How much do you consider to be a decent war chest?

[bobspud]

Fair point. At least you've had a good life out of it

Must admit, if I had been contracting during my younger years, I would have probably had a great time out of it too. It's only because I was in my early 30s when I started and had already become all sensible and settled down, that I am like I am.

TBH. I was totally out of control.

I guess I have only sobered up in the last year or so. Now I have no more than 3k in debts and a mortgage that will be gone in under 5 years at my current rates.

I the very best thing about my life is that when I was sat down the pub with the guys the other day, they were talking about what they would do if they won the lottery... I just sat there and thought for a moment and was able to honestly say it wouldn't change me one bit

[escapeUK]

I the very best thing about my life is that when I was sat down the pub with the guys the other day, they were talking about what they would do if they won the lottery... I just sat there and thought for a moment and was able to honestly say it wouldn't change me one bit

That sounds like a great position to be in. I think its quite easy to die having never actually lived.

[BlasterBates]

If you´re about to be made redundant then go for it now. If in 2 or 3 weeks you don´t get a contract, then I would say try permie and contract and take the first job. No point in spending months waiting for your first contract that wouldn´t make financial sense; you´d probably be better off with a 12 month permie job than a 6 month contract. Even if you look for a permie job I would expect it to take at least a few weeks, so if in that time you haven´t got a contract it probably isn´t worth persuing for the time being. You can always try again later.

[bobspud]

That sounds like a great position to be in. I think its quite easy to die having never actually lived.

The cost that I paid has been not having the freedom to say sod it Im off for a few months and I don't want to work. Grass is always greener. I am hoping that I will be in that state in no more than 6 years.

[Harmonic]

If you´re about to be made redundant then go for it now. If in 2 or 3 weeks you don´t get a contract, then I would say try permie and contract and take the first job. No point in spending months waiting for your first contract that wouldn´t make financial sense; you´d probably be better off with a 12 month permie job than a 6 month contract. Even if you look for a permie job I would expect it to take at least a few weeks, so if in that time you haven´t got a contract it probably isn´t worth persuing for the time being. You can always try again later.

This is pretty much what happened to me. My last permie job was wrong from Day 1, at least I know I don't want to work for an outsourcer again, and I was put at risk just before Christmas. I started looking at both contract and permie as soon as I was put as risk but nothing much happened on the contract side until the last week before I was made redundant. Got offered, and accepted a contract to start the Monday after I finished the permie job. That one then fell through but the next interview I had they said no for contract but want to offer me a permie role so I've kept that and a couple of other potential permies running as Plan X, Y and Z.
I've just had an offer, and accepted, another contract, which, assuming it doesn't fall through, will mean I'll spend a total of 3 weeks out of work. As I'm new to contracting and was made redundant I've also been eligable for Jobseekers Allowance for those 3 weeks as well, OK it's not much but it all makes the war chest go further.
I've spent so much time as a permie but also moved permie jobs a lot, four times in five years, so my backup plan in case of several months on the bench would be another permie role but only as a temporary measure until contracts picked up again.

[lukemg]

Good advice here on how much is enough, I reckon I can do 2 years without changing anything and I still feel vulnerable !! Been stung before with skills going off a cliff and rates following. Had a warchest but it burnt through much quicker than I thought possible.
Current warchest is earmarked for sustaining lifestyle beyond work/contracting so would rather not have to tap it before then.
Cover your expenses, spend a bit to have some fun along the way but make sure you stash some too, you will feel much better for doing so.
20k - more than enough if you have skills you can sell, if not, 200k aint enough.....

[ChimpMaster]

The cost that I paid has been not having the freedom to say sod it Im off for a few months and I don't want to work. Grass is always greener. I am hoping that I will be in that state in no more than 6 years.

That's just it, that's exactly what I've been trying to buy ever since I started contracting - freedom. I keep on thinking I'm nearly there, but it becomes ever more elusive, I'm just chasing that dragon again. Another 5 years I day, and I'm sorted.... until 2017 and then I'll say another 5 years. Gotta call it a day someday, or we just keep on trying to buy time without realising that time is going by so quickly. I remember when I was 20, then 30, soon 40 and before you know it 50.


I've been trying to buy myself some time for several years now. I think I'll stop soon, but it'll be a shock to my system to say the least. Another 5 years, maybe.

[escapeUK]

I've been trying to buy myself some time for several years now. I think I'll stop soon, but it'll be a shock to my system to say the least. Another 5 years, maybe.

You should watch that film with Justin Timberlake called "In Time", makes you think.

[nomadd]

How much do you consider to be a decent war chest?

Me? 23 years contracting. No wife & kids to support. No mortgage. No debts. Live cheaply (as I don't really need anything I don't already have.)

And yet...

I consider a warchest of 20k to be scarily low.
I consider a warchest of 50k to be slightly less scary.
I consider a warchest of 100k to be adequate.

But then maybe I've just never been 'settled' into this contractor lark. Only the paranoid survive, and all that.

I remember one guy posting on here a couple of years ago sounding nervous as he'd just been told his contract wasn't being renewed. He said he had a warchest of £300k - and yet still he didn't feel 'safe'. Just goes to show. Each to their own, I guess.

[vadhert]

Not matter how large or small the War chest is, You should never feel reliant on it to get you past 6 months, a year or even longer.

I always feel on edge when I'm not in a contract regardless of how much money I have put away.