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  #21  
Old 08-31-2010, 10:05 AM
gasman gasman is offline
 
Join Date: Mar 2007
Location: Sonoma County
Posts: 3,821
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I would pay off the house......... then get a loan for 30K and go look for a $50k 6A and have fun now! Tinker with the 6 to get it the way you want. And that will come to you after you fly it for a while.
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  #22  
Old 08-31-2010, 10:07 AM
bkthomps bkthomps is offline
 
Join Date: Jan 2010
Location: Destin
Posts: 1,543
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Quote:
Originally Posted by gasman View Post
I would pay off the house......... then get a loan for 30K and go look for a $50k 6A and have fun now! Tinker with the 6 to get it the way you want. And that will come to you after you fly it for a while.
what's the logic behind paying off a house and then acquiring a loan? do you really think there is a difference?
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  #23  
Old 08-31-2010, 10:23 AM
KurtB KurtB is offline
 
Join Date: Jul 2010
Location: Baton Rouge, LA
Posts: 23
Default One conservative opinion

Every situation is different, but Dave Ramsey the anti-debt money guru, with whom I tend to agree, advises that:

1. Toys should always be bought with cash, never debt,

2. Only after all other debt is paid off and and retirement and college accounts are being funded as per plan, and

3. then should not total more than 1/2 of your annual income.

Most people aren't that conservative but it does define one end of the range of reasonable (with the exteme being pure obessive mislerlyness).

I don't think that there is strong money case for building over buying a 40 year old 152 or PA28. They are cheap enough that you could park it outside and not fully insure it for example. I would certainly insure and hanger a newly built RV babe.

Of course all of life is a series of trade-offs. I fund my flying in part by driving the same old beater truck year after year.
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  #24  
Old 08-31-2010, 08:09 PM
cropdusterdave cropdusterdave is offline
 
Join Date: Mar 2005
Location: Fargo, ND
Posts: 146
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I started my tail 8 years ago and I could just barely afford it. At the time it was just me and my wife making 34K household. You never know where life will take you... in the last 7 years we've had 3 kids.... added 3 college degrees... I jumped from the enlisted ranks becomming a pilot for the Air Force ....and my wife became a nurse practitioner. Our salaries have gone up a tad. We use our baseline salaries for everyday life and use any extra money I get on deployments for the -7. For me, it would never be a financially good time to build an airplane....it's all about how bad you want it. I drive a hand me down vehicle and make DIY improvements to the same house we lived in years ago. Yeah, and you don't have to spend $100K to build a nice airplane. Sheesh...
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  #25  
Old 09-01-2010, 01:32 AM
John Clark's Avatar
John Clark John Clark is offline
 
Join Date: May 2005
Location: Santa Barbara, CA
Posts: 1,324
Default Everything...

"The happiest people don't have the best of everything, they just make the best of everything they have."

John Clark ATP, CFI
FAA FAAST Team Member
EAA Flight Advisor
RV8 N18U "Sunshine"
KSBA
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