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The other upside is that when I paid for each training session, I fully understood the reality of spending hard-earned cash, and it encouraged me to develop habits that ensured my time in training was efficient. Money means something when you know where it came from. Accepting that loans weren’t an option forced my parents and me to think about additional ways to generate income, and after I completed my training, those streams of revenue remained. What would happen if you didn’t jump right into training but considered that, too?
When I finally graduated college, I realized that these two consequences may have had the most enduring positive effects on my career. Understanding the volatility of my career and being debt-free is a long runway to almost anywhere.
Later on, when I began working as CFI, I found myself in another quandary. My paycheck would fluctuate based on things beyond my control, such as weather, mechanical delays, ATC delays, and others. Being pushed to my own financial limits with very little wiggle room, I wondered how my counterparts handled all this with their student loans.
How Pilots Typically Approach Loans
On different occasions, I encountered pilots with fully financed loans of more than $200,000. They explained that they’d have 20 years to pay it off, and their monthly payments varied between $1,000 to $2,000. There was no room for disruption. Lire la suite