I temp reduced my 401K contribution and took me about a year to save 10K then started training. What I had left over from getting my PPL I use for my fun weekend flying now and I try to put a little money each paycheck into my flying acct.
It took me whole 10 years from my first flight to complete the PPL because I didn’t have financial strength. Did many jobs and spent almost the whole salary every month to get one flying hour. Dad financed me by selling the house and a vehicle. I do not still regret about It and still chasing the dream of becoming a regular flyer.
First logged lesson: 9/11/1991. Check ride: 4/24/2014. Aviation has cost me everything more than once. Money, housing, relationships... No regrets. Its pure love.
Really appreciate this type of content; not a "look at me" but a encouraging yet realistic look at flying. It takes a lot but it can return a lot. Thanks for taking the time to put out these videos: I think it is definitely a market differentiator.
Great video man. Appreciate this. Im 36, wanted to fly since i was 12. I played Microsoft Flight Sim from about 1999 to 2007. The new version excites me, but honestly Im more interested in flying real planes now. I plan to purchase my own 150 or Tomahawk next year to learn in. Its all about having a plan and following it. Keep your debts low(or non-existent), have as many assets as possible and spend wisely. Its doable for most people with some intentionality. Great channel.
Currently balancing a decision between the cost of getting IFR rating vs learning one of the other club planes. Leaning towards IFR first, always have to be balancing money with wants/desires vs practical application.
Great vid I’m trying to see to get my med cert but I have had a history of kidney stones and trying to get it sorted out it’s already been 8 months but I just want to make sure I won’t get a denial before I even get started then it’s off to figure out the financial end of it
Great video but the issue with dealing with an aging fleet unexpected expenses will always throw your budget into a spiral. Owning your own aircraft it’s a pilot’s dream but will never ever make financial sense unless you use it for business.
It is an elitist hobby by design, and the industries involved are doing their best to keep it that way today. You just have to decide, realistically, what you can afford and what you will need to save. Also understand that if you are going for PPL, you will never make any money from it (it's illegal), so consider it an investment in future fun and leisure. If you're looking to someday earn your investment back, you'll need to go for commercial (more expensive, but at least you will be legal to produce income with it). Also, keep a keen eye on training and early expenses. Some schools offer better deals, and some even offer discounts if you pay x hours up front. Take your ground school and knowledge test first, and do a lot of studying via UA-cam and books. That 'can' reduce the total hours you'll end up spending in pursuit of your PPL. Also, don't get sucked into the expensive accessories vacuum. My flight bag ran $12.95. I bring along a sack of Krystals (not the $100 aviation hamburgers), and my perfect, noise-canceling headphones ran me about $49. I gave $6 for my logbook. If you go around paying top dollar for everything "just because it's aviation," you will be fueling the forces that continue to make aviation an elitist hobby (in addition to wasting a lot of money). Watch your $ numbers, and safe flying!!
@@ktanner11 AND average white collar worker. I'm one, and it's a major struggle. If you do any profile checking, you'll find that most pilots are doctors, lawyers, and company presidents or upper-level executives. Aviation has always been overpriced, and the problem is that no one is doing anything to try and make it more affordable. In fact, every year, manufacturers and other aviation-related vendors do everything they possibly can to push the costs farther up.
"Money is a tool." Well, let us say that I don't have any tools in my toolbox, is there a store that'll provide me these tools? =D Serious note, loved the video.
Charlie! Great video. I’m curious...do you pay yourself (your flying account) for every hour you fly to build up reserves and have an account for all expenses or do you just pay as you go? I’m close to buying a plane and have estimated 900 per month fixed fees and about $200 per hour operating costs. Should I pay my flying account those estimates so that I have the money ready when bills arrive?
Good question. I don't actually move money or deposit it to set it aside, but mentally yes I accrue these expenses in my head so that I'm not surprised by them. For example, I don't set aside money monthly for annual inspections, but I kind of earmark in my head that that is a big upcoming expense each year so that I am ready for it. Same with insurance and GPS subscription renewals each April. If it's helpful to physically remove it from your bank account to set it aside, that can be a great strategy.
