Flight Training - July 2012 - 47

another condo while unable to sell the other property. Shortly thereafter, the airline closed the base, and he found himself in Ohio. Despite help from mom and dad, the two unsold homes, and nearly $100,000 in flight training debt, he was compelled to file bankruptcy in his first year on the line. Patrice came out of a flight academy with $120,000 in debt, got a job flying for a Republic company, and was on the edge financially. She barely had $300 a month to live on after making loan payments and expenses. Mom and dad came to the rescue by selling some real estate to bring down the loans. Finally, she met and married someone who was able to help her pay down the debt. What are the lessons to be learned from these stories? Pilots

are easily blinded by the stars in their eyes formed by fantasies of an airline career. Yes, long range, flying for the air carriers can be a very good gig—but financial survival in the first year and the four thereafter is critical. One or more of these strategies is essential: 1. Save up an extra $15,000 before the first year on the line. The $22,000 airline pay plus the $15,000 saved should support you through the first 12 months. But, if you have flight training loans, better save an additional $10,000. 2. Develop a reliable source of supplemental income, things you can do on your day off. Work part-time in construction; house painting; professional services such as a CPA; restoration; real estate agent. 3. Have a serious talk with your life partner. Can that loved one carry

you through that first year and meet all of the family’s financial obligations? 4. Budget! Plan it out well in advance. Be realistic in your calculations: $24,000 in annual salary is not that far away from the poverty level. Truly, there are rewards for those who persevere in the airline game. Making $80,000 annually for 15 days of work per month is not all bad 10 years down the road at a regional airline. If you can make it to the majors, then doubling that salary is really good. But, you’ve got to get beyond year one.
Wayne Phillips, an airline transport pilot with Boeing 737 and Falcon 20 type ratings, is a B-737 instructor and operates the Airline Training Orientation Program.

YOU

WE CHALLENGE TO GET IN THE

Enter the AOPA Keep ’Em Flying Challenge this spring and rea rm your commitment to the greatest freedom we have—the joy of personal flight. Starting in April, commit to re-energize your flying life by taking an Air Safety Institute course, fly at least five hours between April and July, and visit five airports that are more than 50 miles apart. That’s it. Get into the air, and we’ll reward you. Enter the challenge at aopa.org/keep-em-flying for details and what prizes await you (although isn’t the flying nearly enough?!) KEEP ’EM FLYING—THAT MEANS YOU

AIR


http://www.aopa.org/keep-em-flying

Flight Training - July 2012

Table of Contents for the Digital Edition of Flight Training - July 2012

Flight Training - July 2012
President’s Perspective
Right Seat
Letters
Best of Both Worlds
How It Works
Knowledge Test News
After the Checkride
News
Since You Asked
News
Final Exam
Products
ASI News
AOPA Action
Flying Carpet
ENJOY THE VIEW
V IS FOR VELOCITY
TECHNIQUE
Weather
Checkride
Flight Lesson
Year One
Career Advisor
Tech Talk
Is Flying Hard?
Delaying Solo
Are You Positive?
Advertiser Index
Debrief
Flight Training - July 2012 - Flight Training - July 2012
Flight Training - July 2012 - Cover2
Flight Training - July 2012 - 1
Flight Training - July 2012 - 2
Flight Training - July 2012 - 3
Flight Training - July 2012 - President’s Perspective
Flight Training - July 2012 - 5
Flight Training - July 2012 - Right Seat
Flight Training - July 2012 - Letters
Flight Training - July 2012 - 8
Flight Training - July 2012 - 9
Flight Training - July 2012 - Best of Both Worlds
Flight Training - July 2012 - 11
Flight Training - July 2012 - How It Works
Flight Training - July 2012 - Knowledge Test News
Flight Training - July 2012 - After the Checkride
Flight Training - July 2012 - News
Flight Training - July 2012 - Since You Asked
Flight Training - July 2012 - 17
Flight Training - July 2012 - News
Flight Training - July 2012 - 19
Flight Training - July 2012 - Final Exam
Flight Training - July 2012 - Products
Flight Training - July 2012 - ASI News
Flight Training - July 2012 - AOPA Action
Flight Training - July 2012 - 24
Flight Training - July 2012 - 25
Flight Training - July 2012 - Flying Carpet
Flight Training - July 2012 - 27
Flight Training - July 2012 - ENJOY THE VIEW
Flight Training - July 2012 - 29
Flight Training - July 2012 - 30
Flight Training - July 2012 - 31
Flight Training - July 2012 - 32
Flight Training - July 2012 - 33
Flight Training - July 2012 - V IS FOR VELOCITY
Flight Training - July 2012 - 35
Flight Training - July 2012 - 36
Flight Training - July 2012 - 37
Flight Training - July 2012 - TECHNIQUE
Flight Training - July 2012 - 39
Flight Training - July 2012 - Weather
Flight Training - July 2012 - 41
Flight Training - July 2012 - 42
Flight Training - July 2012 - Checkride
Flight Training - July 2012 - Flight Lesson
Flight Training - July 2012 - Year One
Flight Training - July 2012 - Career Advisor
Flight Training - July 2012 - 47
Flight Training - July 2012 - Tech Talk
Flight Training - July 2012 - Is Flying Hard?
Flight Training - July 2012 - Delaying Solo
Flight Training - July 2012 - Are You Positive?
Flight Training - July 2012 - Advertiser Index
Flight Training - July 2012 - 53
Flight Training - July 2012 - 54
Flight Training - July 2012 - 55
Flight Training - July 2012 - Debrief
Flight Training - July 2012 - Cover3
Flight Training - July 2012 - Cover4
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