What would you do if you just won 58k last night?

[pshreck]

Hey Daryn, here is some more ego inflating /images/graemlins/smile.gif. But seriously, it got me thinking as to what I would do almost immediately if I got this kind of dough.

I would buy a plasma TV in the 5k range, and throw an awesome superbowl party for about 20 people, spending around 2k on it. Considering you are from New England, you should do this.

[nothumb]

Also being from NE, I think this is a good idea. Where's your house again daryn? /images/graemlins/grin.gif

NT

[Jack of Arcades]

I'm not from NE, but surely you can pay for my ticket to fly up there.

[nothumb]

Get off the bandwagon, chump!

NT

[BusterStacks]

I would buy a laptop, keep 30k for my roll, and bank the rest.

[cockandbull]

If i won this kind of money in a night, i'd be booking a sky diving course and letting friends plan a massive party.

harry

[Michael Davis]

If you want an honest answer to the question, I probably wouldn't do anything.

-Michael

[pshreck]

[ QUOTE ]
If you want an honest answer to the question, I probably wouldn't do anything.

-Michael

[/ QUOTE ]

Then I dont want an honest answer.

[Michael Davis]

Whores.

-Michael

[PoBoy321]

First, probably pay my parents about 30K. I've always said that if/when I make any decent amount of money, especially if I do it playing poker, I'm paying my parents back for all of the massive amounts of money they've spent on me, so I'd at least start there.

Next, 15K for my bankroll, 8K on a kickass TV/super bowl party.

Then again, I waste money.

[BusterStacks]

[ QUOTE ]
[ QUOTE ]
If you want an honest answer to the question, I probably wouldn't do anything.

-Michael

[/ QUOTE ]

Then I dont want an honest answer.

[/ QUOTE ]

In that case I would buy a Chrysler 300C, some 24" StreetSpin-1's for it, and deck out the stereo. The remainder would be spent on clothes and coke.

[GuyOnTilt]

Put all of it in an interest bearing acct until taxes were due.

GoT

[pshreck]

Great minds think alike.

[johnnybeef]

I would stake a relatively unknown poker player who went broke this evening due to his taste in fine clothing and women.

[Michael Davis]

We all know who GuyonTilt is.

-Michael

[daryn]

i need to get my own place man. living at home right now, so i can't really buy anything good like a tv. my car is nice, i like it, and it's like new, so that's out.

i guess i will work on finding my own place.

[Michael Davis]

58K is a big chunk for that downpayment on a mortgage. You might be able to do it without a cosigner now.

-Michael

[pshreck]

Fair enough Daryn. But promise me you will live it up this Sunday either way, from one Philly fan... to a New England fan.

[daryn]

</font><blockquote><font class="small">In risposta di:</font><hr />
Fair enough Daryn. But promise me you will live it up this Sunday either way, from one Philly fan... to a New England fan.

[/ QUOTE ]

will do man. no hate here.

[wacki]

Daryn, when did you graduate college?

[daryn]

last may


edit: whoa.. long time ago

[housenuts]

how old are you daryn? i'm 23 if you care.

[scrub]

[ QUOTE ]
Hey Daryn, here is some more ego inflating /images/graemlins/smile.gif. But seriously, it got me thinking as to what I would do almost immediately if I got this kind of dough.

I would buy a plasma TV in the 5k range, and throw an awesome superbowl party for about 20 people, spending around 2k on it. Considering you are from New England, you should do this.

[/ QUOTE ]

I'd buy something nice for neverwin--he deserves it.

scrub

[daryn]

24 yo

[Piz0wn0reD!!!!!!]

I would give all my money to me. You should do the same daryn.

[Duke]

[ QUOTE ]
how old are you daryn? i'm 23 if you care.

[/ QUOTE ]

Are you older or younger if he doesn't?

~D

[david050173]

[ QUOTE ]
Put all of it in an interest bearing acct until taxes were due.

GoT

[/ QUOTE ]

There goes 1/3 of it. Personally I think keeping it in the roll is a bad idea with the logic being it is just going to encourage you to play over your head. Maybe keep 10k for taking shots at bigger games (or to enter more big tournaments (like a wpt wsop event if that is a goal)). I am not sure if 58K is much of a downpayment (can't remember where in Mass he is). Boston area real estate is pretty crazy.

