How much of a rate hostage are you?

[yasockie]

Similar thread, but my question is this:
how much is the lure of high income keeping you stuck where you are?
at the moment I am enjoying a relatively high rate and for that reason alone, I have to give up on otherwise exciting projects and ideas.
Part of this is really common sense - why try something riskier if I have a contract that pays decent rate here and now?
On the other hand I was approached by a friend with his grand plan which would net no benefit right now and possibly very little in the future, so I had to bail out for financial reasons alone, but this means, that I am very unlikely to be at a start-up company or trying a project that defers the benefits.
I still think it's the reasonable thing to - carry on invoicing, but at which point should I reconsider?

[MarillionFan]

I am entirely driven by money from contracting/working for someone else. I see it as a means to an end. I'm entirely driven by hitting a certain level of savings/investments/rental property (that I have set) that returns the equivalent of the families outgoings.

When I hit it, I'll focus 100% on Plan B and build that up, safe that I have a super soft big fluffy cushion behind me.

[Kanye]

Yeah, completely.

I've been bored for the last 2 years but moving would likely imply a rate cut or a very, very small rise.

I've been through five or six cycles of talking to agents, but considering my good rate, I just don't have enough motivation for dealing with their rubbish so I just give up and accept another three months.

I'm with MarillionFan in that I have accepted my fate now and will make hay but just direct everything next year into assets & investments so that I'm completely free to pursue more interesting stuff in a few years.

[BlasterBates]

Stick to the easy high earning contract. Startups usually fail, so it's a bit like the lottery it can turn out big and make you rich, but it probably won't. That's why as an Entrepreneur you should blow use other people's money not your own. You'll never be really wealthy being a normal contractor but you'll do well.

[EternalOptimist]

Stick to the easy high earning contract. Startups usually fail, so it's a bit like the lottery it can turn out big and make you rich, but it probably won't. That's why as an Entrepreneur you should blow use other people's money not your own. You'll never be really wealthy being a normal contractor but you'll do well.

wbbs

[ChimpMaster]

Im focussed on earning money these days, have been lucky to have nearly 3 years back to back contracts, just managed to secure another one following straight on from my current one having earlier promised myself a couple of months off.

In some ways having more money makes me want more, but its also a massive security blanket (something ive not had until the last 3 years) and lets me dream about what I want to do with it etc. I want to get to the stage where my savings and investments can mean that I wont have to work if I dont want to (still maybe 5 years away), that said maybe I wont be happy then as that perceived comfort level would would be be maybe living on 30K a year? im not sure that will be enough? Will I miss the contractor income and capacity to save? How much is enough?

I think I read on thread here a few months ago that the process of dreaming and planning what to do with money is more fulfilling than spending it on said things.

I know im happy as I am at the moment though, just find it hard to reconcille my current approach with my original intention of contracting to allow me longer breaks?

Wait 'til you get married. And then 'til you have kids. It'll all change.

And no amount is ever enough - you have to learn to draw the line yourself and be happy with your lot. You only live once and there's more to life than squirelling away the pennies.

Having said that, if you pay off you mortgage and are happy with a relatively simple lilfe, with the kids in normal schools and no flash car on the drive, then £30k a year will probably suffice. And you probably won't completely 'retire' anyway, so you could top up your investment income with the occasional contract.

If you contract successfully for 10 years, at a good rate, and start investing as early as possible, then you can aim to be in your desired position by the end of those 10 years.

[The Spartan]

I am entirely driven by money from contracting/working for someone else. I see it as a means to an end. I'm entirely driven by hitting a certain level of savings/investments/rental property (that I have set) that returns the equivalent of the families outgoings.

When I hit it, I'll focus 100% on Plan B and build that up, safe that I have a super soft big fluffy cushion behind me.

^This^

[NorthWestPerm2Contr]

I am waiting for such a role to come along.

I would love to be paid loads for not doing a great deal.

[Mich the Tester]

I am waiting for such a role to come along.

I would love to be paid loads for not doing a great deal.

[geoffreywhereveryoumaybe]

I am waiting for such a role to come along.

I would love to be paid loads for not doing a great deal.

When I first started contracting a wise older sage told me that contracts were a mixture of those that worked you hard and those where you had little to do but fill time. I have never managed to find one of those that work you hard so contracting is all about getting paid lots for not doing a great deal