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Warchest Advice with loan?

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    #31
    Originally posted by codedaddy View Post
    Kids are almost 5 and 8.
    So they need someone to take them to and collect them from school. Then there is the school holidays especially the summer holiday and when they are sick.

    Yes your wife could deal with it all but I've worked alongside male contractors whose wives worked in the NHS in clinical roles or where teachers. This meant it was them who were the parent who was called up if one of their children was sick. This limited their mobility to take contracts around the country.

    Edited to say: There are two earners in your family. Don't know what qualifications/skills your wife has but it may be more beneficial for the entire family for her to increase her earning potential. Yes the government has made it harder now in terms of training for other careers but it is still possible.
    Last edited by SueEllen; 3 August 2017, 12:31.
    "You’re just a bad memory who doesn’t know when to go away" JR

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      #32
      Originally posted by codedaddy View Post
      I know I have the skills and experience to do this but same time I am worried about landing just my first contract. This loan thing was suggested by a few people I know who are both contractors and perms.
      There is nothing wrong going to contracting without warchest in place from my point of view, regardless of number of kids you have. There is no good time to make a change - it is always easier to blame circumstances at sit where you are now.

      Only important thing is how valuable are your skills on the market and if there is enough buyers. If you think you have skills and experience, do you know if there is market for these skills? How much clients paying for these skills? How long you reckon it may take to find next contract if let's say your first contract will unexpectedly terminated next day?
      Do your research, figure out minimum rate you can afford and compare it with marker rates offered for your skills, ideally lowest market rates should be OK for you to survive. Basically you must be sure, that when you finally become contractor it will have positive impact on your welfare and it should be supported by numbers, not just feelings.

      When research is done start looking for the contract when you are still permie, that will help to get some knowledge about process without too much stress. Adjust CV, try to win as much interviews as possible - it is easy enough, but require some time for living in. But, again, make sure that there is contract market for your skills first, that's prerequisite.
      Last edited by Sub; 3 August 2017, 12:34.

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        #33
        Originally posted by WTFH View Post
        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?
        Don't ever think of it like that. If you start to think of it like that, you'll never take a single day off (until your breakdown).
        Best Forum Advisor 2014
        Work in the public sector? You can read my FAQ here
        Click here to get 15% off your first year's IPSE membership

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          #34
          I'm guessing OP works at a place where they have taken on a contractor. Heard they are on £350 p'day and thought 'I want that much money'

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            #35
            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.
            I was in almost exactly the same position - but mainly middle tier back end on a different stack. That was eight years ago and am now debt free. Ups and downs but very much more ups. Yes it's a risk but then so is crossing the road. Do what you feel is right. Also, take into account the points about working away from home - In 8 years I've only ever had one role locally - but then I've spent nearly 6 years in London. Don't forget you can always take the family with you if you decide London is the place for you.

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              #36
              Originally posted by ContractorScum View Post
              I'm guessing OP works at a place where they have taken on a contractor. Heard they are on £350 p'day and thought 'I want that much money'
              Where I work we have 2 contractors actually and have had them 2 years. And yes this has made me want to go contracting as one produces poor quality work and others ok and both get 750/day and they both have one simple project each where as I am juggling 6 projects because they won't get anyone else to help and even if i say so myself my work is of much higher quality.

              So why shouldn't I want to earn more? And yes the rate is fact before you question it not hear say.

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                #37
                Originally posted by codedaddy View Post
                both get 750/day
                No they don't. Not for the kind of work that you describe.
                Best Forum Advisor 2014
                Work in the public sector? You can read my FAQ here
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                  #38
                  Originally posted by codedaddy View Post
                  How would you go about a permie payoff? You mean being made redundant?
                  Yes, sorry didn't make it clear. Sometimes if they get wind if your not happy you could come to some arrangement.

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

                  I look forward to your all knowing and likely sarcastic and unhelpful reply.

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                    #39
                    Originally posted by TheFaQQer View Post
                    No they don't. Not for the kind of work that you describe.
                    Yes I've see the invoices (which one contractor put down in front of me one day and said look at this. Get yourself out there) so ye they do and I am not after that kind of money. I've been looking at contracts between 3/400.

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                      #40
                      Originally posted by TheFaQQer View Post
                      No they don't. Not for the kind of work that you describe.
                      Thing is these contractors came into a family business and direct via no agency and they've basically talked them into it. I know if they went elsewhere it wouldn't be this high.

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