How long is a long time to be on the bench?

[psychocandy]

Surely this isn't bench time? You sure you are not confusing the meaning of bench and waiting to start work?

I guess. Referring to time when you're not in contract....

[redgiant]

Maximum its taken is about 4 weeks to secure a contract so bench time has been short so far for me (I've been contracting about 20 months).

I've managed to line up another contact when this one ends in early September too which leaves me with about three weeks bench/unbillable time The new contract is in Canada so i'm taking the time to explore the west coast a little more with the girlfriend.

[kingcook]

I've only been contracting around 3 years, so haven't built up a huge warchest. I always spend it on things when it gets too big, can't take it with you! Stuff like a car, holiday, renovating the house.

I currently have enough stashed away to live for around 10 months, which is a combination of money in my own personal savings account, and money left in the company account (to be declared as dividends).

This has got me thinking actually, I really must start to make projections for my company. E.g. each year...

Must work X days @ £Y per day
Salary + Expenses = £Z
Leave enough for dividends (and Corp tax!)

Quick math on the back of a fag packet suggest I can live comfortably by working for 9 months of the year on an average daily rate (some money will continue to be added to the warchest).

If i can manage to work a bit more, say 10 or 11 months per year and/or earn more than £Y per day, will balance out the rough times, say, if i can only manage to work 6 months per year.

Then i just need to start budgeting my own personal income a tiny little bit better.

[nomadd]

This made me laugh. I just finished up my contract and have lost count of the number of pity looks I have received and reassuring words. I can't seem to figure out why they haven't noticed the big smile on my face and large quantity of shopping bags on my arms. I'm benched and enjoying it - 3 weeks so far - holiday, gym, garden. Its a nice life. Have my next gig lined up (subject to checks) so going to enjoy the next couple of weeks till I go back to it!

My standard line is I have some time free between clients. To which a nosey parker in the gym replied "oh so you weren't sacked".... just gotta laugh

Bingo.

Recently finished a 2.5 year stint at an IB on very decent rates. Family members tell me that someone else in the family who became "unemployed" at the same time as me has had no problem in finding a "new job in an office." The implication is that I must be a bit "thick" to be "out of work" for so long. The "office jobber" is on £18k. I don't have the heart to tell the "lucky bugger" and the rest of my family that she only has to stick at it for 21 years to equal what I earned in the last 2.5 years... I've had to put up with this sort of nonsense for the last 23 years of my contractor career.

Oh well. I guess contracting just doesn't "add up" for some folks.

[kingcook]

The "office jobber" is on £18k. I don't have the heart to tell the "lucky bugger" and the rest of my family that she only has to stick at it for 21 years to equal what I earned in the last 2.5 years

[BolshieBastard]

Bored now!

Started to do some networking to find a reason to get up early in the morning!

[nomadd]

Bored now!

Started to do some networking to find a reason to get up early in the morning!

I have an unemployed bloke living next-door sponging off his parents. He stands in their back garden at 7:00 a.m. clapping like a lunatic each day - inc. weekends - trying to scare birds off his vegetable plot. So no chance of a sleep-in for me.

[psychocandy]

I've only been contracting around 3 years, so haven't built up a huge warchest. I always spend it on things when it gets too big, can't take it with you! Stuff like a car, holiday, renovating the house.

I currently have enough stashed away to live for around 10 months, which is a combination of money in my own personal savings account, and money left in the company account (to be declared as dividends).

This has got me thinking actually, I really must start to make projections for my company. E.g. each year...

Must work X days @ £Y per day
Salary + Expenses = £Z
Leave enough for dividends (and Corp tax!)

Quick math on the back of a fag packet suggest I can live comfortably by working for 9 months of the year on an average daily rate (some money will continue to be added to the warchest).

If i can manage to work a bit more, say 10 or 11 months per year and/or earn more than £Y per day, will balance out the rough times, say, if i can only manage to work 6 months per year.

Then i just need to start budgeting my own personal income a tiny little bit better.

Not a bad warchest I guess 10 months but to be honest I'm happier when its over 12 months of money.

True what you say that you cant take it with you etc and its not good to get too hung up over saving the money. After all, whats the point earning it if you can't spend it? But there does need to be a balance.

For me, its all about earning enough and getting a big enough warchest to ensure I can afford to go for a few months on the bench without having to think I've got to take a contract miles away and live away mon-fri (which aint really something I'm keen on).

[Jase]

This made me laugh. I just finished up my contract and have lost count of the number of pity looks I have received and reassuring words. I can't seem to figure out why they haven't noticed the big smile on my face and large quantity of shopping bags on my arms. I'm benched and enjoying it - 3 weeks so far - holiday, gym, garden. Its a nice life. Have my next gig lined up (subject to checks) so going to enjoy the next couple of weeks till I go back to it!

My standard line is I have some time free between clients. To which a nosey parker in the gym replied "oh so you weren't sacked".... just gotta laugh

Myself and another contractor have been told we finish up end of this month; a bit early given my contract was until the end of the year. (Cost cutting). Everyone else is a permie, so have been treating me as though my life will now fall apart. After two years with this client I doubt they would be so sympathetic if they knew how much the client had paid me.

Still, not looking forward to unplanned bench time. Having just purchased a property I wanted a bit more of a war chest built up by the end of the year. But I’m a long way from skid row, so no complaints.

Jase.

[Kelstar]

I have an unemployed bloke living next-door sponging off his parents. He stands in their back garden at 7:00 a.m. clapping like a lunatic each day - inc. weekends - trying to scare birds off his vegetable plot. So no chance of a sleep-in for me.