If you could offer me a guarenteed 100k a year with no risk then I would probably get a permanent job, possibly outside IT. Knowing I didn't need the salary to survive would hopefully prove liberating in dealing with the politics.
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Would you stop contracting if Plan B paid off?
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Originally posted by SussexSeagull View PostIf you could offer me a guarenteed 100k a year with no risk then I would probably get a permanent job, possibly outside IT. Knowing I didn't need the salary to survive would hopefully prove liberating in dealing with the politics.
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Originally posted by achilles View Post
Why would you not start your own business instead where you would not have a boss and no politics?
Running your own business can be a lot more stressful, a lot more risky, and a lot more time consuming than working for/helping others. But that's maybe just my different mindset.…Maybe we ain’t that young anymoreComment
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Originally posted by achilles View Post
Why would you not start your own business instead where you would not have a boss and no politics?'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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Originally posted by tinroof View PostI don't think I have posted on this forum despite contracting for 10 years in Software and reading threads on a regular basis. I dropped by to offer words of encouragement for going the way of your Plan B.
Fundamentally, exchanging your time for money limits your earning capacity even if you earn £2000 a day. Combine that with the repetitive nature of watching clients' projects burn with the perpetual cycle of outsourcing, insourcing, management interference and incompetence as well as all the headwinds such as the Off Payroll rules and the Conservatives apparent stance of being anti small business, I decided to make a change.
I'm now down to working 20 hours per week with my current client who will be my last when I finish up in August.
With many more contractors now working from home, there is an opportunity to dedicate some of your time each week to Plan B and building up multiple streams of income which is somewhat easier now commutes and a lot of office presenteeism has been banished.
However it is challenging and you must be prepared in the short term to cut expenses to the bone, be frugal and constantly upskill and push yourself out of the comfort zone (tricky for us introverted geeks).
If you can do that, the feeling of earning whether or not you you choose to work that day is unbeatable and I heartily recommend it.Comment
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Having a plan B is always a good idea, contractor or not. You never know what will happen next or when you will need it.
Speaking as someone who used theirs I was pleased to get away from traditional contracting. I still did some more along pureplay consultancy lines with a product/service combination.
I had to modify plan B severely and got slightly caught when I needed a plan C in a hurry 18 months ago.
My advice is to have a number of plans to cover situations and if you can get multiple income steams to work (not everyone can) especially passive or passiveish then do it!
Former IPSE member
My WebsiteComment
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Originally posted by WTFH View PostRunning your own business can be a lot more stressful, a lot more risky, and a lot more time consuming than working for/helping others. But that's maybe just my different mindset.Comment
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My goal is for work to be something I can do if I want to, not because I have to - essentially the FIRE approach.Comment
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If I had a guaranteed income that required little or no maintenance on my part then, being about as driven as a wet lettuce, I'd get a little part-time job that would keep the brain cells from dying off but I wouldn't go about setting up companies and trying to be the next Branson (or whoever).
Some people are not born to be serial entrepreneurs we just like to turn up, get paid, go home.Comment
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Originally posted by achilles View Post
Why would you not start your own business instead where you would not have a boss and no politics?
If you think the 9-5 is draining, try running your own business!Originally posted by MaryPoppinsI'd still not breastfeed a naziOriginally posted by vetranUrine is quite nourishingComment
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