How would you deal with a drop income or being out of work?

[curtis]

When I was out of work for 3 weeks like I said instead of properly making the most of those 3 weeks before its over I was wishing I had a job and was working not because I love working (far from it) but there is this tiny tiny pressure/anxiety that I may be out of work for ages and if I'm back in work then thats not the case and its almost like 'phew' when eventually do get one so not still out of work.

Like other people said I'm sure this will change with experience as I have not been contracting for that long and as yet have never been out of work for more than 3 weeks. I would actually most of the time quite like an unplanned week or 2 off at the end of a contract if that happens as I can afford it and have a war chest to cover me for a lot longer but I suppose I'm always a tiny bit on edge as you have no control over it and think that if I've already been off for a short while it could last longer and I then may get really worried.

When I got my first contract I remember thinking in a way I want almost sooner rather than later to have a time where I am off for a long time unplanned to just expeirence it, as with most things once you have done it once its not that bad the next time if it happens as you know what to expect and how you will feel and prepare better.

Its good to hear how other people have felt and learnt from their experiences.

[RichardCranium]

When I was out of work for 3 weeks like I said instead of properly making the most of those 3 weeks before its over I was wishing I had a job and was working not because I love working (far from it) but there is this tiny tiny pressure/anxiety that I may be out of work for ages and if I'm back in work then thats not the case and its almost like 'phew' when eventually do get one so not still out of work.

Like other people said I'm sure this will change with experience as I have not been contracting for that long and as yet have never been out of work for more than 3 weeks. I would actually most of the time quite like an unplanned week or 2 off at the end of a contract if that happens as I can afford it and have a war chest to cover me for a lot longer but I suppose I'm always a tiny bit on edge as you have no control over it and think that if I've already been off for a short while it could last longer and I then may get really worried.

When I got my first contract I remember thinking in a way I want almost sooner rather than later to have a time where I am off for a long time unplanned to just expeirence it, as with most things once you have done it once its not that bad the next time if it happens as you know what to expect and how you will feel and prepare better.

Here, curtis, have these on me. Feel free to use them. PM me when you need more.

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<a-choo> <sniff> <gentle moan>

[ChimpMaster]

well,

in april 2001 after my first 15 months of contracting was out of work for 10 weeks and at the same time lost 1k score on the .com shares so was very depressed, the worst was, as a young contractor with each day out of work all of my future dreams were fading away gradually day by day like the people faded away in the photograph on the back to the future film

finally, got an interview on the thursday and started on the monday and touch wood have not been on the bench since

the whole experience taught me a huge amount,

to respect the contractor money

not to throw it away

to make careful investments and not try to get rich quick

haven't touched shares since apart from a flurry in 2008 on a tip from a friend which was a pile of poo but only had a msall dable nothing serious

last ten years have lived the modest already packed way, living on approx 25 percent of the revenue and ploughing the rest into warchest, investments, bricks and mortar and plan b

thankfully, these days, if I was on the bench, I would not have to worry about cash so much and more focus on skilling up in the required currently in demand dot net technologies to get off the bench

as EO said, a very nice thread and very nice comments

all the best all

I have to say at the current client things are looking the most insecure that they have ever looked so it could be me looking for something new in a few months time !

Milan.

Well said. Time out certainly causes us to think about the game differently.

I have not been out of contract ever since I started in 2004, though when the time comes I know it'll be a long, long gap in my CV (and hence the reason for this thread).... it's just the way my technical sector works.

Due to this, I've always seen contracting as a 'bonus' period in my life in which I am given the opportunity to achieve what I may never again be able to achieve in the future. The longer it lasts, the better, but - honestly - I never thought it would even be this long. And so I don't take extended holidays, or spend wildly (except the occasional well earned treat), and I never turn down weekend work. I just want my family to be financially secure. Sometimes I feel trapped and tired by this circle of events, but for now it's just the way it is.

I've not been so lucky though: I've lost in excess of 100k on the stock market but I'll say no more there. As for you Milan, now it's just bricks & mortar and paying off the mortgage and in saving into longer term investments now. No plan B for me though.

Respect the contractor money indeed!

[BlasterBates]

I've lost in excess of 100k on the stock market but I'll say no more there.

