Urban Myths of Contracting?

[MarillionFan]

Its true I tell ya.

I paid my mortgage off about a year ago, so moved again to a much bigger property and borrowed another 200k.

Now initially I was reckoning this would have been a doddle but having gone perm and the cost of living shooting up so much, plus the child and free spending missus it would take me another ten years to pay off!

Unless I stay in perm for the next 4 years where I get another 120k in shares, so probably 5-6 years.

[AtW]

Unless I stay in perm for the next 4 years where I get another 120k in shares, so probably 5-6 years.

30 pieces of silver

[Peoplesoft bloke]

....... with such a risk-adverse attitude. ....right that stucking it all inside the mattress was the best investment idea.

Averse, sticking

[Francko]

Averse, sticking

You are right on the first, but that's a very close call. Many americans do mention "adverse" too, despite being incorrect.

http://encarta.msn.com/dictionary_18...6/adverse.html

Word Usage

adverse or averse?

Both words mean "opposed" in different ways. Adverse is normally used before an abstract noun such as circumstances or conditions when they are unfavorable or likely to cause difficulties: An adverse action was filed against him. Averse describes people who are disinclined to do something or have a strong dislike specified by the word that follows to: As an actor he is not averse to publicity. Averse is never used before a noun, as adverse normally is, and is most often accompanied by not.

[DimPrawn]

Its true I tell ya.

I paid my mortgage off about a year ago, so moved again to a much bigger property and borrowed another 200k.

Now initially I was reckoning this would have been a doddle but having gone perm and the cost of living shooting up so much, plus the child and free spending missus it would take me another ten years to pay off!

Unless I stay in perm for the next 4 years where I get another 120k in shares, so probably 5-6 years.

the steady economy, with inflation below government figures,

[MarillionFan]

My wife earns (and spends) quite good money, and I reckon we "could" pay off our mortgage in about 5 years with some frugal squirrelling, but "we" will probably opt for a flash motor and exotic holidays instead.

AtW has been talking about paying his rent off in about 5 years, but I dont think thats the same thing!

[51st State]

Its true I tell ya.

I paid my mortgage off about a year ago, so moved again to a much bigger property and borrowed another 200k.

Now initially I was reckoning this would have been a doddle but having gone perm and the cost of living shooting up so much, plus the child and free spending missus it would take me another ten years to pay off!

Unless I stay in perm for the next 4 years where I get another 120k in shares, so probably 5-6 years.

What - you earn 150k a year as a permie? Yeah. Right.

[Bumfluff]

What - you earn 150k a year as a permie? Yeah. Right.

Its possible dev managers I know in the IB tend to be on approx £90k - £100k base with bonuses between £30-£60k and that includes HRIT, managing around 4-8 staff.

Any urban myth - you can take more holiday; yeah you can but you dont really want too loose the cash

[Crossroads]

Hi,

now I know this is all hear say and a bit vague, but I would really like to know whether this is possible or something highly dodgy:

1. Being able to pay off your mortgage in a matter of a few years (a guy I worked with almost 10 years ago was a contractor and said he did this).
2. A friend of a friend was able to put down a large deposit for a house with his accountants blessing even though he receives about 80-90k gross into his PSC. This is recent.

I've been contracting for 6 months now and I can't see how this can be done. I can't just move the balance in my business account into my mortgage and back again (off setting), can I?

R

Worst "I get a tulip rate" post ever.

1. Nothing to do with contracting. I've done it. As a permie. And again as a contractor.
2. As above.

And you last question: Yes. But you wouldn't want to given the S419 ICTA/Directors Loan implications.

Odd.

[Crossroads]

What - you earn 150k a year as a permie? Yeah. Right.

Why not? I know LOTS of permies who earn far more.