How Low Can You Go?

[hobnob]

As a variation on the theme, I got an email from Hays this morning, offering a 2 month contract at £18.51/hour (inside IR35), which is about £140/day. That's above minimum wage (£11.44/hour), but still pretty low by contracting standards!

However, this line is interesting:
"We have just registered an Interim Field Service Engineer, which requires current SC Clearance or the ability to be SC Cleared. The project is starting in March, due to completing clearances."

It's unusual to see a contract that offers time in advance to apply for SC clearance, and the low rate might be worthwhile just to get that clearance, especially if it's only for 2 months.

[Sub]

To me the lowest possible rate is the one that generates substantially more take-home income than benefits (all that I can possibly get) would do. While I have never earned less than I'd spend and never got close to prospect to live off benefits, it is really does not make sense to spend 8-10 hours working for what you could get doing nothing.

Low rate to me is the rate that allowing sustain the current lifestyle, but does not allow to save anything. This, together with option when I'd still burning through savings just on a slower rate is only sustainable when there are realistic prospects in future, like building a client base for a new business, developing IP you going to sell or transitioning to sustainable permanent position - something I know going to bring more income. Taking a low paying gig to wait for market/economy to "recover" or the interest rates to come down or some financial miracle to happen is just being stuck in the denial phase.