FormerHangie
En-Route
You also have to have the wherewithal to defend your patent from infringers. If it's a large multinational that you think is infringing, good luck beating their legal team.
What job?
- Thread starter jmp470
- Start date
You also have to have the wherewithal to defend your patent from infringers. If it's a large multinational that you think is infringing, good luck beating their legal team.
Wingsofglass
Pre-takeoff checklist
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Wingsofglass
I did this (except for the family connections). I don't have a Mustang. What went wrong? My question is how much do you need to make to justify owning one? Alternatively, how much cash in the bank do you need? If you had to choose Hedge Fund Manager or Private Equity Partner, go Hedge Fund.
FormerHangie
En-Route
Well, for one thing, the family connections is the important part.
You didn't do anything wrong. What you're asking is why you didn't find an extraordinary opportunity. The answer to that should be fairly obvious. How much money are we talking to support a Mustang? If you flew it 200 hours per year, that would be $200,000 per year in direct costs, plus this fractional ownership site suggest another $250,000 per year in fixed costs, and maybe another $400,000 or so in capital costs. Maybe that's a little high, so let's say a total of $500,000 per year total. How much income would you want to have to be comfortable spending that much on a jet? $2 million? $3 million? What percentile of household incomes would that be? Something like $352,000 would put you in the 99th percentile, I'm guessing you'd need to be in something like the 99.95th percentile to have your own Mustang, so what would that be, like one in every five thousand households? Rather long odds, I would say.
There aren't all that many opportunities to become wealthy, and for the most part those that exist are much more within reach of those who already are wealthy or have connections to those who are.
etemplet
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etemplet
How much would it cost to operate a 1970's Cessna Citation? I see them for around 300K. Some have reasonable time on the engines.
Like the original poster, I was considering the cost and determining if I want to develop a money stream that would support that. Would $50K per year work for that? I would assume flying 50 hours per year perhaps a little less.
A few partners would help.
Like the original poster, I was considering the cost and determining if I want to develop a money stream that would support that. Would $50K per year work for that? I would assume flying 50 hours per year perhaps a little less.
A few partners would help.
us AAirways
Line Up and Wait
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us AAirways
flyingcheesehead
Touchdown! Greaser!
Not really. Your partners aren't going to be paying for your flight time. A Citation I is going to burn over 150 gph, so just the fuel bill is going to run you in the $600-$1200/hr range.
Maintenance costs will be insane, as they are on all pressurized airplanes, but even more so on an older airframe with the whiny engines on it. I would expect to spend anywhere from $50K/year on up to over a million in a bad year.
Also, it's going to be difficult to find partners who have the $$$ to be able to easily support a jet.
I got someone else's insurance bill once. It was for a Citation. IIRC it was nearly $30,000/year.
"Jet money" is a LOT, no matter how you slice it.
Fearless Tower
Touchdown! Greaser!
Shiny jets.....hmmmmm....
etemplet
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etemplet
LOL. I guess the saying on our motorcycle forum rings more and more true everyday. If it Flys, F_ _ _ s, or Floats. YOu are better off renting it.
I don't mind looking at 310s and Bonanzas.
Jimmy cooper
En-Route
Mustang. Try jim Beasley, MD. doctor plus law degree plus inherited a going law firm in Philly. I would like to be a Walton. Do very little yet the money just pours in although the son was killed in a light aircraft. To own a mustang, keep it correctly, learn to fly it well, I'd think around 5 mill at least. To quote warren Buffett " lucky sperm club "is best.)
hindsight2020
Final Approach
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hindsight2020
I'd be happy if I could purchase/operate a C-340. 190-200 knots pressurized burning avags is not too shabby. A 310 is close by without breaking the wage earner bank, if one can do without the pressurization. No jet money needed really, you can still cross the country in a day in both without feeling you packaged yourself in a third class mail envelope (aka mooney). What's 340 money again? 75K/yr? A 310 could be operated for less I suppose. I think Henning said 250/hr for DOC, so add double for fixed/mx and call it a cool 50K/yr. Medical professionals have that kind of reach I would think.
Dean
Pattern Altitude
Drug lord.
John Baker
Final Approach
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John Baker
Become politically involved, get really involved until you can be part of a Presidential election, and in tight with the winning candidate, then get an appointment to head up a government agency, like DHS or FAA.
If you not a woman, consider a sex change operation. Knowing the right people can be of much more value than having a great education or actually knowing what you're doing.
The object is to have one hell of a lot of money flowing in your direction with the least amount of effort on your part.
-John
If you not a woman, consider a sex change operation. Knowing the right people can be of much more value than having a great education or actually knowing what you're doing.
The object is to have one hell of a lot of money flowing in your direction with the least amount of effort on your part.
-John