Reply to: Take the plunge?

[northernladuk]

You'll also need to talk the risks through with your wife.

Personal experience: I've been contracting for about 15 years or so now (with a permie break in between). All was fine with the missus while the money was rolling in and the war chest was building up, and only a couple of weeks between contracts. But in 2009 I hit a wall and spent nearly 6 months off. Sure that's what the war chest is for, but try and explain that to a wife and family that expect your savings to go up, not get spent.

tl;dr: if you were between contracts for a few months with a wife and child, could you survive/cope?

Nice post making a very good point. I had well over a year in the pot and SWMBO still got stressed when I was off for 3 months.

[meridian]

You'll also need to talk the risks through with your wife.

Personal experience: I've been contracting for about 15 years or so now (with a permie break in between). All was fine with the missus while the money was rolling in and the war chest was building up, and only a couple of weeks between contracts. But in 2009 I hit a wall and spent nearly 6 months off. Sure that's what the war chest is for, but try and explain that to a wife and family that expect your savings to go up, not get spent.

tl;dr: if you were between contracts for a few months with a wife and child, could you survive/cope?

[eek]

What are the things that would bring it down significantly?

finding a contract. Finding a contract that pays £600 a day... Finding a contract that pays £600 a day which doesn't terminate as soon as something is delivered....

If you have contracted for years you know how things work. If you don't and don't have savings you really shouldn't be doing it especially at a time when your family live is under strain and you will want to be at home playing with the baby...

[PerfectStorm]

But you are not calling a spade a spade. You are touting a very hypothetical situation without taking any of the reality that happens. In 99.9% of cases these numbers just won't work.

What are the things that would bring it down significantly?

[northernladuk]

what? Call a spade a spade.

But you are not calling a spade a spade. You are touting a very hypothetical situation without taking any of the reality that happens. In 99.9% of cases these numbers just won't work.

[PerfectStorm]

If you don't understand what is wrong with your post then you need to do more research.

Again... calling a spade a spade, what's the bit you take issue with?

Employment = regular contracted work
A few weeks holiday = a few weeks unpaid not working

Better?

[SueEllen]

what? Call a spade a spade.

If you don't understand what is wrong with your post then you need to do more research.

[PerfectStorm]

Oh dear....

what? Call a spade a spade.

[SueEllen]

A day rate of £600 with continuous employment and a few weeks holiday a year is equivalent to £151K salary. That's nothing to be sniffed at.

Oh dear....

[northernladuk]

A day rate of £600 with continuous employment and a few weeks holiday a year is equivalent to £151K salary. That's nothing to be sniffed at.

But there are so many assumptions there it's hardly a figure ton work from.

[PerfectStorm]

Going contracting for the money is never a good idea if you're not in the bulk skills arena, which you aren't. A day rate of £600 looks attractive (and probably out of your reach as a first timer), but is roughly equivalent in terms of take home to a permie package of around what you're on now, with no security, a lot more risk and a lot less convenience.

A day rate of £600 with continuous employment and a few weeks holiday a year is equivalent to £151K salary. That's nothing to be sniffed at.

[SueEllen]

7 years on the thick end of 80k and you've still got a mortgage ?

You have a stable job on an excellent salary with a baby coming. And you choose now as the moment to start contracting? Seriously. Reason = a contractor laffed at you and the sales target is too big.

Doesn't make any sense. Come on fella. Who are you really

He probably lives in the SE.

Apart from NLUK's and malvolio's advice, monks123 work out how you spend money on every day things from weekly shopping, coffees, lunches, unused gym membership etc and cut costs. Talk with your wife about it so you do it together. A lot of people waste money on things they don't really consider add up and actually need. I would actually refer you to this site

[AMH]

what does the Mrs tell you to do?

[unixman]

7 years on the thick end of 80k and you've still got a mortgage ?

You have a stable job on an excellent salary with a baby coming. And you choose now as the moment to start contracting? Seriously. Reason = a contractor laffed at you and the sales target is too big.

Doesn't make any sense. Come on fella. Who are you really

[GlenW]

What NLUK said

I agree and don't start sentences with 'So'. FFS