Really need a Plan B.....

[doodab]

Mortage paid off is still only £1k a month less outgoings.... Our current outgoings are in excess of 4k....

I'd still need 3k/month.

You don't need a plan B, you need a budget.

[Pondlife]

You don't need a plan B, you need a budget.

THIS!

You must spread some Reputation around like NWP2C spends money before giving it to doodab again.

[sasguru]

Having gone down this route, I can honestly say that earning £400/day ish doing IT work is far more profitable and far less stressful.

You've realised that Financial Analysis is just BS, then ?

[NorthWestPerm2Contr]

THIS!

To be fair the 3k is going to come down..... I still have some debts which need paying off and once they are paid off that will come down by around £300/month. After that it is just general house stuff
/car servicing/gas/electric/petrol/food/etc.

After the house is finished can probably bring it down by another £500 or so. So in the long-term probably closer to 2k + the mortgage required. Having said that private school might eat into that....

[Pondlife]

Fair enough NWP2C.

We're doing a fair bit of work on the house but just set a yearly budget for projects. That money sits in a different account until needed.

[sasguru]

To be fair the 3k is going to come down..... I still have some debts which need paying off and once they are paid off that will come down by around £300/month. After that it is just general house stuff
/car servicing/gas/electric/petrol/food/etc.

After the house is finished can probably bring it down by another £500 or so. So in the long-term probably closer to 2k + the mortgage required. Having said that private school might eat into that....

Well £2K is more like it (after mortgage) but still way too high.
Maybe its because of the fact that you need to a maintain a high mileage BMW to impress your "friends".
Buy a Kia with a 7 year guarantee instead

4-5 K is about what the missus and me jointly put away each month.

[MarillionFan]

Plans B's are normally considered in addition to comtracting. Very few contractors will create a plan B that replaces their contracting income. This stems from two reasons, one most contractors while aware they are slightly more entrepreneurial than permies never put in the 100% effort to create a fully sustainable plan B and second the money from contracting is easy & therefore the comfort blanket it provides to soothing.

Best to create supplemental forms of income. Ie. websites of some kind, investments, buy to let's, some sellable software

This way additional income can be increased. When the additional income covers or exceeds your outgoings you've cracked it & can choose to do whatever you want.

[DimPrawn]

You've realised that Financial Analysis is just BS, then ?

There is money to be made. Selling snake oil analysis to other gullible idiots.

[northernladuk]

I believe if you have to sit and think about starting something from scratch it isn't going to work. Someone cleverer, with more money and with experience in that field will have beaten you to it. If you are hoping you will have a lightbulb moment and a new venture no one has thought about or is running will pop up then I think you are sadly misguided.

I believe Plan B's tend to be born from something you know a lot about, already have connections to or are holes you can plug is systems you deal with as part of your day to day life. Some service you are hacked off about or something you can't do that you would like to etc.

All the easy outs will be dead, ebaying stuff direct from suppliers, fancy cup cakes yadda yadda. Look around your life and try spot something that annoys you and try fill that spot for a start. Think about what your skills are and maybe grow that in to something etc etc....

[Platypus]

Having said that private school might eat into that....

Think very carefully before going down that route. Some good advice is buried in these threads:

http://forums.contractoruk.com/gener...er-school.html
http://forums.contractoruk.com/gener...ic-school.html
http://forums.contractoruk.com/gener...g-private.html