Reply to: What's your plans?

[rootsnall]

Blimey. Looks like your net asset value makes you a millionaire.

I think that for most of us, contracting is like a drug - we all crave that next £400/day "fix" and will do it long after we have any financial need to do so.

the odd nutter

[skelm]

Paid off mortgage on home - to do, in reasonable shape though.
Built up very sizeable stash (> £500K) of cash - not anytime soon!
Plan b setup and running - know what to do, but same issue as previous 2 points.
Cherry pick contracts at good rates - fat chance.

Bought country house with 1 acre of land - nope and not anytime soon
Bought selection of pointless but flashy cars - not worth the depreciation.
Take time off and enjoy the fruits of my labours - definitely to do.

Have managed to invest in some places such as Capetown and UAE, plan B being to hopefully leave the rat race and enjoy life a little!

[KentPhilip]

Paid off mortgage on home and BTL - done
Built up very sizeable stash (> £500K) of cash - done
Plan b setup and running - done
Cherry pick contracts at good rates - done

Bought large house with several acres of land (cash no mortgage) - to do
Bought selection of pointless but flashy cars - to do
Take time off and enjoy the fruits of my labours - to do

Blimey. Looks like your net asset value makes you a millionaire.

I think that for most of us, contracting is like a drug - we all crave that next £400/day "fix" and will do it long after we have any financial need to do so.

[Clippy]

After 30+ years of contracting I'm struggling to think of things I want to buy now. Maybe it's just a phase I'm going through though.

How about a personality?

[TheBigYinJames]

However, I need a good 5-10 years more to get there and I imagine a lot of people here are in the same boat: have done pretty well, but are too old to really start a new career and would be scuppered if IT contracting dried up.

It won't dry up, this is cyclic. I started contracting in the early 90s, there had just been a big IT depression. There was anotehr one in 97. Then a big one in 2000. Things went a bit sour in 2003. Now we have another one in 2008.

All that happens is that rates drop for a while, some people go permie for a while. Some people leave the country. A few high earners who have been doing it for 5 minutes and think they 'deserve' £500 a day (instead of it being purely a matter of supply and demand) whine for a bit and perhaps do one of the above.

Above all else, things improve.

[bobhope]

The problem is the uncertainty of not only IT contracting, but IT as a whole. It's quite feasible that offshoring, etc. increases and the game won't be worth playing any more. That's not an issue for those that have been in the game 20 years or more (Threaded et al) and are financially independent.

However, I need a good 5-10 years more to get there and I imagine a lot of people here are in the same boat: have done pretty well, but are too old to really start a new career and would be scuppered if IT contracting dried up.

[Chugnut]

Paid off mortgage on home - to do, in reasonable shape though.
Built up very sizeable stash (> £500K) of cash - erm no, see above.
Plan b setup and running - know what to do, but same issue as previous 2 points.
Cherry pick contracts at good rates - fat chance.

Bought country house with 1 acre of land - done.
Bought selection of pointless but flashy cars - done a few years back, couldn't justify the depreciation given larger mortgage, so sold 'em.
Take time off and enjoy the fruits of my labours - definitely to do.

[DimPrawn]

Surely you should of sold the BTL 6 months ago and added it to the cash pile !?

I sold my villa in Cyprus instead and kept the other UK property. It has a long term tenant who will probably be there forever and so I'm keeping it (it's only a cheapy house anyway).

[rootsnall]

Paid off mortgage on home and BTL - done
Built up very sizeable stash (> £500K) of cash - done
Plan b setup and running - done
Cherry pick contracts at good rates - done

Bought large house with several acres of land (cash no mortgage) - to do
Bought selection of pointless but flashy cars - to do
Take time off and enjoy the fruits of my labours - to do

Surely you should of sold the BTL 6 months ago and added it to the cash pile !?

[ThomasSoerensen]

Right now contracting is just to pay the bills and build up a cushion before plan B can support me. I intent to stop contracting at the end of the year.

[Bagpuss]

Yesterday I bumped into a contractor I hadn't seen for 11 years, back when I was a placement student. He was already then middle aged. Contracting right up until the end. Wonder if he dreamt about plan Bs

[FiveTimes]

Be aware that you may have issues finding a suitable substitute re: IR35.

[Chugnut]

My plan is to make hay while the sun shines, then pay the mortgage off some time next year, change the car, nice holidays and maybe retrain as a lion trainer

Be aware that you may have issues finding a suitable substitute re: IR35.

[DimPrawn]

Paid off mortgage on home and BTL - done
Built up very sizeable stash (> £500K) of cash - done
Plan b setup and running - done
Cherry pick contracts at good rates - done

Bought large house with several acres of land (cash no mortgage) - to do
Bought selection of pointless but flashy cars - to do
Take time off and enjoy the fruits of my labours - to do

[threaded]

After 30+ years of contracting I'm struggling to think of things I want to buy now. Maybe it's just a phase I'm going through though.