Ok. I’m not going to go and list how my life insurance works or why I don’t have to worry about it as it relates to my employer, but I am covered completely. It is a unique situation and I am lucky to have it. I’m covered from the bus, I’m cover from the airplane getting swallowed by a giant bird, I’m covered.

Haha I feel the life insurance concerns can be laid to rest. I am very aware of my policy and know a significant number of people in my job (which is flying airplanes) who fly separately from the job and we all had to go through specific channels to get approval for flying outside of the job before we started doing it. Trust me. The life insurance is no issue. I appreciate the concerns!

My job is that if a pilot in a different capacity than an instructor and it comes with it’s own life insurance that is well aware of my occupation as I have been doing it for a bit haha

Hahahaha I do realize it’s very tight and it’s not happening right now and the aircraft may not even be available immediately after a year or a year and a half. This is just airing it out haha. I appreciate the input but I haven’t done anything yet. I am currently in my same normal existence saving money and not risking the money haha

I definitely would if I could. He lives in a different part of the country and it’s also not legally allowed to rent this particular type of aircraft, unfortunately. Ya think double?

This is true. I realized I should have put “after taxes” in parentheses after that number and have done so now haha. And I know that’s still tight for those numbers. Yeah 25k is already quite conservative and 30k is very conservative. Those are padded numbers from someone I know who operates the same aircraft.

It would be cool to move on to the second duplex after a couple years of owning the property and the plane but a second property could definitely wait. The flying is definitely higher on my list than the additional property.

Hahaha if I could rent this, I would. Unfortunately, I can’t haha.

For sure! Yeah so my after taxes take home is pretty close to 100k. I felt like it would be easier to post that number and I’m now realizing that I need to go in there and put in “after taxes” in parentheses haha.

I agree! I’ve tried to be conservative in how much I would set aside monthly for repairs, capex, vacancy, etc and it would hopefully put my monthly housing expenditures down to around 900/month. Not free like you used to be able to do but it at least allows me to build equity while doing it. Luckily my car has been paid off since the 11th month after I bought it a few years ago too. I love cooking and cook at home almost entirely. I’m pretty frugal in those areas. I would be hoping that I could continue to instruct on the weekends or evenings after work on occasion just to offset the expense and build flight time.

All very good points! Thanks!

Well the airplane is the primary expense really. And 30k is on the high end. The duplex with capex, maintenance, would hopefully allow me to at least allow to reduce monthly expenditures on housing to about 900/mnth. Otherwise I’m very tight with the rest of my money. And my take home after taxes is quite close to 100k.

Agreed! That’s where my reduction in living expenses and instructing on the side come in. I also do make more than that but knocked it down to that for the a little more cushion too. My after tax income is not much less than that. I am also looking for a higher paying position. Very valid point! I haven’t done any of these things. Just kind of airing out the whole concept.

Yeah! So those operating costs factor in fuel, maintenance, hangar, etc. And those expenses are based on a friend who owns the same aircraft.

Hahaha very valid point. I’m currently a pilot and do have life insurance in the event a flock of geese causes my demise.

Valid point! Especially if it were just for convenience or to try to travel cheaper.

So that number is based off of flying it about 200 hours a year. It’s not just to get me from point A to point B either. There are other reasons it’s the pick for now. It’s efficient for what it does, allows me to do aerobatics, and can vary another person and some baggage. The end goal jet would cost about 4x as much initially and yearly haha. But I may not be able to reach that ever so this is the one that seems most attainable. Aviation is a major passion of mine and I’ve always intended on buying an airplane so I can enjoy all of the work I’ve put into flying for years. It is for sure not a cheap passion haha

Thanks! Seems a bit too good to be true, so I felt the need to put the thought out there for people who likely spend a good amount of time considering their financial position.

So far those two columns are equal and I intend on keeping it that way haha.