The airline industries are fighting the pilot shortage by increasing starting salaries to upwards of $100,000 for some positions, while hiring new employees by the thousands. A lot of first officers are getting a chance to occupy some of the most prestigious jobs in the industry. Our industry will give you proper guidance on what you can do with a $100K salary so lets focus on that.
If you land a position, what type of lifestyle can you expect making $100K? Assuming you have little to no debt and are responsible financially, this level of salary opens up a lot of opportunities. You’d be able to live in a nice location, whether you’re single or have a small family, while traveling the world and saving for retirement, among other great benefits.
Save For Retirement
Rookie pilots should pay particular attention to this point. Being responsible with your high-paying salary should mean stashing away a little bit of every paycheck when possible in a brokerage account or tax-advantaged 401K or IRA. When making $100,000, you can save more in less time, while still having plenty left over for living expenses and spending money. The general rule of thumb is to save 10 to 15 percent of your pre-tax income a year. After a while, and placed in the right accounts, your savings will accrue interest and start making money for you.
Buy (or rent) An Airplane
There may be no better way to spend your hard-earned money. For first time airplane buyers, you will normally have to put down 15 percent up front, have a credit score of 700 and provide several months of payments. And, you have to deal with storage, maintenance and licensing costs. So keep saving. On the other hand, renting a plane is now well within your budget with a $100K salary. Flying becomes an everyday opportunity.
Travel On A Whim
When you make about $100K a year, then you can stash some away for special vacations. From luxury shopping trips to private island rentals to exotic adventures across the world and so much more, almost every travel opportunity is within reach. Paired with free flights from your employer, you can vacation around the world, enjoying five-star hotels, fine dining and first-class travel.
Pay Down Debt
One of the smartest uses of your new income is to pay down existing debt, should you have any. This could apply to things like flight school loans, lines of credit, car payments or mortgages. Start with the highest-interest payments first when you have multiple sources of debts, as long as you have an emergency fund that covers three to six months of expenses.
Reach The Happiness Threshold
According to a recent study from Purdue University, the ideal income point for a person’s emotional well-being is no more than $75,000, while the best salary for overall life satisfaction is $95,000. In other words, you’ll be making the right amount of money to feel secure and satisfied in your personal and professional life.
Pick Up A Luxurious Hobby
At this point in your career, you deserve to unwind outside of work. A great way to do so is by indulging yourself in a new luxury hobby. Whether it’s collecting pilot watches, sampling fine wines or perfecting your golf game at a country club, $100,000 will give you enough money to join the ranks of the elite.
Take To The Water Or Hit The Road
If you’re a lover of the sea, a boat is another fun toy you can sink some money into. According to one source, the average cost of a new boat starts at about $40,000, while the average cost of a used boat is between $10,000 and $20,000. If you’re more of a road warrior when you’re not in the sky, motorcycles may pique your interest because they can be thrilling to ride and more affordable than a boat. Normal prices for a motorbike range between $4,000 and $20,000.
Ready to make a professional pilot’s salary? Inflight has a training program for you.
Now that you know some of the luxuries that a $100k salary can bring you, it’s time to get on the path toward a better career and financial future. If you’re searching for professional pilot training programs, then turn to the instructors at Inflight Pilot Training – we’ll develop a lesson plan that’s tailored toward your career goals.
Many of our students go on to work professionally as pilots through our commercial and airline transport licensing programs. With one of the best pass rates in Minnesota, you’ll be in good hands when you choose our professional pilot training services.
Let our diverse team of CFIs elevate your learning experience as you take to the skies. If you’re interested in learning more about Inflight programs, contact us today or call (952) 698-3000.
