Ouch! Another reason for the forthcoming pilot shortage once the dust settles. I foresee ab initio programs in US domestic airlines in another 10 or so years.

My story is a lucky one. I applied for a kind of scholarship to a small flying school in panhandle of Florida. They paid for all the training and even gave me a small stipend with the only requirement being signing a 7-year training contract. For this I was fully flight trained then sent around both the USA and some international destinations to build my flight time. I had a few ground duties to do, but the flying was really great. After about 17 years of this, my flying position was downsized due to a reduction of the competition in 1991 so I started looking for another type of flying job. Most of the airlines were in a recession and furloughing, but the Beagle was hiring 70 a month. I was lucky. Although I had 5000 turbine time, only 9 of it was MEL but they needed pilots so bad they hired me any way. Having a brand new ATP-MEL helped. When the good times hit again, I wasn't "qualified" for any major airline jobs since all my MEL time was SEC except for the two hours of PIC during my ATP-MEL check ride.

By time I upgraded and built up 1000 hours of PIC-MEL, the economy was teetering and a downsizing was beginning to show again when 9/11 happened. I'm not unhappy. There's always coulda, woulda, shoulda thoughts about what I could done different, but overall I've been pretty lucky to have job doing what I love best.

My story is typical to many- College, working at airline and odd jobs, flight instructing, charter, ups and downs at regionals, trying to survive, trying to find different careers and supplemental income, etc.

In many ways I was fortunate, at least as far as what I invested in it all. I paid as I went, had access to some cheap/free aircraft to fly and flight instructed from about 300 hours until I got hired at my first regional with 1300 hours. I probably only spent around $20K for flight hours my whole life (I have 5000 hours now). I did invest a whole lot of time in flying, however, that could have certainly turned a better profit doing something else.

If I can add any words of wisdom to this thread it would be this---

More than any other profession this one depends on simple luck, timing, and events that are totally out of your control. One year you could have 20,000 hours, a Ph.D. in astro physics and have spent years of your life and hundreds of thousands of dollars perfecting your craft and not be able to get an airline job. Another year pimple faced kids with 200 hours get jobs no problem. There is no rhyme nor reason. No typical path.

My point is, don't over invest in this job. Don't over invest your money. Don't over invest your life. Don't over invest your "soul". Gamble only what you can afford to lose and hope lady luck is on your side. This career depends more on the stars being aligned than on what you spend!

AND I CERTAINLY WOULD NOT SPEND MORE THAN 20K TO BE A FIRST OFFICER AT A REGIONAL!!!