Thread: 3000 Hour CFI
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Old 01-09-2021 | 05:07 AM
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Originally Posted by JonGoodsell764
Regionals will be hiring again before anybody else, which is the logical next step for you CFIs out there. You've already committed a massive amount of time, money and hard work to obtain the necessary ratings. Pulling the plug right now imo would be the worst decision you could make. Ride the wave and weather the storm.
Circumstances change. People change. The reasons for making the commitment might no longer exist. Your statement reminded me of sunk cost fallacy. So I copied the stuff below from behavioraleconomics.com to share.

Individuals commit the sunk cost fallacy when they continue a behavior or endeavor as a result of previously invested resources (time, money or effort) (Arkes & Blumer, 1985). This fallacy, which is related to loss aversion and status quo bias, can also be viewed as bias resulting from an ongoing commitment.For example, individuals sometimes order too much food and then over-eat just to “get their money’s worth”. Similarly, a person may have a $20 ticket to a concert and then drive for hours through a blizzard, just because she feels that she has to attend due to having made the initial investment. If the costs outweigh the benefits, the extra costs incurred (inconvenience, time or even money) are held in a different mental account than the one associated with the ticket transaction (Thaler, 1999).

Research suggests that rats, mice and humans are all sensitive to sunk costs after they have made the decision to pursue a reward (Sweis et al., 2018).

Arkes, H. R., & Blumer, C. (1985), The psychology of sunk costs. Organizational Behavior and Human Decision Processes, 35, 124-140.
Sweis, B. M., Abram, S. V., Schmidt, B. J., Seeland, K. D., MacDonald, A. W., Thomas, M. J., & Redish, A. D. (2018). Sensitivity to “sunk costs” in mice, rats, and humans. Science, 361(6398), 178-181.
Thaler, R. H. (1999). Mental accounting matters. Journal of Behavioral Decision Making, 12, 183-206.
Originally Posted by JonGoodsell764
Those who chose to abandon the career weren't cut out for it to begin with and those who keep their heads down and plug away will be rewarded.
This is just crap.

Originally Posted by JonGoodsell764
If you absolutely cannot pay your bills then pick up a side gig but you need to stay current for when the ship rights itself. I'm not generally an optimist but I do think we are close to the light at the end of the tunnel. And when you do get on with an airline, keep the CFI current.
I completely agree with this and think it is really good advice.
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