So maybe a clean break is in order?

Ed, There are lots of offers here in this thread. If I were you, I would not buy a plane right now, go meet all of these fine PoA'ers that have made irresistible offers and fly their planes for FREE!! Then go and buy a plane :D
 
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Missa said:
Well then, that's a horse of a diffrent color. In that case using the money to secure your home is probally a good idea. If your home is payed off then it's much easier to weather a potential down turn in income. You can pick up a job at taco hell to keep the lights on and the home fires burning and you will not have to worrie about losing your place to live. I'd keep the medical up as your Dad has a plane and keep your profficency up till you are secure enough to re-purchase a plane (as long as your heart is still in it). Another option is to keep the CFII up as it's another way to earn money to suppliment other income. And if you want a vacation to central PA... we got about 4 people looking for an instrument instructor. :D I have a spare bedroom free to any CFII who wants to train us (and I just got my Kitchen sink installed) plus there is lots of great outdoor activites in the area to keep you busy while we are all at work. ;)
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... or, he puts that nut of money in a decent savings account, or even a checking account offered by Fidelity or Schwab, still can work at a Taco Bell and draw on that money (which is making money in something as freakishly "safe" as a savings account) to float. On top of that, he'll have huge liquidity to boot! Far more than a house...

Cheers,

-Andrew
 
Ken Ibold said:
Me too. The nagging possibility that I may someday be walking this path myself is all too apparent.
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To place this in perspective, we are all only 1 medical away from never flying again
 
no medical required for the funnest flying I've done.
 
flyersfan31 said:
ATTN ED:

Back to the thread...

So, what are you getting at? Are you saying you are considering abandoning flying for now? Or something even more extreme? I couldn't tell if you were proposing to pay off the mortgage and wander away from MI to do things unknown, or just hang up the flying cap.
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It cost $18/hr when I started for fuel. Now I'll be $65 or more per hour for the type of flying I want/need to do to keep me in it. Couple that with the Federal Buttplug of Aviation Tax that's going to be coming down the line, along with the crappy dollar, I'm looking at $80/hour for the kind of flying I want to do by the end of 2008. (Oh, you don't think it's coming. Right. GA has caught the raw end of every aviation problem the airlines create - TFRs anyone and customs problems anyone?) Sorry, but I'm not making 3 and 4 times the amount I was in 2002, so unless I find someone like your wife to pay for it all (and seeing as I haven't dated anyone this millenium, and I'm not exaclty a hot commodity anyway) my personal flying is done for. I'm giving dad the keys to the hangar tomorrow so he can save himself some money each month, and finish him up before everything runs out on my end, and walk away. I did have one thing that would have kept me in it, but I got the word today that was a no go. So, I'll be ground bound again. Maybe I trade in the CBR for something loud.

2 thoughts.
1) if your heart ain't in it, you're a safety risk.
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I wouldn't say that exactly, but I'm not one to 1/2-ass anything. You get all, or you get nothing from me.

2) You put a lot of time and effort into the CFI. I don't consider that a sunk cost (this is somewhat of a financial thread) - I'd think twice about throwing all that away. I would suggest doing what you need to in order to be current for another yr (get the medical, renew the CFI) before you drop it all.
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Actually, I didn't, dad fronted that money because his schedule was impossible to have an FBO instructor, so he paid for it, and I taught him for free. And learning how to teach was nothing because I'd already been instructing martial arts. Maybe I'll get back into that since it got supplanted for aviation a few years ago.

Good luck, and keep your chin up.
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Thanks.
 
astanley said:
Chuck,

I've spent the larger part of the past few years dabbling in this exact topic. A house is never an investment: a fundementally illiquid asset that is irrationally priced and subject to appreciation controls that stand outside the normal metrics of any true investment.

Yes, houses can and do appreciate over time. Yes, you can buy a house today and have it be worth triple the value in the future. But, that value is based on no rational metric - GDP, inflation, cost of labor, revenue, etcetera.

