WEBVTT 00:00:00.294 --> 00:00:01.935 My name is Angelo Bautista. 00:00:01.935 --> 00:00:03.367 I'm 29 years old. 00:00:03.367 --> 00:00:07.369 I'm a Commercial Airline Pilot and I make $90,000 a year. 00:00:07.369 --> 00:00:10.770 Right now, I feel very financially stable. 00:00:10.770 --> 00:00:15.599 I think that I can afford to go out and eat if I wanted to. 00:00:15.599 --> 00:00:18.301 Compared to five years ago 00:00:18.301 --> 00:00:19.873 when I was starting in the airlines 00:00:19.873 --> 00:00:23.941 when I was making around $15,000 per year, 00:00:23.941 --> 00:00:27.008 I think I'm a lot more financially stable now. 00:00:27.008 --> 00:00:30.467 I knew that I was gonna be financially stable 00:00:30.467 --> 00:00:32.308 that's why I took this route 00:00:32.308 --> 00:00:34.164 even though it was hard five years ago 00:00:34.164 --> 00:00:37.072 and it's only gonna get better from here on out. 00:00:37.072 --> 00:00:40.216 I paid for college by working as a waiter. 00:00:40.216 --> 00:00:42.171 I could only put half of the tuition fee. 00:00:42.171 --> 00:00:43.833 My dad put the other half. 00:00:43.833 --> 00:00:48.029 I left college without any loan and through flight school, 00:00:48.029 --> 00:00:52.141 I actually acquired a $60,000 loan that I was paying off 00:00:52.141 --> 00:00:55.898 and has now been paid off and with the help of my dad 00:00:55.898 --> 00:00:59.864 and now I'm just repaying my dad without the interest loan. 00:00:59.864 --> 00:01:03.197 Typically, it costs about 60 to $120,000 00:01:04.534 --> 00:01:07.434 to attain your flight certificates. 00:01:07.434 --> 00:01:08.939 It just depends if you want 00:01:08.939 --> 00:01:11.523 a Bachelor's degree with it or not. 00:01:11.523 --> 00:01:14.002 I fortunately already had my Bachelor's 00:01:14.002 --> 00:01:16.686 so it only cost me 60,000. 00:01:16.686 --> 00:01:19.774 There are programs out there, four-year degrees, 00:01:19.774 --> 00:01:21.772 that you attain your Bachelor's degree. 00:01:21.772 --> 00:01:25.071 And after four years you also receive 250 hours 00:01:25.071 --> 00:01:26.843 and all your flight certificates 00:01:26.843 --> 00:01:29.815 but it will cost you $120,000. 00:01:29.815 --> 00:01:31.451 When I first started in the airlines, 00:01:31.451 --> 00:01:34.201 I was receiving $1200 of net pay. 00:01:36.304 --> 00:01:39.244 800 of that went to my student loan 00:01:39.244 --> 00:01:42.056 which left me with $400 a month. 00:01:42.056 --> 00:01:44.723 I allotted $100 a week for food. 00:01:46.279 --> 00:01:49.196 That left me $200 for rent and gas. 00:01:50.146 --> 00:01:52.555 I really didn't have any savings at that time. 00:01:52.555 --> 00:01:55.084 I really didn't have any emergency funds. 00:01:55.084 --> 00:01:58.090 But I knew that if I had an emergency 00:01:58.090 --> 00:02:00.386 that I'll be able to call home 00:02:00.386 --> 00:02:03.398 and have my family take care of me. 00:02:03.398 --> 00:02:06.487 The cost of living here in Los Angeles is very expensive. 00:02:06.487 --> 00:02:08.150 For what I'm paying for rent here, 00:02:08.150 --> 00:02:12.980 you can buy a house or mansion in Mobile, Alabama. 00:02:12.980 --> 00:02:16.566 My monthly gross income is $7,500. 00:02:16.566 --> 00:02:20.876 Usually 35% of it is taken out by taxes which is Federal, 00:02:20.876 --> 00:02:25.639 State taxes, Medicare, health insurance, and life insurance. 