Is that all!!

But you get it back again (...and then some), you just double the original investment and plough it right back in there.

All part of the learning curve. Fairly normal to lose stonking great chunks of dosh on the stock market, especially at the beginning, that is almost inevitable, we all do it, but then you get experienced.

Remember it's only a loss when you're out of the stock market, otherwise it's just a bad day.

[lilelvis2000]

It is the end of the story !

I kept up the contract/travel lifestyle for 15+ years but then got married and had kids. I wish I'd done some travelling with the kids before the oldest was school age but it never quite came off. Me and the Mrs debated taking the eldest out of school to have a few months away this year but got all sensible when it came to it. I've been suffering watching the Ashes, if I didn't have kids I'd be there !

I gave up my high-paying contracting lifestyle to be at home with the kids. I'm lucky that I'm such a tight-wad, because we currently don't have any serious money issues. I was able to help my wife start her business and she's doing okay. We have to live simply and think about every pound, but we're used to it now.

[ChimpMaster]

I've always wondered: what's it like to have been contracting for a long time (without forced breaks) and then be out of work for a while (i.e. no work around). Does it make you feel down, like you should be earning but can't? Is it weird to suddenly go from a decent income to nothing? It is a struggle to deal with emotionally?

I've always thought of contracting as a stop/start way of working, but now I've become used to the income which my company makes, and I think I would find find it hard to emotionally deal with a drop in income - almost like I'm not 'achieving' any more.

I ask in all seriousness because I'm wondering how I would handle the situation, when it arises.

Wow, to think I only wrote this 2 months ago and now the situation is starting to unfold just like I had (unfortunately) thought! So, having been in constant work since some 15 years (permie then contract), I now find myself in the uncomfortable position of knowing I'll be out of work within the next month or so. I must admit I'm finding the thought of it a little hard to take.

I find myself going through a range of emotions verging on the downside. I shouldn't feel like this because I've always planned for contracting to be a 'bonus' period in my life and I certainly have planned for it that way financially. It's more the fact that I have to leave a client that I don't want to leave, due to my colleagues, culture and location.

My wife has already noticed the change in me and is trying to snap me out of it but I can't get myself to do it. I always thought I'd be stronger and would enjoy the chance to take time off, but I have no plans ahead of me except for spending more time with the family.

It's certainly going to be very weird couple of months ahead of me.

[Sockpuppet]

Go drive a lorry. Lots of contractors think I'm mad doing this (well not the ones I work with as I'm a logistics contractor) but at £30k a year for temp work it's not bad. Certainly would extend the war chest to a considerable amount of time.

Plus if it gets really bad I'll just ask the gaffer if I can sleep in it

[shoes]

I'm baffled by you people. Your job shouldn't define you,it's the means to an end. You can slide into the trap of thinking your work matters in permie land but for a contractor to be thinking this way is odd to me. You really can't think of better things to do than some nonsense in an office? I'm completely the opposite, i resent the time a contract takes from my life and can't wait for it to end so i can go back to doing what I please.

If you're in the majority and don't enjoy what you do to earn a living any time away from that is to be embraced and enjoyed.

[lilelvis2000]

Speaking from experience. I stopped contracting two years ago and setup hopeing to do freelance projects for companies - specialising in database design and development. I was okay the first year as existing client and a couple of new ones kept me busy. But now I haven't really had a large project to work on for over a year and income has dropped below 10K for the first time ever.

It really has been tough and now I'm thinking that i'll have to go back to contracting or even permie. Its not critical yet - give it six months and I'll be desperate for a job.

[EternalOptimist]

I'm baffled by you people. Your job shouldn't define you,it's the means to an end. You can slide into the trap of thinking your work matters in permie land but for a contractor to be thinking this way is odd to me. You really can't think of better things to do than some nonsense in an office? I'm completely the opposite, i resent the time a contract takes from my life and can't wait for it to end so i can go back to doing what I please.

If you're in the majority and don't enjoy what you do to earn a living any time away from that is to be embraced and enjoyed.

I dont think its the job so much. He needs to be the provider, it's where he gets his self-worth and esteem from. I can understand , I am a bit the same myself.
Lots of people depending upon you and stuff