[jdl22]

[ QUOTE ]
living at home right now,

[/ QUOTE ]

/images/graemlins/shocked.gif

How excited were your parents? Were they home when you were playing the tournament?

[Michael Davis]

Daryn's parents think he has a job as an apprentice financial analyst. I'm not kidding.

-Michael

[Relentless]

I'd buy a new car for my rents.

[housenuts]

[ QUOTE ]
[ QUOTE ]
how old are you daryn? i'm 23 if you care.

[/ QUOTE ]

Are you older or younger if he doesn't?

~D

[/ QUOTE ]

i don't understand? /images/graemlins/confused.gif

as for the original question i would buy a new vehicle. either truck or suv. probably a '96 or something. i'd finish off my school year and go travelling this summer as opposed to busting my ass to make cash for next school year. i would probably make a trip to vegas during reading break as well.

[daryn]

</font><blockquote><font class="small">In risposta di:</font><hr />
</font><blockquote><font class="small">In risposta di:</font><hr />
living at home right now,

[/ QUOTE ]

/images/graemlins/shocked.gif

How excited were your parents? Were they home when you were playing the tournament?

[/ QUOTE ]

yeah. my dad was sleeping, i woke him up when i took that $45,000 beat.

they were excited. it still really hasn't sunk in for me i guess. i mean it's a good amount of cheddar.

i would buy a new car but i can't rationalize that right now. my car is like new and i really like it. it does have like 90,000 miles on it, all put on by me, and it's still going strong. it's probably good for another 90K, then i will change it up.

to michael davis: i take the advice of some people on here. when people ask me what i do, i just tell them i work with retards.

[housenuts]

i say i would buy a new car because i'm currently driving a 1986 crown victoria that is in the hurt locker. i haven't put any money into it in the 2 years i've owned it, and don't plan on it either. i'm driving it to the ground.

i could only imagine what my parents would do if i told them i won 58k at poker. i think it would quell much of their reservations about my involvement in the game.

[Corey]

As Samir Naha..Naya...Nahgonnaworkhereanymore would say: I would invest it in mutual funds.

Seriously, if I were to fall into 58k; err, 40k minus taxes, I would seriously consider saving up for a down payment for a house/condo. Every time I write my rent check I feel I am just flushing money down the toilet.

[private joker]

I would probably blow half of it the same night in 2 hours during a high-limit heads-up match against a known shark. But then again, I'm a rarity. Diff'rent strokes, etc.

[bugstud]

Anna Kournikova

[theBruiser500]

I'd put it into my BR, or actually I'd probably start investing it.

[Sponger15SB]

[ QUOTE ]
What would you do if you just won 58k last night?

[/ QUOTE ]
I'll tell you what I'd do, man, two chicks at the same time, man.

[billyjex]

I would probably start datamining 15/30.

[daryn]

</font><blockquote><font class="small">In risposta di:</font><hr />
I would probably blow half of it the same night in 2 hours during a high-limit heads-up match against a known shark. But then again, I'm a rarity. Diff'rent strokes, etc.

[/ QUOTE ]

uh,.. you know this really didn't happen right?

[Sponger15SB]

[ QUOTE ]
[ QUOTE ]
I would probably blow half of it the same night in 2 hours during a high-limit heads-up match against a known shark. But then again, I'm a rarity. Diff'rent strokes, etc.

[/ QUOTE ]

uh,.. you know this really didn't happen right?

[/ QUOTE ]

Clearly he is talking about what he would do.

Duh. /images/graemlins/tongue.gif

[private joker]

[ QUOTE ]


uh,.. you know this really didn't happen right?

[/ QUOTE ]

It was just a joke. Good going on the tournament, man.

[daryn]

haha yeah but that was definitely said last night. it's easy to think that actually went down.

someone did indeed lose 20K to neverwin on ub, but not me /images/graemlins/grin.gif

[Catch of the Day]

[ QUOTE ]
I'll tell you what I'd do, man, two chicks at the same time, man.

[/ QUOTE ]

Finally some humor...

After GoT bs about interest bearing accounts...I was starting to think I was getting into the wrong business.

Catch-

[bernie]

Nice hit Daryn. Congratulations.

Put a greater percentage away and don't make any major purchases for 2 months.

Then go from there.

I like how you feel your car is good and strong. That's a good sign. It's the most common question I get/got.

