Reply to: Absolute newbie question...

[expat]

The one thing about contracting that I struggle with is the 'family holiday'....

Not only is it costing me the wonga for the actual 'holiday I am enjoying' I am also not being paid for the time I am there....

Double whammy!

Shouldn't bother me but all the time I am enjoying my Pina Colada at Butlins in Filey I'm thinking 'how much is this costing...?'

Fine for business, crap for life.....

Every day not working is a day not being paid.

Every day working is a day not spent getting on with your life.



Which is worse?

[Drewster]

Just a matter of calculating your earnings over 44 weeks or whatever, don't look at it in too much detail, just an annual number.

WHS

Work out income over a longer period... (don't forget a Warchest though)... and budget for Hols, breaks, even "standard" benchtime (Warchest is for "non-standard")..... an enjoy having holidays etc....

If you start counting Holiday as "twice the cost" (cos of not earning) you will drive yourself to an early grave (see Stress thread)

[Scrag Meister]

Never ever think like that, it's just too depressing. I look on it as there being a chunk of my day rate that pays for the holidays.

That said, i always try and do holidays during bench time...

Just a matter of calculating your earnings over 44 weeks or whatever, don't look at it in too much detail, just an annual number.

[MarillionFan]

Never ever think like that, it's just too depressing. I look on it as there being a chunk of my day rate that pays for the holidays.

That said, i always try and do holidays during bench time...

Nothing worse!

Which is why I'm going to go back to the dark side in the immediate future.

[northernladuk]

I know - it's the one thing I hate about contracting - and I am fully aware that permies merely accrue for holidays, and are not paid 'free' for them, but as I am the 'Contractinator' I should also be earning in my sleep....

Weekends too - wasted earning time!

Waking time not at work -wasted earning time!

[stek]

Never ever think like that, it's just too depressing. I look on it as there being a chunk of my day rate that pays for the holidays.

That said, i always try and do holidays during bench time...

I know - it's the one thing I hate about contracting - and I am fully aware that permies merely accrue for holidays, and are not paid 'free' for them, but as I am the 'Contractinator' I should also be earning in my sleep....

Weekends too - wasted earning time!

[malvolio]

The one thing about contracting that I struggle with is the 'family holiday'....

Not only is it costing me the wonga for the actual 'holiday I am enjoying' I am also not being paid for the time I am there....

Double whammy!

Shouldn't bother me but all the time I am enjoying my Pina Colada at Butlins in Filey I'm thinking 'how much is this costing...?'

Fine for business, crap for life.....

Never ever think like that, it's just too depressing. I look on it as there being a chunk of my day rate that pays for the holidays.

That said, i always try and do holidays during bench time...

[Scrag Meister]

In the good old days(when I first started) I knocked up a screensaver that would pop up on the screen and would show how much I was earning per second and accrue on the screen.

No-one ever knew what is was and assumed it was something to do with the stock market, but coming back from spending a penny and knowing you'd made an extra £10 on top always amused me.

Me too, not a screen saver just a little counter in the corner of my screen.

Note to self, must adjust rate when I change contracts next month

[stek]

The one thing about contracting that I struggle with is the 'family holiday'....

Not only is it costing me the wonga for the actual 'holiday I am enjoying' I am also not being paid for the time I am there....

Double whammy!

Shouldn't bother me but all the time I am enjoying my Pina Colada at Butlins in Filey I'm thinking 'how much is this costing...?'

Fine for business, crap for life.....

[expat]

I think that's a reasonable question for someone who's never contracted before and who's looking at the rates that seem to be on offer.

Just because the answer is 'obvious' to you doesn't make it obvious to someone who's never worked as a contractor before. It only becomes 'obvious' when someone takes the time to explain it to you.

Give folks a break!

With my <taking the piss> tags, please! As northernladuk said, we have all done it.

OK, the stuff is probably all in stickies, but in a few words:

1. even when you're in a contract, you probably won't always get the rate that you thought you would.
2. you WILL spend some time not in a contract. Even if its only a few days or a couple of weeks between contracts, it all counts.
3. they probably won't let you work public holidays. If they tell you not to come in over the christmas period, you won't get paid for it.
4. you might want to take some holiday time
5. you might have time off sick (thought we try hard not to).
6. even the odd day or half-day for personal business (including going to the doctor), which you may have just got away with as a permie, is probably not billable as a contractor. That may include the office party too.
7. You will have some expenses that permies don't, such as an accountant and insurance.
8. You will have some costs that don't come out of a permie's quoted salary, but do come out of your rate, e.g. Employer's NI. This is quite large.
9. Most likely you will have to pay for all expenses yourself. E.g. the client tells you to go to the site somewhere else on Friday, you pay the taxi.
10. Pension contributions are up to you.
11. over a long period, there WILL be some recessions and you may well have LONG bench time.
etc.

[bluwale]

Thanks all for your "constructive" feedback

And the £500 was just an example, as it seems to be the going rate for the Interim Director/Programme Manager roles I am looking at.

[northernladuk]

I think that's a reasonable question for someone who's never contracted before and who's looking at the rates that seem to be on offer.

Just because the answer is 'obvious' to you doesn't make it obvious to someone who's never worked as a contractor before. It only becomes 'obvious' when someone takes the time to explain it to you.

Give folks a break!

Chillax dude! Just pulling the newbies leg. As you can see in the last 4 posts we all admit to doing the same so just poking fun at ourselves as well.

[Platypus]

I see contract rates of £500 per day, so if I go contracting I'll earn £2500 per week, per year that's 52 times £2500 .....

I think that's a reasonable question for someone who's never contracted before and who's looking at the rates that seem to be on offer.

Just because the answer is 'obvious' to you doesn't make it obvious to someone who's never worked as a contractor before. It only becomes 'obvious' when someone takes the time to explain it to you.

Give folks a break!

[expat]

ROFL Ok, will hold my hand up. Me too

worth a poll, that one. Mine's a Yes.

[northernladuk]

In the good old days(when I first started) I knocked up a screensaver that would pop up on the screen and would show how much I was earning per second and accrue on the screen.

No-one ever knew what is was and assumed it was something to do with the stock market, but coming back from spending a penny and knowing you'd made an extra £10 on top always amused me.

ROFL Ok, will hold my hand up. Me too