Demystifying Private Aviation: How to Fly Like a Lifestyle Investor

What if you could fly to a foreign location for lunch or dinner on the same day that you returned home? In reality, you don’t have to be Jeff Bezos or a Kardashian to enjoy private aviation freedom.

Don’t believe me? Well, Nik Tarascio has shown it’s not just for the rich and famous.

Nik is the CEO of Ventura Air Services, an aircraft sales, maintenance, and charter service company. A licensed pilot, Nik is also the author of “Own Your Own Plane: It Costs Less Than You Think.” Also, as a pilot and industry leader, he has worked with and served influential leaders in politics, medicine, entertainment, the arts, and philanthropy.

Additionally, Nick has been licensed as a pilot since 13 and is rated to fly jets, turboprops, and piston aircraft, including Learjets. Additionally, he is a certified aircraft mechanic, avionics technician, and experienced aircraft salesman.

That being said, no one can guide you better to finding ways to become an owner without spending a fortune.

Beyond Luxury: Nik’s Journey to Democratizing Private Aviation

Having grown up surrounded by airplanes at his family’s flight school, Nik developed a passion for aviation at an early age. Despite this, he wasn’t solely driven by personal interest when he entered private aviation. By breaking down the traditional barriers to entry into this world, he was able to make it more accessible to everyone.

A common misconception Nik tackles is the idea that private jet ownership is only for the ultra-rich. Considering that a used ultra-long-range heavy jet can cost between $20 million and $30 million, and a new one can cost up to $65 million, that’s a reasonable assumption.

In reality, most individuals utilize financing options and benefit from significant tax benefits associated with aircraft ownership. Additionally, these tax deductions, including accelerated depreciation, can make owning a private jet a surprisingly sound investment.

To put it another way, don’t worry about having to pay a ton upfront. Instead, most people finance their aircraft, which allows them to take advantage of huge tax deductions. Due to this, they can accelerate depreciation and offset tax liabilities, allowing private jet ownership to be a sound financial decision.

In addition, Nik’s entrepreneurial spirit and vision for democratizing private aviation go beyond the numbers. Even though the industry has a reputation for elitism, Nik wants to make it more accessible. The spark that propels his success is a combination of his passion for aviation and a genuine desire to help others.

The Pilot Mindset: Taking Control and Making Connections

The road to Nik’s success wasn’t always smooth. Initially a musician with no business experience, he quickly adapted to the business world. As a result of this experience, he developed a framework for success called the “pilot mindset.” This means just like taking off on a runway, setting clear goals and staying focused are key to success.

Also, in Nik’s perspective, flying is more than just reaching a destination. It is a way for him to build relationships. For his passengers, he creates lasting memories through shared experiences on private flights.

As Nik says, “I fly to build connections and to create something really special. And that’s what I think airplanes are really all about.”

Unlocking a World of Possibilities

In addition to offering unparalleled access to smaller airports, private aviation opens up a world of travel possibilities. Imagine going to secluded islands or remote getaways that commercial airlines can’t reach. Block Island, for example, is an island off the coast of Montauk in New York. Its runway is so short that an airliner couldn’t land there, Nik says. 

For people who value convenience and exclusivity, flexibility and efficiency are major advantages. Plus, as Nik puts it, “It’s just it’s a way of it’s an interface that is so different from any other means to be able to connect with the world, shave hours off of getting to and from places as well.”

Ownership vs. Usage: Finding the Right Fit

In order to understand the complexities of plane ownership, you should evaluate your flying habits, budget, and priorities. Would you consider yourself a frequent flyer, logging more than 150 hours annually? Or do you fly occasionally, logging less than 150 hours annually? It is important to realize your usage patterns so that you can narrow down the ownership options that are most suitable for you.

Ownership Models:

• Full Ownership. The benefits of owning a plane outright include the ability to schedule your travels according to your own schedule. There are, however, significant upfront costs, ongoing maintenance expenses, and operational responsibilities associated with it. When individuals or businesses are committed to private aviation for a long period of time, full ownership is usually recommended.
• Fractional Ownership. A fractional ownership agreement allows multiple individuals or businesses to share ownership of an aircraft, splitting the cost and usage rights proportionally. There are still substantial financial commitments and administrative complexities involved in fractional ownership, despite its cost savings compared to full ownership. Investors seeking a middle ground between full ownership and chartering should consider fractional ownership.
• Jet Cards. A jet card allows users to purchase prepaid hours or trips for private jet travel. With a Jet card, you can enjoy flexibility, convenience, and long-term financial stability without having to commit to long-term ownership. It’s a good choice for occasional flyers who prioritize convenience and value predictable pricing.
• Chartering. With chartering, you can rent an entire aircraft for a single trip, which is flexible and offers minimal upfront costs. For one-time or sporadic flights, chartering allows travelers to select aircraft according to their particular needs. In comparison to ownership, chartering may incur higher costs per hour because it provides on-demand access to private aviation.

Another thing to consider? Picking the right aircraft. 

Factors such as passenger capacity, travel distance, speed, and personal preferences all play a role in selecting the right aircraft type. From small jets to turboprops and larger jets, each category offers features and capabilities that suit the travel needs of different passengers. When evaluating aircraft options, keep your typical travel requirements and comfort preferences in mind.

Navigating the Pitfalls

While private plane ownership can enhance travel convenience and efficiency, it’s crucial to approach it with caution to avoid common pitfalls. Beware of overextending your finances or succumbing to the allure of status symbols without considering the broader implications. Prioritize meaningful connections and experiences over material possessions, recognizing that true fulfillment stems from personal relationships and purposeful living.

Conclusion: The Sky’s the Limit

No longer are the privileged few the only ones who enjoy private aviation. Even so, not everyone should own a plane. Don’t overextend yourself or succumb to the allure of status symbols without thinking about the consequences. Instead, focus on meaningful connections and experiences instead of material possessions, because true fulfillment comes from these meaningful relationships.

Featured Image Credit: RDNE Stock Project, Pexels; Thank You!