Cya

b

[young nut]

Most likely I would end up blowing 10k of it on toys (TV, sound system, new computer, etc...) I would probably spend another small amount on a few trips to either see my folks or go to vegas. Keep 15k in my bankroll and keep the rest in a bank or savings somewhere til taxes.

[Rushmore]

Congrats, Daryn.

Try and remember that after taxes, $58K ain't more than $40K, and $40K, while a nice chunk of change, is not enough money to get crazy with, especially if you're living at home.

Forget the plasma TV. Forget the new car. Forget the Super Bowl party. Forget buying property.

Get an apartment and furnish it nicely. Put the rest into some sort of interest-bearing account or moderately aggressive mutual fund(s). Carve out some for your poker stake.

Nice score.

[nicky g]

Boring answer: If I was planning on regularly playing large field 500 buy-in tournaments, I'd add it to the roll, unless that was huge already.

If I just randomly came into $40k, I'd probably use some of it to go travelling and bank the rest.

Congratulations Daryn, enjoy it.

[JoeC]

Truth be told I'd probably have to save most of this for school. But I might have to spend 1-2k on some new clothes, and perhaps 5-10k on some kind of car to replace my 1994 Geo.

[Rushmore]

I don't see any post in the search function chronicling the win.

Are there details somewhere?

[daveymck]

Some towards a new kitchen and the rest to pay off 10% of my outstanding mortgage. /images/graemlins/frown.gif

Being old and having kids sucks.

I might use 3k on the hifi seperates I have got my eye on.

[The once and future king]

[ QUOTE ]
Forget the plasma TV. Forget the new car. Forget the Super Bowl party. Forget buying property.

[/ QUOTE ]

Very sound rational advice if your name happens to be Dr Spock and you are dead on the inside.

Trust me, in the long run you will not notice if you spink 2k-5k of this money on toys etc.

If you didnt have the abilities to make more cash somehow, somewhere then yes, invest/save the lot.

I am assuming you do so go spend some to make your succsess tangible and visceral. This will help alot more when life throws a few tough gradients at you.

[Shajen]

Get my wife a new car. I drive a 2004 F-150 so I don't need one. Her car has 110k miles on it. She needs a new one.

I'd probably take the rest and use it to pay off her student loans and whatever was left would go into the savings account.

The only "splurge" item I'd buy would be a new TV. My tv is 6 years old, has a great picture but at 57" and being a projection TV, it's too damned big for my living room. A nice 50" flat screen would rawk.

Congrats again Daryn, this is good stuff man.

One word of advice, (as if you care) go practical man. If you have no savings, Save some. Invest some. But most of all, make sure you enjoy your winnings.

[TheRake]

[ QUOTE ]
i just tell them i work with retards.

[/ QUOTE ]

Pat Healy: Really, it's only a side thing for my true passion.

Mary: And what's that?

Pat Healy: I work with retards.

Mary: Isn't that a little politically incorrect?

Pat Healy: Yeah, maybe, but hell, no one's gonna tell me who I can and can't work with.

Pat Healy: Those goofy bastards are about the best thing I've got going.

[nicky g]

Only bit I laughed at in that film.

[Rushmore]

[ QUOTE ]
Very sound rational advice if your name happens to be Dr Spock and you are dead on the inside.

Trust me, in the long run you will not notice if you spink 2k-5k of this money on toys etc.

If you didnt have the abilities to make more cash somehow, somewhere then yes, invest/save the lot.

I am assuming you do so go spend some to make your succsess tangible and visceral. This will help alot more when life throws a few tough gradients at you.

[/ QUOTE ]

This is terrible advice to give a 24 year old who lives at home with his parents.

Nobody's saying not to spend a little bit on luxuries--to NOT would be less than human. But there should be no discussion of conspicuous consumption like plasma screens and hot tubs and whatnot. It's just $40K. It's a boost, not a windfall.

Let this be a simple dividing line between the former life (as a son) and the future life (as an independent man).

Sorry if that sounds harsh, but it's a perfect opportunity to seize the reins, and shouldn't be trifled with.

[VBM]

[ QUOTE ]
i guess i will work on finding my own place.

[/ QUOTE ]

solid. good 4 u!

[Sponger15SB]

[ QUOTE ]

Nobody's saying not to spend a little bit on luxuries--to NOT would be less than human. But there should be no discussion of conspicuous consumption like plasma screens and hot tubs and whatnot.

