Reply to: Risk and Reward - 5 years off

[mattfx]

So, been contracting a while now (13 years) and 50 this year. Current gig is good with 60% WFH and greenfield work. Little bit of pressure but that's tolerable.

However, a blast from the past has emerged in the shape of startup that didn't get started due to the involved parties all being over committed. Then another one also emerged with a guy I've known a long time. I also have one of my own.

The dilemma now is how can I be involved in all/any of these whilst continuing to contract? They are all IMO viable and credible opportunities. One of the guys is a serial entrepreneur and having just sold his last business, looking for the next buzz.

Sick as I am of contracting, it's relatively risk-free and some might say 'easy money'. But it's only good for a maximum of £ 200k a year (developer rates) and I feel I'm coming to the end of my career (patience) with it all.

I cannot stop thinking about just selling up in the UK (no kids, etc) and going to live in our pad in Spain where I could dedicate myself to all of these opportunities without having to worry about contracting. I could probably last around 5 years without income but then I'd have to return to contracting (anybody looking for a 56 year old developer?) or sell that place if none of these startups come to fruition. But then again I'd know well in advance of 5 years. Or I could just plod on as I'm doing and look back on this as a real missed opportunity in years to come.

Thoughts?

I'm not in the habit of posting links but in this instance - some wise words specifically for 50 year olds from Mr Vee

https://www.youtube.com/watch?v=IJ7Z2ujPjOw

OP, you have 5 years buffer. and no dependents. What've you got to lose? Broke and happy > Wealthy and unfulfilled. Age really in my opinion, doesn't come into it. As long as you are open minded enough at your age to stay relevant (and coming from tech, you should be) then it sounds like a no brainer to me.

All that being said, I am almost half your age.

I'm not sure where the whole Spain thing factors in and why you'd go there to launch a startup, surely you'd stay near the so called financial capital of the world, and rinse your contacts and potential investors as much as you could... But I suppose it's only a day trip on a plane for meetings and such, and Skype is a wonderful thing.

TL;DR - Do it. You only live once and if you don't, you're only going to regret it. If you do, you may also regret it, but you may well end up with a good story out of it.

[barrydidit]

Carpe is the second-person singular present active imperative of carpō "pick or pluck" used by Horace to mean "enjoy, seize, use, make use of". Diem is the accusative case of the noun dies "day".

Obviously.

'Fish of the day' was funnier though.

[radish2008]

Fish of the day?

Carpe is the second-person singular present active imperative of carpō "pick or pluck" used by Horace to mean "enjoy, seize, use, make use of". Diem is the accusative case of the noun dies "day".

Obviously.

[Northern Soul]

"
I cannot stop thinking about just selling up in the UK (no kids, etc) "

Thoughts?

Personally, I'd be off travelling. Back-back, cheap flight, freedom = experience and invigoration. I'm also also approaching 50 and travelling around, for example, India, is exactly what I'll be doing if I've not found a contract by end of year - which is increasingly likely by the looks of it, market is dead for my skills. Then it'll be time to jack in IT for good and finally start reaping the payback for all work stress and time spent living away from home in a Travelodges. And when I return, casual/voluntary work until I fancy going travelling again. Bide my time for 5 years , then I can get my hands on pension fund....and I can then go...travelling yet again. All courtesy of my good lady, who is more than happy for me to go away for 3 months at a time (not sure if that is a vote of confidence on our marriage, or not !)

I say go for your venture, if it motivates and you can accomodate the risks, there's no reason not to, else you'll only regret it.

Cheers

[TheFaQQer]

Carpe Diem and all that.

Fish of the day?

[northernladyuk]

No kids? Do it. You only live once.

[fatJock]

Perhaps you should have included your appetite for being philanthropic in your first post? Might have made people respond in a different manner?

Personally I'd just suggest doing what you wanted to do and what you think would make you happy, everything else is supposition.

