The “Pay as You Go” system is paying for your training as money is available. This system works if you organize your training and cost ahead of time and anticipate your overall training expense.
For example, you estimated that your Private Pilot License will cost $10,000 and you have $4000 on hand cash to devote to your training. This leaves $6000 that needs to be supplemented to meet the $10,000 budgeted cost.
Estimate the training time to get your license. In this case, let’s estimate that it will take 6 months to get your Private Pilot License. That’s the equivalent of 26 weeks. Now take the $6000 shortfall and divide by 26 weeks which is $230 per week. You need $230 each week in addition to the $4000 cash already available to pay for your license.
If you have $230 each week to devote to your pilot license, great. If not, considering getting an easy part-time job to pay for the $230 per week needed to pay for your training. Earn extra income by working for Uber or Lyft or getting a part-time job working as an Event Security Staff Person. Just go on Indeed.com and type in Event Security and put in the area you live in to find part time jobs. This will easily give you the extra money to pay for flight training.
Apply this to all your training and you have an easy system for paying for your training without going into major debt. Use a combination of on-hand cash plus weekly expenses dedicated towards your training. If you don’t have any on-hand money, then consider delaying training 6 months to a year and save the money or take out a private loan to have money on-hand for training.
It will take approximately $60,000 to go from zero hours to get your flight instructor license in 2 years. Once you obtain your flight instructor license, you’re getting paid $30 to $60 per hour to train others.
Now you can self-finance all other licenses and ratings such as the Multi Engine rating and additional flight instructor ratings like the Instrument Instructor and Multi Engine Instructor. You can also pay back personal loans taken earlier to get the required licenses and ratings leading to your initial Flight Instructor Rating.
Pay as you Go is a system of paying for training out of pocket every week. It’s better if you can add money already on hand. If no on-hand money is available, you may be able to obtain scholarships to help with financing. If you don’t have the extra money to pay a per week training cost, then work easy part-time jobs to fund your per week training cost.
It’s that simple ! It minimizes your training debt because you pay as you Go !
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