To start now, or wait a couple years?

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nutlord
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Re: To start now, or wait a couple years?

Post by nutlord »

Flight94 wrote: Thu Dec 29, 2022 10:08 am Buy a nice 150 or 152 for 40k, and find a freelance instructor. Fly as much as you can and when that extra 45k is released you'll be in a position where getting your CPL will be a breeze, in terms of finance and remaining training.
So essentially you're recommending to buy a plane to fly and build hours while continuing to work in the military? On another note, I got confirmation from VAC that they'll pony up the full 90k for me to do the license and get all the ratings so I think I'll do my ppl and just fly for fun for the next 1.5 years while still staying in the CAF, and then have all my other training covered by the gov't. Hopefully interest rates will come down too so my pension transfer value will go up. I'll probably just rent instead of buying though; plane ownership seems like a potential massive moneypit, especially taking into account insurance costs for a low/no-timer like myself.
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dh89
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Re: To start now, or wait a couple years?

Post by dh89 »

May I ask where you live?
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flying4dollars
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Re: To start now, or wait a couple years?

Post by flying4dollars »

Keep in mind that additional $45k fund is probably close to $60k worth of income required to cover $45k worth of education. I'm sure you're aware of the abysmal salaries in this country. Being able to be mostly debt free going into the industry makes it much more manageable. I'd stick it out for 1.5 years as that $45k is most definitely worth it.

Good luck!
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co-joe
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Re: To start now, or wait a couple years?

Post by co-joe »

If you have time to start flying now part time, I would stay with the military and even look into student loan options. The money is coming to pay back whatever you draw on in debt, so the only additional cost is interest. I think things have changed, but when I took student loans for flying, you didn't have to start making payments until you finished school, and the interest on the loans was tax deductible. This didn't apply to the PPL, but it did apply for all the rest. Plus I got a decent chunk of remission when I finished. Worst case if you had to cash investments now, most are underperforming against inflation anyway, but I'd prefer student debt with a positive balance sheet over being debt free with no reserves.
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nutlord
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Re: To start now, or wait a couple years?

Post by nutlord »

dh89 wrote: Mon Jan 23, 2023 10:36 pm May I ask where you live?
I live in the lower mainland (BC).
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