[oliverson]

Would not waste any money on a startup you need deep pockets to ensure they continually succeed. How would you feel about losing your shirt on one...well it would be gutting & make you very unhappy as unless your hands-on its putting your future in someone else's hand's. If you have to try something look at trading the financial markets directly is far more lucrative as long as you make the right decisions but they are your decisions alone so you cannot blame anyone else if it fails. You need around £100K to open a viable account and if you only make a few % a day its a lot of money over a few months. Whatever you do avoid the non FCA regulated online firms as they are crooks and manipulate the trade to take your money as they see both sides of the position so delay the trade in their favour.
Direct Market Access - London Stock Exchange
You cannot go any higher than this as a private investor without a high 7 figure bank balance! This is what most traders do when they hit their 40s-50s and they are no longer able to move into another trading role for an IB.

I have zero interest in stocks, shares, banking, etc. I've only contracted in IB so long because the rates were higher. The work and subject are boring as hell. Besides, I want something more than just financial reward, I'd like to go on a journey and leads to something to be proud of - creating something from scratch and delivering jobs for others and a little wealth for myself.

[silverlight1]

Working in a startup can be a hugely invigorating and rewarding experience and one that will provide a lot of satisfaction if you don't measure the success or failure of it in pound notes.

[uk contractor]

Would not waste any money on a startup you need deep pockets to ensure they continually succeed. How would you feel about losing your shirt on one...well it would be gutting & make you very unhappy as unless your hands-on its putting your future in someone else's hand's. If you have to try something look at trading the financial markets directly is far more lucrative as long as you make the right decisions but they are your decisions alone so you cannot blame anyone else if it fails. You need around £100K to open a viable account and if you only make a few % a day its a lot of money over a few months. Whatever you do avoid the non FCA regulated online firms as they are crooks and manipulate the trade to take your money as they see both sides of the position so delay the trade in their favour.
Direct Market Access - London Stock Exchange
You cannot go any higher than this as a private investor without a high 7 figure bank balance! This is what most traders do when they hit their 40s-50s and they are no longer able to move into another trading role for an IB.

[oliverson]

Hi Olly

Similar thought process to me but I don't have the startup opportunity that you appear to have. I am 50% WFH and I use that time to flex between Plans A and B. Perhaps you could do the same - could you contract 3 days a week offsite and then work on the startups for 2 or 3 days a week?

Time does fly by faster as you get older and in my 40s I am already becoming more and more aware of my mortality. We only have so long on this Earth so do what you need to do and then do what you want to do; plan for it and make it possible.

The current setup should afford me the time to do some of that but tight deadlines mean 4 months of 6-7 day weeks solid so it's just not happened. When this project goes live maybe the extra time I've been spending on it can be diverted to at least one of those opportunities. But which one? I can't take on more than one even with a regular paced contract.

[ChimpMaster]

Hi Olly

Similar thought process to me but I don't have the startup opportunity that you appear to have. I am 50% WFH and I use that time to flex between Plans A and B. Perhaps you could do the same - could you contract 3 days a week offsite and then work on the startups for 2 or 3 days a week?

Time does fly by faster as you get older and in my 40s I am already becoming more and more aware of my mortality. We only have so long on this Earth so do what you need to do and then do what you want to do; plan for it and make it possible.

[grabri]

In your position I would be inclined to go for it, I'm sure you would regret it otherwise, and you do sound like you need the change.

I'm sure you will have done the maths already, but it would be worthwhile factoring in how much personal investment would be required to get these ventures off the ground, what pension provision do you have if/when you return to the UK and are considering returning to work/contract....and who knows what the Brexit uncertainty might add to the confusion.

Exciting times, good luck with whatever you decide to do.

[BlasterBates]

Yup if you still want to do it in the knowledge that start ups almost always fail then its a good decision to go ahead.

In the end someone has to take this risk. He who dares as they say. Just make sure that there is a feasible plan b.

[jmo21]

Very hard for any of us to comment on your situation, but you certainly sound like you really want to give them a go.

If you were a lot younger it'd be a no brainer.