As a pilot you have probably long realised that your financial profile and needs differ considerably
from that of people doing ‘normal’ jobs. It is therefore quite likely that you struggle to find value in
‘general’ financial advice since most of the things that are recommended are simply not applicable to you.
This was written with you Taylor Decker Jersey , the professional airline pilot. We trust that you will find the information
beneficial and that it will be a catalyst to help you make the decisions necessary to secure your long
term financial future. Make sure that your financial planning is in order before it’s too late.


We’ll begin by discussing some of the typical financial issues faced by pilots. This will be followed by
some practical suggestions on how you can make your money work for you now, and when your
flying career is over.


It is very difficult (and somewhat dangerous) to generalise when it comes to personal finances. We
are, however Da'Shawn Hand Jersey , quite certain that you will see at least something of your own financial profile in the
following description:


According to CASA becoming a pilot is COSTLY!


The time it takes to obtain a licence can depend on a number of factors such as whether you are undertaking full time training or on an ad-hoc basis, aircraft availability, weather and of course your financial situation. An average student will qualify for a private pilot licence after approximately 55-60 hours. If completing training on a part time basis Tracy Walker Jersey , say 1 hour a week, this will take just over 12 months. Full time training will take about 2 months. For a commercial licence, the 150 hour course will take approximately 12 months full time. If you elect to undertake training on an ad-hoc basis Graham Glasgow Jersey , the minimum number of hours you must have will increase to 200hrs and this will take you between 2-3 years to acquire.
The cost of flying training will be a significant factor in your decision making. The cost will vary depending on the type of aircraft you fly (the more sophisticated the aircraft, the greater the cost), how often you fly (spreading your training over a long period will invariably mean more hours to achieve your goal) and how quickly you pick up on what’s being taught. A rough guide on the cost of obtaining a licence follows:


. Private Pilot (Aeroplane) Licence – $8000
. Private Pilot (Helicopter) Licence – $17000
. Commercial Pilot (Aeroplane) Licence – $23000
. Commercial Pilot (Helicopter) Licence – $32000
. Instrument Rating – $10000 (aero) A'Shawn Robinson Jersey , $14000 (heli) plus cost of PPL or CPL
. Air Transport Pilot (Aeroplane) Licence – $2600 + cost of CPL + cost of meeting 1500 hour experience requirement
. Air Transport Pilot (Helicopter) Licence – as for ATP(A)L


Prices do not include the cost of study material, licensing fees and medical examinations. Training requirements and therefore costs for helicopter licences can be reduced if you qualify for an aeroplane licence and then convert to helicopters.


Current estimates set training costs with CPL and 1500 hours (just multiply at $100 per hour at the very least) of experience are around $180,000. Getting the right ratings and endorsements in place will add a further $50 Michael Roberts Jersey ,000 before a pilot even begins hisher career. These costs mean that most pilots enter the profession with a significant amount of debt to pay off – just as broke as an MBA graduate from Harvard or Yale.


Delayed earnings curves


It is true that some pilots earn very large salaries. This is, however, certainly not true of all pilots. Salaries in the airline industry are very dependent on rank with the highest salaries only achieved once a pilot moves into the captain’s seat.


This status can take some years to achieve which means that pilots will have to deal with significantly lower salaries while they
work their way up through the ranks. It is therefore not uncommon for pilots to reach their top
earnings potential much later than members of other professions and to do so at times when they
have significant other financial commitments (e.g. private school fees Jalen Reeves-Maybin Jersey , mortgages etc.). The upshot
of this is that many pilots find it difficult to save for retirement.


A struggling industry


Airlines are currently experiencing very difficult operating environments,
with many airlines having to cut back on flights. This has resulted in widespread layoffs and
reductions in working hours and remuneration. Many flight personnel are therefore dealing with
significant job insecurity and the possibility of the loss of income.


Vulnerability to negative health outcomes


Health problems that would merely be inconvenient
for ‘normal’ workers (e.g. deteriorating eyesight) could be career stoppers for airline pilots. Add to
this the fact that burn-out is increasingly common among airline pilots, and it becomes clear why
many pilots have to leave the profession well before official retirement age. It goes without saying
that such a move could lead to a significant reduction in income if proper income protection
strategies are not in place.


Vulnerability to litigation and loss-of-license


Commercial Pilots work in high stress environments where even a small mistake could lead to expensive litigation and even the revoking of a license. Asset protection should be a key. Unfortunately many pilots are inadequately protected against
the cost and loss of income that could result from adverse events.


Cash rich Kenny Golladay Jersey , time poor


Pilots at the higher end of the spectrum earn significant incomes
based on a significant amount of time in the cockpit. This means that many pilots dComputers > Computer TechnologyLive! G&. Cheap Jerseys China Cheap Custom Jerseys Cheap NHL Jerseys From China Cheap NFL Jerseys Free Shipping Cheap MLB Jerseys Online Cheap Stitched NFL Jerseys Wholesale Jerseys China Wholesale Jerseys From China Wholesale Jerseys From China Cheap Air Max 270 Blue