00:02:25.639 --> 00:02:29.806 I am now left with a monthly take-home income of $4,875. 00:02:31.676 --> 00:02:33.766 My monthly expenses are rent 00:02:33.766 --> 00:02:37.365 which is $1,460 for a two-bedroom, 00:02:37.365 --> 00:02:39.967 gas and electric, about $100, 00:02:39.967 --> 00:02:43.717 TV, internet, about $100, phone, $50 a month, 00:02:44.737 --> 00:02:48.904 car payment which includes gas and insurance, about $700. 00:02:49.833 --> 00:02:53.545 Fortunately I do not have any student loans as of right now. 00:02:53.545 --> 00:02:56.413 Food, about $200 a month. 00:02:56.413 --> 00:02:58.158 Other stuff like gym plans, 00:02:58.158 --> 00:03:01.781 subscriptions to Spotify, Netflix, about 200 a month. 00:03:01.781 --> 00:03:04.577 Discretionary, about $500 a month 00:03:04.577 --> 00:03:09.258 and I use it to treat my crew for a coffee or dinner 00:03:09.258 --> 00:03:11.866 because I know how much they make 00:03:11.866 --> 00:03:15.200 because I used to make what they're making right now. 00:03:15.200 --> 00:03:18.593 I also buy things for myself like clothes 00:03:18.593 --> 00:03:22.964 just to keep myself up like socks or other stuff. 00:03:22.964 --> 00:03:26.214 That leaves me about a savings of 1565. 00:03:28.351 --> 00:03:31.143 I usually use 1,000 and give it to my parents 00:03:31.143 --> 00:03:33.043 as they helped me out through college 00:03:33.043 --> 00:03:36.368 to pay their mortgage so they don't have to pay for it. 00:03:36.368 --> 00:03:40.190 My financial goals is to be financially stable 00:03:40.190 --> 00:03:42.749 and be able to pay off my parents' house, 00:03:42.749 --> 00:03:46.390 have $100,000 in savings, and hopefully be paying 00:03:46.390 --> 00:03:50.626 for a house here in Los Angeles, California. 00:03:50.626 --> 00:03:53.545 I've personally learned that money comes and go. 00:03:53.545 --> 00:03:56.462 I know taking a 60 or $120,000 loan 00:03:58.198 --> 00:04:01.691 looks really really massive in the beginning 00:04:01.691 --> 00:04:04.664 but look at it as an investment for yourself. 00:04:04.664 --> 00:04:07.287 If you are looking to better yourself, 00:04:07.287 --> 00:04:11.106 look at the 10-year plan, 20-year plan 00:04:11.106 --> 00:04:14.439 of what that $120,000 loan could achieve 00:04:15.372 --> 00:04:18.567 or that $60,000 loan could achieve down the line. 00:04:18.567 --> 00:04:21.399 Early on in my career, I was financially constrained 00:04:21.399 --> 00:04:25.405 and I've learned to prioritize my needs versus my wants. 00:04:25.405 --> 00:04:26.999 There are certain things that I need 00:04:26.999 --> 00:04:30.159 which is gas in my car, food, and clothes. 00:04:30.159 --> 00:04:32.283 Versus the things that I want 00:04:32.283 --> 00:04:35.098 which is not necessary at that point in time 00:04:35.098 --> 00:04:37.118 because I wasn't financially stable 00:04:37.118 --> 00:04:39.018 and I couldn't afford those things. 00:04:39.018 --> 00:04:43.185 Now that I'm making more money, I am able to buy those wants 00:04:45.544 --> 00:04:48.269 but I'm also learning that I can actually 00:04:48.269 --> 00:04:52.171 make my money work for me by investing it or saving it, 00:04:52.171 --> 00:04:56.088 doing IRAs, and having that financial stability 00:04:58.122 --> 00:05:00.880 and freedom much later on in life.