The pay cut will come, either now, or later. Whether you bail at 7-10 years, 14 years (my jump off point), or after you retire, it takes 2-3 years to get back to where you were. That alone paralyzes many folks from making the jump. Guys hired in 2005 at SWA or FedEx are now pulling down 150-200k per year, and guys hired 2000-2002 are likely doing more than that. You gotta move sometime….when are you going to go?
The easiest way to offset the income loss if you bail before 20 years is to be in the ANG/AFRES. After 20? Well….side job or just suck it up. Part of having the courage to make this move is understanding the upside potential. You can make a good living at year 2-3 at the legacies. Its not overnight, but the years seem to go by for me quicker and quicker and once you cross that first year pay drop life gets a lot better. New hire life is not representative of airline life…its a transition period. Even if you go back on reserve in a few years as a junior commuting captains, you will A) be making more money and B) be a lot more familiar with the business, so this exercise in "suck" is temporary.
Part of the way I have always approached this lifestyle is realizing that just because everyone else does it one way doesn't mean you have to do it the same way. Most of my fighter alum at my company live in a crashpad with a bunch of other guys, and have a fraternity like atmosphere. I like folks, enjoy socializing, but at heart am an only child who wants a certain amount of space and autonomy. I never did the C-pad thing, but instead have used hotels when required. Many hotels offer a reasonable crew rate. If there are an bases near by your domicile, staying in the Q and working out on base and enjoy the facilities might be an option. In MEM with FedEx, I would stay at the Millington VOQ on weekends and enjoy the pool and gym, and during the week catch the specials at the resorts in Tunica for 25-40 a night. At the end of the month I doubt I was paying that much more than a guy sharing a stinky room with 2-3 beds, and….believe it or not….I ENJOYED my time on reserve/training/between trips. Empty nester? Got a good sitter? Get your wife out the house and let her crash a day or two with you in the hotel. Pretend you are starving newlyweds again and make reserve a getaway instead of a hassle. Its a mindset. Not every town will allow what I did, but there are probably angles out there worth exploring. What's an extra $100-$200 a month if it gets you your own room vice a shared room? Try not to make reserve suck, and you might have a good time. Sleeping in a room with 3 other dudes in the ghetto is not conducive to good mental health. Get a decent place, make it "fun", and enjoy having a little down time to pursue your own interests.
If you are getting out--this whole transition should not be a shock. You KNOW a pay cut is coming. Set aside some cash, and be ready to spend it when required. For some its that spending that is the hard part. To make money now, you have to be able to work. Taking care of the machinery (that's you) is just a good investment. It won't be long until you no longer need that crashpad or airport car anymore. Expenses in this industry are front loaded--the guy who can afford the nice place to stay or good car probably won't use it that much once he gets some seniority. On the other hand, you are flying the worst schedules and dealing with the most hassles….so smooth out the pain with an upfront investment to make your life easier. It gets better as time goes by.
Another little wrinkle you may not consider is you don't need as much CAR in your life since you aren't driving to/from the base every day. I've averaged about 10k a year on my truck, compared to about 20-25k year when I drove to base every day. My gas, tire, and mx costs are much less than I used to spend a decade ago. Of course, with 2 kids now driving those savings have long been spent elsewhere, but in the short term you probably won't be driving as much.
Again…get data points from others that have made the transition. But there is no rule saying that you to do it exactly like your squadron-mates did when they got hired. I have guys who have NEVER taken their wives on a trip or done a night of reserve. My wife goes on about 6-8 trips a year at least and has been to Memphis a few times with me. Pull the family into the mix and let them enjoy some of the perks of the job, and also see that its not just 5 star hotels, limos, and flight attendants when you are out on the road. If they buy-in, it makes everything a lot more fun for everyone.