said by AR:I wish I could post Facebook links but you’ll have to accept my account of this :
Average guy works as BSA at CIBC. Contractor rate is $80-85 year. $160k per year.
Guy buys 2-3 br condo on York Street for $400k around 2007.
Walks to work. Pays for mortgage, food and travel. Rest is in Corporation.
Travels to St Lucia. NYC. Eats at Per Se with the girlfriend. Vacations are like luxury trips.
And here I wonder why is he always traveling in such luxury when I’m managing millions of dollars? That was ten years ago when I was a fool who hadn’t done the math.
Another story : my friend was a VP making $300,000. He said it was the worst job he had because of calls at all hours of night and day, business travel. Couldn’t save much because of tax (income and consumption and property). So after he came back from the MidEast after he saved a million bucks over 8-9 years, he went back to contracting for $90 per hour.
Believe it. These people have done it for decades and aren’t fools.
It contracting is very common, but those rates you are quoting are not. For someone who is a systems admin, you are looking at $40, maybe $50 and hour. There are a lot fewer of those $80 and $90 jobs out there. Still, there are a lot of people who do that as contract work and do quite well.