Originally posted by radish2008
View Post
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Risk and Reward - 5 years off
Collapse
X
-
-
Originally posted by oliverson View PostSo, been contracting a while now (13 years) and 50 this year. Current gig is good with 60% WFH and greenfield work. Little bit of pressure but that's tolerable.
However, a blast from the past has emerged in the shape of startup that didn't get started due to the involved parties all being over committed. Then another one also emerged with a guy I've known a long time. I also have one of my own.
The dilemma now is how can I be involved in all/any of these whilst continuing to contract? They are all IMO viable and credible opportunities. One of the guys is a serial entrepreneur and having just sold his last business, looking for the next buzz.
Sick as I am of contracting, it's relatively risk-free and some might say 'easy money'. But it's only good for a maximum of £ 200k a year (developer rates) and I feel I'm coming to the end of my career (patience) with it all.
I cannot stop thinking about just selling up in the UK (no kids, etc) and going to live in our pad in Spain where I could dedicate myself to all of these opportunities without having to worry about contracting. I could probably last around 5 years without income but then I'd have to return to contracting (anybody looking for a 56 year old developer?) or sell that place if none of these startups come to fruition. But then again I'd know well in advance of 5 years. Or I could just plod on as I'm doing and look back on this as a real missed opportunity in years to come.
Thoughts?
https://www.youtube.com/watch?v=IJ7Z2ujPjOw
OP, you have 5 years buffer. and no dependents. What've you got to lose? Broke and happy > Wealthy and unfulfilled. Age really in my opinion, doesn't come into it. As long as you are open minded enough at your age to stay relevant (and coming from tech, you should be) then it sounds like a no brainer to me.
All that being said, I am almost half your age.
I'm not sure where the whole Spain thing factors in and why you'd go there to launch a startup, surely you'd stay near the so called financial capital of the world, and rinse your contacts and potential investors as much as you could... But I suppose it's only a day trip on a plane for meetings and such, and Skype is a wonderful thing.
TL;DR - Do it. You only live once and if you don't, you're only going to regret it. If you do, you may also regret it, but you may well end up with a good story out of it.Comment
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Comment