Rookie trying to quit my extremely physically demanding job as commercial fisherman

[Yasi Rios]

Hello, a little bit about me, I’m 30 years old from Florida I moved up to Alaska a while back where I commercial fish, I make 6 figures a year but I’m gone 7-8 months a year which is extremely taxing on my life, mental health and mirage, and over all happiness, I realize I want financial freedom to be home more with my family , and do the things I know I’m meant to do. I work extremely hard for my money but now I want my money to work for me, I grew up poor in Cuba, my parents didn’t come from much either so I lack the financial knowledge to succeed in life. For example I made close to 200,000 in 2021 , but only have my house to show for it and 46,000 in tax debt and it’s also under my wife’s name because my credit score was not good enough to get the loan. I invested some in crypto when the hype happened and lost most of it when I had to sell for cheap. Because of expenses with getting married and new home owner ship. Problems I am facing include, having to fish to pay off this tax debt or using the money I make fishing which could be 30, 50k in three months , and then fish some more to invest, but I’ve been at this for 7 years and every day I spend on the boat I want to jump over when missing home 😆. The good news is that my wife and I are going to move into our in-laws home In Alaska because the snow bird in Arizona, it’s a great opportunity for us as we can now rent out our 5 bedroom 2 bathroom home in anchorage. My wife is against the idea of renting it out by room to the volleyball team in the local university through a coworker of hers that knows the coach. The lady then said actually this would be perfect for my cousins who are moving back to anchorage. But after I heard the first idea my wheel turned and now I can’t get that idea of renting out by room out of my head to increase cash flow with hopes of investing more and getting out of fishing!! But my wife is totally against the idea. I’m trying to convince her that I’m serious about starting my real estate dream so I can quit fishing and be home . And a way to do that is rent by room of our first home.

Some of my problems is my tax debt

Wife’s skeptical of my plans

Where is my time better spent? Back home finding deal getting my real estate license and immersing myself in that world or to be stuck fishing for the big checks to invest with.

Can I not pay my taxes going forward and throw that into deals? For a few years then pay them? I’m lost and desperately seeking advice I’ve been listening to the podcast since January and reading anything I can to educate myself and get out of this rat race I am in. Help.

[Doug Spence]

@Yasi Rios Thats a tough situation. Have you considered a W-2 job that may be much lower in salary, but will allow you to spend more time with family? Maybe that job isn't in Alaska, but I'm sure there's a lot of opportunity in both AZ and FL. You could pursue your real estate agent license on the side while you earn the steady paycheck full time.

What are the specifics of your tax debt? Did you just not pay property taxes?