What's your plans?

[contractor79]

Hi everyone
May I ask- what's your future plans? Let's assume you will continue to earn these nice contracting rates and not go crazy spending it, and not take more than a couple of months off between any assignments.
Are you aiming for an early retirement? Or are you going to spend on yourself now and forget about tomorrow?
It seems sensible to put lots of money away so that you have so much behind you that you won't need to work again and can politely tell people "no thanks". On the other hand this means a few sacrifices now when you could be spending on posh cars and holidays. If not then are you really living a better lifestyle than the permies you work with?
One of the problems with contracting I think is although you can make lots of money you can't necessarily get much status. Not that this should matter but if your rates start to flatten and you start being a bit disposable then perhaps this would start to matter.
Having said that we enjoy a freedom that permies and those looking to climb ladders don't get.

[contractor79]

don't be shy!!!!

[FiveTimes]

My plan is to make hay while the sun shines, then pay the mortgage off some time next year, change the car, nice holidays and maybe retrain as a lion trainer

[threaded]

After 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.

[DimPrawn]

Paid 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

[Chugnut]

My plan is to make hay while the sun shines, then pay the mortgage off some time next year, change the car, nice holidays and maybe retrain as a lion trainer

Be aware that you may have issues finding a suitable substitute re: IR35.

[FiveTimes]

Be aware that you may have issues finding a suitable substitute re: IR35.

[Bagpuss]

Yesterday I bumped into a contractor I hadn't seen for 11 years, back when I was a placement student. He was already then middle aged. Contracting right up until the end. Wonder if he dreamt about plan Bs

[ThomasSoerensen]

Right now contracting is just to pay the bills and build up a cushion before plan B can support me. I intent to stop contracting at the end of the year.

[rootsnall]

Paid 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

Surely you should of sold the BTL 6 months ago and added it to the cash pile !?