DP wants to contract

[sparklepig]

DP and I both have senior roles, in an expensive city. We’re quite settled and have DCs. We’ve both been in our jobs for a number of years and although I’m the main Warner it’s only by about a third. DP is running out of road at his current job and his boss is a huge bully who is particularly picking on DP. It’s impacting DP I suspect more than he lets on. He’s looking for new roles but he’s well paid for his sector so either needs to take a chinky pay cut or move up. Moving up comes with a bunch of stress that I’m not sure is right for him or us now. A lot of his contacts are suggesting contracting. That seems much more common in his industry which is more project/ consultancy focused. It isn’t uncommon in my area but people tend to use it to find a new permanent role. It makes me super nervous from a security perspective. Am I being silly? I know no job is secure and the potential income even accepting loss of benefits seems to compensate even with holiday and time between roles. Any positive experiences of contracting roles ?

It just takes some saving and financial planning, maybe he could look at when you'd have enough of a cushion to take the risk eg in six months or twelve months, you also need to work out what you need to earn between you rather than what affords you a lovely lifestyle if the current job is making him so unhappy, wellbeing is important too. My aunt took the leap (engineering field now consulting/contacting) she's having to turn down work less than two years in. If he has good contacts and a good reputation and you plan and budget properly it needn't be scary

I went contracting 24 years ago initially as a quick way of moving to London. Never went back to permiedom. Be sensible with the money and once you have a bit behind you the stress goes away. I now pick and choose my contracts. Just spent 18 months mixing a bit of work with a house restoration. You don't get those choices with a permanent job. Never been out of work when I wanted work either whereas permanent colleagues have had the stress redundancy numerous times over their career. The security of a permanent job is mostly an illusion.

Another vote for contracting here.
I've been freelance for 3 years and have never looked back. I've made so much more money, saved more, taken pretty much all summer off, and the stress lower.
I've also really built up a great, varied CV and a lot of good personal experience.

There aren't really any low points, thought January/Feb can be a bit quiet in my sector if I haven't got an ongoing contract, which can be a bit scary. But so long as you have a decent nest egg (say, 6 months pay) I don't tend to get a the fear anymore.

I've been a contractor for nearly 20 years, not been out of work once.