When faced with a cull.....

[pmeswani]

Spare cash comes from being prudent no matter what rate you are on. If you are self-employed and have put holidays and high end prams and so on ahead of saving up a decent rainy day fund then only have yourself to blame.

I know plenty of young families with children where the guy is unskilled and in very low paid perm jobs and who maintain very tight budgets so no excuse to be honest.

YHB, I assume you haven't had any unexpected events at all in your life that requires you to be off for a number of months or make unexpected expenditures?

For some of us who are fairly new to contracting, we can't be beggers and demand high rates and save lots of money for "a rainy day". Nice in principle, but not easy in real life for everyone.

I am in the fortunate position that I can pay off my the rest of my bank loan, but have decided to hold out until I know if I have a job / contract to go to. I may have to relocate again and will need the money for a deposit and rent.

I wish I could have an abundance of money like you do... but life is not so rosey for everyone.

[YHB]

YHB, I assume you haven't had any unexpected events at all in your life that requires you to be off for a number of months or make unexpected expenditures?

For some of us who are fairly new to contracting, we can't be beggers and demand high rates and save lots of money for "a rainy day". Nice in principle, but not easy in real life for everyone.

I am in the fortunate position that I can pay off my the rest of my bank loan, but have decided to hold out until I know if I have a job / contract to go to. I may have to relocate again and will need the money for a deposit and rent.

I wish I could have an abundance of money like you do... but life is not so rosey for everyone.

I used to live down south, and earn 14k a year in a callcentre. My colleagues spent on nice flats, going out and so on and ended up 20k in debt on credit cards. Initially when moved lived in a hostel, I then rented a VERY cheap room, in a crap area in a overcrowded and barely livable house.

Had lots of 'unexpected events' and dipped in and out of overdraft, but because had made sacrifices so coped.

No excuses to be honest. My older brother earns 16k, has a mortgage, two young kids. Hardly eats out, makes own lunch at work, buys cheap stuff, runs a cheap car, no holiday in last 3 years etc.

Im a working class kid who was brought up in a single parent family on benefits- I know what i am talking about. Fact is many people have a lifestyle they are accustomed to- I would not take out a bank loan no matter what, if I cant afford to pay for it then i can't afford it.

Discipline and prudence is hard but ultimately rewarding.

[SantaClaus]

If you are an IT contractor, you can expect that one day:

• the contracts will dry up completely
• you become too old for the city
• all the IT work gets outsourced
• the recession bites really hard

You should all be working on a Plan B whilst you are in paid work because it wont last forever. The IT industry is dying and so is banking and other sectors. I dont think there will be many jobs in a year's time.

I am already on Plan B which for me is Forex Trading. But dont follow me, think of something you can do, start a small business or franchise. But don't rely on this industry to take you into retirement.

[NickNick]

[QUOTE=SantaClaus;699940]If you are an IT contractor, you can expect that one day:

• the contracts will dry up completely
• you become too old for the city
• all the IT work gets outsourced
• the recession bites really hard

Too old for the city? That's been me since day 1, can't stand the Smoke.

[expat]

[QUOTE=NickNick;700054]

If you are an IT contractor, you can expect that one day:

• the contracts will dry up completely
• you become too old for the city
• all the IT work gets outsourced
• the recession bites really hard

Too old for the city? That's been me since day 1, can't stand the Smoke.

Indeed. Worked at a bank in the City 20 years ago, won't (not can't) do it again.

About that time, the Army Recruitment office had a newspaper ad showing one of those Southern Region trains with a door at every seat, disgorging hundreds of passengers on to a London platform. The Army's caption read "Wanted: men unwilling to fight the battle of Waterloo".

Sign me up.

[Another Dodgy Agent]

I used to live down south, and earn 14k a year in a callcentre. My colleagues spent on nice flats, going out and so on and ended up 20k in debt on credit cards. Initially when moved lived in a hostel, I then rented a VERY cheap room, in a crap area in a overcrowded and barely livable house.

Had lots of 'unexpected events' and dipped in and out of overdraft, but because had made sacrifices so coped.

No excuses to be honest. My older brother earns 16k, has a mortgage, two young kids. Hardly eats out, makes own lunch at work, buys cheap stuff, runs a cheap car, no holiday in last 3 years etc.

Im a working class kid who was brought up in a single parent family on benefits- I know what i am talking about. Fact is many people have a lifestyle they are accustomed to- I would not take out a bank loan no matter what, if I cant afford to pay for it then i can't afford it.

Discipline and prudence is hard but ultimately rewarding.

Whilst wise words indeed, its a bit borning really. I mean we don't live forever and I cannot think of anything worse than being the richest corpse in the graveyard, so my advice is spend, spend, spend - this will assist with propping up our beleagured economy and you get nice shiny things to play with! Yay, break out the credit cards its the only way I tell ye!

[SantaClaus]

[QUOTE=expat;700138]

Indeed. Worked at a bank in the City 20 years ago, won't (not can't) do it again.

About that time, the Army Recruitment office had a newspaper ad showing one of those Southern Region trains with a door at every seat, disgorging hundreds of passengers on to a London platform. The Army's caption read "Wanted: men unwilling to fight the battle of Waterloo".

Sign me up.

Dont get me wrong, I like London, but I prefer enjoying it from the peace and quiet of my North London suburb. There is no way I am ever going back to Northern line hell!

I prefer a walk in the park at lunchtimes to a jostle in Pret A Manger

[YHB]

Whilst wise words indeed, its a bit borning really. I mean we don't live forever and I cannot think of anything worse than being the richest corpse in the graveyard, so my advice is spend, spend, spend - this will assist with propping up our beleagured economy and you get nice shiny things to play with! Yay, break out the credit cards its the only way I tell ye!

Once your mortgage free then spend spend spend

[Flopsy]

When you survive a cull you are often safe but the atmosphere at work is so bad and tense that you almost wished that they had fired you.

It's a bad time to look for a job right now but you only need one job and you should see from the websites how many are there and suitable. The problem with a new contract is that you could be going straight into another situation where people will be let go within a few months.

Employers usually find contractors more attractive when they are in work. So even if you are miserable in your current contract it can pay to stick around and look for that new one when still there.

What is your notice period like and how flexible will they be when it does come time to leave? How well did you sense that the last cull was about to take place?

Also if they do have to let you go, there may be a guilt factor and a glowing reference.

I've been very lucky as a contractor and built up solid relationships with people that I work with/for, so I usually get the idea when my time is up before the official say-so.

[AnthonyQuinn]

When you survive a cull you are often safe but the atmosphere at work is so bad and tense that you almost wished that they had fired you.

It's a bad time to look for a job right now but you only need one job and you should see from the websites how many are there and suitable. The problem with a new contract is that you could be going straight into another situation where people will be let go within a few months.

Employers usually find contractors more attractive when they are in work. So even if you are miserable in your current contract it can pay to stick around and look for that new one when still there.

What is your notice period like and how flexible will they be when it does come time to leave? How well did you sense that the last cull was about to take place?

Also if they do have to let you go, there may be a guilt factor and a glowing reference.

I've been very lucky as a contractor and built up solid relationships with people that I work with/for, so I usually get the idea when my time is up before the official say-so.

Thats a great post. I never meant that one should jump out without having a contract. The question is, if one does get a 3-6 month jog outside, should one take it even at, say, a lower rate, longer commute etc?


I believe you are suggesting to 'Cling On'. Thats what I wil do I suppose.