[/ QUOTE ]

Agreed. To spend more than like $5k seems very unessary unless you 1) didn't have a car 2) had to upgrade a bunch of necessities in your house or buy another computer to datamine 10/20 6-max

I mean, if he won $160,000 and didn't buy a plasma screen TV, that would be less than human.

[JoeC]

Excuse my ignorance but how much do plasma screens go for? Let's say about 30" for the sake of the argument.

[JoeC]

This is great advice I think. As soon as I can pay off college this is the first big thing I plan to do with poker money.

[M2d]

you can't afford her

[daryn]

bah. i don't even watch tv. plasma/lcd tv would be a waste. i don't really have anything to buy, i mean i've been buying whatever i want for a while now. there's nothing left!

i really want to buy my own place. F renting. can you deduct taxes if you spend money on a down payment? i have no idea how any of that works but obviously i will find out. i have all year.

ty all

[ChoicestHops]

Is this 58k before or after taxes?

[turnipmonster]

buying a place is probably one of the better decisions I've made. however, renting is not all bad and there are some advantages to it, depending on where you are in the country and the housing market there. buying is an investment like anything else, it can be a good or bad investment.

--turnipmonster

[citanul]

Do you mean to imply that there is a noticable difference between what you would do with 58k post taxes and 40k post taxes? What, do you have a BMW picked out already, but would have to step down to a Lexus or something?

Congrats Daryn, and my advice re: tax issues and down payments on property is to just find someone who does this stuff professionally and ask them all the questions you may have.

Personally, I'd move out of my apartment, pick up a couple new stereo components, invest a large chunk of it, some new clothes, a big party, and some presents for friends. Might get a dog, too.

citanul

[SomethingClever]

http://w1.853.telia.com/~u85308958/Pics2001/monster/m750_sf.jpg

[Rick Diesel]

two chicks at once

[SomethingClever]

[ QUOTE ]
can you deduct taxes if you spend money on a down payment

[/ QUOTE ]

Not sure what this means, but you can deduct all the interest you pay on a home loan from your taxable income.

If you have a decent monthly income, it's probably worth your while to NOT make an overly huge down payment, because you'll be deducting all the interest you pay on your mortgage anyway. Then you can take the money you would have spent on the DP, and invest it elsewhere.

So, if you're buying a home for $200,000 (just an example, I know they're more expensive than that in most parts of Boston), 20,000 is plenty for a DP (and allows you to forgo mortgage insurance, IIRC). You drop 20K on the DP, take the other 20K and invest it.

You'll get a huge tax break and not have to put all your eggs in one basket.

One thing to consider: You'll want to live there for two years, or you'll be taxed on the property's appreciation.

(This doesn't apply if you sell and use the money to buy another house, though, I think).

[CCass]

Pay off my mortgage (25K), buy the wife a new van (18K), pay taxes, and use what is left to beef up my bankroll.

[daryn]

everyone says invest it. i have to say i have no idea what that even means. do you really think i'll get a better rate than i would get playing poker?

[cnfuzzd]

i would stake my good friend cnfuzzd. thats what i would do.
/images/graemlins/grin.gif /images/graemlins/grin.gif /images/graemlins/grin.gif /images/graemlins/grin.gif /images/graemlins/grin.gif


peace

john nickle

[adios]

[ QUOTE ]
everyone says invest it. i have to say i have no idea what that even means. do you really think i'll get a better rate than i would get playing poker?

[/ QUOTE ]

Depends on how well you play at the limits that your $58K will bankroll you for. You might very well be better off to use it to play poker. For example I would think $58K would bankroll you for $80-160 limit hold'em.

[Six_of_One]

I like to think of a bankroll as a big pile of money. Since you're a winning player, you really only need the portion at the top of the pile (unless you start playing 80-160 or something, as another poster mentioned). So, you might as well do something with the rest of it, because 8% or whatever is better than nothing.

[soccerboy9]

i dont know if this was already said but....

"two chicks at the same time"
-office space

[Freakin]

[ QUOTE ]
[ QUOTE ]
can you deduct taxes if you spend money on a down payment

[/ QUOTE ]


(This doesn't apply if you sell and use the money to buy another house, though, I think).

[/ QUOTE ]

I think you have to purchase a new home within 90 days to avoid paying tax on the appreciation.

