Here's how a 33-year-old pilot earning $110,000 in Florida is paying off $32,000 in student loans while saving to buy a house. (via CNBCMakeIt)
series, which profiles people across the U.S. and details how they earn, spend and save their money.
Saria's company offers plenty of opportunity for growth: He expects his base salary to increase 10% to 15% annually over the next five years, and once he becomes a captain his earnings will almost double. "You can expect to make at least $200,000 to $250,000 a year," he says. Now he has time for hobbies, such as gardening and baking bread, and gets to see more of his fiancee. "We have more time to enjoy each other's company, and we can have a normal life with this schedule," he says.Although Saria's income is irregular, he and his fiancee base their monthly budget on a set amount. Each month, they expect to have $5,000 to work with after salary deductions for taxes, health insurance and retirement savings, even if he actually brings in more.
It's a cultural expectation. "Growing up in Asia, it's very common for kids to take care of their parents when they get old," he explains. "It's not necessarily that you take care of them by sending money — the parents expect you to be there and physically help them out through their old age. But the least I could do right now is send them money."Saria's health, dental, vision and life insurance are all deducted from his paychecks.
Saria's retirement savings are automated: 12% of his monthly income goes into his 401, and 5% goes into a Roth IRA. The exact amount fluctuates, depending on how many hours he flies per month, but based on an average of 87 hours, that's $1,148 into his 401 and $479 into his Roth IRA. In total, he has about $11,000 saved. His company also offers a 401 match up to 5%.Saria also buys stocks through an E-Trade account.
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