I need some help

[ChimpMaster]

My contract will very likely end within the next 4 or 5 months, and I think I have pretty much attained as much as I ever would have from my current skillset. I have been contracting with this product for some 7 years now (permie for 5 before that), with no bench time, so it's been a decent run.

The problem is that I have ridden this wave to the shore, and there just isn't any more work in the product set I specialise in. It's pretty much dead. I have prepared for this eventuality financially, and so cashflow is not an immediate problem. I haven't however prepared for this outcome mentally or professionally.

I know it'll hit me hard when I'm at home with no work to look forward to. This worries me, because I like to be active and I like to be the earner.

I could invest the money I have saved, but at the moment I can't think of what I would invest in. Whatever it is, it would have to generate a decent income (it doesn’t have to be I.T. and I wouldn’t mind working in a business if I buy one).

I've been too busy and frankly I've been too lazy to learn anything new. In my current contract I have some spare time, so I could try to learn something new, but then I wouldn't have the practical experience. And I'm tired, very tired, so I can't get my head round to picking up new skills; my brain feels numb and exhausted after 7 years with very few holidays. I’m not the same keen go-getter I was 10 years ago. I actually need 3 months off to re-charge, but I don’t like the thought of having nothing lined up (welcome to contracting you say… ).

So I've dug myself a hole, but I've made decent money doing it. What next?

Overall, the I.T. market is dire and so I might be fortunate to land a permie role that will teach me new skills. What else can I do?

I suppose that’s a slightly rhetorical question because I just wanted to share my thoughts, but I would appreciate the benefit of your experience.

[Scoobos]

I've got a great background in picking short lived products You are not alone

I worked with a niche security product for 4 years and did pretty well out of it , then moved onto a "new product" rode the wave right up to the top of support for it - then it's also died off in popularity.

I got a bit depressed to be honest, for that along with other reasons (family illness) - all I can advise is that you try and reskill and re-enter the market in a new area.

What else is there to do?

[bobspud]

Time for a perm role I think. If you think the IT market sucks see how the normal people are feeling...


Funnily enough I had a rather similar discussion with the wife today asking I we could take the hit if I take a perm role on... I recognise that I have had a fairly good time but need to change my skills and given the difference between 450 a day (vs what I have been on till now) or 100k + bens and 5 weeks holiday for the time being my company will have to go.

[LisaContractorUmbrella]

1. Take a month off - you can do that comfortably and that will be enough to recharge your batteries but not so much that you stress about not working
2. Think about what you really enjoy doing - just because you are an IT contractor it doesn't mean that's your life's passion
3. Think about whether what you really enjoy could present a business opportunity for you
4. Start a new business and enjoy

[ChimpMaster]

1. Take a month off - you can do that comfortably and that will be enough to recharge your batteries but not so much that you stress about not working
2. Think about what you really enjoy doing - just because you are an IT contractor it doesn't mean that's your life's passion
3. Think about whether what you really enjoy could present a business opportunity for you
4. Start a new business and enjoy

Easy to say but hard to do!

[d000hg]

...

If you've been raking in the cash then a plan B is an obvious answer. If the thing you've been doing for 12 years is now dead, is there some way you can create a modern equivalent/successor to it and therefore use your valuable experience? It's hard to guess without some idea what you've been doing all these years but I'd guess whatever you've been doing, the need it met hasn't gone away?

[Scrag Meister]

A colleague of mine worked a year in a role that I left, and then I took it back.

He stashed his cash and is currently living in Thailand for some unknown amount of time. He says it absolutely dirt cheap and the cash will last a lot longer than he first thought.

[ChimpMaster]

I've got a great background in picking short lived products You are not alone

I worked with a niche security product for 4 years and did pretty well out of it , then moved onto a "new product" rode the wave right up to the top of support for it - then it's also died off in popularity.

I got a bit depressed to be honest, for that along with other reasons (family illness) - all I can advise is that you try and reskill and re-enter the market in a new area.

What else is there to do?

Yes it's a shame to work so hard to become an expert in a product, only to see it go down the pan. And then to do it again! Becoming depressed is one of my fears so I am aiming to plan and fight from now.

Time for a perm role I think. If you think the IT market sucks see how the normal people are feeling...

Funnily enough I had a rather similar discussion with the wife today asking I we could take the hit if I take a perm role on... I recognise that I have had a fairly good time but need to change my skills and given the difference between 450 a day (vs what I have been on till now) or 100k + bens and 5 weeks holiday for the time being my company will have to go.

If I could get 450 a day I would probably stick to contracting, but there isn't any contract out there. The odd one pops up in Europe but it's not worth the Euros to go out and stay away from family. My rate has been decent the past few years and so I must admit I've become accustomed to the earnings, in an 'accomplishment' sort of way if that makes sense. But we've always treated contracting as a 'bonus', and so we have saved/invested for this eventuality.

A permie job for me will probably be around the £50k mark (hopefully not less), which is less than a third of my contracting income. But if I can learn new skills, it's the way to go I guess

[ChimpMaster]

A colleague of mine worked a year in a role that I left, and then I took it back.

He stashed his cash and is currently living in Thailand for some unknown amount of time. He says it absolutely dirt cheap and the cash will last a lot longer than he first thought.

Ah the life of a singleton!

Now don't get me wrong, I love my wife and kids, but there is the added 'benefit' of not being able to travel the world living a good simple life

[LisaContractorUmbrella]

Easy to say but hard to do!

5. sign up on positive thinking course