Project Managers - I need your input please

[TheFaQQer]

Agreed with most of that, particularly the MBWA which is often undervalued.

I'm not convinced yours is as low as 10% is it??

4) I try and dedicate time every week finding people doing something well and thank them. Not in an over the top septic tank manner.

That can be a struggle.

[Manz]

lovely to see their little faces light up when they finally figure out what £400 per day really means!

What does £400 per day really mean?

[tomtomagain]

What does £400 per day really mean?

Well for me it meant owning my 4-bed detached house in Oxfordshire outright within 4 years.

But getting a day rate like that puts you comfortably into the top 1% of earners in this country ..... and in fact the top 1% of earners on the entire planet.

You can comfortably earn £75 - 80k per year which gives you an awful lot of options. It is of course entirely up to you which options you choose ....

[TheFaQQer]

You can comfortably earn £75 - 80k per year which gives you an awful lot of options. It is of course entirely up to you which options you choose ....

Max working days per year = 261, assuming no bank holidays, no holidays, no sick days.

261*400 = 104400
20% corporation tax = 20880

Leaving £83520

If you don't work the bank holidays, then you are down to invoicing £100k a year, which leaves £80k after corporation tax. Then you need to get the money out of the business.

Neither of these includes any expenses, and means that you are working pretty much every day. That's not what I'd class as "comfortably earning £80k".

(Edit - if you somehow manage to take £80k a year, in four years that gives a maximum of £320k, paying no tax. What kind of house do you get in Oxfordshire for that?)

[rurffy]

Well for me it meant owning my 4-bed detached house in Oxfordshire outright within 4 years.

But getting a day rate like that puts you comfortably into the top 1% of earners in this country ..... and in fact the top 1% of earners on the entire planet.

You can comfortably earn £75 - 80k per year which gives you an awful lot of options. It is of course entirely up to you which options you choose ....

Life is funny u know - earning £400/day for some people (including me) might be alot but i was working for this Oil firm some years ago and the PM was earning £650/Day he is only 33years old.

[TheFaQQer]

But getting a day rate like that puts you comfortably into the top 1% of earners in this country

No it doesn't. The average salary before tax for the top 1% in the UK is £156k. That means that if you are working every day of the year, apart from weekends, then you are earning £600 after expenses and tax.

[tomtomagain]

My rate started at 500 per day in 2001 and I bought my house in 2002.

I was the PM doing the hiring and not the developers doing the work.

We can argue about how much £400PPD is really worth but whether it is 75k or 65k or even 55k you will still be in the top 1% of earners.

Most contractors start of in their mid to late 20's suddenly being catapulted into the top 1% of earners opens presents a lot of options.

I was definitely lucky. You might not be able to buy a 4 bed house today within 4 years today .... it might take you 10 or 15 - but the general population will take 25 years to accomplish the same thing, if indeed they can do it at all.

[TheFaQQer]

We can argue about how much £400PPD is really worth but whether it is 75k or 65k or even 55k you will still be in the top 1% of earners.

No you won't.

To get into the top 1% in the UK, you need to be earning £100k, with an average salary of £156k.

£55k gets you into the top 10% in the UK.

[Old Greg]

No you won't.

To get into the top 1% in the UK, you need to be earning £100k, with an average salary of £156k.

£55k gets you into the top 10% in the UK.

Stop confusing people with your so-called facts.

[northernladuk]

Stop confusing people with your so-called facts.

This was fact for the year 2004-2005. Official report is here. Information is on page 9

http://www.ifs.org.uk/bns/bn76.pdf

Also on the wikipedia page

Income in the United Kingdom - Wikipedia, the free encyclopedia

Hard to get an up to date fact though, many different sites reporting different numbers.