Aesop’s “The Ant and the Grasshopper”is a timeless tale that makes the link between hard work, saving and the security that comes from doing both. It tells the story of a hard-working ant who spends the summer collecting food, while a more relaxed grass hopper sings the summer days away. Come winter, the grass hopper is stuck begging for food while the ants are prepared for the rough season.
In the present day, we see this story playing out on a macro-scale, right down to the individual level. I recently attended a speaking engagement featuring Larry Berman (BNN’s “Bermans Call”) and he suggested that the future of the EU is uncertain should the Germans eventually get fed up working to older and older ages to support countries such as Greece where people can take an early retirement pension as early as 45 years old.
Closer to home for me, living in Calgary, current economic conditions are certainly rewarding “the ants”. Although it is hard to predict when the tough-times are going to hit, they surely come; and when they do, that rainy-day fund (and all the sacrifices made to accumulate it) really does provide some much-needed security.
Along with the many benefits of being an independent contractor, one of the common risks is that these “winters” are more likely to happen, and for any number of reasons extending beyond a challenging economy. For example, sometimes projects being shut down or personality clashes cause gigs to end abruptly. Although you may have relationships with a number of IT recruiters in your region, they may not be able to find you new work immediately. In other situations, you could suddenly get sick or have to take time away from work for a period of time which, again, would leave you in a stage with no revenues.
In any case, the story referenced above can be used as a lesson for independent contractors to always be gathering for the winter. Perhaps that means taking on multiple contracts when they’re available or ensuring you’re always setting some cash aside for times when IT jobs aren’t coming as quickly as you’d hope.
There are many benefits to taking an “ant-like” approach to both your work and your life, as discussed in this article from Success, but should there be a balance? Just because you’re in a “summer” period, does it mean you have to work 24/7 to prepare for a “winter” that may not arrive for a while? What approaches have you taken as an independent contractor to prepare for winter and balance your life? I encourage you to leave a comment and share your ideas with our readers!