Freakin

[Sponger15SB]

[ QUOTE ]
i dont know if this was already said but....

"two chicks at the same time"
-office space

[/ QUOTE ]

yes, it was.

twice

[Patrick del Poker Grande]

Congrats again to Daryn.

Let's see... I'd pay off my credit cards, fatten my bankroll, then turbo the [censored] out of my Protege5 and buy a new car, most likely a WRX STI. Oh, and I'd also buy a sweet ass laptop and maybe something shiny for my wife.

[citanul]

Yeah, to fill out what the other poster says, you have 58k, or 40k after taxes maybe?

So say you play a game that you need something mildly insane, like 30k to haev "bankroll" for.

So, playing you game, say you intend to make, some number like 100k, playing poker in the next time unit, using your 30k. You clearly explect to make the same amount at a given limit with 30k in your bankroll online, or 1 million. So if you invest all of the money that isn't needed in your active bankroll in any account that bears any interest at all, you're making a +EV move.

If you decide what you want to do is move up to the maxiumum limit your new money allows, hey, more power to you.

Good luck,

citanul

officially voting for you thorwing a huge party in vegas.

[soccerboy9]

lol. just started reading the post when you said that.

[daryn]

so should i just throw this cash into the bank? seems like the interest is almost negligible though.

[Beerfund]

You really only have two choses tubby,
1. Join a gym.
2. Start a nice coke habbit.

YW

[Sponger15SB]

[ QUOTE ]
You really only have two choses tubby,
1. Join a gym.
2. Start a nice coke habbit.


[/ QUOTE ]
3. full body wax

[BottlesOf]

[ QUOTE ]
do you really think i'll get a better rate than i would get playing poker?

[/ QUOTE ]

Perhaps not, but you don't need 60K plus whatever your roll was previous to achieve the same return. Unless, you move up in stakes you don't need all that excess cash, and it won't help you just sitting on Stars. Hence, the investment advice.

[siccjay]

If I won this much I would masterbate to the cashier screen.

[SomethingClever]

[ QUOTE ]
so should i just throw this cash into the bank? seems like the interest is almost negligible though.

[/ QUOTE ]

Do you have an IRA? Get one started.

How about CDs? Bonds? Mutual Funds? I don't really know much about investing either, but I know there are options out there with a much better return than a savings account.

Also, like others said; I don't know how high you want to play, but it seems like you're probably doing fine at 15/30 and 10/20 6-max, and you certainly don't need 40K on top of whatever roll you already have.

I doubt you could make more than you do online by playing 200/400 live, for example, simply because the advantage of 4, 6 or 8 tables at once is too great.

PS: Congrats, and pwntown.

[astroglide]

too bad there isn't an abundance of good, high-limit lhe games

[drewjustdrew]

[ QUOTE ]
so should i just throw this cash into the bank? seems like the interest is almost negligible though.

[/ QUOTE ]

Depends on your goals for the money. If you plan on using a good chunk of it in the next year or two, then yes, put it in the bank. I have a geinterestplus account that gives slightly higher interest, but it is not gov't insured. Still very low risk though. Any excess, I would start putting into some mutual funds.

[daryn]

</font><blockquote><font class="small">In risposta di:</font><hr />
You really only have two choses tubby,
1. Join a gym.
2. Start a nice coke habbit.

YW

[/ QUOTE ]


i currently go to a gym and don't do drugs /images/graemlins/frown.gif

[daryn]

</font><blockquote><font class="small">In risposta di:</font><hr />
</font><blockquote><font class="small">In risposta di:</font><hr />
You really only have two choses tubby,
1. Join a gym.
2. Start a nice coke habbit.


[/ QUOTE ]
3. full body wax

[/ QUOTE ]

why would i want to get rid of the hair on my chest?? that is kinda gay if you ask me, but that's ok if you are into that sponge.

[young nut]

[ QUOTE ]
[ QUOTE ]
can you deduct taxes if you spend money on a down payment

[/ QUOTE ]

Not sure what this means, but you can deduct all the interest you pay on a home loan from your taxable income.

If you have a decent monthly income, it's probably worth your while to NOT make an overly huge down payment, because you'll be deducting all the interest you pay on your mortgage anyway. Then you can take the money you would have spent on the DP, and invest it elsewhere.

