Rubicon Lover,

Something else to consider...

While the economy is the most horrific consideration for the current, overall pilot group, you have to remember that you can be sidelined by more than just layoffs...

Forget about just getting furloughed or fed up with the lifestyle...you need to have alternatives ready if you lose your medical, get a violation, and so on.

Posts telling you to get a degree in something other than aviation are right on the money. This doesn't mean that you should not pursue an aviation degree. Just make sure that when you do you at least double major in a good, respectable degree (engineering, business, computer science) that can keep your head above water when times get tough.

Outside of having another degree or a single, more useful degree, it is just as valid to pick up other certificates that are issued by the FAA. I know of several pilots who have their Parachute Riggers certificate, which allows them to make a pretty decent buck repacking both sport and bailout rigs for pilots and jumpers. Even if you are flying, it's a nice hands-on way to make some extra cash.

An even more valuable certificate to look into would be an FAA Dispatcher Certificate. I'm working on this myself; this cert will give you another opportunity to stay employed in aviation (with an airline's flight operations) when flying alone just isn't an option. This certificate is also great because the tests and theories are pretty much the identical content that you will be exposed to during an ATP/Captain-upgrade training/testing event.

The bottom line is this: Flying is wonderful, and it's never bad time to get into it. BUT IT IS DEFINITELY A BAD TIME TO GET INTO IT IF YOU'RE NOT VERSATILE AND WELL ROUNDED.