C402B

A relative of mine passed away recently. I stand to inherit some money. I currently have a PPL and have struggled to continue with my flight training because of the costs involved. In a perfect world I would like to work for a Part 135 operator in about 2 years. The grand goal would be fat and happy flying in Europe living on the coast of the Med... long way away.

I am 31, about 32, and single. No kids, no real bills. I still owe some time to the Army reserve. I own my car and rent an apartment. I have NO degree but have been going to school off and on for about ten years.

Option one:

Buy a house. Either live in it or rent it out. I looked at one by the airport that would make a great crash pad... I thought about running one while going to school.

Two:

Invest ALL the money.

Three:

Say "Eff It" and move to Spain... work would eventually work it's way out. PS. I am not too worried about that Army crap.. I would just get transferred to the IRR.

Four:

Get some ratings and flight instruct until hiring picks up. Maybe buy an airplane to train in. Perhaps keep the plane and flight instruct with it??? Maybe even do a lease back or something.

I will more than likely finish my A&P associates degree. I have a year yet to go with that.

Tell me your thoughts.

Cubdriver

You're not going to like this answer, but I think you should put all of it in a individual retirement account composed of moderate risk investments, then forget about it. The compound interest will be amazing over a 40 year period. Listen to me on this, it's a significant amount of money and your best way to use the money.

A house is not something to be getting purely as an investment, only if you actually want the house. Doesn't sound like that's the case and running a crashpad will be a pain in the butt. Same with the airplane, no need to buy one there are tons of them around and if you want to teach you can find a school that will let you teach until you are blue in the face. Then you will have access to an entire fleet as do I.

Forget Spain, life is tough everywhere and going abroad will only make it tougher. My dream is to be a hermit on the banks of the Ganges when I am 80 but it's just a silly dream. I'll be in the middle class for the rest of my life. I admire your having a dream and don't rule it out if you happen to do well in life.

Finish your education and even consider getting a four year degree in something useful. A&P is useful, but there are better lines of work. I went into engineering and am very happy about it. The life is good, people respect you, and you get paid pretty well. Aerospace and petroleum are the best fields.

I would look into National Guard or Reserves if I were still your age and wanted to fly. They have pilot programs that are a fantastic way to get turbine PIC. Otherwise, get a job flight instructing at a school with piston twins and build the ME time you need for a Part 135 job. You could be doing that in only a few years. It's not a great job bear in mind- night flying, pressure, tossing packages, worn out aircraft, low wages, crappy operators, etc. It will probably wear you out in a few years. If you really want to fly for a living I think you should go for corporate and you will need 2500 turbine PIC to compete.

Good luck!

Led Zep

..........

rickair7777

Flying in Europe will be hard unless you have the legal right to work there.

I would suggest a combination of these two. Invest, but diversify.

Buy a house/condo/townhouse which meets these criteria...

- Likely to appreciate: Location, Location, Location. Don't buy in an area populated primarily by autoworkers, etc, etc. If you can afford to buy in a highly desirable area (waterfront, etc), it will always appreciate and will not lose too much in downturns. But now is the time to buy real estate if you can.

- You would like to live there.

- Can be rented for an amount which will provide a reasonable return on your investment (10%+). This is important since you want to be a pilot...you will likely have to move around, but you can live in your house when career permits, and rent it out at other times.

- The cost is low enough to leave a significant portion of your assets for investment. Get some professional investment advice...from someone who ONLY sells advice, and does not sell/manage investment products. That way you get unbiased advice, which you can then utilize when you hire a investment broker.



If you really want to fly there, you will need to get the right work in europe and get established over there...but I would probably develop a plan first. If you go without work rights you will basically be on an extended vacation, burning through your cash.


Forget about buying an airplane. If you want to fly in europe some day, it will be cheaper and easier to get your ratings and some entry-level flight time in the states, so you might as well get started now.

By all means. You have the luxury of going to school and eventually work with less financial pressure than most folks. If you approach it with the right attitude, it could actually be enjoyable. If you can work on your terms and enjoy it...that's just free money on top of what you already have.

C402B

Thanks for all the responses. I have to "play" Army for 6 months so during that time I can figure out what to do. Not too much chance of me spending lots of money while on a active duty training orders. I actually do not know exactly how much money I will get... it has yet to be determined. The inheritance of this money has been known for about a year. This person has been in the hospital for months and months. It was no big surprise when they passed away earlier in the week. What to do with the money has been on my mind for a long time now.

My brother will blow through his in less than 6 months guaranteed. I saw him spend 40K in 3 months!! And he has NOTHING to show for it. He is some piece of work.

As far as the "right to work" in the EU........ checkmate! I have an EU passport in addition to my US passport. I am a dual citizen ...........................nothing to see here.............................................. ............................................ .removed un-American banter...................

I have been unemployed since July except for the Army reserve. I am very aware of how quickly the years keep passing by. Like I said before I am 31 and will turn 32 in February. As far as flying for a living goes... I think I need to poop or get off the pot. I have lived off of $1200 to $1400 a month since my early twenties so FO pay isn't a real issue with me. A flight school is FL sent me an email saying that with VA benefits I can go from where I am now(PPL) to CFII and 190 hrs multi for $22,180.

I have a lot of thinking to do.

usmc-sgt

I would be careful openly posting about a contract marriage. I saw a few guys and gals go down pretty hard in the Corps. Then again its a different world in the Army.

Kilgore Trout

After reading such inspiring stuff C402 I'd suggest you invest your money in a short dock and take a long walk off'n it.
Sincerely, SGT K. Trout.

Hacker15e

Watch housing and market trends...see what happens over the next couple months.

It may end up being a great time here in the near future to dump that inheritance in the market before it bounces back.

EYELS

If you receive the money before April 15th, open an IRA and make a 2008 contribution. While you’re at it, make your 2009 contribution, too. Put the money in a stable value fund until the economy starts to turn around, which won’t be this year. Then, consider a 20-50% equity allocation. Put the rest of your inheritance in a short-term CD while you finish your obligations to the Army. Don’t waffle; just do it. Cash is king right now, and you might get a great deal on a foreclosure in a terrific neighborhood. But, given that you don’t know where you’d like to set down roots, I’d pass on buying a home. Forget about buying and renting – you don’t want to be a landlord. Quit screwing around with your on-and-off attitude of taking classes. You’re 32. Finish a degree in something already. Look to the future. Get the IRA opened and finish your education. If the inheritence is sizeable and you find you have begun to accrue assets, spend a $1000 and create a will.

Kilgore Trout

"Un-American banter"?
What are you talking about?
What you removed is your earlier mentioning that you'd entered into a fraudulent marriage to a foreign national in order to increase your pay from the U.S. Army. Don't remember? Check USMC-SGT's post, he quoted you before you figured out some of us might call you on it.