To Take A Contract Or Not To Take The Contract - Ways To Determine If Contracting / Consulting Is For You

Episode Summary: Today we are talking about contracting and consulting today! Reasons contracting might be a good option for you: 1) You are chasing industries and you don't have any experience in the new industry 2) Typically you do get more money 3) If you get bored after 6-24 months with a company or in a particular role and you feel you are changing jobs often because you're bored and you need that change 4) You're the type of person who likes to work for a variety of different companies 5) You want to work in different type of industries Reasons why contracting might not be a good fit for you: 1) If you are going to be constantly stressed out about your contract ending, you're not sure what you're going to do next and this will give you a ton of stress and anxiety 2) If you need certain benefits if you can't get in a contracting role (hold for the myths section though LOL) 3) If you will have a fear of not getting a new contract when your current one is over (also this is the opposite of having an abundance mindset 4) If you are the type of person who wants to find a really great company and stick with that company into retirement Contracting Myths 1) Contracting doesn't offer stability - while I agree with this to an extend, I also don't think full time positions can offer or guarantee stability. While you could get hired with a great company that's been around a long time, you never know if there will be a merger / acquisition or they aren't performing and then there will be layoffs. 2) Benefits - you definitely can get benefits as a contractor. Often the consulting company offers them or you can get them directly through an insurance broker. Cost is something to consider. Let's break down some math! Don't turn me off yet!! Your salary: $100,000 5 main benefits: medical, dental, vision, 401(k), PTO / Vacation PTO / Vacation - typically 2 or 3 weeks 2 weeks = $3,900 3 weeks = $5,800 401(k) - 3% match 401(k) = $3,000 Already with 3 weeks vacation and 401(k) we are up to $8,800 I have paid $200 or less each month for medical Let's say $400 for medical, $100 for vision, $100 for dental (both vision and dental is really high) $600 a month x 12 (a full year) = $7,200 Each year you are paying with 3 weeks PTO / Vacation $5,800, $3k in retirement, $7,200 for heath/dental/vision = $16,000 Now if you're contracting: $48.08 gets us to $100k each year Side note: generally I bump my hourly rate at least 20% from my annual salary to pay myself for own benefits. So if you're making $100k you would be looking for $120k which hourly would be $57.69 an hour. For show notes go to: Thank you so much for listening. I would love to connect and learn how I can help you! Connect with me below!!! To connect - Instagram: @stephdennis13 To Join Our Facebook Community: Free gifts - Interview tips, resume tips and resume power words!! Interview Checklist: Resume Tips Checklist: Resume Power Words: You're awesome!! Go be your badass self today!!!

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To Take A Contract Or Not To Take The Contract - Ways To Determine If Contracting / Consulting Is For You is an episode from Career Talk: Learn - Grow - Thrive by Stephanie Dennis.

This episode is 12:32 long.

This episode was published on Oct 16, 2017.

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