I am not sure if it’s applicable in US but in India, if you opt for Contractor it’s very difficult to switch back to Full Time Employment. That’s the reason professionals here avoid to go for contract jobs.

The advantage with Contractor job is, ‘You are King’. You may negotiate on many conditions like work from home, weekly reporting etc. Perks are always better in Contractor job because you risk your continuity in the organization.

Disadvantages you already know. Employer can terminate the contract without notice.

Being all said I would recommend you to prefer Full Time Employment.

Now I have question if somebody can help :blush:. I am on regular employment but nothing encourages me than $$$$$. Thus I incline to Contract Jobs. I had freelancing experience and I enjoyed it a lot (My Life My own Schedule. I was doing freelancing for my pocket money). I don’t have that confidence now. The major risk for me is to keep getting continuous job offers on Contracts. Is there anyway I can mitigate this risk? I would highly appreciate your inputs.