Reply to: Returning to perm is almost impossible

[Funkywood]

I chose to take the time off during this recession that I never took off due to the op-cost mentality when times were good (whilst heading down under where it wasn't so bad).

If I do go permie it will be because it will finally be a good time to buy a house and get a mortgage, which will also be my reason when they ask.

When the government eventually quits trying to support over priced housing I might make the move.

[ChimpMaster]

Wise words there. I now have no mortgage or any other debts and could probably survive for two years without work if I had to. Luckily I've recently landed a gig on last rate +90%, though it is darn sarf, unfortunately. But now I am working a) To put the kids through university and equal to a) to fund my retirement. For each year this job lasts all the rate increase paid into my SIPP brings my retirement forward by two years, I reckon. Job will hopefully last ~18 months. Not a bad result but weekly commuting will take its toll I guess.

If you don't mind me asking, what is your target income for 'retirement'? (on the understanding that you might not completely retire)

[Fred Bloggs]

I must be really dim, I spent 30 years in staff jobs (18 years in just one of them, 10 years in another one) before I took the plunge into the contracting game.

[Scrag Meister]

It took me 22 years of my working life to get out of permiedom, certainly won't be looking for a way back in anytime soon.

[ladymuck]

I have to say I was exceptionally lucky over the course of the recession. I held onto a low paid but very interesting contract for nearly 18 months. It was a 45 min train ride from home, with dead easy hours. It covered the bills but didn't pay into my warchest at all, leaving me just as vulnerable as a permie. Due to the low rate, I had five days off during that period (yes, I worked the bank holidays!).

I left purely because I wanted more money than they could afford to pay me and I got offered a contract that does just that. Now, I'm doing a 2-2.5 hour commute to the big smoke, tulip hours but the quids are worth it. I would consider a permie job, and have once or twice in the past, but something always comes up - one day my luck will run out!

I like NotAllThere's philosophy, I'm only in my 6th year of contracting and I've always struggled with my perception that I pay twice for holidays - once to the travel agent and again in lost earnings.

I have two targets. One is billed income, the other is billable days. So long as I achieve the income target I'm happy. The billable days is an upper target - I don't want to work more than 200 days a year. Though, obviously if the client wants me for more, then I'm happy to oblige, but the motivation is different.

I'm also lucky that I have a very understanding OH and no kids (there's not enough space in the cupboard under the stairs). He's always telling me how proud he is of my ability to test the boundaries of my comfort zone and push myself to bigger and better things. He's thinking of ditching his pants permie job to go contracting as he's come to realise that permie life just doesn't offer the opportunities or challenges he wants.

[bobhope]

I've always attempted to pay myself 50% of the contract rate.

E.g. rate is 100k / year - then salary is 50k. Then that's what I tell everybody I earn.

Under no circumstances tell the other half that you 'earn' 100k.

[Fred Bloggs]

Wise words there. I now have no mortgage or any other debts and could probably survive for two years without work if I had to. Luckily I've recently landed a gig on last rate +90%, though it is darn sarf, unfortunately. But now I am working a) To put the kids through university and equal to a) to fund my retirement. For each year this job lasts all the rate increase paid into my SIPP brings my retirement forward by two years, I reckon. Job will hopefully last ~18 months. Not a bad result but weekly commuting will take its toll I guess.

[gingerjedi]

First of all - a note of caution, these sorts of tensions can build up into a serious relationship problem, especially with you being away all week, alternatives can sometimes come under consideration... That not being the case, are you living below your means ? I have 2 years of warchest stashed due to having expenses some way below a good contract rate, that is more security than virtually any permie I know. I can maintain current standard of living without earning for 2 years, I hit hard times in 2003 when all I knew became practically worthless, I don't fly without a safety net anymore. This means I don't take jobs I don't want or go to locations I don't like. If you don't have a warchest to see you through 12 months, I suggest you make this your first priority. In addition - buy cars when you have the money built up, no loans, credit card debts or any other borrowing except a mortgage. The number of people who have 20 different monthly payments and who are 2months away from total financial meltdown is scary. If the missus wants you home every night, that is a different chat, if it comes down to money - sort it !

Wise words, unfortunately I realised this 2 years ago and ever since the market has been so bad I've only managed to go backward.

My 2009 is your 2003... I wouldn't let it happen again.

[lukemg]

First of all - a note of caution, these sorts of tensions can build up into a serious relationship problem, especially with you being away all week, alternatives can sometimes come under consideration... That not being the case, are you living below your means ? I have 2 years of warchest stashed due to having expenses some way below a good contract rate, that is more security than virtually any permie I know. I can maintain current standard of living without earning for 2 years, I hit hard times in 2003 when all I knew became practically worthless, I don't fly without a safety net anymore. This means I don't take jobs I don't want or go to locations I don't like. If you don't have a warchest to see you through 12 months, I suggest you make this your first priority. In addition - buy cars when you have the money built up, no loans, credit card debts or any other borrowing except a mortgage. The number of people who have 20 different monthly payments and who are 2months away from total financial meltdown is scary. If the missus wants you home every night, that is a different chat, if it comes down to money - sort it !

[SueEllen]

trust me, you dont know how much i know where youre coming from ....... and why is it women seem to have a harder time dealing with the reality of these situations than men? (at the risk of setting people off)

Lots of factors including the fact lots of women haven't been brought up or socialised with the expectation that they would have to contribute significantly to the family income once they are married.

They expect their husbands to provide everything and compare themselves to the richest people they know or see.

What I find funny is that I have some extremely rich friends and family where the wife doesn't have to work at all but they go out of their way too. While I know this and the other things that they do, other women don't so slag them off because they seem to have everything with no effort on their part.

[AngelOfTheNorth]

like to remind my missus when she's feeling hard done by that she's well above the national median, so, you know, get a grip .

trust me, you dont know how much i know where youre coming from ....... and why is it women seem to have a harder time dealing with the reality of these situations than men? (at the risk of setting people off)

[facboy]

wish my missus earned a big salary...i have enjoyed being a kept man for the last 4 months (well actually just slowly emptying the warchest).

having said that, it's good to keep a proper perspective on things, i think in london it's quite easy to get a warped view of the world because of all the bankers driving around in bentleys. like to remind my missus when she's feeling hard done by that she's well above the national median, so, you know, get a grip .

[AngelOfTheNorth]

The fact his OH is pulling in a good salary obviously helps.

That my friend is the key .......... but lets assume for a moment the OH doesnt pull in a good salary .... then can you see the point im making?

[expat]

Less stress.

A friend who doesn't work in IT was struggling to find work so got a job as a retail sales assistant.

Met up with him a few weeks ago and he was really happy and enjoying what he was doing.

He knew it was a stop-gap and was just enjoying it - he mentioned to me that he had no worries to take home with him when clocking off at 5.30.

The fact his OH is pulling in a good salary obviously helps.

Yeah, I should think it would. Otherwise how would he pay the mortgage? It's all very well doing an "American Beauty", but where do you live?

[Clippy]

But why would you do that? I'd rather earn as much as I could, that way if it all goes t ..ts up you've got something saved to fall back on. Getting a 20 grand a year job and just getting by means that should the unthinkable happen youve got nothing saved to fall back on.

Make hay while the sun shines!

Less stress.

A friend who doesn't work in IT was struggling to find work so got a job as a retail sales assistant.

Met up with him a few weeks ago and he was really happy and enjoying what he was doing.

He knew it was a stop-gap and was just enjoying it - he mentioned to me that he had no worries to take home with him when clocking off at 5.30.

The fact his OH is pulling in a good salary obviously helps.