Serious answers where will I get funds from?

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JVader
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Re: Serious answers where will I get funds from?

#51 Post by JVader » Wed Mar 30, 2011 11:30 pm

^Thats exactly what im doing...through previous experience I got a job doing MWD on an oil rig. Last month I worked 29 days straight but was able to walk away with 16k..Lots of companies are hiring and will accept people with general labour background. Now instead of renting im looking at buying a plane to do my commercial on and will end up having a plane instead of renting!
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wotai139
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Re: Serious answers where will I get funds from?

#52 Post by wotai139 » Tue Aug 23, 2011 11:57 am

Got mine from RBC, not for entire payment though. gl
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Dash-Ate
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Re: Serious answers where will I get funds from?

#53 Post by Dash-Ate » Mon Jun 25, 2012 7:07 pm

kerosene wrote:Step 1 - get a 1 year diploma with good salary (insurance, trades, ???)

Step 2 work full time with a job with overtime, dump all of that into an RRSP 20,000$ / 2 years

Step 3 Withdraw RRSP 10,000 (no penalty if reimbursed as part of continuing education plan)
Year 1 = Private and night rating

Step 4 Withdraw RRSP 10,000 + 5k tax return from RRSP,s and tuition +10k line of credit
Year 2 = Multi IFR + Commercial

Step 5 Year 3 Tax return = Reimburse 5k$ line of credit,

...... Finished MIFR with 5k debt
That's a good idea I was telling the same to my bro who is starting out.

Plan B :smt040

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JungianJugular
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Re: Serious answers where will I get funds from?

#54 Post by JungianJugular » Mon Jul 23, 2012 9:35 pm

To all you young kids out there in school who want to fly. Here's some valuable advice:

Learn programming. The internet is your bank.

I taught a 12 year old gifted student last year who was learning how to develop applications for Apple devices.

You guys have more opportunities and resources to make money from your desktop.

Save, save, save.
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koalorka
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Re: Serious answers where will I get funds from?

#55 Post by koalorka » Thu Aug 09, 2012 10:30 am

This thread is a great resource and I am debating whether to go through a college or privately, building on the various certification components as I go. I have $40k in savings, so what, in your experience, would be the most cost-effective way of going about this? The goal is commercial of course.

I do have 3 years of a bachelor of science degree completed and my job schedule is pretty flexible in that I can take a few days off in a week on relative short notice.

Thanks in advance.
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ea306
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Re: Serious answers where will I get funds from?

#56 Post by ea306 » Thu Aug 30, 2012 5:00 am

Question:

If I contribute towards a family member's flight training, does anyone know if I can claim it against my income and see a tax savings?
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Guilden
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Re: Serious answers where will I get funds from?

#57 Post by Guilden » Thu Aug 30, 2012 3:31 pm

Go work on a drilling rig for a winter and have zero debt. Trying to pay back a 40k loan while making around 1200 a month will only leave you enough for the much needed case of beer at the end of the day.
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Melkor
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Re: Serious answers where will I get funds from?

#58 Post by Melkor » Wed Sep 19, 2012 1:16 pm

I got a 40 000$ line of credit from Desjardins. The way it works is you only pay the interests for 2 years (only 5%) and after that the line of credit becomes a loan which you have 10 years to pay back (12% interest at that point, for 550$ a month if maxed out). I got that from Desjardins here in St-Hubert so you can only use this one for Air Richelieu or Cargair here in YHU, but I think they offer a similar package for some other locations (Grondair at St-Frederique if im not mistaken)... Of course to get that you need either an acceptanle co-signer (parent or other) or sufficiant credit-salary...
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cap41
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Re: Serious answers where will I get funds from?

#59 Post by cap41 » Mon Oct 08, 2012 2:59 pm

The issue is not how to get funds, Almost any bank will give you a line of credit. The question is how am i going to be able to pay off 50k in debt when im done training in this industry.
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Re: Serious answers where will I get funds from?

#60 Post by Melkor » Mon Oct 08, 2012 3:57 pm

You can pay it over a period of 10 years 550$ a month... It's not small payment but it's not that high.. Find yourself a 15$+/hour job while studying, it's not that hard to find. If you have a decent revenue you'll get tax returns, it's about 35% back so out of 60k you should get about 20k back only 40k left... But really depends how much you want this of course?...isn't life all about that actually?....
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cap41
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Re: Serious answers where will I get funds from?

#61 Post by cap41 » Mon Oct 08, 2012 5:04 pm

Assuming you don't have mortgage, heat bill bills, etc. $550 than becomes astronomical.:)
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Melkor
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Re: Serious answers where will I get funds from?

#62 Post by Melkor » Mon Oct 08, 2012 5:26 pm

Again depends how much you want this... I have a mortgage on a small 3 1/2 condo with a wife who doesnt work anymore bc we just had a baby, she gets about 250$ per 2 weeks from RQAP, I work weekends (thursday through sunday) for about 45 hours and I fly monday through thursday... I hate that job but it pays the bills until I can get settled in aviation...
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cap41
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Re: Serious answers where will I get funds from?

#63 Post by cap41 » Mon Oct 08, 2012 6:42 pm

I agree with you, you have to want it. Everything i see on this site tells me that there are not too many high paying jobs.. Im lucky i am going into it as a financially stable adult, i am doing it as a hobby. But, my son is trying to make it a career. Im just keeping fingers crossed that he can find something that will pay the bills. but, i guess so is everyone else.
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Re: Serious answers where will I get funds from?

#64 Post by Melkor » Tue Oct 09, 2012 2:44 pm

Your son is probably in his 20s im guessing he has plenty of time to find a well paying/stable job. Id be more scared if he's 35 like I am... But ill do everything I can to get in the airlines...
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Re: Serious answers where will I get funds from?

