Should I go permie

[ChimpMaster]

Yes but RightStuff, you seem to make the presumption that you'll be earning this rate forever, or for many years at least.

With contracting that may not be the case. I'm not saying a permie job is secure these days but contracting cannot be counted on as a regular income.

I'm in a similar situation to what you may have been in a few years back - trying to pound away at my mortgage and build investments at the same time. We have a baby now and all our focus is on her, I am out of the house 7am to 6pm and am happy with that cuz I still get a lot of time with the baby.

However I am in a dying skillset and am prepared for that. I know my high income won't last much longer, but I am maximising it while I can to make my life easier in a few years time. After that I will be happy getting a 40k a year job 20 minutes drive from my home.

What I'm trying to say is that you cannot forecast far into the future using your contracting income projections, if that makes sense.

[rootsnall]

Luke has given some good advice which I had thought about before.
My skills are SQL Server, .NET, xslt, xml, Access/Excel + VBA, blah, blah, blah.
Being on the bench doesn't bother me - see other post detailing financial position. Just means I can see my daughter more as she grows up. I would also have a bit of break and could get to play a bit more sport which has been difficualt lately.

Sounds like you've picked up some healthy contractor attitudes to me, don't go permie ! If you reckon you can handle the bad patches in the job market that will inevitably come along then its a no brainer. I couldn't cope without a change of scene and a few months off every year or so.

[Bright Spark]

I don't think the VBA and SQL skills will dissappear very
soon especially for investment banks.

The more likely risk to income is the outsourcing of the work
to places like India,Brazil and czech republic.

The last two gigs i've worked in investment banks involved
working with the outsourcing teams and moving over
applications and support over to them.

[TheRightStuff]

Yes but RightStuff, you seem to make the presumption that you'll be earning this rate forever, or for many years at least.

With contracting that may not be the case. I'm not saying a permie job is secure these days but contracting cannot be counted on as a regular income.

I'm in a similar situation to what you may have been in a few years back - trying to pound away at my mortgage and build investments at the same time. We have a baby now and all our focus is on her, I am out of the house 7am to 6pm and am happy with that cuz I still get a lot of time with the baby.

However I am in a dying skillset and am prepared for that. I know my high income won't last much longer, but I am maximising it while I can to make my life easier in a few years time. After that I will be happy getting a 40k a year job 20 minutes drive from my home.

What I'm trying to say is that you cannot forecast far into the future using your contracting income projections, if that makes sense.

Don't think I did make that assumption about my salary. @350 p/d = net of around 5K per month. Mortgage on the next house is going to be around 200K which is 1.5K p/m. Even if I went permie I would expect to earn enough to pay that, the wife won't have to work until the kids start school and still have a good life style.
If I did assume I was constantly going to earn what I'm earning now then I would of taken out a 400K mortgage and be looking for 1 massive house. Thing is we can just about manage to keep the current place clean and tidy so don't want that much bigger. Just want slightly bigger rooms - main bedroom to have an on suite, kitchen that has a breakfast room and in a nice area. All child releated really.

I do take your point about taking a 40K salary and working closer to home. I've have been considering that for a few weeks now. Will take this contract to the max. I've got at least another 5 months. If I get an extension then I'll continue. If not I will take a month or so off and then look for positions closer to home.

Sounds like we are both doing the same thing.

If you don't mind me asking. What are your skills?

[TheRightStuff]

I don't think the VBA and SQL skills will dissappear very
soon especially for investment banks.

The more likely risk to income is the outsourcing of the work
to places like India,Brazil and czech republic.

The last two gigs i've worked in investment banks involved
working with the outsourcing teams and moving over
applications and support over to them.

When I was permie 6 years ago I was made redundant twice in 1 year because of outsourcing. That's why I prefer contracting.

[andy]

In my permi days it was more of fear of redundancy that kept everybody on their toes. Peeps were working 10 hours a day without complaining and were sucking up to the bosses.

[TheRightStuff]

In my permi days it was more of fear of redundancy that kept everybody on their toes. Peeps were working 10 hours a day without complaining and were sucking up to the bosses.

and I bet they were still made redundant. Redundancies usually come from so high up that not even your manager will now until the your walking out the door. Sometimes they are walking out with you.

[ChimpMaster]

RightStuff

Yes sounds like a similar situation for us. I still have a chunky mortgage but I have the house my kid(s) will grow up in, so that balances out. I've also put away a reasonable saving/investment portfolio, because I know my contract career will be lucky to last another 1 - 2 years.

I can't really say what I do cuz it's very specialist and people could find out who I am (wouldn't want that here eh?!). But anyway I can say I am currently consulting at an investment bank, for now.

Give it another year or 2 and I think I'll be permie, or retired lol.

Are you based in the City - French bank perhaps?

[TheRightStuff]

RightStuff

Yes sounds like a similar situation for us. I still have a chunky mortgage but I have the house my kid(s) will grow up in, so that balances out. I've also put away a reasonable saving/investment portfolio, because I know my contract career will be lucky to last another 1 - 2 years.

I can't really say what I do cuz it's very specialist and people could find out who I am (wouldn't want that here eh?!). But anyway I can say I am currently consulting at an investment bank, for now.

Give it another year or 2 and I think I'll be permie, or retired lol.

Are you based in the City - French bank perhaps?

fair enough. I also don't want to give away too much. Maybe City, maybe French bank, maybe neither. I think my contracting years might only be 1/2 yrs especially after yesterdays budget. Current house is also big enough now but not a good idea at my age not to be geared up. Mortgage is cheap money so I should use it.

[Bagpuss]

Have you stopped wringing your hands yet?