I am currently struggling through some financial woes and it has me feeling trapped. Over the last few years I have been an owner/operator contracting to an oil company, unfortunately I was extremely unorganized and treated my corporations money like it was my personal money and ended up putting myself in a bad spot when it came time to pay my corporate taxes. Being young and dumb I allowed this snowball affect to continue on for 3 years. I realize it's a big deal to be in debt to the government and really want to get aggressive and pay this debt down.
As of now I owe around $18,000 in taxes, have a maxed out line of credit sitting at $23,000, as well as a debt to my parents of around $20,000. I have quit my contract position with the oil company as to not keep adding to my tax issues and am now in an employee position in the same industry making around $80,000/year. With all of my monthly bills (mortgage, utilities, insurance, loan interest) I am pay cheque to pay cheque and am making zero progress on attacking my debt.
Due to the unpredictable hours in the oil patch it is not as easy for me to simply get a second job. With that said i do end up with a fair amount of spare time where I feel I could be putting that to use and making extra coin to throw at my debt. I enjoy working with my hands and I also have some experience in sales.
What are some of the ways that you bring in extra cash on top of your full time gig?
Also, which financial strategies have worked for you beating your debt?
Submitted November 07, 2018 at 08:22AM by dirtymax92 https://ift.tt/2REZgQ3
