Author Topic: 2 yrs left ... pull plug and go contracting??  (Read 1098 times)

albireo13

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2 yrs left ... pull plug and go contracting??
« on: October 28, 2017, 06:14:56 AM »
I'm on track to retire in 2019.  I'm a high tech engineer, working for MegaCorp.
Lately I've been so close to pulling the plug.  Work has gotten so stressful with the BS and nonsense.
The stress isn't bad, and pay is good,  and I know the best course financially is to ride it out.
Still, I feel like my brain is turning to mush and my motivation is gone.    Doing BS work, totally unchallenging.

I've been looking into doing contract work and was thinking I could save my sanity by quitting, doing contract work for a few years, and then pull the ripcord.
I have a few leads on contracts. 

Looking for advice and good excuses to do this ... or good reasons to stay.

Thx

Maenad

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Re: 2 yrs left ... pull plug and go contracting??
« Reply #1 on: October 28, 2017, 06:40:58 AM »
DH and I have 3 years to go (also high tech engineers), and have decided that if either of us is laid off, that person will run out the clock contracting. We also have a highly robust system of contract work in our industry here. How many employers are there in your industry in your area, or employers to whom you can transfer your skills? How many contractors are they hiring on a regular basis?

Pluses:
1. Not as much responsibility/accountability since it's not "your" company (less stress)
2. Overtime!
3. More $$$ in general, especially if you can go on a spouse's health insurance

Minuses:
1. Some anxiety in between jobs
2. Commute variation - how far are you willing to drive and for how long?
3. Instability in bosses/coworkers (sometimes this may be a plus!)
4. If you're a 1099 employee, your taxes are a lot higher, since your employer is no longer paying them for you

If your current employer uses a lot of contractors, can you find out what agencies/firms are used? You could talk to them about your "friend" who's thinking of getting into contract work and is wondering how the market is.

BlueHouse

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Re: 2 yrs left ... pull plug and go contracting??
« Reply #2 on: October 28, 2017, 12:09:26 PM »
If you can find your first contract while you're still working for MegaCorp, then do it.  If not, then don't do it. 

dreams_and_discoveries

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Re: 2 yrs left ... pull plug and go contracting??
« Reply #3 on: October 29, 2017, 03:25:31 AM »
I'd always say yes, but don't quit until you've got a signed contract.

I went contract 5 years ago, and it's what has accelerated my progress to FIRE.

albireo13

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Re: 2 yrs left ... pull plug and go contracting??
« Reply #4 on: October 29, 2017, 04:23:48 AM »
I'm working on a contract situation.  If it pans out I may just do it.