Excellent post by Albie, as usual. I'll throw in my 2 cents.
I was hired by United somewhere near the beginning of this wave...Spring 2013. I was fresh off an AF retirement but was blessed to have been current at the time. The 121 world was new and eye opening. The training was harder than I expected...I passed every event but had to do a lot more work than my sim partner who was a 15 year Commair captain and check airman. I made it through and have to admit the first year was tough. Even with the military retirement it was a pretty big pay cut. I have a wife and 4 kids and that year on reserve making $60 an hour was hard. I can remember one day somewhere near the end of my first year I went to grab something from the cupboard and it was looking pretty sparse. My wife confirmed that the reason this was the case was because we were basically broke. Now I'm not complaining but sharing as a point of reference. Those going to a regional will have it worse than I did and new hire FO pay at a legacy is a third higher than it was just 4 short years ago.
Fast forward to where I am today...soon to hit 5th year FO pay. I still love my job. I actually look forward to going to work most days and the vast majority of the flying public looks up to us. I find it rewarding in a different way than my military career was. I find satisfaction in dodging severe weather getting 185 people to their destination on a Cat 3 approach. I find I've become good at what I do and the stress level is almost nonexistent. Not only do I now have food in the cupboards but the W2 floated to the mid 200s last year. That is well above most of my peers who took corporate or DoD jobs. And that number will only go up as I approach the left seat in the next 5 years or so. I have the $$ and freedom, 19 days off in February, to pursue all sorts of hobbies. I have the freedom to pick up more flying if I want more $$...or not. It's a cliche but "when I'm home I'm home." I could leave the cell phone in a drawer when I get home. The company will never call me and I have no obligation until I step back onto the flight deck next work day...days, maybe weeks from now. And when I do I look forward to it because it has become easy and I like the vast majority of people I fly with.
I look back and remind myself that even having flown fighters for 20 years in the world's greatest Air Force...I wouldn't go back. Call it blasphemy but I like this more and it's considerably easier for over twice the pay. Here I am...a lowly retired O4...making far more than the Wing Commander I worked for and for .5% as much stress and effort.
The first year was tough. I won't lie. Making the change was a tremendous leap of faith. Yet I would not have done it differently. This job is for me and it has and will continue to open doors to more financial feeedom than I ever would've had sitting at a desk and being beholden to my email and cell phone 24/7.
For what it's worth. Ore than happy to talk with guys who are in the boat I was in 5 years ago.