So, if you're buying a home for $200,000 (just an example, I know they're more expensive than that in most parts of Boston), 20,000 is plenty for a DP (and allows you to forgo mortgage insurance, IIRC). You drop 20K on the DP, take the other 20K and invest it.

You'll get a huge tax break and not have to put all your eggs in one basket.

One thing to consider: You'll want to live there for two years, or you'll be taxed on the property's appreciation.

(This doesn't apply if you sell and use the money to buy another house, though, I think).

[/ QUOTE ]

just a little more on this, in your first few years of your mortgage you will be paying mostly interest (assuming you use a standard ammortizing loan) so this can potentially be a pretty substantial write off.

[felson]

[ QUOTE ]
so should i just throw this cash into the bank? seems like the interest is almost negligible though.

[/ QUOTE ]

Depends on when you need to spend the money. If you're going to need it within a couple of years for a housing down payment, then you don't want to worry about variance, so yes, you would put it in a bank/CD/monkey market account.

If it's for retirement, then you put it in an IRA and probably put most of it into the stock market.

[daryn]

oh well i will never be a rich man. i have no interest in investment.

[peachy]

Men with NO chest hair r sexy!!! ::gags:: @ chest hair /images/graemlins/blush.gif

[elanto]

congrats daryn, were did u win this tourney?


-anto

[elanto]

with 58k i would definetely get a plasma tv, as well as a hyped up pc...


-anto

[daryn]

</font><blockquote><font class="small">In risposta di:</font><hr />
with 58k i would definetely get a plasma tv, as well as a hyped up pc...


-anto

[/ QUOTE ]

those kinds of things just don't mean anything to me.

i'm most likely going to try and buy a place to live.

the tourney was on stars, $530 500k guaranteed.

[lapoker17]

Nice Job Daryn - That's awesome.

[peachy]

i have a plasma flat screen...they arent all they r cracked up to be...i much prefer mah HD big screen

[The once and future king]

Bollox frankly.

So what that he is 24, he is still an adult.

Spinking 5k of his winnings on as visceral consumption of Plasma screens or whatever takes his fancy, this will remove the abstraction of his winnings as just numbers on a computer screen, bank statement etc.

This will provide the taste of succsess needed to motivate one forward through lifes briar paches.

In short he should make sure he blows at least 3k on some act of extravegent consumption.

He can still sensibly put 35K+ away.

I know this may seem illogical to you Spock, but for a Human this is the best way forward.

[vegasone]

I would buy a new computer with a big-ass monitor, and put the rest into my stock portfolio.

what should a 24 year old do?
1) move into his own place. if you know where you want to be for the next 5 years, buy. if not, rent. if you do buy, no more than 20k for down payment.

2) (amount leftover after taxes) - 10k for current use - down payment (if any) would go into investments. anywhere from 10-40k. for investments, start or fully fund a 401k or roth ira. any left over into a no-load dow industrials mutual fund.

3) current use 10k into money market fund. use to take an occasional shot at the next higher limit, and to keep just in case it's needed for unexpected expenses.

congratulations daryn.

[daryn]

good post, thanks

[pshreck]

Daryn for starting this thread, which has helped you, I will be charging you a small fee. PM me for details on how much and when to send it to me.

[Rushmore]

Yes, buying a place is great, but there are significant downsides.

First, everyone always talks about the tax break. Ok, you get a tax break. But remember, you'll be spending significantly more on mortgage/homeowner fees/maintenance/etc/etc when you buy. The only time the tax break is a big consideration is if you get a place and can work out a mortgage that will be in the same ballpark as your rent would have been, AND the taxes aren't prohibitive AND it's small enough and new enough so that maintenance won't cost you too terribly much AND you know for a fact that you'll stay in the house for 3+ years so you won't have to pay any taxes on any appreciation.

Then, there's the real estate market to consider. I'm not trying to be Chicken Little or anything, but conventional wisdom dictates that the bubble will burst sometime, leaving real estate owners in murky waters.

If you choose to buy something, you have to make sure you're comfortable with your agent, and you have to make sure to do a little independent research on the market, etc. An agent and appraiser are not a built-in safeguards against overpaying for a property.

There's a bunch more, but I think you get the idea.

Anyway, even with everything that I just said, I'd go find a little condo if I were you.

Happy hunting.

[Rushmore]

[ QUOTE ]
Do you have an IRA? Get one started.

