Advice on my current situation and how to move forward

Archi_Bald

JoeBlack78 wrote: »

We hope to start a family soon.

Some thoughts on the cost of a family: http://www.theguardian.com/money/2014/jan/23/cost-raising-child-surges

ruinen

Thrugelmir wrote: »

Work a few rungs lower back down the ladder. It's extremely satisfying. There's no stress no pressure no long hours. You can help the younger members of the team develop. While earning some income .

Instead of this have you considered moving 'up' the ladder. Sell your skills as a consultant. Offer the parts of your skills that are highly valued to a company (i.e. make them more money, or save them money). If you are in tech industry then you are probably well away of Patrick McKenzie and his advice. If not, give his blog a good read - https://training.kalzumeus.com/newsletters/archive/consulting_1

Also if you've created £500/month passive income, then what is needed to double that? Might be worth dedicating a few months to working on that?

If you are willing to disclose, what is the business?

ruinen

bristol_pilot wrote: »

8 months is a long gap to have on a CV and I would have thought especially so in IT where technology moves so quickly.

You are correct IT changes exceptionally fast. But to be honest a lot of normal IT jobs aren't great if you want to stay up to date. Companies are conservative and have a strong inertia to change. So OP could actually be better off updating/refreshing skills in his own time.

And as OP said it is pretty easy to build a narrative around career gaps in technology. Especially since he has an online business. He can just say he quit to work on the startup he founded.

JoeBlack78

I guess the first obvious thing to do is increase my pension contribution? Even though I am not currently working, I can use the cash in saving accounts to do this?

Archi_Bald

If you are not working, the max you can put into a pension is £2,880 (plus £720 contribution from HMRC) each financial year. Better than nothing though.

If you were working, the max would the [STRIKE]higher[/STRIKE] lower of your salary or £40,000 per FY.

bristol_pilot

The lower of your salary or £40k.

dryhat

bristol_pilot wrote: »

......OP can't be all THAT senior if house is worth only £235k ..........

One of the most pathetic statements I have ever read on this forum....

... and there have been a few.

Archi_Bald

bristol_pilot wrote: »

The lower of your salary or £40k.

You are absolutely right, don't know what I was thinking.....I have now corrected my text. Thanks a lot for spotting the mistake.