Old 07-30-2016, 05:37 AM
Admirals Club Admiral's Club Member
Join Date: Nov 2007
Location: Long Island, NY
Posts: 9,438
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I can't offer an assistance or advice on the work you do or how viable consultancy is in that field.
What I can offer is advice on from the perspective of a partner in a business that makes its money as a consultancy and in reviewing mid-sized ($100m to $5b) businesses that are either being bought or going public.
Work as a consultant is mostly cyclical, when the economy is good and big business is making money, consultants do well, but when they pull back consultants are the first to go.
To weather the ups and downs with a family and lifestyle you want to keep, you will need a pretty large cash reserve - maybe 2-3 years of expenses.
You also need to figure out if the consultancy will pay enough to be worthwhile - between having to absorb your own medical, pay both sides of SS & Medicare (including HE), the loss to income taxes hitting hardest at higher incomes and having to deal with the ups and downs - the consultancy better at least double your salary, otherwise I doubt it will be worth it; and even then with the increased hours you will inevitably work, tripling you pay might not seem like a great deal.