Looking at the money I have yet to spend

[Robert M]

*****WARNING***** *****WARNING*****

Warning to all builders! Do not make this mistake!

My opinion is not excepted world wide but what I'm about to present here may just save your project, your marriage and possibly even your life!

In my opinion, this is the biggest mistake any builder can make regardless of the kit they are building or the stage that they are in the building process and I just made!

This screw-up can destroy the entire build process for anybody.

I looked back at the money I have spent and then looked at what I have yet to spend!

I will NEVER do that again!

If I ever think that I want to do that again I will ignore me!

[Geico266]

What possessed you to listen to yourself in the first place?

[yakdriver]

I restored a 62 Fairlane several years ago. I put all the receipts in the top of the tool box. When almost done with the project I started adding them up. I quit after I got about halfway through them as it was getting too scary. I have all the receipts for my 7 and I have a good idea of the total but I have never sat down and added them up. Don

[David-aviator]

Money is the exchange medium by which items of need and/or personal satisfaction are acquired. Like all things in life, building and flying an airplane is a matter of priority on a list of those things. IF having money in a bank (or in a shoe box) is most important, then spending it on anything is a problem. Spending it on an experimental airplane is a huge problem because recovering that money is problematic. The only reasonable and logical reason to take on a project is personal satisfaction and one needs to know the depth of the urge to fly before committing to it.

The basic needs of life are food, shelter and security. Some of us are so into flying, we sometimes come close to giving up the basic three to do it. In other words, flying can be more important than having a pot to pee in.

Yes, this must be seriously considered before deciding to follow the impulse - the result of going to an air show like OSH or succumbing to vendor advertising. The basic message of this thread is don't react to that impulse without thinking about it and running the numbers. Judging from the number of projects that come up for sale, not much of either is done. Sometimes economic circumstances change but usually the leap is made too soon before knowing what all is involved in completing a project. It reaches a point where there's no turning back and gong forward is next to impossible psychologically and financially.

When that happens, the dream turns into a nightmare of sorts. There was a time in this process when 85% of projects ended up like that. Now, with the ease of building, it is probably in the 50% range.

That is the cold, hard reality of doing what this forum is about. Dreamers need to stop dreaming a bit and consider the reality of it all - especially the money end if having money is at all important.

[John Clark]

Very well said David!

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

[8CW]

Yes, very well said indeed... However, as friend once said, "You can either go first class, or your heirs can go first class..."

[Ron B.]

I always use a high price for estimating, if this price scares me I stop. If it does not, the finish price doesn't either. Starting with a "what can I get this in the air for" will usually be quite low and end up with a scare at the end.
Ron

[John Clark]

Originally Posted by 8CW

Yes, very well said indeed... However, as friend once said, "You can either go first class, or your heirs can go first class..."

Lacking heirs, I'm going on the theory that the last check in my account goes to to the undertaker, and it should bounce.

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

[Robert M]

You guys, you are so inspiring! I love this Forum!

[Sheldon]

Be leary of 'cheap' hobbys...