Should you invest in a private jet membership?
/Author: Amanda Shaffer
Have you ever dreamed of flying private? We know we do! Even Suze Orman, the famed personal finance advisor for America, spends half a million dollars every year to fly private. For ambitious, boss ladies like yourself with crazy schedules, flying private on the regular is definitely in your future. But, does it make more financial sense to own your plane or go for a membership? We did some digging to find out and this is what we found out!
More executives and entrepreneurs are tapping into private jet membership as it offers more value than owning a private jet individually. Investing in your own aircraft is like handling a business unit and if you are flying less than 300 hours in a year, it’s not a wise investment as mid-size jets were reported to cost annually at $1.2M according to Executive Jet Management.
Forbes recently reported that the number of jet card providers has doubled in 2018. 35 providers with over 250 programs are now available for executives who want to fly privately. This membership also entails one to a shared jet ownership, so you’ll chip in with other co-owners on the maintenance needed for the jet when flying like charges on de-icing the aircraft when flying in winter. This process has an average hourly cost of around $1000-$4000 depending on the size of the jet, so you can cut down on your usual private jet charter costs.
Jet Card Membership a Worthy Investment
Aside from private jet membership, more jet charter brokers are also encouraging jet card membership. The amount deposited on your jet card account is also withdrawable for most private jet card providers subject to a few terms and conditions, so there’s assurance that your investment won’t go to waste.
Private Jet Membership versus Flying Commercially
If you’re frequent traveler flying commercial on a first-class setting, the average tickets cost about $1,300 and are subject to available flights and other exit fees which in the long run will cost you more than getting yourself an annual membership wherein you’re given access to all premium facilities at a fixed hourly rate.
Ideal for First Time and Corporate Private Travelers
For entry-level flyers, choosing a jet card is a great way to save on hourly rates every time you fly. It’s also a plus to corporate travelers who want to stick to the budget since the card works as a prepaid account wherein you’ll deposit a set amount which is good for a few flight hours, so they don’t have to swipe for payment and incur extra fees along the way every time they opt to fly privately. Plus, rebates are offered every time you use it, so it lessens the cost of your next travel.
Innovation at Your Fingertips
Investing in a private jet membership is now made easier with private jet applications wherein you can sign in and request a jet and flight schedule within 10 hours. Depending on your choice of program, private jet charter providers will also give all-out access to several jet models.
With different types of travelers owning specific travel preferences, the best part of having a private jet membership is the flexibility you get when it comes to choice of jets, costing, and budget for your next travel. Having one allows you to fly your own terms at calculated costs, so you’re assured that every cent of your hard-earned money will be worth your next business trip. Plus, jet memberships are great sources of global partnerships too. For more information on private jet membership, consult with your trusted jet charter broker or an exclusive charter service provider.
Of course, you want to make sure that you are in a stable financial position before investing in a membership. If you are newer on your financial independence journey, be sure that you have a steady monthly income from your business and you are maximizing all of the ways you can make money. For instance, most folks have a checking account with 0% interest. Which means, they are not making any money on the funds they are essentially loaning to the bank. That’s why we’re a huge fan of Radius Bank’s Hybrid Checking Account. An account that acts like a savings account, in that you earn interest on your balance but it has the additional flexibility that checking accounts offer. Click here to learn more.
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This post is sponsored by Radius Bank.
