Integrating into normal life through betfair

[Sharpsy]

I dont exactly trade by the book as it were, but I am making a couple of hundred quid a day now and this will mean that ill be going full time and packing in my job.

My question and only concern is as its not an taxed income how do full time traders get by credit checks and various things like that as they are all based on earnings? Any help would be appreciated.

[freddy]

If trading is your only income then your pretty much screwed with this unfortunatly,

Banks basically treat you as being unemployed.

So You just have to make alot more money from trading to make up for the problems that it causes .

[rhysmr2]

You will struggle to get any credit.

[mugsgame]

I disagree.
I have been full time for 5 years and never been refused credit. In fact My credit rating is 5 stars and according to someone who I spoke to at a credit agency I am "auto accept".

Here are a few of bits of advice.

1) Pay a voluntary ni contribution (it's about £8 a week)
2) When form filling or your profession comes up. You are a self employed financial analyst. For your insurance you can say "other means" this is better than unemployed and doesn't bump up your premium.
3) Don't tell anyone what you do and don't brag about how much you make. Your friends will treat you like a lottery winner and expect you to hand out money. (well you didn't really earn it did you?)
4) Don't expect to be able to get a job again easily.
5) Make sure you have complete support of your family
6) Ensure you have plenty of money in reserve.

Good luck

[andyfuller]

7. If you plan to do it for a living make sure you plan an exit strategy and keep in mind you won't be long until your are being hit by PC at either 20%, 40%, 50% or even 60%.

Only issue you will hit credit wise should be if you try to get a mortgage. They won't touch you.

[freddy]

I disagree.
I have been full time for 5 years and never been refused credit. In fact My credit rating is 5 stars and according to someone who I spoke to at a credit agency I am "auto accept".

If we are just talking about a small ammount of credit, then yes if your rating in the past has been good and you just don't inform them or lie about your occupation if asked , you will most prob get away with it.

But bigger Things like mortgages and larger loans are another kettle of fish .

Don't tell anyone what you do and don't brag about how much you make. Your friends will treat you like a lottery winner and expect you to hand out money. (well you didn't really earn it did you?)

Agree with this 100%

[mugsgame]

Freddy,

I'm sure your right about a mortgage, I used my winnings to pay mine off not borrow more.

I did however get a car for my daughter on interest free credit (15k)

Not getting credit is a bonus in my book

[rhysmr2]

Freddy,

I'm sure your right about a mortgage, I used my winnings to pay mine off not borrow more.

I did however get a car for my daughter on interest free credit (15k)

Not getting credit is a bonus in my book

I've been full time for 5 year also. I couldn't get a mortgage at all, I tried, I had to end up getting it in my girlfriends name only. I also couldn't get a loan. My credit rating is 990 out of 1000 according to Experian and my credit history is excellent.

[deanodean1984]

[quote="rhysmr2"][quote="mugsgame"]Freddy,

I'm sure your right about a mortgage, I used my winnings to pay mine off not borrow more.

I did however get a car for my daughter on interest free credit (15k)

Congrats with the mortgage as anyone who pays it off inside the term gets a round of applause from me.
Cars for daughters at 15k a pop imho is crazy, everything i had i worked for and paid for myself including first car, but congrats to your daughter too!!

[Euler]

I didn't learn much from my Dad but one thing I did pick up on was his hate of any sort of debt. So I've always worked hard to be debt free.

I took my first mortgage in 1992 and by the time I moved house again in 1996 I had pretty much paid down most of the mortgage debt. I knew I was likely to leave a normal job at some point in the future so I switched to an interest only offset mortgage so it would allow me to raise money quickly if needed. I never needed to do that in the end. By the time I moved to my third house I had bought it outright.

I worked out when I was young that if you borrow money, because you have to pay interest, you effectively work for others. If you lend money, you invest, people effectively work for you. Work hard to be a "lender"!!

[sweetybt]

Exactly the same here.

I have always hated debt.

I think I actually hate being indeted to anyone. I don't ask favours from people either. Does that make sense?

A lot of people can handle debt and sleep at night, I never could and never will

[PeterLe]

I came from a relatively poor background and when I think about how my mum managed to keep it all going, it still amazes me. So I have always been respectful of money/debt management
I remember asking a colleague what she was going to do with her £25k commission..she said "pay most of my credit cards off", maybe that's not a lot to some people, but I wouldn't be able to sleep at night..
Everything I earn from Betfair is going into savings. Although I'm still some way from 250k PC, I still have a niggling feeling that it could all come to an abrupt end, so make hay now..
regards
Peter

[rhysmr2]

I wish my dad hated debt!

Instead he loved it, in fact a few years ago he had to go bankrupt.

Probably why at 21 I had over 30k on credit cards and was diving about in a Porsche when I was earning about 20k a year

I paid £400 a month for 3 years after I sold the car

We live and learn

[Euler]

My dad wasn't great at risk taking so it took me a few years to realise that not everybody is so cautious. I guess there is a balance to be had in everything.

[Zenyatta]

As a general rule of thumb, use 70% of your earnings to cover lifestyle (expenses/discretionary spending on yourself/family), and the other 30% should be set aside as investments, long-term savings and reserve funds.