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Now they requested a pay stub, I don't know quite what to give them, I make around 4k a month day trading, I offered to just show them my account to see that I had enough in there to cover the loan and then some if for some reason I needed to pay it off all at once or something. But that didn't work, and they still need a pay stub.
How does this work for self employed people? Is there a proper website where you can present what you essentially pay yourself month to month and get a sort of pay stub formatted from that? thing is its not like i have a salary, whatever I earn trading thats what I get to live off of.
A good chunk of the population is self employed, and a fair amount obviously consists of day traders, so I was just wondering if anyone here had dealt with this situation.
I was also in the same situation when I purchased my wife's car. Since we are self employed, I was able to provide a Profit and loss statement for the quarter plus 3 months of bank statements and it was accepted. Some banks are different and my take last years tax return. Talk with the loan officer and see what they can do.
thanks, i know theres probably a few other routes. i am trying to avoid showing what i earned last year, as i mainly did paper trading so its not an impressive sum by any stretch.
something i had in mind to keep stuff simplified in the future, was to just start up my own company having something to do with trading, then pay myself a salary to trade my account.
might be too complex of a way to do stuff, but, just a thought.
You need to talk to an attorney and your broker first. There are pros and cons for setting up a trading business. Biggest issue I see is being labeled a Pro by the CME and paying $390 a month for data instead of the $15 a month for non pros.
Self Employeed for 19years, sadly you've got to learn to become cash only it has it's benefits no loans to pay, just means I have to buy old cars and the like.
Should this issue not have been part of the approval process???
I understand that most gains are on paper because you reinvest these gains but they are assets. I suppose they have a slot to fill on the form and it must be filled.
Personally I avoid debt...but that is just me. Speaking as another who is retired (self-employed {shrug}) I tend to save the money for the purchase it saves money in the long run.