Hi Gary!
Welcome to the forums and thanks for chiming in...
I don't have much info to go off of here since you posted very little info about yourself in your introduction... but I'll try to put the pieces together and answer the best that I can.
This is what I've derived from the info above:
- 47 years old
- Mid-life crisis
- Current non-fulfilling job
- Own home
- Possibly strung out on heavy narcotics... (just kidding!)
Seriously though... the short answer is yes, it's do-able. But you have to determine the full cost and time investment and determine if that scenario will work for you.
Things I don't know about you are your current financial situation, if you've ever flown before, do you have a family to care for at the same time, have you researched other flight schools, what type of income would you be attempting to replace now, etc.
I don't necessarily need the specifics to those questions, just more of an "idea" of your situation so that we can talk about more specific issues.
Overall though, age is not really a factor in getting hired at the regional airlines. We have lots of first officers over the age of 50 on our seniority list.
You just have to determine if you can take the financial hit at this time for training, and the first few years of instructing/probation at an airline, etc. Pay is not all that hot for many first year FO's, but with seniority comes much better pay options.
For me personally, it took almost 4 years for my pay to get back to what it was prior to becoming a pilot. We did the whole "budgeting thing", reduced our debt and outgoing expenses, stopped eating out, etc... all while having a child and moving from an expensive part of the country to a much cheaper area. So... sacrifices were definately made... but they were sacrifices that ultimately help us even today.
Personally... as bad as the industry is today, if I can help it, I don't ever want to go back to a "non-aviation" related job. I've tasted too much freedom in the air for that. But, one has to be aware that this industry is volatile with peaks and valleys every few years. As a result, you have to have a backup plan in place for the valleys.
Currently, we are in one of those valley's. I wouldn't let that discourage you too much though. I myself trained to become a pilot during one of the deep "valley" periods in aviation (post 9/11). My theory was quite simple... train to get the requisite hours and experience to be hired during the slow time... so that I'll be competitive when the flood gates open back up. It worked... and I gained a tremendous amount of seniority in a very short time as a result.
Had I waited until everyone started hiring again to begin my training... I would most likely not be a captain right now, and would possibly be hanging on to my job by a thread due to a recent furlough.
Timing is everything... luck has a lot to do with it as well. So basically you need to control what you can, be goal oriented, research and realize the good and bad parts of the industry (go in with your eyes wide open), and have a back-up plan in place.
So much for the short answer...
Looks like we have lots to talk about Gary... welcome again to the forums!
Bob