What is the realistic income?

[northernladuk]

But if you're worried about being out of work on short notice, don't go contracting.

Totally this.

[malvolio]

That's what I'm slightly nervous about, I want to ensure my contract lasts long enough to build a large war chest. This is an initial 6 month but been told likely a multi year project for an investment bank. 6 months isn't long to build a decent war chest if they change their minds.

That rather depends on a load of variables that only you know: rate, expenses, minimum necessary personal income and so on. Initially you have to concentrate on getting to the point where a few months on the bench doesn't matter at all. If you ignore your gross income and take out what you need rather than what you would like to have, the bank balance in YourCo will build quite quickly


But if you're worried about being out of work on short notice, don't go contracting.

[Sigur]

Some do but if you've been smart you'll have a warchest that should last a year plus. OK you don't make as much money but most of us don't want to be permies so it's an absolute last resort.

All that said finding permie roles as a long term contractor isnt that straightforward. The employer will be highly suspicious of a contractor coming back to perm and quite rightly.

That's what I'm slightly nervous about, I want to ensure my contract lasts long enough to build a large war chest. This is an initial 6 month but been told likely a multi year project for an investment bank. 6 months isn't long to build a decent war chest if they change their minds.

[northernladuk]

May be a dumb question but why would people not jump back to permanent roles if unable to get contractor work for so long?

Some do but if you've been smart you'll have a warchest that should last a year plus. OK you don't make as much money but most of us don't want to be permies so it's an absolute last resort.

All that said finding permie roles as a long term contractor isnt that straightforward. The employer will be highly suspicious of a contractor coming back to perm and quite rightly.

[Sigur]

Easily. Have a look at a thread title State of the Market. Plenty of people on there with a couple of months bench time. Just becasue an agent calls you after doing a basic keyword search on your CV it doesn't mean you'll get the gig. Plenty of much more experience contractors on the bench ahead of you.

May be a dumb question but why would people not jump back to permanent roles if unable to get contractor work for so long?

[jamesbrown]

it doesn't mean there is a gig

[northernladuk]

Can people go 6 months without finding a contract in IT? Maybe market is over heated right now as recruiters call me constantly with contracting jobs.

Easily. Have a look at a thread title State of the Market. Plenty of people on there with a couple of months bench time. Just becasue an agent calls you after doing a basic keyword search on your CV it doesn't mean you'll get the gig. Plenty of much more experience contractors on the bench ahead of you.

[BR14]

Can people go 6 months without finding a contract in IT? Maybe market is over heated right now as recruiters call me constantly with contracting jobs.

Aye, - right.

[Sigur]

Instantly. And forget your income for the next 6 months. You should be taking the minimum to build up a warchest so when the inevitable bench time hits you've got some backup. The second gig is the hardest to get so start your warchest now.

Can people go 6 months without finding a contract in IT? Maybe market is over heated right now as recruiters call me constantly with contracting jobs.

[northernladuk]

Thanks. What's the usual notice period for contracts finishing? My biggest fear is being out of work!

Instantly. And forget your income for the next 6 months. You should be taking the minimum to build up a warchest so when the inevitable bench time hits you've got some backup. The second gig is the hardest to get so start your warchest now.