...I will not do it again. I contracted as a 1099 with a financial firm for a little more than a year, ending my contract last month.
On paper, it sounds great. The amount of money I was making sounded like a lot more than it really was, though. As a 1099, I had no benefits of any kind. Conservatively, take 30% to 40% of what you will make contracting and set it aside. For me, that was money to put towards taxes at the end of the year, have a little cushion when checks are late (and by late, some of them were really late - two months in some cases). Depending on where you live and whether you want it or not, medical insurance can be a dealbreaker. I was in New York at the time (now in Pennsylvania) and insurance for myself and my wife would have ran nearly $900 a month.
I took a position in Manhattan last month for about ten percent less than what I was "making" as a 1099. But it is worth every bit of the loss to me. Now, I have paid holidays, sick days, 401k, insurance, etc. You don't realize how much you will miss it until it is gone. If you do decide to persure a contract, get everything detailed in writing. Notably, try to get an established payment schedule from the employer. Also, take the time to talk to an accountant, as he will be able to tell you what you really need to make to support your lifestyle and what changes you might need to make. Sounds like good advice, and I wish that someone would have offered it to me before making the decision that I did.
On the flip side, I know that there are people who absolutely love contracting. Maybe I had a sour experience, but the certainy I have with a "regular" job is something that I can't even begin to put a price on.
...I didn't even really need to take the quiz to know the answer - but of course it is "Yes". Not surprisingly, my last two project managers matched the exact answers for each of the questions.
Honestly, I think this is what has kept me from persuing Project Management.
Slashdot Mirror
...I will not do it again. I contracted as a 1099 with a financial firm for a little more than a year, ending my contract last month. On paper, it sounds great. The amount of money I was making sounded like a lot more than it really was, though. As a 1099, I had no benefits of any kind. Conservatively, take 30% to 40% of what you will make contracting and set it aside. For me, that was money to put towards taxes at the end of the year, have a little cushion when checks are late (and by late, some of them were really late - two months in some cases). Depending on where you live and whether you want it or not, medical insurance can be a dealbreaker. I was in New York at the time (now in Pennsylvania) and insurance for myself and my wife would have ran nearly $900 a month. I took a position in Manhattan last month for about ten percent less than what I was "making" as a 1099. But it is worth every bit of the loss to me. Now, I have paid holidays, sick days, 401k, insurance, etc. You don't realize how much you will miss it until it is gone. If you do decide to persure a contract, get everything detailed in writing. Notably, try to get an established payment schedule from the employer. Also, take the time to talk to an accountant, as he will be able to tell you what you really need to make to support your lifestyle and what changes you might need to make. Sounds like good advice, and I wish that someone would have offered it to me before making the decision that I did. On the flip side, I know that there are people who absolutely love contracting. Maybe I had a sour experience, but the certainy I have with a "regular" job is something that I can't even begin to put a price on.
...I didn't even really need to take the quiz to know the answer - but of course it is "Yes". Not surprisingly, my last two project managers matched the exact answers for each of the questions. Honestly, I think this is what has kept me from persuing Project Management.