I finally got paid this week, which I consider to be a major accomplishment worthy of a dinner out, since the job market continues to be tight. Contract positions still far outnumber full-time positions -- my suspicion (based on the recruiters that still call me) is that companies don't have the budget to pay for benefits and they need the flexibility to reduce headcount after the short-term assignments are over. The downside of contracting is that they tend to pay considerably less than full-time work -- but more than collecting an unemployment check (see Plan B).
My wife and I had already sat down to see what the impact on the budget would be should I take a contract with an hourly salary that would be roughly about two-thirds of what I made at my last job (such as bringing lunch to work and the cost of adding me to my wife's health insurance plan). Well, we were pleasantly surprised that I actually managed to take home $500 more because I didn't have pre-tax deductions (such as 401(k) plan or health care spending accounts) that full-time employees have as a "benefit".
So, after managing to deal with Doom and Gloom (those self-centered fears of losing what I have or not getting what I want) for the three weeks I have been on the job, the outcome is that my take home pay works out to be more than twice the amount that the unemployment checks were providing. We have already paid off credit cards and other bills using part of my severance pay, and there is still a reserve left over for such things as insurance payments and property taxes.
Perhaps all of the fretting about money has worked out to be a blessing in disguise actually, as Barb and I plan for retirement that is around the corner in 10 to 15 years. By continuing to live a bit more frugally now, we grow accustomed to a lifestyle that we could afford when we do stop working, meanwhile socking more than a few more bucks away in a money market fund or a Roth IRA.
Because of hard work and a little faith, the good times are back and the future looks bright.
"Because of hard work and a little faith, the good times are back and the future looks bright."
ReplyDeleteSeems to me I have read that somewhere. I think it was phrased slightly different, like a promise, and it was in a blue book.
All kidding aside, I am glad to hear you are doing well.
Larry