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I had a pay stub request for a loan, I day trade so i pay myself.
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I had a pay stub request for a loan, I day trade so i pay myself.

  #1 (permalink)
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I had a pay stub request for a loan, I day trade so i pay myself.

I couldn't figure out where to post this, but I suppose it could be considered a "beginner" type of problem so I landed here.

Basically I secured a loan for a car.

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.

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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.

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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.

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emily28 View Post
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.

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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.


Or make more and get saving!

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tturner86 View Post
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.

You can trade out of an LLC as non-pro in many situations.

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You can trade out of an LLC as non-pro in many situations.

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I know you can't give tax/accounting advice, but can you elaborate on that a little?

Bob.

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bobwest View Post
I know you can't give tax/accounting advice, but can you elaborate on that a little?

Bob.

Call your broker, they should be able to give you specific information and then you can confirm it with your accountant.

Mike

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emily28 View Post

Basically I secured a loan for a car.

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.

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.

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