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  1. #21

    Fingers like lightning

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    Quote Originally Posted by codedaddy View Post
    Thanks for your advice. One of those hard decisions.

    I know contracting won't be easy but I feel it will improve our lives financially and allow me to get my finances in order sooner than staying perm.

    if only I could pick the winning numbers.
    Nonsense. If you don't have the discipline to be more prudent with your money whilst you're a permie, you'll never do it as a contractor.

    NLUK is right. You should have a sizeable warchest built up before you jump into contracting. Of course, it's possible that you could jump into contracting with no warchest and a loan hanging over you, just as it's possible you could trek across the Sahara desert by winging it with nothing but the shirt on your back, however, you're far more likely to fail this way, so why make things significantly more difficult for yourself?

    Unfortunately, you seem to be motivated by the wrong things and are looking at contracting with a grass-is-greener attitude.

  2. #22

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    Default Warchest Advice with loan?

    Thanks for all the replies people. Liked them just to show I have read each one.

    So I do have a mortgage, wife and 2 kids. I do get a pretty decent wage permie at 45k but I have that much going out paying off debt which added over the years after looking after my family and never getting my original pay rise constantly until recently.

    Jobs pretty stable been here 5 years but it's a bit toxic and getting worse all the time. More reason to leave.

    My skill set is full stack developer. I have a wide range of different experience and am very good at what I do even if I say so myself.

    Looking for frontend role or javascript role ideally.

    I admit the 6 month savings thing has me beat as I know that will not happen for a very very long time.

    Edit

    Wife does work weekends but not enough money to cover us although she has said she could work more in the week if it's helps moving jobs

  3. #23

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    Quote Originally Posted by billybiro View Post
    Nonsense. If you don't have the discipline to be more prudent with your money whilst you're a permie, you'll never do it as a contractor.

    NLUK is right. You should have a sizeable warchest built up before you jump into contracting. Of course, it's possible that you could jump into contracting with no warchest and a loan hanging over you, just as it's possible you could trek across the Sahara desert by winging it with nothing but the shirt on your back, however, you're far more likely to fail this way, so why make things significantly more difficult for yourself?

    Unfortunately, you seem to be motivated by the wrong things and are looking at contracting with a grass-is-greener attitude.
    Ye when it comes to the debt you don't know the full story behind it so not really fair to say that. I don't just go out and say I'll buy PS4 and put on credit card etc.

  4. #24

    Contractor Among Contractors

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    Quote Originally Posted by codedaddy View Post
    Thanks for all the replies people. Liked them just to show I have read each one.

    So I do have a mortgage, wife and 2 kids. I do get a pretty decent wage permie at 45k but I have that much going out paying off debt which added over the years after looking after my family and never getting my original pay rise constantly until recently.

    Jobs pretty stable been here 5 years but it's a bit toxic and getting worse all the time. More reason to leave.

    My skill set is full stack developer. I have a wide range of different experience and am very good at what I do even if I say so myself.

    Looking for frontend role or javascript role ideally.

    I admit the 6 month savings thing has me beat as I know that will not happen for a very very long time.
    No chance of a permy payoff? Seems like you need another job, not necessarily to start contracting. On top of the warchest you have IR35 (a nasty minefield, see all the threads about it on here) and also actually running a LTD company (if you don't go brolly). Not wanting to put you off, but lifetime permies tend to start contracting without any knowledge of these things.

    qh
    He had a negative bluety on a quackhandle and was quadraspazzed on a lifeglug.

  5. #25

    キツネの帽子をかぶる

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    If you're single you can take more risks than if you've got dependents.
    If you've got very few outgoings and no debts, you can take more risks

    When you're contracting you have to manage your finances far tighter than when you're permanent - make sure you have enough cash to last you 6 months without work, make sure your spending is under control, don't spend what you haven't got, and don't expect to get a loan easily.

    I'd say get your spending and finances under control, work hard at your job for a few years and then think about it again.

    Contracting isn't just an employment choice, it's a lifestyle choice.
    How much are you prepared to give up to be a contractor?
    If your contract is on site where you need to stay away from home 5 nights a week, how will the family cope?
    If you are working from home, do you have somewhere you can make your office?
    If you are used to taking a 2 week holiday, can you afford 2 weeks lost income as well as the cost of the trip?
    ...and if you are not working, how will you pay the bills - not just any loan repayments, but the mortgage, food, electric,...
    Strong and Stable Moderation

  6. #26

    I live on CUK

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    Quote Originally Posted by codedaddy View Post
    Thanks for all the replies people. Liked them just to show I have read each one.

