For anyone thinking of taking out a loan

I heard this the other day, went through about 3 minutes of it before I was laughing too hard.

It'll get better guys. Dinner bell is a ringing.
 
I agree with not taking out big loans. I suspect a lot of members here feel the same. However I also have sympathy for those that do take the big loans regardless of their parents advice. Live and learn.
 
Wise advice not going 200k in debt for an airline job. Quality education and flight training is attainable for a much lower price

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I'm really not a fan of his no debt for any reason ever philosophy, because, well that's far too basic of a take on finance, and precludes better ways to handle money. That said, I certainly agree with him here, at least in the amount.
In the case of my certificates and degree, looked at as an investment, my increased earnings compared to a job I would have taken out of high school instead, the difference in money alone makes the couple grand I paid in interest look like pennies.
 
He's a very wise man. A trait not found too often anymore.

I read his Total Money Makeover book a couple of years ago. At the time, I had a healthy five figures of debt due to [drum roll please!]...flight training. While I disagree with some of his viewpoints, it's hard to bash a guy for telling you to pay yourself rather than others.

Although the "gazelle-like intensity" is cheesy, I give him a great deal of respect. Because of the book, some members of my family went to "cash only," and I knocked out the loan.

And I regularly share his "Drive Free, Retire Rich" with First Officers. Regularly.

 
z987k said:
I'm really not a fan of his no debt for any reason ever philosophy...
Click to expand...

That is my stance, too...without the nitty gritty details. But I will give him credit...if we started callin' 'em debt scores instead of credit scores, we might not want a high one so much...

Or instead of sayin', "My credit card company raised my credit," we said, "My debt card company raised my debt limit," we might view it differently.

Anyway. He has excellent points. I respect the man. And I respect a man who hates debt. :)
 
Every one of my flight students who was a business owner abhorred debt. I also knew some kids whose families owned businesses. Same thing. This education mania needs to stop, in my opinion. Stop patronizing the most expensive schools as if that is a guaranteed ticket to the good life. Higher education is charging so much because they can. There are many different reports on the rocketing cost of higher ed. I have met several pilots with over six figures in total education related debt. My mind is blown. I think Dave Ramsey gives some food for thought at least.
 
stormchaser said:
That is my stance, too...without the nitty gritty details. But I will give him credit...if we started callin' 'em debt scores instead of credit scores, we might not want a high one so much...

Or instead of sayin', "My credit card company raised my credit," we said, "My debt card company raised my debt limit," we might view it differently.

Anyway. He has excellent points. I respect the man. And I respect a man who hates debt. :)
Click to expand...
I LOVE my credit card. I can't get anyone else to pay me every month for using their money... for free.
 
It amazes me to see folks going into debt in their first hour of training. Flying is expensive, but I still see many folks willing to pay retail.

Quoting myself from an earlier post:

"I can't get my head around the debt many young men are getting themselves into. In 2009, I ran into a kid that had an interest in flying for a living. I recommended that he not go into debt and get the most flying for his dollar. I suggested buying block time. The street-smart kid found a school in an end of month cash crunch and bought 100 hours of 152 time for $5k cash. This was $19 an hour cheaper than their normal rate. I ran into the same kid a few months ago and he had his commercial and was still debt-free. He had an associates degree, waited tables and landscaped, lived at home, and drove a 50cc scooter. No debt, no rent, no car payment, no car insurance, no car registration, no wife, no kids, no fancy clothes, eats for free, goes to dollar movies, drinks cheap beer, orders from the dollar menu - I think he has a better chance at the big time than most ERAU grads. Debt and kids can kill a self-financed aviation education."

http://forums.jetcareers.com/threads/a-theory.180858/page-3#post-2140361
 
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