A consultant produces advice and counsel and a contractor produces code. Why is that so hard to understand? I think it is because we all try to make our jobs sound more important than they are. For example, "software engineer" rather than "maintenence programmer". We also do this to our technology. We stole mathematical terms to make our work seem "scientific": module, basis, matrix, vector, etc.
I would rather consult, because it can be a real stroke to have people value your opinion, but I have made much more money contracting. My conclusion? Tell it like it is, and be proud of whatever you do, or else don't do it. Shoe salesmen at Larry's in Dallas must make at least 250K/yr just to keep their jobs. That is always an option.
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