Originally posted by rootsnall
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What's your plans?
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Paid off mortgage on home - to do, in reasonable shape though.
Built up very sizeable stash (> £500K) of cash - erm no, see above.
Plan b setup and running - know what to do, but same issue as previous 2 points.
Cherry pick contracts at good rates - fat chance.
Bought country house with 1 acre of land - done.
Bought selection of pointless but flashy cars - done a few years back, couldn't justify the depreciation given larger mortgage, so sold 'em.
Take time off and enjoy the fruits of my labours - definitely to do.Comment
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The problem is the uncertainty of not only IT contracting, but IT as a whole. It's quite feasible that offshoring, etc. increases and the game won't be worth playing any more. That's not an issue for those that have been in the game 20 years or more (Threaded et al) and are financially independent.
However, I need a good 5-10 years more to get there and I imagine a lot of people here are in the same boat: have done pretty well, but are too old to really start a new career and would be scuppered if IT contracting dried up.Comment
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Originally posted by bobhope View PostHowever, I need a good 5-10 years more to get there and I imagine a lot of people here are in the same boat: have done pretty well, but are too old to really start a new career and would be scuppered if IT contracting dried up.
All that happens is that rates drop for a while, some people go permie for a while. Some people leave the country. A few high earners who have been doing it for 5 minutes and think they 'deserve' £500 a day (instead of it being purely a matter of supply and demand) whine for a bit and perhaps do one of the above.
Above all else, things improve.Cooking doesn't get tougher than this.Comment
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Originally posted by threaded View PostAfter 30+ years of contracting I'm struggling to think of things I want to buy now. Maybe it's just a phase I'm going through though.Comment
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Originally posted by DimPrawn View PostPaid off mortgage on home and BTL - done
Built up very sizeable stash (> £500K) of cash - done
Plan b setup and running - done
Cherry pick contracts at good rates - done
Bought large house with several acres of land (cash no mortgage) - to do
Bought selection of pointless but flashy cars - to do
Take time off and enjoy the fruits of my labours - to do
I think that for most of us, contracting is like a drug - we all crave that next £400/day "fix" and will do it long after we have any financial need to do so.Comment
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Paid off mortgage on home - to do, in reasonable shape though.
Built up very sizeable stash (> £500K) of cash - not anytime soon!
Plan b setup and running - know what to do, but same issue as previous 2 points.
Cherry pick contracts at good rates - fat chance.
Bought country house with 1 acre of land - nope and not anytime soon
Bought selection of pointless but flashy cars - not worth the depreciation.
Take time off and enjoy the fruits of my labours - definitely to do.
Have managed to invest in some places such as Capetown and UAE, plan B being to hopefully leave the rat race and enjoy life a little!Comment
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Originally posted by KentPhilip View PostBlimey. Looks like your net asset value makes you a millionaire.
I think that for most of us, contracting is like a drug - we all crave that next £400/day "fix" and will do it long after we have any financial need to do so.Comment
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