Contractors
Free-Spirited Lab
As a Contractor, you're aware of the insecurity of your line of work. You are your own boss to a large degree, but also have to work to what the client wants.
You're paid more than an employee, but that comes with trade-offs, such as longer hours when you need to deliver on a project and a lack of long-term security. In addition you need to put in place and pay for your own benefits packages that employees get; such as life insurance, and set up your own pension if you want anything other than a basic auto-enrolment pension. You also don't get set holidays and are instead paid a holiday allowance, and you've got to manage your own cashflow to cover much-needed time away.
Work is full-on and often you don't give your financial planning the time it needs, because if it's not work, it's other areas of your life that demand your attention. It can often feel like swimming upstream against the current of things to do.
Most of the contractors we work with are in their 40's and 50's. They are typically at the age where they are balancing work and family life and want to ensure they are making good choices about paying down debt, such as their mortgage, and being smart about saving for the future. This is the age at which you can really make a difference to your life after work.
Sure, life as a contactor can be demanding and it can be uncertain, but it can also be rewarding. We can help take away a lot of the anxiety about long-term finances by building your big picture financial plan, help you work out how much you need to earn and make sure you're setting yourself up as best you can for the future and retirement.
A real client story
Jayne (not her real name) was 41, divorced and living with her two children when she came to Jamie for help.
She had had a successful career up to this point working most of it for one of the UK's largest banks in the legal team, but now felt it was time for a change. In addition to wanting to challenge herself and earn more, Jayne wanted the flexibility to be able to take August off to spend with her children doing fun things, and also have this flexibility at Christmas.
Her current employer was too inflexible to allow this, and in any case, Jayne had separately come to learn about contracting and the benefits it could bring to her life.
Jayne got in touch with Jamie to help her understand if she could financially afford to make the leap into contracting and what material impact this would have on her finances, both in the short term and long term.
Jamie was able to show a side-by-side comparison of carrying on as she was, and making the leap, and in doing so, how much she would need to earn to ensure this wouldn't be a detrimental move financially. This gave Jayne the clarity and confidence she needed to make the leap. The plan was built.
Not only this, but Jamie was able to help Jayne ensure she and her two children were sufficiently protected should she fall ill, or worse, whilst self-employed as a contractor. He was also able to move Jayne's pensions into one place with a clear investment strategy, simplifying things for Jayne. Lastly, he helped her allocate her new contracting income tax-efficiently, to ensure her money works hard for her in future.
Jayne can now spend quality time with her children, she enjoys her work and the benefits it brings, and feels confident about her future, safe in the knowledge that she has a clear financial plan.
Jamie was able to show a side-by-side comparison of carrying on as she was, and making the leap, and in doing so, how much she would need to earn to ensure this wouldn't be a detrimental move financially. This gave Jayne the clarity and confidence she needed to make the leap. The plan was built.
Not only this, but Jamie was able to help Jayne ensure she and her two children were sufficiently protected should she fall ill, or worse, whilst self-employed as a contractor. He was also able to move Jayne's pensions into one place with a clear investment strategy, simplifying things for Jayne. Lastly, he helped her allocate her new contracting income tax-efficiently, to ensure her money works hard for her in future.
Jayne can now spend quality time with her children, she enjoys her work and the benefits it brings, and feels confident about her future, safe in the knowledge that she has a clear financial plan.