When to go to school

[auto360]

Been a while since I posted. In 4 more months I'll have the money for school and then some.($80,000+) Wow, finally after all these years. But now here is my "problem" if you want to call it that. A few months ago I was transfered to Iraq from Qatar and my salary jumped a fair amount. I'm a contractor. Contract goes up for renewal in July. Even if its lost I still stand a good chance of staying employed here but no guarantee. I'm making a little over 100K and debt free(except house). Note: Not bragging..anyone can do what I'm doing. Anyway, come July, I'm set as far as money goes but while making this kind of money I have another option. Stay another year and I can pay my house off. ($86,000) and maybe avoid the poor economy in the states. Right now I rent it out which pays the mortgage. If it was paid for that would be $800 profit a month. This way I could go to school with no real money worries. I'm 34 an anxious to go to school but to think of having the house paid for in a year sounds good also plus have the money to pay for school and live on.

I'm pretty sure I would go out and try to find a part time job such as finding something that interest me like selling motorcycles or Kayaks or cleaning port-a-johns LOL. After visiting many schools I like Glacier Aviation the most so far...plus there is a Cabellas up there in Olympia that maybe I could work at.

So, stay a year past this July and pay the house off or leave this July and start school?

Matt

[Hedge36]

I want to do what you're doing.

[67november]

if I had the oppertunity to pay off my house I would, it's far cheaper to pay the property tax and insurence.

that's just me tho

[Chopperjess]

Flight school's going to be there for a while and will be there when you're ready to fly! There's no real rush. I'd pay the house off while you have the means to, because when you start out flying you probably won't be making anywhere NEAR that amount.

 

Just my 2 cents.

 

Goodluck!

[Hedge36]

Flight school's going to be there for a while and will be there when you're ready to fly! There's no real rush. I'd pay the house off while you have the means to, because when you start out flying you probably won't be making anywhere NEAR that amount.

 

Just my 2 cents.

 

Goodluck!

 

There's no rush... unless you're old, like me, looking to change careers

[permison]

The question (I am sure) we all have is "WHAT THE HECK ARE YOU DOING OVER THERE THAT PAYS SO WELL!!!!!"

[67november]

I'm 34

 

OLD? listen here ya young whipper snapper

[Chopperjess]

Yeah, that's why I said no rush! Auto's only 34!

 

Not sure how old you are hedge

[NorCalHeliKid]

Lets trade places. You can have my CPL cert and I will come take your job. What is this magical job you have? Soon, you could just buy your own R22 when all the flight schools die in the next couple years from lack of loans. Just stay where you are for another 2 years.

[Hedge36]

Yeah, that's why I said no rush! Auto's only 34!

 

Not sure how old you are hedge

 

 

I'm 36. Bunches of bills. Still throwing money at school whenever I can, though. Just... gotta... get... commercial and instrument...

[auto360]

Well, it wasn't exactly all fun and games. In Aug of 06' I took a job in Qatar($48,000), about $4000 less than what I did in the states but I would have no taxes and no expenses. Everyone told me I was dumb and shouldn't go and make "less money". Man, let me tell you. I got to the airbase in Qatar and had to put up with SO much sh!# that its amazing I perservered. Anyway, a few months ago I got a call asking if I wanted to transfer to Iraq. H#!! yes!! So, in less than 2 years I more than doubled my salary. It wasn't easy though. So much uncertainty. Still is.

My main employer is KBR but I actually work for a sub contractor for them. I kinda hated my other job but this new one I just about love. Go to KBR.com or websites dealing with overseas work. They are out there. I actually did get a VR member hired to my old job. She ask for my help and 5 months later she showed up in Qatar ready work. Matter of of fact, the first day she was there I was showing her around and as I was talking my phone rang and it was the new job offer. Never even applied! Karma? LOL. I'm not in a position to help anymore though. On this base I'm here all by myself. My boss is in Kuwait. My other job had lots of positions thats why I could help out then. Trust me though, it was not easy for her. Took over 5 months of waiting and she was getting kinda down. I guess what I'm saying is its not easy and patience is the biggest key. Focus, patience, optimisum and an ability to put up with BS like you have never before seen!! Anyway, I'm thinking carrying on too much. I'll just keep saving till July. When I find out if the contract is renewed or not then I will decide what I can do. Its not even worth worrying about though because I have no say whats so ever. Just have to roll with it.

[auto360]

Oh, yeah, I don't ever really see myself making this kind of money again. The house and school are the 2 biggest expenses and if I could get those out of the way then I would be golden. But, theres also no point in trying to get involved in any kind of serious relationship either. I me a girl (great girl, really) in Qatar and we came close to getting married. I had to eventually call it off because the reality of it is, there is no way(for me) that it would work. Always moving around, overseas...helicopter school....where after school....where the real job..etc. If I want to work in the GOM 14/14 shifts, how would that be fair to her. I'm not a homebody...not even remotely. So, I can't expect someone to just follow me around. Anyways, I have pretty much excepted the fact that I won't be in a serious relationship but too be honest I doesn't really bother me. Oh well, one more thing I don't have to worry about. I do feel a little guilty about not being a able to see my parents as much as I would like though.

