Many people who call themselves consultants are actually contractors. Being a contractor is perfectly respectable, and can be a great option for some people, but it is a very different path than that of a true consultant. A few key differences
A contractor is paid for their time. A consultant is paid for the value they create.
A contractor is managed by the client. A consultant structures their own process.
A contractor looks like an employee, often with a desk, phone and email address at the client. A consultant looks like an outsider.
A contractor might stay at the client for months or even years without a specific endgoal. A consultant usually works in discrete phases of 8-12 weeks, with clear objectives at each stage.
A contractor usually works on site. A consultant determines where to do teh work.
A contractor usually "fills a hole" left by a missing person (maternity leave, downsizing, changing org structure…). A consultant usually goes beyond "filling the hole" to capitalize on new opportunities.
A contractor usually only has one project underway at a time. A consultant can work with many, and in fact, it's that broad experience that contributes to the value they can provide.
A contractor provides arms and legs. A consultant provides expertise and guidance.