Reply to: Dear Pro Contractors please guide- Vote

[BlasterBates]

Basic calculations show it isn't worth it.

assuming 220 days billing that would be 77,000, subtract accountancy fees and a pension you're already at 70K.

aint worth it

with travelling expenses you will be worse off.

you will also need to factor in bench time, although in my 15 years contracting I only had 3 months on the bench.

For the reasons above I too went perm. I calculated I would only be slightly better off and I would have to travel. Unless you can guarantee contracts within driving distance it isn't worth it.

[bluetoaster]

It is never too late but it is not just about rates, it is about an entire life style change.

this.

What I say to people asking about contracting is don't do it for the money. Money can be good when the rate is good and you are in contract but that is no guarantee. I went contracting for the freedom and choice it gives me.

[WordIsBond]

Mate, if you ask your potential competitors whether they think you should start competing with them, what do you expect them to say?

If you didn't think that through, you probably aren't ready to compete with them.

You aren't too old. That's absurd.

But no one should walk away from that salary / perks for £350 / day. No one should even think about it, unless they just want the freedom / lifestyle and don't care about the money. I'm not sure why this even has to be said.

£350 / day is £1750 / week. You have to work 40 weeks just to match the salary. You probably have to work 50 weeks to match the salary plus pension. As a perm you work 46 weeks. And you don't have to worry about going a month, or three, or nine, between contracts.

[quackhandle]

Winsome, change your job if you are that bored of it but stay permie.

Or quit and go travelling to "find yourself".

Good Luck.

qh

[northernladyuk]

No, that's just on your monitor, please wipe it off.

It's actually on his glasses.

[BrilloPad]

You know there are female contractors as well? Some like me post on here under specifically female usernames but many others don't.

So as your other half thinks contracting is good for you to do,then it's as good for her to do as well.

The fact that one of you will be earning a steady high income is even better as you both will have sufficient money while on the bench as one of you will always be earning.

So next time she says or hints that you should go contracting, tell her a female poster has told her to become one herself. Even better show her this post.

Or she could take the easy route and divorce him.

[WTFH]

There's a lot of love on this thread!

No, that's just on your monitor, please wipe it off.

[MrMarkyMark]

As a contractor you are despised , permies pick up on you, and you really have to have tough skin otherwise, one wrong word and you are booted out.

But you are despised and picked on by both contractors and perms on here

[PurpleGorilla]

There's a lot of love on this thread!

[SueEllen]

haha. well said mate. Guess I am too old a hand for the cutthroat world of contracting..thing is my other half sees those fancy cars and second and third homes of our contractor friends and wants me to be in the river.. Women..

You know there are female contractors as well? Some like me post on here under specifically female usernames but many others don't.

So as your other half thinks contracting is good for you to do,then it's as good for her to do as well.

The fact that one of you will be earning a steady high income is even better as you both will have sufficient money while on the bench as one of you will always be earning.

So next time she says or hints that you should go contracting, tell her a female poster has told her to become one herself. Even better show her this post.

[BrilloPad]

I vote AndyW

[diseasex]

As a contractor you are despised , permies pick up on you, and you really have to have tough skin otherwise, one wrong word and you are booted out.

[original PM]

haha. well said mate. Guess I am too old a hand for the cutthroat world of contracting..thing is my other half sees those fancy cars and second and third homes of our contractor friends and wants me to be in the river.. Women..

Just because they have these shiny trinkets it does not mean they actually own any of them.

I know a number of people who appear to have big houses but in reality are doing interest only mortgages and so will never own the home - they are hoping that they can sell and make money on the equity in the house.

Big gamble as they could get to 55 and find they have nothing.

A 70k final salary pension is worth staying permie for.

[WTFH]

The things that your other half doesn't see are:
1. Bench time between contracts
2. What our wonderful government have done in penalising contractors over the last few years
3. Travelling for work
4. The length of time your contracting friends have been working for
5. The area that they are contracting in.

Having things like multiple properties isn't about throwing money around, for many who do it, it's because they don't have a final salary pension, they need something that is a reliable long term investment.

£70k + final salary pension + health ins is not something to give up lightly. If you don't hate your job, dread every day of going there and don't mind the commute, I'd say you need to stick with it.

TL;dr
No.

[Winsome]

When you've worked out how to add a poll to this thread, you may think about being a contractor

haha. well said mate. Guess I am too old a hand for the cutthroat world of contracting..thing is my other half sees those fancy cars and second and third homes of our contractor friends and wants me to be in the river.. Women..