Do any of you find this interesting?LOL One thing I have right now is time so excuse my ramblings because I could go on and on.....

Matt

[NorCalHeliKid]

Go to KBR.com or websites dealing with overseas work

 

Oil. I should have guessed.

[Hedge36]

Oil. I should have guessed.

 

Well, duh. Did you think there was some other reason to take a vacation in the Gulf?

[auto360]

No no, not oil. I'm in Iraq supporting the AirForce. I'm working on an Army base over here. I get to hear bombs go off at night:) Choppers flying around all day and all night long. Matter of fact, my room is very close to the flight line. I can certainly hear all those Chinooks (CH-47) hovering around. Loud, but I love it. Wake up at night to this stuff. When I used to drive over-the-road I would try to sleep near railroad tracks at night just so I could hear the trains go by. Just love that stuff.

Matt

[Parafiddle]

Pay off your house! You have no idea the financial freedom it will bring you to be debt free!! Like others have already mentioned, flight training, etc. will always be there. If you have a roof over your head that is paid off, your cost to survive (food, utilities, etc.) is VERY low in comparison, allowing you to live decently on very low paying jobs until something better opens up. Also, in a bad economy like now, you want to horde your cash as much as possible. You never know when you might need it. Stay safe over there.

 

To everyone else that thinks going to Iraq is a great way to make lots of cash - it isn't that simple. I am on my 4th deployment (this time to Afghanistan). The last one was Iraq. What most people forget about is that 12 hrs. a day, 7 days a week is the norm. I have been averaging over 100 hrs. per week since I got here and it won't get better till I leave. Also, companies don't pay people huge amounts of cash for no reason. The threat in Iraq is still very high. If you have never been on the receiving end of rocket and mortar attacks on a regular basis, you can't fully comprehend it. You can get killed on "safe" base just by being at the wrong place at the wrong time. I'm thankful for all the people that are willing to come over and provide us support, but some people also aren't cut out for the living/working conditions and hazards.

 

Auto360 - You are still young (relatively). I'm about to turn 42 and didn't start flying till I was 37. It will probably be at least 5 more years till I am in a position to pull pitch on a collective. Take your time and take advantage of the financial opportunity you have at present. If you do it right, you can set yourself up for life. Good luck.

[auto360]

Parafiddle, you are correct about it not being easy. Everything you said is true and here is the thing though. You(people in the states) may not like your job but at the end of the day you get to go home and "recover". Out here, whether your "at work" or trying to enjoy your free time, your still "here".

When I was in Qatar I did strange things such as sleeping in the company Van in a different part of base each night. Or finding empty rooms to sleep in. I climbed on top of things or tried to build stuff. Anything to break the monatany. I got away doing alot of stuff, none of it bad in reality but if I got caught I would have gotten in trouble. Actually, I did get caught a few times. Site manager and I got along great though because I am a hard worker and was always ready to help. I just got a little "too creative" sometimes. LOL

Anyway, I try to look at it all as an adventure. There are so many negatives that if you dwelt on them you would go nuts. You have to be able to seperate yourself mentally from all the BS. Maybe you have to be a little mental to even be here? Anyway, it will be a great experience to look back on.

Yeah, if I can pay the house off that would be a major accomplishment. In a sense my dream would be to fly for who I want to fly for, not because of money but because that's what "I"want to fly.

Ok, I'm off to go order a Unicycle and an RC truck. Will help pass the time!!

[delorean]

I would NOT pay off the house......In most cases, a financial advisor will tell you owning you house may give you the warm & fuzzies, but is not the best financial decision.

 

Deducting the interest from your mortgage is one of the few tax deductions left that is a sure thing regardless of your income. And usually 80/20 30y mortgage rates are lower than HELOCs or Home equity loans, so if you think you'll ever need another loan, not the best idea unless you move.

 

I would take that $85,000 and invest it in something low risk (Maybe not the best idea this week, but we're talking almost a year from now right?) Tax-free muni bond fund or something that yields the equiv. of 4-5%.

 

Pay your mortgage every month before and if you need to tap into the "nest egg" do it. If you want to go to school, and can get a loan at a low rate that you can deduct, take it! Again, you can tap that nest egg if you need to. It's going to be making 4-5%, and the interest your paying on you house is going to be 4-5% after the deduction kicks in. So basically, it's a wash, but that 85K cash is sitting in your bank acocunt rather than your house. You can use it anytime you need to rather than trying to refinance your house--which may lose value or have a higher rate.

 

I'm not saying this is the best for you or anyone else posting here, but it's just something to consider and discuss. I keep the biggest mortgage and HELOC I can leverage, and put the maximum amounts in my 401K, RothIRA, and HSA every year. I borrow on 0% APR offers constantly--in college I was floating ~$50K on between 0% APR credit card offers and turned about a $2000 profit over 18 months. It destroyed my credit score that year, but boosted it to over 800 the year after when it was all paid off on time. I gearing up for 2010 when the RothIRA contribution and income limits are waived to set my retirement.

 

With that chunk of money, you really need to speak to a financial advisor. Show them what you have and tell them what you want out of life and they'll find the best method for you to do it. The few hundred dollars it will cost you is not only tax deductable, but will pay for itself ten fold.