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Warchest Advice with loan?

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    #61
    Originally posted by northernladuk View Post
    Oh and there are the right he had as. A permie. They are benefits we don't have.

    He can get caught having a kip in the bog a couple of times before they can sack him. We don't have that. Very risky business kipping in the loo's as a contractor. Takes a lot of skill and gumption.
    If a permie and a contractor get in an argument, the contractor is always sacked. Regardless of who is right.

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      #62
      Originally posted by le3ky View Post
      Similar to my situation. 2 very young kids, wife doesn't work. Had a decent permie wage (slightly higher than yours) and a bit of manageable debt.

      I was hiring a lot of contractors in my permie role, who were to say the least junk. So I thought why the hell can't I do this? Reasons for contracting? Making more money, paying off my debts, living a comfortable life (not just "getting by", but not being "rich" either).

      Let me give you another perspective to many in this thread.

      I have been in my current contract for just over 4 months, and in total I've taken home what amounts to a few grand less than my permie salary take home for a full year (50% wife shareholding helps a lot).

      Obviously I have had to pay accountant fees, but not much else on top of that (my accountant includes my business insurance). Contract is very likely to last the whole 12 months at least. So if I wanted to live as I used to on my permie salary, I could take the whole of 2018 off.
      Thanks for sharing. Exactly same situation. Also not sure if I missed it out but I'm not in stupid debt. It's manageable

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        #63
        Originally posted by BrilloPad View Post
        If a permie and a contractor get in an argument, the contractor is always sacked. Regardless of who is right.
        I'd like to think that was case here but they've gotten pretty cosey and everything they say goes now. My teams word has become worth nothing now.

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          #64
          Originally posted by codedaddy View Post
          Thanks for sharing. Exactly same situation. Also not sure if I missed it out but I'm not in stupid debt. It's manageable
          By "manageable" are you paying off a % of the debt each month, or is most/all of your repayment the interest on the debt?
          …Maybe we ain’t that young anymore

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            #65
            /thread.
            'CUK forum personality of 2011 - Winner - Yes really!!!!

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              #66
              Warchest Advice with loan?

              Originally posted by WTFH View Post
              By "manageable" are you paying off a % of the debt each month, or is most/all of your repayment the interest on the debt?
              No I'm paying big chunks off each month and not interest. Trying to earn extra money all time so can pay it off quicker. Some months I manage bigger chunks than others. Just depends on what inconvenience occurs. Like unexpected car repairs etc. Life in general.

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                #67
                Originally posted by codedaddy View Post
                No I'm paying big chunks off each month and not interest. Trying to earn extra money all time so can pay it off quicker. Some months I manage bigger chunks than others. Just depends on what inconvenience occurs. Like unexpected car repairs etc. Life in general.
                And based on your current rate of repayment and your family budgeting, when will you have your debt cleared?
                …Maybe we ain’t that young anymore

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                  #68
                  Originally posted by Sub View Post
                  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.
                  I like.
                  Its all about the market, all about building contacts, all about being flexible (really important), about having an appetite for risk and having a completely different mindset. Everyone in my field has the potential to remove the food from my plate. It's my job to keep my skills up and make myself as attractive to the market as possible. There are some top contractors on this forum who will probably never be out of work unless there's a change in demand for their skills because although they may work in a competitive field, they have great contracting experience and superb contacts. Some are in the position of never getting their roles through agencies but through word of mouth. Your first gig is only ever the beginning. I had no idea of anything when I started contracting, not a clue. Didn't do any research or get any advice. Frankly, I was pretty blessed because it could all have gone horribly wrong. I was quite risk averse before starting this life and I suspect if I had done the research I wouldn't have started, but that's only because I was a scaredy cat. The Programme Manager I worked with at the time said he'd been a contractor for 25 years and I'd be good at it, so I thought what could possibly go wrong? . I've learned so much from this forum though about the nuts and bolts and compliance end of contracting, so stick around.

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                    #69
                    Originally posted by WTFH View Post
                    And based on your current rate of repayment and your family budgeting, when will you have your debt cleared?
                    How many more generators like he need to pinch to clear the debt?

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                      #70
                      Sent you a PM, might help

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