Currently I have a good full time position for a software company in the United States (I am also from the US, to avoid confusion). Recently I was contacted by a recruiter in regards to contracting for another fortune 500 company at a higher hourly rate. However, I am very new to this and skeptical at the same time. So here I am seeking some outside advice from anyone who may have any opinions or past experiences with this type of work. So to get started here is some background info:
ABOUT CURRENT POSITION / SITUATION
- Current Job is a Full Time Software Engineer position at a leading software company.
- Previous Employment consisted of 1 year as a full time web developer, and two years prior self employed as a 1099 contractor.
- I am not single and have a child and wife to support. My wife works part-time minimum wage.
- I have a lot of college debt. (one of the reasons I considered looking into this)
- I like my current job and it seems pretty secure for the most part.
- I can support my family with my current income and make my monthly payments on student loans.
WHAT I KNOW ABOUT THE CONTRACT
- It would be considered an "Umbrella" contract.
- The contract is 18 months
- The contract provides health, vacation, 401k, dental/vision
- Pay is $16 more per hour from what I currently make
- Roughly 50,000 (before taxes) more than what I would earn over that time frame with current employer. Enough to pay off most of student loans assuming I find work right after the contract is finished.
So with that in mind, I know ultimately I have to make this decision. But some advice / perspective would be very much appreciated. As any advise I get from the recruiter is likely to be bias. So what I would like to know is... Would it be a good idea to pursue this considering my current state of affairs? Or would it be a better idea to stick with the job I currently have. And if I was to pursue this, what things should I look out for in regards to this? Thanks in advance.