Airplanes are net cash killers. As long as you understand that, you'll be happy. Flying a few hours a month cannot make you proficient. You need to fly everyday for at least 2 hours to become a competent, high-level aviator. Anything less is just a fool's paradise. And that is the problem with GA. Alot of "pilots" in the air have very poor skills. The equation spells disaster. It's no wonder that GA has a high accident rate. If the commercial airlines went down at the same pace that the GA planes do, nobody would fly.
Great presentation, but you never used the word ‘budget”. It should be part of basic vocabulary. You had the components - tracking history, expected costs, future plans. About 80% of a person expenses are not controllable ( on avg). Best to use a spreadsheet program, lay it out, apply some escalators and go!
Easy. Stop buying liabilities and acquire assets that generate cash flow. Rich people buy luxuries last, while the poor and middle class tend to buy luxuries first. -Robert Kiyosaki
I temp reduced my 401K contribution and took me about a year to save 10K then started training. What I had left over from getting my PPL I use for my fun weekend flying now and I try to put a little money each paycheck into my flying acct.
It took me whole 10 years from my first flight to complete the PPL because I didn’t have financial strength. Did many jobs and spent almost the whole salary every month to get one flying hour. Dad financed me by selling the house and a vehicle. I do not still regret about It and still chasing the dream of becoming a regular flyer.
First logged lesson: 9/11/1991.
Check ride: 4/24/2014.
Aviation has cost me everything more than once. Money, housing, relationships...
No regrets. Its pure love.
@@nattybumpo7156 ❤️❤️❤️ yes. For passion
Love it!. Great Job. This is truly something that all of us who fly struggle with.
Love your sincerity. Your love for flying really shows in your videos. Thanks for making them.
Thanks so much. Really appreciate it!
#2 reminds me of the book "7 Habits of Highly Effective People". Great tip.
As always, great content! UA-cam & Aviation need more people like you!
Thanks so much! Really appreciate it.
Really appreciate this type of content; not a "look at me" but a encouraging yet realistic look at flying. It takes a lot but it can return a lot. Thanks for taking the time to put out these videos: I think it is definitely a market differentiator.
Thanks so much! I really appreciate the feedback and your kind words.
I have been watching and enjoying your videos for a couple of months keep up the great work.
Awesome! Thanks so much and thank you for watching. I'm glad you enjoy the channel.
Thanks, Charlie. Looking forward to the course!
Thanks for the motivation.
Great video man. Appreciate this. Im 36, wanted to fly since i was 12. I played Microsoft Flight Sim from about 1999 to 2007. The new version excites me, but honestly Im more interested in flying real planes now. I plan to purchase my own 150 or Tomahawk next year to learn in. Its all about having a plan and following it. Keep your debts low(or non-existent), have as many assets as possible and spend wisely. Its doable for most people with some intentionality. Great channel.
Thanks Sean. I'm so excited for you to pursue aviation soon! You'll learn SO much from buying and owning a 150 or the like. Can't recommend it enough.
Thanks Charlie, great video!
Thanks! Glad you enjoyed.
I cut grass after work. It sucks but it's an extra $400 a month. Definitely feeling it the older I get though...
Thanks for helping GA.
Tks.Charlie..Great balance/perspective on here.
Currently balancing a decision between the cost of getting IFR rating vs learning one of the other club planes. Leaning towards IFR first, always have to be balancing money with wants/desires vs practical application.
Great vid I’m trying to see to get my med cert but I have had a history of kidney stones and trying to get it sorted out it’s already been 8 months but I just want to make sure I won’t get a denial before I even get started then it’s off to figure out the financial end of it
Sorry you're dealing with that! It can be a headache to get cleared for little things on the medical. Hang in there, it's worth it!
awesome sharing dear
great video thank you
Great video but the issue with dealing with an aging fleet unexpected expenses will always throw your budget into a spiral. Owning your own aircraft it’s a pilot’s dream but will never ever make financial sense unless you use it for business.
