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

[ChimpMaster]

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.

Wow 23 years, I can only dream of being that successful (in contracting I mean!).

I remember that 300k guy - he didn't have his own house or something, that's why 300k didn't seem like a lot to him if I remember correctly.

[kingcook]

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.

So if you had £250K in the bank, that wouldn't be enough to get you through say 12 months?

[nomadd]

So if you had £250K in the bank, that wouldn't be enough to get you through say 12 months?

Depends on the wife/girlfriend/mistress, I guess. Wouldn't go far if your were 'running' all three.

[curtis]

That's just it, that's exactly what I've been trying to buy ever since I started contracting - freedom

I can relate to this, a big part of going contracting was to not only be working in a better way for me where I would be happier but eventually be able to work a hell of a lot less.

I have a war chest that would cover me for around 12 months but as much as thats what its there for in a small way I see it as extra money working towards that 'freedom' so to have to take a lot out of it if I was out of work for quite a while would be painful.

Its kind of there to use but I hate using it!! Its in a seperate account but subconsciously always add it when looking at my finances and working out what my current situation is.

[Bexter]

[QUOTE=nomadd;1480480]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.

[QUOTE]

Wow, I really don't get this? If you have no mortgage, no debts and by the sound of it very low monthly committments, how can you possibly find 20k scarily low, and 100k only adequate?

My monthly outgoings are relatively high, and at present, I only have about 2 months warchest, but I don't particularly let it get to me, cause there isn't an awful lot I can do about it at this point in time.
I still wouldn't go back to permie though.

[nomadd]

Wow, I really don't get this? If you have no mortgage, no debts and by the sound of it very low monthly committments, how can you possibly find 20k scarily low, and 100k only adequate?

Because I like to take long breaks from contracting: 6-12 months at a time. And when I do take a break, I like to really, really enjoy myself - and that costs.

[MarillionFan]

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.

Next Year Rodders, Next Year.

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

I strongly agree with that. Every contract is the last, you'll never work again. Squirrel a little more away.

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.

WHS.

No matter what I do(and it's not always contracting) there is always a certain nervousness that I'm going to feck it up. Even more so now with a family.

[psychocandy]

Because I like to take long breaks from contracting: 6-12 months at a time. And when I do take a break, I like to really, really enjoy myself - and that costs.

If you dont mind me asking - what do you spend it on???

£100K is a shedload of money if you ask me. Would last me 4-5 years.

[kingcook]

Because I like to take long breaks from contracting: 6-12 months at a time. And when I do take a break, I like to really, really enjoy myself - and that costs.

High class call girls in 5-star hotels?

[nomadd]

If you dont mind me asking - what do you spend it on???

£100K is a shedload of money if you ask me. Would last me 4-5 years.

Mainly motor-sports and aviation. Both of which cost a damn fortune!