I have concluded my engineering work, obtained a first-class medical, and am officially a bright-eyed and bushy-tailed career changer. This is something that I have always wanted to do, and I even though I am getting a late start, I see it as a better path to cash, prizes, and time off than even if I had maximal success as a technically-minded aerospace engineer. So I am excited to get started. I am soon to be 40 and have a private pilot certificate with 100 hours. The name of the game is to get the rest of the ratings and 1400 more hours in an expeditious manner. The two options I am considering:
1. A fast-paced, high-volume Part 141 school (has the cadet programs and all that) at an airport that is 25-40 minute drive from my house, depending on traffic. Instruct at said school to build time. 20-22 month time-frame until I am airline-ready.
2. Buy my own airplane and hangar it at an airport that is 15 minutes from my house (traffic never an issue, hangar availability TBD). Obtain training from an independent CFI. Fly this plane obsessively to build time while doing some interesting cross-countries. Maybe mix in some part time CFI work. Potentially airline ready much faster (12-15 months). Side note, flight schools at this more convenient airport are sparse and do not currently have availability.
I worked a decent paying job while living frugally for the past 15 years, so have the financial arrows in my quiver to go after either of these possibilities. But because of that ingrained frugality, it is taking me a minute to wrap my head around buying a plane. But at my age, getting ahead by a year seems like it could be worth the extra cost. What say the peanut gallery here?
49 years old, just started at a Majorish-LCC.
If you are *absolutely sure* that 121 is the goal and what you want, then there is a reason that the cliche "Seniority Is Everything" gets repeated a lot. Because it is. For that reason I would say quitting the full time job and instructing and/or flying as much as possible is the best path; some place like ATP, for example. I know people like to bag on ATP a lot, but I've personally flown with multiple pilots who went through their program (some of them members of this very site) and all of them were solid, conscientious, safe pilots. It's very, very expensive, but you get out of it what you put into it, and if you have the financial resources, it's hard to argue the results. One of their former senior instructors is a good friend of mine, who traveled all over the northeast teaching their own instructors, and I can put you in touch with him if you want a perspective on that.
As for the options you enumerated....
Option 1 can work out well, especially if you're still working. This is basically what I did - but I spent 3-4 years getting to that point, and then 4 years instructing part time. I would have cut my time in half by doing it full time, and that 4 years saved would have gotten me more ahead of the current hiring wave than now. But I couldn't afford to do that so part time it was. The other advantage is that I had zero training debt. That is *huge* when you are taking a pay cut from a solid engineering gig with (in my case) significant commissions and bonuses down to airline pay for the first few years.
I *also* did Option 2. I bought a small airplane, I spent a lot of time and money upgrading it, I flew it for 3 years, and I just closed the sale on it yesterday. This part I didn't exactly do
correctly for two reasons: first, I didn't fly it nearly as much as I thought I would - I'd figured on 250-300 hours a year, and it was more like 110-115. Part of that was due to the abnormally long downtime during a major upgrade, but even without that, I'm not sure I would have flown as much. In terms of time-building, the math tends to work out to this: if you're going to fly <250-300 hours a year, it's actually cheaper to rent. I wanted a speedy XC machine, which I had. But when you're time building, 85 knots is fast enough. Boring, but fast enough.
Something that doesn't get mentioned enough is flying clubs - in your case I would strongly recommend you look into a club that would allow you fairly high utilization. You didn't say where you are geographically; if you share that, we might be able to make some recommendations.
But I want to go back to the first paragraph. Seniority is everything. If I had started pursuing my ratings when I first joined this website, there's a pretty good chance I'd be sitting, if not CA, then very senior FO at any number of places making the kind of money that I could feel very secure about going into retirement. That was 2006-ish, I think. And even when I decided...almost 10 years ago....to pursue this thing for real, I made other decisions about running "real life" in parallel to this one. I had a lot of great experiences with people who are important to me, but I traded a lot of seniority over time for those experiences. 97% of the time, I don't regret that slow-roll into the career at all. 3% of the time, I wish I had just dove in immediately and knocked it all out faster. 121 is a lifestyle game. The aviation part of 121 is formulaic and kind of boring. Which is as it should be.
The calculus of your decisions will follow a similar path. When we're older, the ties that bind are stronger, the roots are deeper, and the things we do have some pretty broad secondary and tertiary effects on the ones around us. You can ease in, like I did, or you can rip the bandaid off and go full bore. Neither path is better or worse in and of itself - it's only better or worse in the context of your goals and needs in life. I do think semi-full-time instruction and a flying club are, perhaps, the best possible balance, but that's a decade of anecdotal experience talking.