Robert M

Robert M

Well Known Member
*****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! :D :D :D :D

I will NEVER do that again!

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

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.
 
Reality

Very well said David!

John Clark ATP, CFI
FAA FAAST Team Member
EAA Flight Advisor
RV8 N18U "Sunshine"
KSBA
 
Yes, very well said indeed... However, as friend once said, "You can either go first class, or your heirs can go first class..."
 
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
 
No heirs? No problem!

8CW said:
Yes, very well said indeed... However, as friend once said, "You can either go first class, or your heirs can go first class..."
Click to expand...

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

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

I told my daughter recently that one year in college would buy whats needed to finish the airplane. She starts in August. My parents couldn't afford to help us with college. They never finished high school so their goal was for us to graduate from high school. I was the only one in my family to graduate from college and the military paid for that after I was discharged. We as parents try to do better for our kids. I would like for her to graduated without a burden of heavy debt. If the plane sits for awhile longer so be it. I will try to acquire more pieces when the opportunity arises. I'm paying as I go. Her college tuition and the plane.
 
How to live forever.

the last check in my account goes to to the undertaker, and it should bounce.
Click to expand...

Nope! Not for me. I'm writing the last check to the IRS, and then letting IT bounce!:eek:

I guarantee they'll hunt me down and resurrect me in order to collect on the debt. Yep- I've discovered the route to immortality!:cool:

(OK, sorry about the thread drift...)
 
Your exchange rate is all wrong!

I figured out your problem, you are using dollars instead of APU's (Airplane Units).
My friend Joe in Houston taught me this when he was building. 1 APU is $1,000. Then when you are looking on Stein's, Van's or any other website you can tell yourself or wife, "That is only 2.4 APU's, I'll take it!" 2.4 is much easier to swallow than $2,400.
Anything less than 1 APU is a no brainer, buy one or two just for safe keeping.

Then when you are done you are amazed at how few APU's it took buy complete happiness and then you build plane #2.
 
Spending it on an experimental airplane is a huge problem because recovering that money is problematic
Click to expand...

How true is this with RVs? I've sunk a lot of money into my airplane and my hangar, but have always assumed that if push came to shove and I needed to, I could get most of it back, especially once the airplane has flown-off its phase-1 and can be sold ready-to-fly.
 
Phil, That was true a couple of years ago but not now. Then a nice RV7 or 8 would sell for $100-120,000. Now the same airplanes are hard pressed to bring $75-85 or put another way less than the cost to build it. Still the RVs have the highest resale value on the homebuilt market.
One other factor you guys aren't considering is the spousal unit cost ratio. In most households it's around 3-1. She gets to spend $3 for every $1 you spend on the RV project. You must be prepared for this as most spouses will wait until you have finished the airplane before springing the kitchen re model, plastic surgery etc. Or of course worst case is AIDS. Then it could lead to NMNA syndrome that is to be avoided at all costs. Don
 
OK, I'll bite

Or of course worst case is AIDS. Then it could lead to NMNA syndrome that is to be avoided at all costs.
Click to expand...

I know that AIDS stands for Airplane Induced Divorce Syndrome, but what does NMNA stand for. A search of the forums comes up with nothing:confused:
 
I like the cost of this hobby. It makes the rest of my life seem so inexpensive ;)
 
You must log in or register to reply here.