[/ QUOTE ]

This is a MUST. It's a free $4K writeoff. Just go to your bank, tell em you want to open a traditional IRA, with the funds to be placed in a "somewhat aggressive" mutual fund, and away you go.

[daveymck]

[ QUOTE ]

Then, there's the real estate market to consider. I'm not trying to be Chicken Little or anything, but conventional wisdom dictates that the bubble will burst sometime, leaving real estate owners in murky waters.



[/ QUOTE ]

Iknow nothing about the American market, but they have been predicting the market crashing here for years and years and there has been no stopping the increase in prices to the point where many young people (and those earning the equivilant of $40,000 a year) cannot afford housing.

I think investing in property is always going to pay for itself even if the market falls as long as at that point you dont have to move then the proces will soon go back up.

[Rushmore]

[ QUOTE ]
Bollox frankly.

So what that he is 24, he is still an adult.

Spinking 5k of his winnings on as visceral consumption of Plasma screens or whatever takes his fancy, this will remove the abstraction of his winnings as just numbers on a computer screen, bank statement etc.

This will provide the taste of succsess needed to motivate one forward through lifes briar paches.

In short he should make sure he blows at least 3k on some act of extravegent consumption.

He can still sensibly put 35K+ away.

I know this may seem illogical to you Spock, but for a Human this is the best way forward.

[/ QUOTE ]

Ok. You're right. Poker has nothing to do with mathematics and money management, and controlling one's urges and emotions is not worth examining.

Every time I have made a decent score, I have found that the sense of security that comes from knowing that I won't need to sweat money in any way for that much longer is luxury enough.

Btw, I live in a luxurious home, drive a brand new Infiniti G35, and eat in whatever restaurant I choose whenever I choose to do so. In 2003, I spent about $15,500 in restaurants. I know this because this was the only thing I used my American Express card for that year. In 2004, I imagine it was higher.

These are my luxuries, and I make no excuses for them.

So, uh, thanks for the advice, KIRK.

[beerbandit]

thats a lot of beer and lap dances

cheers

[Rushmore]

[ QUOTE ]
they have been predicting the market crashing here for years and years and there has been no stopping the increase in prices to the point where many young people (and those earning the equivilant of $40,000 a year) cannot afford housing.

I think investing in property is always going to pay for itself even if the market falls as long as at that point you dont have to move then the proces will soon go back up.

[/ QUOTE ]

It's true that the crash hasn't come, despite all who have forecast it.

But that's not to say it won't come.

If 70% of the homeowners in this country were to suddenly lose 30% of their property's value, we'd have a major problem.

I'm not all that worried about it, personally, but I bring it up because there are so many people just GUNG-HO for running out and buying property, all this "American Dream of homeownership" stuff, and all.

[Six_of_One]

[ QUOTE ]
In 2003, I spent about $15,500 in restaurants.


[/ QUOTE ]

You're my hero.

[The once and future king]

[ QUOTE ]
Ok. You're right. Poker has nothing to do with mathematics and money management, and controlling one's urges and emotions is not worth examining.

[/ QUOTE ]

Spock, you will never make a good science officer if you jump to assumptions like this. Kirk never made this assertion.

Kirk was just reacting to your assertion that spending a mere 2k out of 40k on a plasma screen was "Terrible advice."


[ QUOTE ]
Btw, I live in a luxurious home, drive a brand new Infiniti G35, and eat in whatever restaurant I choose whenever I choose to do so. In 2003, I spent about $15,500 in restaurants. I know this because this was the only thing I used my American Express card for that year. In 2004, I imagine it was higher.

[/ QUOTE ]

Amongst humans it is considerd very bad form, crass, vulgur and a sign of radical insecurity to make such boasts in public. Also after you have done so, some humans (but not all, see above) may consider you a complete wanker.

Also earth psychologists may consider you severely analy retentive if you can quanitify how much you spent in restraunts 13 months after the fact.

[astroglide]

i find it impressive that my opinion of you actually got worse

[DesertCat]

[ QUOTE ]
I would buy a new computer with a big-ass monitor, and put the rest into my stock portfolio.

what should a 24 year old do?
1) move into his own place. if you know where you want to be for the next 5 years, buy. if not, rent. if you do buy, no more than 20k for down payment.

2) (amount leftover after taxes) - 10k for current use - down payment (if any) would go into investments. anywhere from 10-40k. for investments, start or fully fund a 401k or roth ira. any left over into a no-load dow industrials mutual fund.

