Returning to perm is almost impossible

[Fred Bloggs]

Wise words there. I now have no mortgage or any other debts and could probably survive for two years without work if I had to. Luckily I've recently landed a gig on last rate +90%, though it is darn sarf, unfortunately. But now I am working a) To put the kids through university and equal to a) to fund my retirement. For each year this job lasts all the rate increase paid into my SIPP brings my retirement forward by two years, I reckon. Job will hopefully last ~18 months. Not a bad result but weekly commuting will take its toll I guess.

[bobhope]

I've always attempted to pay myself 50% of the contract rate.

E.g. rate is 100k / year - then salary is 50k. Then that's what I tell everybody I earn.

Under no circumstances tell the other half that you 'earn' 100k.

[ladymuck]

I have to say I was exceptionally lucky over the course of the recession. I held onto a low paid but very interesting contract for nearly 18 months. It was a 45 min train ride from home, with dead easy hours. It covered the bills but didn't pay into my warchest at all, leaving me just as vulnerable as a permie. Due to the low rate, I had five days off during that period (yes, I worked the bank holidays!).

I left purely because I wanted more money than they could afford to pay me and I got offered a contract that does just that. Now, I'm doing a 2-2.5 hour commute to the big smoke, tulip hours but the quids are worth it. I would consider a permie job, and have once or twice in the past, but something always comes up - one day my luck will run out!

I like NotAllThere's philosophy, I'm only in my 6th year of contracting and I've always struggled with my perception that I pay twice for holidays - once to the travel agent and again in lost earnings.

I have two targets. One is billed income, the other is billable days. So long as I achieve the income target I'm happy. The billable days is an upper target - I don't want to work more than 200 days a year. Though, obviously if the client wants me for more, then I'm happy to oblige, but the motivation is different.

I'm also lucky that I have a very understanding OH and no kids (there's not enough space in the cupboard under the stairs). He's always telling me how proud he is of my ability to test the boundaries of my comfort zone and push myself to bigger and better things. He's thinking of ditching his pants permie job to go contracting as he's come to realise that permie life just doesn't offer the opportunities or challenges he wants.

[Scrag Meister]

It took me 22 years of my working life to get out of permiedom, certainly won't be looking for a way back in anytime soon.

[Fred Bloggs]

I must be really dim, I spent 30 years in staff jobs (18 years in just one of them, 10 years in another one) before I took the plunge into the contracting game.

[ChimpMaster]

Wise words there. I now have no mortgage or any other debts and could probably survive for two years without work if I had to. Luckily I've recently landed a gig on last rate +90%, though it is darn sarf, unfortunately. But now I am working a) To put the kids through university and equal to a) to fund my retirement. For each year this job lasts all the rate increase paid into my SIPP brings my retirement forward by two years, I reckon. Job will hopefully last ~18 months. Not a bad result but weekly commuting will take its toll I guess.

If you don't mind me asking, what is your target income for 'retirement'? (on the understanding that you might not completely retire)

[Funkywood]

I chose to take the time off during this recession that I never took off due to the op-cost mentality when times were good (whilst heading down under where it wasn't so bad).

If I do go permie it will be because it will finally be a good time to buy a house and get a mortgage, which will also be my reason when they ask.

When the government eventually quits trying to support over priced housing I might make the move.