first year salary, living at home with parents to pay off the loan, etc. Do you think delaying everything for another 6 months will be better off in the long run?

[E_Dawg]

You don't have to train at an academy. You can start studying now, then bang it out pt. 61 on the cheap and as quickly as you want when you get back. All you really need is a flight instructor and an airplane.

[Swen]

I concur with the Dawg. Also, I feel your thoughts on staying put largely to increase your savings is wise.

Academies are a way, not necessarily the way; good for some, but not for all. Shop around for costs pt61 versus 141. You may be surprised.

[E6BAV8R]

Agreeing and off of what Dawg said, stay longer to save more money if it means staying away from loans.

[EineBeBoP]

3rd on staying to save.

Save up that $20k and go to a local FBO near home. Save you a ton of money and you can get your PPL for <$8-10k i bet.

[Customx]

Originally Posted by E_Dawg

You don't have to train at an academy. You can start studying now, then bang it out pt. 61 on the cheap and as quickly as you want when you get back. All you really need is a flight instructor and an airplane.

I suppose I should have clarified academy. I don't plan on going to ATP, DCA, or Flight Safety at all, but I have been considering White Air, CPS, Skymates, and a few other FBOs in California, Texas and in the SE. Quality of training is important as well, so I'm not just looking for the cheapest place to get all my ratings.

Here are the numbers I came up with an hour ago while eating lunch:

August
Savings - $63,000
Training - $45-50,000

Remaining $13-18,000

March '09
Savings ~$90,000
Training -$50-60,000 (assuming prices rise sometime between August and arch)

Remaining $30-40,000

After seeing the potential savings difference, would you still recommend staying? Thanks everyone for your opinion thus far

[gomntwins]

Either way you're set up fine it would seem. I think the question would be more, are you happy with what you're doing now? There's no doubt that more in savings is better than less, so I'd probably stay-- that is, if you're still enjoying yourself. If you're unhappy where you are or just want to get back home, I'd probably do that. If you're still happy I'd stay.

Where you teaching at? I taught English in Seoul 4 years ago. Great experience... wish I had traveled more to other areas in Asia-- but decided to save money instead. I should've traveled. Oh well.

[welle036]

Your estimate for academy costs look a little bit low unless you already have your private. With some of the schools you have mentioned, White Air is the only one you can get it done w/o your private for under 50k, but that involves a course with significantly less multi time. Without your private and including all other costs like food, housing, and examiner fees. I would expect to pay closer to 60k. I am in a situation similar to yours and am returning to school soon, when I was speaking with the school the other day they wouldn't quote a price because they were waiting for the new av gas prices to come out so they could determine if they were going to raise the prise(additional 3k). This was with oil at 98. Oil has dropped since then and they haven't raised the price. This school has raised prices in sync with all the other schools so if oil continues to rise you can gauge any additional rises in cost to oil. Over 98 prices are going up again and then again beyond that. You are in a pretty good spot either way now, which ever situation is the most comfortable for you is going to work.

[moxiepilot]

i'd save the moolah begin training later

[ready2fly]

"Which should you choose: The hard or soft option?"
- Frankie Goes to Hollywood

[juxtapilot]

Originally Posted by Customx

I've been teaching in Korea for 3 years, and was planning on coming back to the States in August or September to start flying. After a lengthy discussion with my fiance yesterday, I've thought about stayin here until next February. The advantage to this would be increased pay from my job, about 2 months more vacation, the ability to travel around Asia a little more, and at least $20,000 more saved up from August -February. As much as I would like to come back in August, I can't help but feel concerned about my future finances, especially when training at an academy runs about $45-50,000. I would like to avoid loans at all costs, which is why I'm contemplating staying an additional 6 or 7 months saving up enough to pay for everything in cash. The only problem with this is that training costs are sure to increase, probably by at least $5-10,000 between now and next year. Therefore, I'd probably only save about $10,000 more during those 6-7 months. Am I correct in this assumption?

Save money, live in Seoul, travel Asia. It's a no brainer.

Originally Posted by Customx

Would you stay an additional 6 or 7 months, knowing that you're probably only going to save about $10-15,000 because of increased training costs? I think I've become way too conservative because of all the "Should I borrow 50k-60k for ATP?" threads. A number of people have said they regret borrowing the money because of the $40-50k in interest they are paying, low first year salary, living at home with parents to pay off the loan, etc. Do you think delaying everything for another 6 months will be better off in the long run?

Only going to save Ten Thousand Dollars? These days and extra 10k is still a lot of money.

Study while you are there, and do it all Part 61. There is no need to go to ATP.

Stay in Seoul, eat some dukbokee and kim bap, enjoy it while you can. Once you get into an airline you will be very busy.

[madmax]

Stick around there for a while, do the traveling you want, and get some King/Sporty's ground school courses if you can.

[Customx]

Originally Posted by madmax

Stick around there for a while, do the traveling you want, and get some King/Sporty's ground school courses if you can.

You mean the courses with the DVDs?

[Sachi]

Hello Customx

I am in a similar position to you. I have been teaching in Japan for the last 2 1/2 years. I had the option to go home last July, but decided to stick it out and go an extra 12 months so I had more savings to take home with me. It was a hard decision to make for myself, because I had to decide 6 months prior meaning I was basically signing up for 18 months. My job is good fun and I love my students, but its not really what I want to do, so I had those feelings of 'why am I still here?' added into the decision too.

But now looking back, I feel like I made the right decision and when I go home in July, Ill have a bit of money saved up, that I can put towards my flight training fund.

Sach

[jspeed87]

I say only go to ATP if you really want to work for an airline ASAP. But dude, your in Asia. Enjoy it while you can lol.

[grnclvrs]

Have you given any thought to buying an airplane to do your training? You will be able to sell it at the end of your training for about the same price that you bought it for and all your time building will be for a fraction of the price of a rental.

[Customx]

Originally Posted by grnclvrs

Have you given any thought to buying an airplane to do your training? You will be able to sell it at the end of your training for about the same price that you bought it for and all your time building will be for a fraction of the price of a rental.

Yeah, I've thought about getting a 150, as long as I could do my instrument in it.