Originally Posted by
Illini
And this money comes from where? Poof! I have 200,000 dollars to buy a house. Wrong, nobody will just give that to you. You have to earn it with payments plus a 20% down payment. And there are very few professions that will allow you to live plus afford morgage payment. Not too many high school graduates plunk down for a home the day after they graduate
The money must come from someplace. Lets assume it is from a student loan. I am not fully briefed upon the particulars but lets figure %8.9 over 20 years.
The student loan payments would be $1340/mo.
At $6.0 per hour a person could earn 11,520 in a year.
As a CFI a good average is 15K per year minus $16080 per year for debt service is a negative 1080 before you have even subtraced for taxes and living expenses. The loss continues until the hire date at a regional and then for more years until upgrade. Even then you would have to live in poverty for more than a decade to catch up with all the losses.
Buy a house instead.
SkyHigh
I have to go and make breakfast for four sons now.
Later when I have more time I will write a longer post detailing how you will loose money over simply buying a house or investing the money VS a typical airline career.