3) current use 10k into money market fund. use to take an occasional shot at the next higher limit, and to keep just in case it's needed for unexpected expenses.

congratulations daryn.

[/ QUOTE ]

First, get an accountant to estimate your tax obligations, and put that money into a money market acount. Second, find out whether you need to make any quarterly payment to avoid penalties.

I'm a full time investor and VegasOne's advice is very good for the average person. But I think you already realized earlier on this thread that you're in a special situation that negates much of it's value.

To whit, the returns you can earn on your bankroll playing poker will dwarf any returns that the stock market can offer you. If you are able to average 1BB per hour on a 1000BB bankroll, you're earning 10-15% per MONTH. And that's being conservative, using only a 500BB bankroll would double that return. Unless you are a loan shark, there is no real investment opportunity that can match it.

And forget about 401k's, IRA's, etc. Their tax benefits aren't enough to make up the huge difference in earnings between the stock market and your playing abilities. Same with buying a house, if it forces you to play at lower limits than where you can make the most money, that can cost you more in lower earnings than you'll gain from tax benefits and appreciation.

Your major concern should be where can you play most succesfully, and what bankroll will be necessary for those limits. You should be very analytical about your strengths and weaknesses, the opportunities you have at various limits, and make sure you are well bankrolled to minize your ROR. If this analysis leads you to decide that your skills are most profitably used at limits that require only a portion of your new bankroll, then you can think about investing the rest in long term investments. Certainly, if you continue to be successful, your bankroll will grow to the point where diversification into other investments makes sense, since you'll ultimately hit a ceiling in how high you can play and how big a bankroll will be useful.

And then VegasOne's advice is a pretty good start (though I specifically recommend index funds for stock market investments). But even then I would avoid being too aggressive. You want to keep a good amount as backup as "dry power" for bad streaks. Money markets don't pay much, but you're money is safe there, it really sucks to find you need the cash at the same moment you're mutual fund has lost 40% of it's value. If you decide to get a home, paying down your Home Equity line is an even better use of cash since it saves you much more interest than a MM account earns, and you can draw back if you need to replenish your bankroll. But you would have to be careful, because the cost of not making equity line payments is ultimately foreclosure.

Congratulations, and best of luck to you.

[housenuts]

isn't giving money to the IRA supporting terrorism?

[Rushmore]

[ QUOTE ]
i find it impressive that my opinion of you actually got worse

[/ QUOTE ]

I aim to please.

[Rushmore]

[ QUOTE ]
Also earth psychologists may consider you severely analy retentive if you can quanitify how much you spent in restraunts 13 months after the fact.

[/ QUOTE ]

I only retained this information because it was information which caused my accountant some dificulty, and it became an issue in terms of deductibility.

[ QUOTE ]
Amongst humans it is considerd very bad form, crass, vulgur and a sign of radical insecurity to make such boasts in public. Also after you have done so, some humans (but not all, see above) may consider you a complete wanker.


[/ QUOTE ]

I can certainly understand this. In retrospect, i might have worded this a bit differently.

But, in fairness to myself, i was simply reacting to the notion that I was acting in a mechanical fashion. I suppose it was a hot button, and one to which I overreacted in an ugly way.

Regret is a dish best served up--oh wait, that's something else.

Anyway, this has all gone horribly wrong. All I was really doing was speaking as strenuously as possible about a topic I thought was fairly important.

With extra time to reflect, truth is--you were actually right.

Damn. That sucked HARD.

[Shajen]

[ QUOTE ]
Amongst humans it is considerd very bad form, crass, vulgur and a sign of radical insecurity to make such boasts in public. Also after you have done so, some humans (but not all, see above) may consider you a complete wanker.


[/ QUOTE ]

[ QUOTE ]
With extra time to reflect, truth is--you were actually right.

Damn. That sucked HARD.

[/ QUOTE ]

Hey bro, if we were all yaks, the above would be perfectly acceptable. Yaks are show off ballers.

[Rushmore]

[ QUOTE ]
Hey bro, if we were all yaks, the above would be perfectly acceptable. Yaks are show off ballers.

[/ QUOTE ]

Thank you for the consoling words.

I too find it best to measure my gaffes against the gaffes of the animal kingdom's most reviled creature, the yak.