Contracting - risk analysis

[DTexas]

deleted

[cojak]

I didn't move it honest!

Over to our esteemed posters I think

(I think DTexas will ask to borrow our watches next...)

Keeping solvent for many has nothing to do with income vs spend. I would suggest to some contractors not to be greedy, naive, and short-sighted enough to go for stupid advertising of some monetary products.

[mudskipper]

I am curious whether £16,000 would be adequate for a contractor. Could this keep you solvent for 6 months?

It would keep me solvent.

It wouldn't keep someone with a 2.5K a month mortgage solvent.

HTH.

Edit: Is the magic figure of 16K related to this?

[Paddy]

Dear fellow contractors,

I am interested in modelling the risk of a contracting livelihood, with the aim of constructing a money management technique to help contractors keep solvent.

In order to do this, I wonder if you could volunteer some basic statistics about your way of life.

For example, on average how many working days a year have you been on a contract ?

What has been your % of take home pay in this time?

By what factor does your net take-home pay cover your living costs? e.g. if you have £40,000 take home net pay and your living expenses are £20,000, then this would be a factor 2.

This will help to establish what size of war-chest would be required to keep in cash form.

I am curious whether £16,000 would be adequate for a contractor. Could this keep you solvent for 6 months?

£16,00 per month is OK

[mos]

Dear fellow contractors,

I am interested in modelling the risk of a contracting livelihood, with the aim of constructing a money management technique to help contractors keep solvent.

troll ??

[cojak]

I don't think so mos, his history tallies* (even if it is tinged with a health dose of self-interest) .

(*Of course this opinion can change...)

[eek]

I don't think so mos, his history tallies* (even if it is tinged with a health dose of self-interest) .

(*Of course this opinion can change...)

What's wrong with self interest?

And in answer to the OPs question. Everyone's circumstances are different so what is a liveable amount of money for one person is a weeks worth for someone else.

Oh and it will change based on location. I spend a lot less when working near home compared to working away.

[cojak]

I did say healthy dose, eek...