The Bench, and panic

[escapeUK]

Yup I could go on for a month or so longer, but the lack of productivity and boredom is not fun!

About 10 years or so. Id absolutely love it, retirement should not be for the old who cant enjoy it.

It amazes me all of you who cant stand the idea of not working. Work is not the purpose of life, work is to enable you to have a life.

[Scrag Meister]

About 10 years or so. Id absolutely love it, retirement should not be for the old who cant enjoy it.

It amazes me all of you who cant stand the idea of not working. Work is not the purpose of life, work is to enable you to have a life.

Couldn't agree with you more, but then again you do need some cash to fund this "life" usually prior to retirement, and even afterwards too.

And not having an income tends to mean you cut back on "living" to ensure your normal living expenses aren't going to mean you end up in some cashflow predicament.

Having a contract means you can relax and "live" without worrying.

[quackhandle]

Yeah we work to live and not live to work, right?

Clippy I am mid-thirties but still no grey hairs! (yet)

qh

[StellaFan]

Was out for 8 months from the middle of last year.
Have to say that I didn't really look for anything else - I'd been tipped off that the old client might well give me a call at some point but nothing concrete materialised. Once it came to the turn of the year a bit of reality set in and I started to have a real think about what to do. Luckily, the call came in Feb!

The reserves took a big hit but 3 months solid work helped repair some of the damage.

[TykeMerc]

Financially I don't think I'd suffer even borderline panic for about 2 years, but I'd be terminally bored long before that.
I do rather enjoy my work so if I'm actively looking then I'm keen to find something interesting.

[zamzummim]

Financially I don't think I'd suffer even borderline panic for about 2 years, but I'd be terminally bored long before that.
I do rather enjoy my work so if I'm actively looking then I'm keen to find something interesting.

Wow, why bored? there are hundreds of things to do, start a personal project, learn something new, gardening, golf, holidays, new language, volunteer work... plenty of stuff to do...
sigh if I only have the time to just have fun and not have to work for a living!! Darn them kids and mortgage!

[seyre1972]

Couldn't agree more !!!

My wife works and we have passive income that can cover mortgage and bills, I also have savings, I could be on the bench for a year and still be OK, the only thing that would happen is my mortgage wouldn't be overpaid as much. I would advise all potential contractors to save 12 months worth of living expenses before starting out.

I couldn't agree more.

I fell into contracting (after 17 yrs in various permie roles)- when the permie headcount for the job I was going for was cut and it was offered to me as a contract.

My wife wasn't keen (my past history with money wasn't brilliant) Only way she would let me go contracting was was with having > 12 months money in savings/ an accountant who'd do the books/Seeing the Bsiness Bank statements. - Trust me she had every right to be worried

Now 3.5 yrs later in various contracts, she's a lot happier, making me a lot happier !!!!

I'd strongly recommend this to anybody thinking of contracting to build up such a fund as quickly as possible - as you're only as good as your notice period.

In our case it's even better as we offset the (personal) savings against the mortgage - so we save more money on that front.


seyre

[ChimpMaster]

For the first time in years the bench is beckoning me like sirens to the rocks. I admit that I am deeply concerned - partially due to the financial hit (even thought I have no serious monetary concerns), but moreso due to, for the first time in my life, not having my next move planned.

[DieScum]

A question for you guys. A lot of you are answering this as if having enough savings to last 12 months is something unusual... and yet we are all in very well paid jobs.

So where is it all going? Tied up in housing equity?

[russell]

A question for you guys. A lot of you are answering this as if having enough savings to last 12 months is something unusual... and yet we are all in very well paid jobs.

So where is it all going? Tied up in housing equity?

With a one account or similar mortgage you can draw down the mortgage as much as you want, so you can stuff all your excess into mortgage then take it back out if you ever need it.