£65k perm salary , £350 daily rate - Worth moving into contracting ?

[kal]

I try to live in evenings and weekends and let the money role in. David Lloyd membership, spending without worrying in the weekend etc. I also like to help out family members and am happy to take that sacrifice if it means helping others. Currently been doing some extra work in evenings and weekends to help deliver a project as well as make extra money - all going to good causes. The reality is somebody has to earn the big bucks to help everybody else out, unfortunately it has fallen on my shoulders.

Take a break Seriously look what happened to Rik Mayall, dead at 56...

[PurpleGorilla]

I can't take it when I look at the day rate x days off. If it is between contracts then it doesn't affect me as I don't feel I am "losing" anything. I have 6 working days off in July but I am considering cancelling that when I look at the day rate multiplied by 6.

I'm new to this contracting game and still trying to find the right balance. On the one hand there is the making the hay whilst the sun shines, and building the war chest up pressure. On the other, the long term effect of work work work can be destructive.

Does anyone else feel the pressure of the housing market? What does it take these days to get a reasonable family home FFS! That's the biggest pressure I feel, trying to save for a decent family house for the future...

[eek]

I'm new to this contracting game and still trying to find the right balance. On the one hand there is the making the hay whilst the sun shines, and building the war chest up pressure. On the other, the long term effect of work work work can be destructive.

Does anyone else feel the pressure of the housing market? What does it take these days to get a reasonable family home FFS! That's the biggest pressure I feel, trying to save for a decent family house for the future...

Move north. With a reasonable skillset the rates aren't much different and the prices sensible.....

[PurpleGorilla]

Move north. With a reasonable skillset the rates aren't much different and the prices sensible.....

I do sometimes think about it. Went to uni up north. Some beautiful countryside. I'm a bit of a southern softie now though!

[ChimpMaster]

I do sometimes think about it. Went to uni up north. Some beautiful countryside. I'm a bit of a southern softie now though!

Where do you live at the moment? North doesn't even have to be that far - Luton or Bedford for example have some nice areas (joking aside) and the trains get into London Kings Cross in 35 minutes. House prices are still very reasonable compared to anywhere within or closer to the M25.

[dty]

Is now a good time to mention that I moved from £100k to £475/day a month or so ago? Next gig lined up at £550. I still think it's financially worth it before considering the other benefits.

[PurpleGorilla]

Where do you live at the moment? North doesn't even have to be that far - Luton or Bedford for example have some nice areas (joking aside) and the trains get into London Kings Cross in 35 minutes. House prices are still very reasonable compared to anywhere within or closer to the M25.

South west mate, near Bath.

[Bluenose]

I would definitely be working those numbers on a 10 month year. Possibly even less for a newbie.

Sage words.

As another forum member also said previously, first contract is easy to get. It's the second contract at a different client which is the challenge. I had a fourth month break between first and second contracts (market was truly awful Q2 2012 and I refused to take a pay cut). I am happy to say though that the advice given here generally rang true and going into my fifth year, I am now working on my fourth client with what seems to be an average of a 2 month gap between contracts.

I really enjoy these breaks but it does demonstrate that even with alot of contacts, you still need to plan to work for only 10 months per year.

At £350/pd though unless I was in my early 20's and doing a house share in Clapham, I would not be working in London, I would be working and living up North. I only work in London as the rates can't be matched elsewhere.

Working outside of London and getting an express train in is a nice notion, until you look at the price of a season ticket and also look at how packed the trains are, especially on the more popular express routes.

[ChimpMaster]

Is now a good time to mention that I moved from £100k to £475/day a month or so ago? Next gig lined up at £550. I still think it's financially worth it before considering the other benefits.

Not sure I see the case here, financially.

I left a £100k package job 10 years ago and went for a £625/day contract. The motivation was not entirely financial - more that I didn't want to be someone else's b1tch, and working for a consultancy meant I was just that and had to travel and work wherever I was told to. The last straw was when I had just got married and then bought a house, only to be told by the somewhat ignorant consulting director that I would have to go work up North (200 miles from home) for a year.

So it's not just about the money, and the money isn't always great, but the last few years of contracting for me have meant that I have been able to choose work (just about) within commuting distance of home and have spent a lot of time with my family - including a fair bit of working at home.... though as with NorthWestPerm2Contr I haven't taken much time off during my contracting career.

[NorthWestPerm2Contr]

Is now a good time to mention that I moved from £100k to £475/day a month or so ago? Next gig lined up at £550. I still think it's financially worth it before considering the other benefits.

Both 475 and 550 are not worth leaving £100k for, however if you like contracting then it's worth leaving for less than that.