Simple methods how to save money for your career

Simple methods how to save money for your career
02/04/2017 pilotpatrick
methods how to save money

Hello my Aviator,

if you are considering a certain career, but struggling with the cost for the school or training, my friend and entrepreneur Fabian Fröhlich has some valuable advices for you. Especially the costs for flight training can be significantly high. That is why I received a lot of messages from individuals asking me how to save money and to make it possible to become a pilot.

Flight training can cost anywhere between 60,000€ and 100,000€+. In order to cover these training costs, many pilots will take out substantial loans with high repayments. I was lucky that my parents paid my entire training costs. This definitely took a lot off pressure during my job search. But unfortunately not every family as the finical means to support their children. But there means how to fulfill the dream of flying when struggling with the financial backup.

Methods how to save money

Since Fabian always has great ideas concerning savings and investment I asked him to support me with this blog post. At the end he turned up with some great tips how to make 70.000€  (the sum I paid for my flight training). For those who do not know Fabian yet, he is a young and successful entrepreneur, investor and lifestyle designer from South of Germany. Fabian is not a pilot and does not know the business, but the basic path is always the same.

You have to work hard, stay humble and be grateful.

How fast can I make 70.000€?

Fabian: „It won’t be able to accomplished it within a month, but it is possible. Maybe you are still a student who attends school and you have already the dream of becoming a pilot. In this situation you can already save up an incredible amount of money while still going to school. It won’t be easy, but if you really want it, it is going to be simple.

What strategy to you suggest?

I structured the my advices into five categories. 

  1. Keep your costs low
  2. Earn money
  3. Connect, so the thinks you want will be cheaper
  4. Get rid of expensive things 
  5. Let your money work for you

Keep your costs low

  • Live at home as long as possible
  • Eat as basic as possible, that is usually the cheapest and healthiest
    • Oats (protein and carbs)
    • Vegetables and fruits that are on discount (vitamins)
    • Tuna (protein)
    • Lentils (protein and slow carbs)
    • Peanuts (protein and fat)
  • Use public transportation, a bike or your feet and not your car to make it from A to B (especially short distances)
pilot patrick in new first officer uniform in berlin

Earn money

  • Make yourself a Fiverr account and translate from your native language to English. As a side effect you improve your English skills which are important for your future career. 
  • Work at your local gym. Besides earning some money,  you can usually train for free and stay fit. 
  • Work at the local airfield – any job, any wage. That will teach you a lot about aircraft and the vibes on the airfield. Maybe you can work for a flight school who offers you a discount on flight hours.
  • When you drive from A to B find offer your route online so people can travel with you and pay for the journey. In Europe the App Bla Bla Car connects passenger with a driver. 
  • Become the tenant and manager of a housing community. Rent a large apartment and provide space to others. People will pay for your residence. (the rate per square meter of a small room is much higher than for the whole apartment)
  • Sell things online you don’t really need.

Connect

  • Talk to to people at the local airfield or basically every airfield you can visit. Maybe they will let you join and fly with them for free in a small aircraft.
  • Create your own Instagram/YouTube/Facebook account and tell your story of the dream you chase. Deliver value to your community and maybe monetize your story.
  • Visit flight exhibitions and career shows. Talk to different companies and try to connect to people in the same industry. These people will teach you great things
methods how to save money

Save and earn money when working in the gym

Get rid of expensive things

  • Quit Amazon Prime, Netflix, Spotify (any of these streaming services) Instead use the time you wasted with them, chasing your dreams
  • Quit your expensive mobile contract. Compare prices and go for a basic one.
  • Quit your gym membership. See Make money
  • Sell your car if you don’t really need it. Imagine how much you can save only with insurance and the maintenance.
  • Check your insurances and regularly compare prices online. Check if you really need this insurance.

Let your money work for you 

  • Look for the bank that pays the highest interests.  Even 0.5% can sum up pretty nicely over the period of 5 years. 
  • Put the money that  you don’t need at the moment in a fixed-term deposit account (interests rates are higher)
methods how to save money

I hope that I could deliver value to you with my advices. Some are easier and some are harder to realize. But it depends on your level of commitment and obsession towards becoming a pilot. As I said, if you really want it, it is going to be simple.  

Thanks Fabian for your valuable advices and your motivating words. Lately I found out that there are plenty organisations which offer a wide variety of bursaries. They award recipients with the opportunity of valuable flying hours and sometimes sponsor of a full PPL. In the UK those organisations are: The Honourable Company of Air Pilots, the Air League and the RAF Association. Google “flying sponsorship”. Maybe there are companies in your country as well, who support cadet pilots. 

Full throttle forward you can make it!

Follow Fabian:

What is your dream job? Please comment below the article.

Positive mind. Positive life. Happy landings.

Your Pilot Patrick

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19 Comments on "Simple methods how to save money for your career"

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Rini
Guest

Pilot .. Nice advice Fabian and Patrick thanks was really helpful..

Polina
Guest

Thank you for this article, there are enough useful advices. I would like to become an actress. This is a good opportunity to live several lives, to try on a lot of images and to let out your energy. You can change the dress and hairstyle in every performance!!!)))

Dominick
Guest

Super Tipps! Vielen Dank 🙂

Emmanuel
Guest
This is an amazing blog post. I am Nigerian. I will be 26 years old in December. I got a shady scholarship from my government in 2015 to study in beautiful Romania in a Maritime School as an engineer (of which as I post here we have not received stipends since this year begun). I think I am on a wrong path in my life having studied science in high school and now engineering. But I have always loved planes. I am obssessed. I feel like it is too late for me to aspire to be anything. I mean at… Read more »
Nathy
Guest

Such an inspiring tips to learn from!

Kyo Nguyen
Guest

You is good guy. when you helped the people can doing their dreams.
Thank you very much.

Natasha
Guest

So far I am enjoying my dream job of being in the travel industry. I am not a flight attendant but get to travel often. This blog was useful. I learned about the site Fiverr. The advice is useful and encouraging. I definitely agree you are never too old. My daughter is in college and I still open myself up to learning something new whenever I can. For example taking Tango lessons.
Happy flying Pilot Patrick. Keep the blogs coming.

Himanshu Dutta
Guest

Hello Patrick.
I’m 14 and I’m from India.
I too want want to become a pilot.Your posts are so inspiring.Keep up the good work and hope to meet you some day.
Much love and all the best.

José Castro
Guest

Pilot Patrick, Fabian Fröhlich is your son?