alicoobasta
New member
Firstly, thank you to this community for your advice and perspective. It’s a continued pleasure to be able to read and learn from the experience of this community. Following are my current positions:
——— Equity ———
Edward Jones: $64k
HYSA: $123k
Schwab: $10k
401K: $13k
Investment Property: $181k
——— Debt ———
Corolla: $13k
Investment Property: $153k
33M
Current Salary: $110k w/ add’l ~$18k comp. ($128k more or less)
Rent: $3820 (NYC)
Other Bills: ~$1k
I feel a little behind. I could've saved much more, but I've been pursuing work skills more than money for a few years. Also, I didn't get a handle of my career path until I was 26-27 y/o.
The main reason for asking for your perspective is as follows:
I'm considering a career change in the near future. I've found a love for flying and have seen so many people commenting on how rewarding and well-paying that career can be. So far, I've accumulated enough hours for a PPL and have flown for about 9 months now. This hobby and career is very expensive and continuing to fly has led me to be saving much less than I previously was. I've spent ~$15k in the past 9 months, and I'm looking at a continued expenditure of much more than that if I pursue this career.
From a financial perspective, what would you say is the best path forward? Is it best to quit the day job, focus on flying, take out some loans for the schooling and move towards this career at full speed? Or continue to spend 100% of my income (perhaps a little more) and leave my equity positions to grow? I've heard and researched the cost of getting a commercial pilots license, and it seems to be ~$100k, which I could pay for out of pocket. But it's taken so long to accumulate the cash on hand that I have, I'd hate to lose that position for a career change.
Thank you all for your input! Also, any added tips would be great. I've found a few friends who I can talk to about money things, but I've found it to be a difficult topic to discuss with parents or my social circle.
——— Equity ———
Edward Jones: $64k
HYSA: $123k
Schwab: $10k
401K: $13k
Investment Property: $181k
——— Debt ———
Corolla: $13k
Investment Property: $153k
33M
Current Salary: $110k w/ add’l ~$18k comp. ($128k more or less)
Rent: $3820 (NYC)
Other Bills: ~$1k
I feel a little behind. I could've saved much more, but I've been pursuing work skills more than money for a few years. Also, I didn't get a handle of my career path until I was 26-27 y/o.
The main reason for asking for your perspective is as follows:
I'm considering a career change in the near future. I've found a love for flying and have seen so many people commenting on how rewarding and well-paying that career can be. So far, I've accumulated enough hours for a PPL and have flown for about 9 months now. This hobby and career is very expensive and continuing to fly has led me to be saving much less than I previously was. I've spent ~$15k in the past 9 months, and I'm looking at a continued expenditure of much more than that if I pursue this career.
From a financial perspective, what would you say is the best path forward? Is it best to quit the day job, focus on flying, take out some loans for the schooling and move towards this career at full speed? Or continue to spend 100% of my income (perhaps a little more) and leave my equity positions to grow? I've heard and researched the cost of getting a commercial pilots license, and it seems to be ~$100k, which I could pay for out of pocket. But it's taken so long to accumulate the cash on hand that I have, I'd hate to lose that position for a career change.
Thank you all for your input! Also, any added tips would be great. I've found a few friends who I can talk to about money things, but I've found it to be a difficult topic to discuss with parents or my social circle.