Training costs can reach $70,000. ‘It can be close to a decade before a new pilot sees any kind of return on their massive investment,’ Hugh says.
Hugh, 24, has long had aspirations of taking to the skies. After he graduated university, Hugh enrolled in private flight classes and started working at a small local airport to cover some of his expenses. There, he earns about $30,000 a year.
“It can be close to a decade before a new pilot sees any kind of return on their massive investment,” he says. Hugh is worried about taking on this massive debt and wants to know what he should do to keep his finances in line while he goes through his training.The expert: Jason Heath, managing director at Objective Financial Partners Inc.
Hugh’s income is too low to benefit from RRSP contributions. I would be saving in a TFSA account and keeping the funds in a low risk or potentially no-risk option like a high interest savings account. Recent stock market volatility has shown the risk of keeping money you need soon in stocks. The Toronto Stock Exchange is down seven per cent year-to-date and the S&P 500 is down 21 per cent as of June 15.
: “This week’s total spend was similar to the first, with exceptions for a gift,” Hugh says. He plans to follow some of Heath’s advice, and says he will be borrowing through a student line of credit to finish his commercial license.
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