Full Time IT to Contract IT work

[Anomaly]

I need some advice from the beyond IT crowd.
I've been at my current salaried IT position (network analyst) for 4 years. Recently I was approached about a job opportunity for a contract position. Pay is about 35k more a year than what I currently make but is only 6 months with the possibility of extension. I've never done the contract side of IT, and some of my IT friends seemed to think it's a step backwards. Thoughts?

I don't have any kids, no mortgage. I can't decide if it's worth giving up a job I'm fairly happy with for more money, but less security.

[JustinMCS]

Hm. Job security wins it for me. But then again I have a mortgage. I do IT full time, focused on hardware solutions. An ex-coworker of mine went to contract but then back to full time within 3 months. Preferred it more.

[Type_S1]

Lose all your benefits and only be part time...for "35k more". I am guessing that is a yearly salary....since you are only working for 6 months you are actually losing money if you don't get extended.

[Str1der]

Originally posted by Anomaly
I need some advice from the beyond IT crowd.
I've been at my current salaried IT position (network analyst) for 4 years. Recently I was approached about a job opportunity for a contract position. Pay is about 35k more a year than what I currently make but is only 6 months with the possibility of extension. I've never done the contract side of IT, and some of my IT friends seemed to think it's a step backwards. Thoughts?

I don't have any kids, no mortgage. I can't decide if it's worth giving up a job I'm fairly happy with for more money, but less security.

For $35k? No way.

Please inform us which crappy recruitment firm offered that "opportunity".

[npham]

35K when you make 50 or 60k is a huge jump and might be worth the risk, but if you make around 75+, the it's definitely not as attractive.

Would you need to start up your own corp to contract?

[revelations]

I did this back in Jan.

I left, not because of money (although there was more of that), but because of the freedom of setting my OWN schedule.

OK so that plus retarded managers at my old IT job...


I would definitely do it again looking back, but I wouldnt be against being employed again if the position was right.

Oh and I do have a mortgage and will be getting married this year too.... youll get over the "no job security" thing after a few months of steady work.

[GQBalla]

mmmm

i would only go contract if i made double or at least 1.5 times. You have to worry about taxes and benefits.

plus job security for 6 months?

where you going after 6 months?

you have enough funds to live for 6 months with no job?

[benyl]

Take the amount you want to make a year and then divide it by 1000 in order to get the right hourly rate for a contract job.

So, if you think you are worth $75K / year full time, you should be making at least $75 / hour on contract after your pimp takes his cut.

Take half of it and save it for taxes (both personal and corporate), GST, and to live in case your contract doesn't get renewed.

If you can live on $37.50 / hour, then it might be worth the change.

[Anomaly]

Good advice guys, thanks.

I don't make 100k a year, but not too far off. I was pretty shocked when I actually sat down and did the math, the 35-40k more a year after taxes actually breaks down to be more like 15k, and I would lose my downtown parking, benefits and 4 weeks vacation. Makes it an easier decision.

Thanks again.