If you have a nut of money - say, 20% of the value of a $500k home - you are far better investing that money in a semi-liquid investment portfolio balanced to your risk appetite and renting a property at the interest-portion of your proposed purchase.

Example:

$500k house, 20% down, $100k nut of cash, 30 year loan, 5.5% interest, interest payment in the first 10 years of the loan averages (range $1880 to $1516) $1689/month. If I rent a place for less than $1700 a month, plo
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Rent won't be $1700 in ten yrs +
 
EdFred said:
It cost $18/hr when I started for fuel. Now I'll be $65 or more per hour for the type of flying I want/need to do to keep me in it. Couple that with the Federal Buttplug of Aviation Tax that's going to be coming down the line, along with the crappy dollar, I'm looking at $80/hour for the kind of flying I want to do by the end of 2008. (Oh, you don't think it's coming. Right. GA has caught the raw end of every aviation problem the airlines create - TFRs anyone and customs problems anyone?) Sorry, but I'm not making 3 and 4 times the amount I was in 2002, so unless I find someone like your wife to pay for it all (and seeing as I haven't dated anyone this millenium, and I'm not exaclty a hot commodity anyway) my personal flying is done for. I'm giving dad the keys to the hangar tomorrow so he can save himself some money each month, and finish him up before everything runs out on my end, and walk away. I did have one thing that would have kept me in it, but I got the word today that was a no go. So, I'll be ground bound again. Maybe I trade in the CBR for something loud.

I wouldn't say that exactly, but I'm not one to 1/2-ass anything. You get all, or you get nothing from me.


Thanks.
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You just have to rethink WHAT your flying. Make your own ethanol and fly for almost free. Sell your house and move to OK. I bought a house there for $6,000.00. So I'm building an experimental ethanol powered plane, selling my $50,000.00 certified plane, $200,000.00 WI house and moving to OK. I may also buy a plot of land in Alaska on a lake for $5,000.00 to get away once in a while. When things get to be too much money you have to find things that are not, you just can not or should not just quit.

Dan
 
Dam Ed. I really hate to see you going down this road. I thought you really had the passion but I understand the money problems. People don't fly because it makes sense financially, they fly because they can't think of what else they rather be doing.

& Ed, I'd still say your a hot comidity you just haven't found the right woman. I really do think you are quite cute and like your personality. I'd have dated you, you just didn't seem intrested when I was single and in Michigan.

If is wan't for the fact that I think you may have trouble selling the house, I would recomend a change in sceanery. It worked wonders for me.

Cheers & will you still be having the 6Y9er fly-ins or will they be over too?

Missa
 
You'll be sorry if you sell the Fireblade. No airplane, no Sportbike. Where's the excitement going to come from?
 
Ken Ibold said:
Just as you don't need a family sized airplane if you don't have a family, you don't need a traveling airplane if you don't travel and you don't need an aerobatic airplane if you don't do tricks.

Bottom line: Your uncertainty may be due to ennui caused by failure to match the airplane with what you really want to get out of flying.
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Hmmm... I think we have a winner.

Ed, how many types have you flown? What was the most fun? I get the feeling you may have been flying nothing but the Cherokee 180. Heck, your dad's got a Cherokee 180 now, so why don't the two of you share that plane, and then buy something FUN? That something could be a Super Cub on floats/skis/bushwheels, or a Pitts, or a Stearman, or whatever. You need to get out and try before you buy. Keep trying until you find the plane you just HAVE to have.

What's gonna happen to 6Y9?
 
I fear the "break" may have been made. Looks like he hasn't logged in since 1/21? I think a call is in order!
 
lawingr said:
I fear the "break" may have been made. Looks like he hasn't logged in since 1/21? I think a call is in order!
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ed has been known to dissapear for periods of time. right after Sidnaw he was out of contact for practically a month
 
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