Reserve Funds and Contractors

[Xenophon]

On those rates they should have closer to £200,000 in a war chest after 5 years.

Depends what your outgoings are...

[DimPrawn]

Depends what your outgoings are...

Exactly.

They may have spent it on a good care home for their parents, a good school for their children, university costs, paying for a family member who has fallen ill, invested it in getting their brothers family business off the ground.

It doesn't need to go on Ferraris to be spent.

[bobspud]

if that's true then you are either very stupid or have huge balls to run that kind of risk.. my advice, invest in a canoe and 2 bedsits next to each other..

Hugh Balls

Out of interest how many years have you been in IT?

[ratewhore]

On those rates they should have closer to £200,000 in a war chest after 5 years.

Say's who? People here need to concentrate on their own finances without worrying what other people are doing.

[ChimpMaster]

When I started contracting I always viewed this as a "Bonus" period of my life where I would be earning more than normal and hence would use this opportunity to build a better life for myself and my family.

To that end I've used the income to invest into property and shares, both of which are now either worthless or close to being worthless. The remainder is in GBP savings accounts, which are also fast becoming worthless.

What was the point I was trying to point?

[bobspud]

i refer the honorable gentleman to my previous post.

Honourable

I have seen good people who saved and struggled through their lives get screwed in the 80s. They paid taxes saved hard, and when the poo hit the fan they had their savings wiped out then their homes go to auction... They could not get any help because they where "too rich"

I always understood that today would come... I just knew that I would ensure that I was a toxic asset when the debt collectors turned up. The only thing that you have on your side in a mess like this is to have nothing to take back...

By the time I hit the wall the mortgage debt agreements will be in place and I will be able to take a few years out the game on taxpayers expense even if its on much less cash than I am used to.

If hector gets pissed off at me then there is nothing more for him to take off me anyway and I have commited no crime.

[gingerjedi]

I had a bench fund but used it all up last summer when I was off for 5 months, the rate for the new gig which I've been on for 6 months is so poor I've not been able to replenish it so I'm still dipping into my overdraft every month.

It's no good having a rainy day fund if it rains for months.