Originally Posted by
TiredSoul
It’s silly to ignore the eventuality of an event.
You do need the luxury to be able to plan for it and at least 40% of the US population isn’t in that position.
If you have house payments and car payments and your budget is stretched and you don’t have the luxury of building a financial emergency fund you’re toast if you get furloughed. Car repossession, home foreclosures etc etc etc.
Back to the original post.
My intend with my previous post was a gentle reminder to not paint yourself into a corner any further.
If you use all your savings to sponsor 3-5 years of limited income you leave yourself wide open when a furlough does happen.
This probably sounds like don’t go outside as the sky might fall down.
I have…many....many years of experience with financial insecurity and believe me when I say never again.
I agree with your advice to not put yourself in a financial position where an industry downturn could ruin you financially. However, if he is only instructing part time, he can presumably work a second job to mitigate the pain. Personally, I’d recommend devoting yourself to flight instructing full time for one year if a gig presents itself where you can rack up well over 700 hours/yr. The idea being to reach the regionals while they are desperate for bodies. Current regional pay should be enough to financially float your family’s boat so long as you live modestly. In this stage of a flying career two things are critical, building your resume (hours, TPIC, check airman, etc) and being very circumspect with your money. Don’t buy that house, drive a paid off vehicle, avoid credit card debt, etc. These two things will maximize both your opportunities and ability to accept them.