#65 Post by bernk » Sat Nov 17, 2012 1:37 pm

Nice to see I'm not the only one starting from scratch at 30… Though admitedly my goal isn't an airline carrier. I just want something to split my time at a computer with.

Have any of you recently done a CPL with float rating in BC? How much (on average) would that cost if I was ale to pay up front and dedicate myself 100% to it?
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SharkBait
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Re: Serious answers where will I get funds from?

#66 Post by SharkBait » Tue Jan 29, 2013 6:11 pm

Wanted to be a pilot since I was 6 and was lucky enough to have parents teach me good work ethics and how to be good with money.

16, I joined the army reserves (infantry) coop program in high school, saved my first 10k in 8 months though basic training. Went on to do a tour in Douchebagistan at 19 and saved every penny I could (aside from beers with the lads) between 16-20. Got out of the army at 21 with a cool 60k saved entirely for flight training. Starting flight school at a local place in town on the 152 to save those dollar bills. Currently, and reluctantly, back at the rents till i'm done my PPL. After that, i'm getting a new job though because I can't stand living at the rents longer than necessary.

Although the money is attractive, believe me, IT IS NOT for everyone, but the army reserves is an option. They do give out annual bursaries to college and university students, plus a part time job, which can be full time if your willing to foot the bill in flesh, blood, sweat and tears.

I learned a lot doing it though, made some awesome life long friends/ connections, some of whom are in aviation themselves, and what I learned in the army actually applied to some of what I have been taught so far in aviation, along with the life skills I've learned. Employers look kindly on military service as well.

IF I got advice for anyone starting out, bite the bullet, work your ass off and make some sacrifices if you want to do this bad enough.
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tuskegee0147
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Re: Serious answers where will I get funds from?

#67 Post by tuskegee0147 » Mon Feb 25, 2013 7:59 pm

I worked at a Bank for a few years overseas
came to Canada in 2008 with all my savings
Got my CPL multi engine and instrument rating
went through the hassles of renewing a visa for 2 years
At this point i almost gave up as i couldnt fly with an expired visa
My point is that if you dream it, you can achieve it
Its not easy as some days you will be irritated and frustrated
I try to keep the end goal alive and that's what keep me going
Im now a PR and trying to work for a few months to save $$$$
Hopefully after that i will move up North and get a job flying
Whatever you decide just keep the dream alive and one day you will get there.
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Re: Serious answers where will I get funds from?

#68 Post by wabi101 » Fri Apr 05, 2013 1:41 am

v6g wrote:If I was just out of high school with no real qualification for a decent paying job and wanted to be a pilot, here is what I would do:

I would train to become a railway conductor.
This is exactly what I did. If you find an inside reference at CN rail you might not even have to pay for conductor school. I was hired straight out of highschool I worked for 8 months, saved enough money to finish a CPL then quit and never looked back. Only loan I took for flight training was to pay for a float endorsement, but if I could do it again I wouldn't get into debt. It is way too difficult to pay off a loan when working as a flight instructor :rolleyes:

get a good job, save what you need, avoid debt
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Re: Serious answers where will I get funds from?

#69 Post by dirtysidedown » Tue Oct 15, 2013 3:27 pm

bernk wrote:Nice to see I'm not the only one starting from scratch at 30… Though admitedly my goal isn't an airline carrier. I just want something to split my time at a computer with.
Likewise... but damn, I think i blew through my LOC too quickly :cry:
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Censo
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Re: Serious answers where will I get funds from?

#70 Post by Censo » Tue Jan 14, 2014 5:43 pm

Highflyinpilot wrote:P.S to pay for my training I went to a subsidized college and got a OSAP loan. Kinda regret it now though.
OSAP is dangerous, unless you can pay it off right away!
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Alpha_Bravo_Charlie
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Re: Serious answers where will I get funds from?

#71 Post by Alpha_Bravo_Charlie » Wed Jan 22, 2014 8:05 pm

Censo wrote:
Highflyinpilot wrote:P.S to pay for my training I went to a subsidized college and got a OSAP loan. Kinda regret it now though.
OSAP is dangerous, unless you can pay it off right away!
For a guy that is going to go to a subsidized college, what do you recommend other than OSAP?
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Re: Serious answers where will I get funds from?

#72 Post by cbty » Mon Feb 03, 2014 7:19 pm

I think that's the best approach. Try ot find a job or a business where you can get money and then invest it on your flight training.
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Re: Serious answers where will I get funds from?

#73 Post by efestian » Sun Apr 27, 2014 10:12 am

Another here starting flight training in my thirties!

I personally believe that the government forcing FTU's to become career colleges is just a way to force more people into government backed student loans that can never be forgiven or discharged in bankruptcy. Plain and simple. That is what is so dangerous about, what I term, the "university economy".

Even though it is so expensive to get licenses, it weeds out the ones that TRULY want to fly. Soon, we will see an influx of people in flight training just because student loans are available. This will be no different than the tens of thousands of people in Universities taking Bachelor of Arts degrees without any concept of why or what the degree is for. I remember my parents, and my oldest brother for that matter, telling me how he WORKED to pay for college and graduated with very little debt.

So, where to get funds from? Not student loans imo.
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Re: Serious answers where will I get funds from?

#74 Post by single_swine_herder » Sun Apr 27, 2014 10:58 am

http://youtu.be/7Z_UpKMd3-w

Dave Ramsay on the topic of student loan debt.
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Re: Serious answers where will I get funds from?

#75 Post by rxl » Sun Jun 01, 2014 2:18 am

Serious answer, OUT OF YOUR OWN POCKET!!!
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