I've found that what allows me to afford to fly is not so much how much I earn, but
how much I economize.
When I was earning my PP, I was a sporadically-employed carpenter. I'm still not sure how I ever finished, but renting a tiny room and eating a lot of rice and beans helped, along with never going out.
After getting my ticket, I eventually wised up and joined a flying club- a very sound investment in most cases. I was paying 1/2 of the normal rate for a 172 with that club, with very tolerable dues.
But I fell on harder financial times, and the club moved farther away.
I eventually had to lay off flying for almost 4 years, because I'd foolishly upgraded my lifestyle slightly in the hopes of earning more money. BIG mistake.
But after saving up for a while, I got back into it, and although my monthly income varies these days, as a lead field tech/site super for a high-end A.V. installer, I take home $45K-$55K a year. I'm not getting rich, but I can afford to fly a few times a month (when time and weather allow, which is rare lately).
BUT.
But:
-I have no wife or kids
-I have no mortgage
-I drive a 12-yr-old economy vehicle with almost 200K miles on it (go ahead and laugh-- it's paid for)
-I share a funky bohemian factory loft in not-so-lovely Newark, NJ with six other people (rent and utils is less than $750/month; about half what I'd pay for a decent one-bdrm flat anywhere in this area).
-I don't go out every weekend, and rarely eat out
-I own one suit and one pair of dress shoes
-I get my hair cut at a place where it's still less than $20 with tip
-Etc.
So now, I can afford to splurge a little on flying, and still set money aside for retirement... but not much else.
But I did do a few things wrong in the past, which is hobbling me now in terms of doing what I'd like to do next (buy a plane, upgrade my ratings, own a house with space for me to build a plane eventually).
Based on my errors, I'd advise you to:-Economize. Pare down. Tighten the belt. Budget luxuries first- but remember, if you love flying, that is not a luxury.
-Establish good credit NOW. Be careful with it. Never owe more than, say, 20% of your limit, and pay it on time every month.
-Buy property instead of renting. Again, be sensible. If you're handy or know handy people who will work for beer and pizza, buy a fixer-upper. The idea here is to put housing money in your pocket (after loan interest), not the landlord's. All that money I've thrown away... aaieee!
If you must rent housing, don't rent a place where the rent is more than your weekly paycheck. That is the magic formula. Does this mean you will live in a sh*tbox? Probably. But if you can't cover your rent nut with one week's pay, you will never get anywhere, especially if you spend money on flying. That's been my experience, anyway.
-Buy a plane. If you dig Champs, etc. you are at an advantage... they're still low-priced on the average, and very cheap to operate and maintain. They're hard to find for solo rental nowadays, but they're out there... still, owning one makes the most sense. Stay away from museum-quality light taildraggers- for half the price you can get a good plane with sound fabric and a still-viable engine. Hangaring can be a money issue with old taildraggers, but I've seen and flown a few that live outdoors and they're doing fine. That decision is a matter of juggling fixed cost (hangar or tiedown) vs potential maintenance issues (having to recover the wings a year or so sooner due to UV damage) or depreciation (paint fades, etc, making it harder to sell without losing money)... it's a tough call, depending on the weather where you live and what you want out of ownership. But if you button your plane up well when parked and fly it regularly, it can fare reasonably well outside.There are good wing covers out there for ragwings, despite what the naysayers will tell you about chafing, etc.
-If you can't buy a plane, join a club. Some clubs are less affordable than FBOs/schools that rent, but the opposite is usually the case.
A club can also be a great place to do your training (and cheaper). I still haven't decided what I'm going to do next, but if I can't acquire a plane by the end of this year I will probably join a club. Renting has cost me a lot of money I didn't have to spend to stay current, have fun and go places.