    So I do have a mortgage, wife and 2 kids. I do get a pretty decent wage permie at 45k but I have that much going out paying off debt which added over the years after looking after my family and never getting my original pay rise constantly until recently.

    Jobs pretty stable been here 5 years but it's a bit toxic and getting worse all the time. More reason to leave.

    My skill set is full stack developer. I have a wide range of different experience and am very good at what I do even if I say so myself.

    Looking for frontend role or javascript role ideally.

    I admit the 6 month savings thing has me beat as I know that will not happen for a very very long time.

    Edit

    Wife does work weekends but not enough money to cover us although she has said she could work more in the week if it's helps moving jobs
    As I said get yourself another permie job as there are jobs out there with higher salaries especially if you are in London and the SE.

    One thing no-one pointed out to you is that often contractors, unless they are very lucky, have to work away from home during the week for some or part of the week to have almost continuous contracts. If you don't do that then you can have months or even over a year out of a contract. This is particularly true if you live outside London and the SE. Even if you do live in that region expect to commute 2 hours one way as your contract could be at the opposite end of the region to where you live.

    If you have to take a contract away from home and your wife works weekends then if you are away all week then you won't see each other. In other words you would get home tired on a Friday night after commuting across the country then have to deal with your kids on your own. These kids who don't see you in the week.

    It would be a start to get your wife to work in the week but it does depend on the age of your children.
    "You’re just a bad memory who doesn’t know when to go away" JR

  7. #27

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    Quote Originally Posted by quackhandle View Post
    No chance of a permy payoff? Seems like you need another job, not necessarily to start contracting. On top of the warchest you have IR35 (a nasty minefield, see all the threads about it on here) and also actually running a LTD company (if you don't go brolly). Not wanting to put you off, but lifetime permies tend to start contracting without any knowledge of these things.

    qh
    I know how to run a business as was freelance for 4/5 years for agencies. But quite a few started closing down and work dried up, a friend said come work where he worked, they're were looking for a dev. So just thought ok I'll give it a go and get some steady money. 5years later in now ready for a change again.

    I know of these contracting situations with ir35 etc. I still have much more to read up on the whole thing.

    Do you manage to avoid it ok in your sector?

  8. #28

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    Quote Originally Posted by SueEllen View Post
    As I said get yourself another permie job as there are jobs out there with higher salaries especially if you are in London and the SE.

    One thing no-one pointed out to you is that often contractors, unless they are very lucky, have to work away from home during the week for some or part of the week to have almost continuous contracts. If you don't do that then you can have months or even over a year out of a contract. This is particularly true if you live outside London and the SE. Even if you do live in that region expect to commute 2 hours one way as your contract could be at the opposite end of the region to where you live.

    If you have to take a contract away from home and your wife works weekends then if you are away all week then you won't see each other. In other words you would get home tired on a Friday night after commuting across the country then have to deal with your kids on your own. These kids who don't see you in the week.

    It would be a start to get your wife to work in the week but it does depend on the age of your children.
    Kids are almost 5 and 8.

  9. #29

    Contractor Among Contractors

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    Quote Originally Posted by codedaddy View Post
    I know how to run a business as was freelance for 4/5 years for agencies. But quite a few started closing down and work dried up, a friend said come work where he worked, they're were looking for a dev. So just thought ok I'll give it a go and get some steady money. 5years later in now ready for a change again.

    I know of these contracting situations with ir35 etc. I still have much more to read up on the whole thing.

    Do you manage to avoid it ok in your sector?
    Private sector yes. How long it will stay like that (given the Pubic Sector and IR35 changes that kicked in last April) who knows?

    qh
    He had a negative bluety on a quackhandle and was quadraspazzed on a lifeglug.

  10. #30

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    Quote Originally Posted by quackhandle View Post
    No chance of a permy payoff? Seems like you need another job, not necessarily to start contracting. On top of the warchest you have IR35 (a nasty minefield, see all the threads about it on here) and also actually running a LTD company (if you don't go brolly). Not wanting to put you off, but lifetime permies tend to start contracting without any knowledge of these things.

    qh
    How would you go about a permie payoff? You mean being made redundant?

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