Cargo Man

This is a good , general article on the topic. Thought it would be a good read with all the college/retraining being discussed.

Sound Mind Investing : Is a College Education Still Worth the Investment?

SkyHigh

Add the cost of flight training to the bill after a four year degree and then reduce the possible income that a new pilot can make to match a typical pilot career and you are looking at lifelong financial devastation.

Skyhigh

USMCFLYR

Could you be ANY MORE dramatic?

USMCFLYR

SkyHigh

No, I do not think so. The price tag of a four year college education plus flight school comes close to the cost of a new starter home where I live.

Especially when you factor in job changes, furloughs and moves after starting to work. It is very difficult to get past the financial setback that college, flight training and the low wage experience building years that most careers experience.

I could go through the mailman versus pilot example again but it really makes pilots upset.

Skyhigh

USMCFLYR

Actually I need to start keeping a list of the jobs that you have compared the aviation industry too. I'm sure that you are repeating yourself - leaving out some good examples out there!

So if paying the money for a starter home is the same cost as the college and flight training you mention above - I guess that means that buying a starter home sends one into lifelong financial ruin too?
Once again - you've taken a valid point and dramatized it so far out of proportion that it doesn't make sense.

USMCFLYR

SkyHigh

What I am saying is that a better path might be to skip college and flight training altogether. Buy a house with the money instead and go and work for the post office at 18. You will be much better off in ten years, twenty years and possibly more.

Skyhgih

DeadHead

Where do you live in a trailer park???

USMCFLYR

I disagree.
There have been plenty of studies on the value of education and the increases to pay over a career (lifetime) that you can recoup.
I remember being told in one financial seminar that EDUCATIONAL DEBT was one of only two good kinds of DEBT.

To all of those considering it - I have advice opposite of Skyhigh's post above.
ALWAYS strive to get more and more education.
It is fine if you want to get the civil service job at 18 years old with the post office - but go to night school and continue to improve your bargining position with education. It gives you more options.

USMCFLYR

tlove482

I've been looking into postal work. Pay and benefits are good.

pilot1278

There are cheap, online or night schools out there, but the fact of the matter is that many universities' tuitions are already in the 100k range and expected to double in the near future. A new(ish) foreclosed home in many states can now be had for 100k-200k.
Still, I wish I had finished my degree back when I was in college and left aviation as only a hobby. Live and learn though. I am slowly getting back to that point where I can actually make money in a second career and still fly.
And I don't believe in the good debt/bad debt thing. Debt is debt. When things are good, sure it looks good on your credit, but when times get tough and you can't pay them, they still report your a$$ just like anyone else. And what is good credit good for anyay? Getting more credit... Getting deeper into the financial hole and owing your life to bankers and creditors.
I payed my way through flight training with loans and credit cards. My wife helped me get out of the credit card burden and we are also trying hard to get out of the school loan debts. I don't encourage anyone to follow unless they know FOR SURE that that particular degree or certificate will land them a job that will allow them to pay off that loan while also maintaining a good lifestyle. OR they are already able to afford the payments, such as already being employed and have the spending cash.