Benefits of contracted (self employed, 401k, interviewing, reputation)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I am in the stages of interviewing for a contracted position. The position is actually two positions where you work 27.5. In addition, entails as needed position as well of up to 16 hour's a week, separate from the 27.5 hour's. As needed is a 12 month position and the 27.5 is 10 months, broken into two segments. Beyond possibility of missing two weeks of work pay is decent.
Anyone work contracted positions any pro's over being on permanent work status?
Absolutely (assuming you will be a self employed contractor). There are many great benefits. The biggest one is that it's much easier to max out your 401k to the 401k limit ($52,000).
I believe NJBest is referring to self directed 401K's. They can provide a great benefit in that you have more options on where to invest (as opposed to the limited choices a FTE may be presented).
As for contracting benefits - you CAN make a lot more money. Depending on your expertise/reputation, you can net more money than working as a FTE (even after all the taxes/insurance etc.). And since you are paid hourly, you can take on more than one client and work as many hours as you want. Also - many people use being a contractor as a stepping-stone to starting their own business.
That said - you're only paid when you work. No paid vacations/sick leave etc. (albeit you typically will factor that into your hourly rate). And of course, your work is only guaranteed for the term of the contract. So the hard part is being that entrepreneurs are always doing business development in addition to their job.
Get a tax ID # and keep your income money in a seperate account as a ''small business'' and write off business expenses where you can.
Main part is freedom and flexibility. Downside is no work, no pay.
Maybe work toward your own business entity as a contractor or freelancer.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
