HI! :-) Details of my current position. Please can you help?

[fatboyslim]

You're a waste of time reading your replies to others. All you do is be negative towards other people.

What's the point?

I am new here like you, and reading many posts it does look like a lot of people are discouraging new contractors.
I am less worried about your two worries(because your rate will compensate for loss of income and contracting is not more involved than permanent as such, so its up to you to have a good work life balance), but about your 'warchest'.
So I would listen to the voice of caution. My suggestion will be to build up for 6 months.

Since you don't have any dependent, you are perfectly positioned to take risk.

[unixman]

@OP I would say yes, try contracting. There are risks (see above), but you seem to be in a position to handle them. However, I would build up more than 4k first. How many months can you live with zero income ? It sounds like only 2.

[BrilloPad]

You sound very negative.

You should meet his accountant.....

[ChrisHadfield]

I could have posted you a post like NLUK's and added links but I didn't bother.

NLUK is painting you a bad but not the worse case scenario. I personally know contractors who couldn't get contracts for over a year. In their cases they had high earning partners so it wasn't the end of the world. However there is a thread on here about a guy in his dressing grown who was ended up struggling on benefits before he ended up with a contract. He did look for permanent work but had no luck.

If you are a worrier then you will end up more stressed contracting.

The way you have written your first post indicates you have to bounce your ideas around and/or seek approval from others. When you are a contractor the only people you can do that with is maybe a partner, and/or a few close friends/siblings in a similar situation. Though some people don't have any of that.

Either way you need to be able to get on with it.

That is a very constructive feedback. Thank you.

You might be right, I like to get feedback from experienced people to help make an informed decision.

I think I need to research a bit more before I jump in.

[SueEllen]

You're a waste of time reading your replies to others. All you do is be negative towards other people.

What's the point?

I could have posted you a post like NLUK's and added links but I didn't bother.

NLUK is painting you a bad but not the worse case scenario. I personally know contractors who couldn't get contracts for over a year. In their cases they had high earning partners so it wasn't the end of the world. However there is a thread on here about a guy in his dressing grown who was ended up struggling on benefits before he ended up with a contract. He did look for permanent work but had no luck.

If you are a worrier then you will end up more stressed contracting.

The way you have written your first post indicates you have to bounce your ideas around and/or seek approval from others. When you are a contractor the only people you can do that with is maybe a partner, and/or a few close friends/siblings in a similar situation. Though some people don't have any of that.

Either way you need to be able to get on with it.

[northernladuk]

You're a waste of time reading your replies to others. All you do is be negative towards other people.

What's the point?

I don't do warm cuddley posts and tell people it will be OK. I focus on the problems and what's wrong. If you can fix/avoid the problems there will be no surprises and the good will come naturally. Sorry if you don't like that style.

[ShandyDrinker]

You're a waste of time reading your replies to others. All you do is be negative towards other people.

What's the point?

On balance NLUK gives out some pretty good advice and I like to think of his comments as being more of a realist than being overly negative.

If you're really positive everything will work out then just go for it. As a contractor though you do have to plan for the inevitable lean patches. I've been lucky in contracting in never being out of work for more than a couple of months unless I've genuinely chosen to. However, you have to accept that at times you could be out of work for 6+ months just because the market is diabolical or for numerous other reasons.

[ChrisHadfield]

Says the worrying guy......

You're a waste of time reading your replies to others. All you do is be negative towards other people.

What's the point?

[northernladuk]

I don't think that is the case.

Humans are adaptable, I can adapt. You sound very negative.

Says the worrying guy......

[ChrisHadfield]

I don't think that is the case.

Humans are adaptable, I can adapt. You sound very negative.

[northernladuk]

My goal for a year or two is to:

• Take the foot off the pedal work wise and relax a little
• Travel - maybe work 8-9 months and travel 3 months
• Work on my fitness by regularly going to gym (something I haven't been able to do through this stressful year)
• Financially - if I make a little more than I earned through contracting as I did as a permie then I am happy

Contracting won't really help the first two points, and possibly the 3rd. You've got to take the work when it comes up and where it comes up. It could be a bitch of a commute or even stay away from home. You are also going to have to save a warchest up so can't really take your foot of the pedal. It will probably also kill any travelling plans you have as you have to see the contracts through and think about getting another. A stint on the bench will deplete the war chest and you will be having to chase your tail, not taking lots of time off.

You are a newbie so bottom of the pile for getting gigs and the odd gig with 3 months break isn't going to work well for you at all.

My worries are:

• I worry if I am passing up permie opportunities with good pay.
• I worry I constantly work and work and life is passing me by and my mental and physical health could do with improving by relaxing a little

What should I do in this position? Should I dip my toes into contracting?

If you worry this much then I'd say no to contracting. You are going to have to worry potentially every three months when the gig ends and you have to sit there with no income waiting for the next piece of work. Could be straight away but could be many months off. You don't where it will be, for who, for how much etc.

[ChrisHadfield]

Hello all,

A fan of this useful website so I joined.

Recently my full-time perm work went uncertain and now I am exploring my options (including contracting) or travel or do both or jump back into perm again.

• In my early 30's with no kids / marriage
• Live near London where my mortgage is £500 a month
• My IT skill-set is in demand where I see contract rates between £300-£500 in London and UK
• I am fully certified and up to date in my software knowledge
• My pre-tax salary used to be £51k
• I live a fairly frugal lifestyle
• I won a competition so got £4k in cash
• My monthly outgoings are around £1,700 after paying all the bills
• I have good contacts and colleagues who have succeeded in contracting doing what I do with less qualifications

I am in a position to have a 'break' where I can do what I want for a few months and I don't have to worry if I don't get a contract for a month or two.

But I am looking to see if contracting for a while would be the right thing based on my situation.

My goal for a year or two is to:

• Take the foot off the pedal work wise and relax a little
• Travel - maybe work 8-9 months and travel 3 months
• Work on my fitness by regularly going to gym (something I haven't been able to do through this stressful year)
• Financially - if I make a little more than I earned through contracting as I did as a permie then I am happy

My worries are:

• I worry if I am passing up permie opportunities with good pay.
• I worry I constantly work and work and life is passing me by and my mental and physical health could do with improving by relaxing a little

What should I do in this position? Should I dip my toes into contracting?