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Old 01-11-2013, 11:45 AM   #162
325seeeye
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Join Date: Jan 2003
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Quote:
Originally Posted by casino is no lie View Post
No one actively seeks out to be a contractor. People who are interested in short term assignments either join firms like BCG or Accenture as consultants or try to form their own consulting group.

You are making a lot of money. But there are several huge catches. You are billed by the hour. If you want to take a vacation you don't get paid. You don't have the ability to contribute to a 401K on a pre-tax basis nor will you receive company matching benefits. You will not receive an annual bonus. Nor are you provided with health insurance benefits (i.e., medical, dental and vision).

The worst part about contract work is there is no guarantee that you have a job lined up after your contract expires (i.e., complete lack of job security). And given the nature of the field every job you take severely limits your ability to even be eligible to join another company due to non-compete agreements.
Mostly true. Contracts can be firm-fixed price, and you get paid for the job (not the hours). And, you can contribute, tax-free, to a 401k. It is called a solo 401k. Same contribution limits as anyone, too.

+1 on the PME. What the hell is that SamDoe?
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Last edited by 325seeeye; 01-11-2013 at 11:46 AM.
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