It is an elitist hobby by design, and the industries involved are doing their best to keep it that way today. You just have to decide, realistically, what you can afford and what you will need to save. Also understand that if you are going for PPL, you will never make any money from it (it's illegal), so consider it an investment in future fun and leisure. If you're looking to someday earn your investment back, you'll need to go for commercial (more expensive, but at least you will be legal to produce income with it). Also, keep a keen eye on training and early expenses. Some schools offer better deals, and some even offer discounts if you pay x hours up front. Take your ground school and knowledge test first, and do a lot of studying via UA-cam and books. That 'can' reduce the total hours you'll end up spending in pursuit of your PPL. Also, don't get sucked into the expensive accessories vacuum. My flight bag ran $12.95. I bring along a sack of Krystals (not the $100 aviation hamburgers), and my perfect, noise-canceling headphones ran me about $49. I gave $6 for my logbook. If you go around paying top dollar for everything "just because it's aviation," you will be fueling the forces that continue to make aviation an elitist hobby (in addition to wasting a lot of money). Watch your $ numbers, and safe flying!!
That is exactly why i gave it up. Elitist that's a great way to describe it. The average blue collar worker can just forget about it.
@@ktanner11 AND average white collar worker. I'm one, and it's a major struggle. If you do any profile checking, you'll find that most pilots are doctors, lawyers, and company presidents or upper-level executives. Aviation has always been overpriced, and the problem is that no one is doing anything to try and make it more affordable. In fact, every year, manufacturers and other aviation-related vendors do everything they possibly can to push the costs farther up.
"Money is a tool."
Well, let us say that I don't have any tools in my toolbox, is there a store that'll provide me these tools? =D
Serious note, loved the video.
Charlie! Great video. I’m curious...do you pay yourself (your flying account) for every hour you fly to build up reserves and have an account for all expenses or do you just pay as you go?
I’m close to buying a plane and have estimated 900 per month fixed fees and about $200 per hour operating costs. Should I pay my flying account those estimates so that I have the money ready when bills arrive?
Good question. I don't actually move money or deposit it to set it aside, but mentally yes I accrue these expenses in my head so that I'm not surprised by them. For example, I don't set aside money monthly for annual inspections, but I kind of earmark in my head that that is a big upcoming expense each year so that I am ready for it. Same with insurance and GPS subscription renewals each April. If it's helpful to physically remove it from your bank account to set it aside, that can be a great strategy.
👍
Airplanes are net cash killers. As long as you understand that, you'll be happy. Flying a few hours a month cannot make you proficient. You need to fly everyday for at least 2 hours to become a competent, high-level aviator. Anything less is just a fool's paradise. And that is the problem with GA. Alot of "pilots" in the air have very poor skills. The equation spells disaster. It's no wonder that GA has a high accident rate. If the commercial airlines went down at the same pace that the GA planes do, nobody would fly.
Great presentation, but you never used the word ‘budget”. It should be part of basic vocabulary. You had the components - tracking history, expected costs, future plans. About 80% of a person expenses are not controllable ( on avg). Best to use a spreadsheet program, lay it out, apply some escalators and go!
Fair point - I guess I didn't actually say the word. But functionally yes that's what it accomplishes!
Easy. Stop buying liabilities and acquire assets that generate cash flow.
Rich people buy luxuries last, while the poor and middle class tend to buy luxuries first. -Robert Kiyosaki
Or you could start a UA-cam channel like this one and get paid for people subscribing and watching your videos. 📺 💰💰💰👍
Bank robbing didn’t make the list? 🤪
First!
That will look stupendous on your resume. 🤡
Charlie. Here is how I choose to look at money. It's not a tool. It is a Renewable Resource Provided on a As Needed Basis by The Lord.
🙌