What would you need to earn to get tempted back to permie land?

[MyUserName]

I left contracting in investment banking for a permie job about a year ago.

The financial reasons were not that much of a consideration. I live in Basingstoke and the only contracts that were available were in London. I had the option of going for a 6 month contract at Bloomberg on £650 a day or a permie job on 60k. My previous contract had been over 2 years and was on a £450 a day about 20 minutes from my house.

The numbers were all just numbers. There were 2 days a week where I had to do the school run, anything else would have been a nightmare. My wife is a teacher so if something goes wrong in the day (like Micro MUN having a problem at nursery) she cannot deal with it, I have to etc.

I would not be able to do this if I was 2 hours away by train. Even if I got another contract in Basingstoke it would only be a contract so I could not rely on it, most contracts for my skills were in London.

Hence I went perm. The drop in income is noticeable but I can structure routines around my work which was more important.

[SimonMac]

Having been both perm and contract over the past 20 years I've seen both sides. BUT having been contracting solidly for past 5 Im not mega keen to go back to perm.

Not missed things like performance reviews, office politics, lots of tax. And I like the idea that if it turns out crap or I get bored I can just not renew and go somewhere else.
Not really missed sick pay/pensions/training too much.

Only thing I have found though is that, even though Im not flash, outgoings have crept up over the last few years. Stupid things like - need new 3 piece suite - yeh £50 a month interest free no issues. Cleaner - yeh we'll have one £25 a week. We had another child as well, knowing we could afford it, so theres childcare to pay for now.

If I took a perm job it'd have to pay well to even pay the living costs. (Im continually wondering how we've got about £4K a month in costs - but my spreadsheet confirms it!)

That is a dangerous way to be, what would you do if all the worse case scenarios came true? Loss of expenses? an IR35 investigation? The bubble finally bursts and you have to go back to permie, even if you didn't want to

[SimonMac]

I left contracting in investment banking for a permie job about a year ago.

The financial reasons were not that much of a consideration. I live in Basingstoke and the only contracts that were available were in London. I had the option of going for a 6 month contract at Bloomberg on £650 a day or a permie job on 60k. My previous contract had been over 2 years and was on a £450 a day about 20 minutes from my house.

The numbers were all just numbers. There were 2 days a week where I had to do the school run, anything else would have been a nightmare. My wife is a teacher so if something goes wrong in the day (like Micro MUN having a problem at nursery) she cannot deal with it, I have to etc.

I would not be able to do this if I was 2 hours away by train. Even if I got another contract in Basingstoke it would only be a contract so I could not rely on it, most contracts for my skills were in London.

Hence I went perm. The drop in income is noticeable but I can structure routines around my work which was more important.

Work to live, not live to work.

[psychocandy]

I left contracting in investment banking for a permie job about a year ago.

The financial reasons were not that much of a consideration. I live in Basingstoke and the only contracts that were available were in London. I had the option of going for a 6 month contract at Bloomberg on £650 a day or a permie job on 60k. My previous contract had been over 2 years and was on a £450 a day about 20 minutes from my house.

The numbers were all just numbers. There were 2 days a week where I had to do the school run, anything else would have been a nightmare. My wife is a teacher so if something goes wrong in the day (like Micro MUN having a problem at nursery) she cannot deal with it, I have to etc.

I would not be able to do this if I was 2 hours away by train. Even if I got another contract in Basingstoke it would only be a contract so I could not rely on it, most contracts for my skills were in London.

Hence I went perm. The drop in income is noticeable but I can structure routines around my work which was more important.

Know the feeling. With Dear Mrs P going back to work its going to be a logistical nightmare with childcare - even with her only working two days per week. Luckily, we've got a good childminder though and she will be working locally.

My current client is pretty good BUT theres no WFH ever and its 90 mins away. But I know what you mean....

[MicrosoftBob]

That is a dangerous way to be, what would you do if all the worse case scenarios came true? Loss of expenses? an IR35 investigation? The bubble finally bursts and you have to go back to permie, even if you didn't want to

I've moved into north wales and our living costs are about 1800 a month with both of us working, worst case we could scrape by on low paid jobs if we had to

4k is a lot to spend in a deprived area

[psychocandy]

That is a dangerous way to be, what would you do if all the worse case scenarios came true? Loss of expenses? an IR35 investigation? The bubble finally bursts and you have to go back to permie, even if you didn't want to

I know. Keen to get outgoings down!

[psychocandy]

I've moved into north wales and our living costs are about 1800 a month with both of us working, worst case we could scrape by on low paid jobs if we had to

4k is a lot to spend in a deprived area

MB - you cut me deep :-) Newport is considered a bit like Monaco in these parts....

I'll have to dig out the spreadie but as an idea, its something like £700 mortgage, £300 car loan, £500 credit cards (all 0% but gotta be paid), Leccy/gas £150, council tax £150, mobiles £70, food etc £1000 (yeh bit much), petrol £400, car tax £50, insurance £100, misc crap and spending £500.

All adds up!

[DaveB]

At this point I wouldn't consider going back to Permidom. I just dont have the mind set for it.

But for the sake of argument if I had to consider it.

£100k+ Salary + Benefits + Local + Flexible working arrangements.

The real problem is that permie roles like that generally mean Management and I've worked very hard to keep that word out of my CV. I am not and never want to be a Manager.

They are also bloody hard work and I've seen too many permie managers working stupid hours and weekends. I want to just turn up, do whats needed and go home.

[vwdan]

That is a dangerous way to be, what would you do if all the worse case scenarios came true? Loss of expenses? an IR35 investigation? The bubble finally bursts and you have to go back to permie, even if you didn't want to

Precisely! I'm really struggling to get through to my parents that we've set a house budget based on a monthly mortgage figure that we don't want to breach for this exact reason.

[SimonMac]

MB - you cut me deep :-) Newport is considered a bit like Monaco in these parts....

I'll have to dig out the spreadie but as an idea, its something like £700 mortgage, £300 car loan, £500 credit cards (all 0% but gotta be paid), Leccy/gas £150, council tax £150, mobiles £70, food etc £1000 (yeh bit much), petrol £400, car tax £50, insurance £100, misc crap and spending £500.

All adds up!

Thats like saying its the prettiest of all the one legged whores with no teeth and a hump

(I've spent a lot of time in Caerleon)