Dodgy finances

[VectraMan]

comforting to know VM!

only been contracting since Christmas, and things are actually getting better!

Yep, you just have to stick it out. Really my first year of contracting was just digging myself out of the hole; it's only the last 6 months it's started to feel like I'm getting the benefit. Getting a month's money every week still does seem a bit unreal, and most on here seem to make more than me.

I just wish I'd done it 5 years earlier.

[DaveB]

Same here. Jumped ship to contracting 18 months ago. Only things I now owe money on are the Car ( Needed summat decent for the 100 mile daily commute ) and the house. Everything else is paid off and I have circa 15k in the bank. Just getting to the point where I feel confident enough to blow a wedge of it on a nice family holiday. Not had one in about 10 years.

Was think of this as it happens.

[Cowboy Bob]

Was think of this as it happens.

If you're into activity holidays, I can heartily recommend Exodus - http://www.exodus.co.uk/

Went with them to Egypt and it was fantastic.

[Burdock]

cheers for the support chaps!

(apart from the links to exotic holiday web sites )

[gingerjedi]

It does take a little getting used to, in my first year contracting I think I actually got further into debt going on lavish holidays, eating out all the time and buying a flash motor all cost me dear, but after 12 months of living like a lottery winner you have to take stock and ask yourself why you are contracting in the first place? Only then do you start to become wealthier.

[TheRightStuff]

stick with it mate. Been contracting for 3.5yrs and now part of the mortgage free club.

[hattra]

Burdock - you're in the amateur league mate - try spending 10 years living next door to a neighbour from hell if you really want to run up some debt. So far I reckon I've put most of my barrister's children through private school (had to take my own out), doubled my mortgage, and run up huge loans on top of that (oh, I couldn't get a contract for 3 years in the middle of all this - no idea why, but curiously everything seems to have changed since the law on age descrimination changed).

I'd be fine if I could sell my house, but if there's a dispute, no-one will buy from you (not if they're sane, anyway)

HTH

[ChimpMaster]

While you're there, try either buying a house (to live in) and paying off the mortgage ASAP, or saving up £150k or thereabouts so that you can afford to buy a small house at some point.

Some may take the p1ss but the following years may see a worldwide crash in every asset class - be that property, equities, bonds, commodities, art, whatever. All have ballooned in value the past few years and if they were to crash then the global economy would take a hit like never before.

In that kind of environment it is very likely that work will be hard to come by, i.e. you will not be earning any more, certainly not the amount we're all used to here. So you don't want to be renting, or if you are renting, you want to have enough in the bank to buy a house at the right time, and not have to worry about the mortgage or the next month's rent.

We could be talking years away, but it's good to plan.

[Euro-commuter]

the following years may see a worldwide crash in every asset class

In that kind of environment it is very likely that work will be hard to come by, i.e. you will not be earning any more, certainly not the amount we're all used to here.

We could be talking years away, but it's good to plan.

I'd say about 4 years.

[ChimpMaster]

I'd say about 4 years.

I'd say anywhere from 2 to 4 years.

3 or 4 years would still leave plenty of time to prepare for a contractor commanding a reasonable rate.