Unwilling to Spend Winnings

[Roy Munson]

Does anyone else find it difficult to spend poker winnings?

My income from my job is sufficient to provide a decent living. After playing online part time for 5 years I have accumulated a bankroll far greater than I imagined. Aside from using a portion to buy furniture and lawn and garden equipment for a new house last year I can't bring myself to spend any winnings.

My bankroll is over 3000 big bets for the limit that I regularly play so I should be able to comfortably tap into it.

Has anyone in 2+2 land experienced similar?

[jzpiano14]

I uwed to have the same problem, but I'm a college student and I've just recently decided that I'm going to pay for part of school with my winnings. I use another part to pay for my insurence and cell phone bills. Even still I have leftover. I've got about 1000 BB for my lvl, so I'm going to put some of that away for the next lvl. In your case, maybe take a vacation, buy something nice that you've always wanted. Or put some in a savings account or invest it and maybe retire early. Just a few suggestions.

[goofball]

move up.

[Roy Munson]

I have been 3 tabling the Party 15-30 game for 2 years. The $30-60 seems to have huge waiting lists for only 2 or 3 tables.

I go to Vegas about 3 or 4 times per year and play in the $30-60 at the Bellagio or the $40-80 at the Mirage. Even with the bankroll I feel uncomfortable at limits higher than $40-80.

[pokerrookie]

According to GA, this is a sign of gambling addiction.

[Reef]

[ QUOTE ]
move up.

[/ QUOTE ]

and take out everything except 1000 BB

[Awesemo]

[ QUOTE ]
According to GA, this is a sign of gambling addiction.

[/ QUOTE ]

What's wrong with gambling addiction (if you make money)?

[Reef]

[ QUOTE ]
[ QUOTE ]
According to GA, this is a sign of gambling addiction.

[/ QUOTE ]

What's wrong with gambling addiction (if you make money)?

[/ QUOTE ]

you put playing poker in front of friend, family, significant others, school, work (assuming not pro), responsibilities, etc.

[FishBurger]

Why do you need to spend it? I save most of what I make so that I will be able to retire at an early age. I've never been one to lust after material things, but I've always craved having the freedom to do what I want. Early retirement should allow me to achieve that freedom.

I plan on being fully retired by the time I'm 40. Then, I'll be able to gamble all day, take a shot at running my own biz, or go back to school. Having the freedom to do those things in the future means more to me than having the lates electronic gadget or the most expensive car.

Don't fall into the typical consumer trap of believing you have to spend money just because you have it. Think about the freedom that large bankroll can buy you in the future.

[Reef]

[ QUOTE ]


Don't fall into the typical consumer trap of believing you have to spend money just because you have it. Think about the freedom that large bankroll can buy you in the future.

[/ QUOTE ]

I think the best choice is to first whore out casinos, build the BR to a comfortable point, THEN spend on something you want.

[Shoe]

Invest some of it.

[JonLines]

You play $15-30, and you have 3000 BB, so you got $90k?

Your in luck my friend, I am just starting this great scheme where by you give me $90k, and then you get 2 other people to give you $90k..... its not a pyramid scheme, honest! /images/graemlins/grin.gif

[Reef]

[ QUOTE ]
You play $15-30, and you have 3000 BB, so you got $90k?


[/ QUOTE ]

holy crap, he does, doesn't he. Forget bonus whoring... invest that sh!t

[spydog]

Please tell me you don't have 90k sitting in Neteller and poker websites. Please.

[bleu329]

[ QUOTE ]
Please tell me you don't have 90k sitting in Neteller and poker websites. Please.

[/ QUOTE ]

who doesn't?

[Reef]

[ QUOTE ]
Please tell me you don't have 90k sitting in Neteller and poker websites. Please.

[/ QUOTE ]

would be a damn shame

[FredJones888]

If your post is for real you have some real problems, although not the worst problems to have.

You need to get some passive income from that cash or else you are throwing away money. Even 3% CD would be worthwhile on 90 grand.

You also have a tax problem if you are a U.S. citizen.
If you start spending that money without declaring it and paying tax on it, you will look like a drug dealer to the Feds. You don't want that.

If I were you I would look into a bank account in a stable tax haven country and just set aside that money for retirement.

[Roy Munson]

I already have an IRA that my wife and contribute to each year in addition to my 401K account at work and a separate investment account. Each of these are funded by income from my job.

All but approximately $20,000 is in an online money market account that pays 2.35% currently but has paid as much as 4.9% since I opened it. My tax preparer says that I do have to include the interest earned on my tax return. She said that because of my age(42), income level and the fact that I have spent so little of the money I am better off to not bring any attention to this.

[JonLines]

So you post it for the world to see.... lol

[JimmyJazz1]

Buy a Beamer, thats what i'm doing with my winnings from the year /images/graemlins/grin.gif.

[Shoe]

I hope you don't have 70k sitting in paypal... If you do I would strongly recommend moving it to an actual financial institution.

[Jersey Nick]

[ QUOTE ]
My tax preparer says that I do have to include the interest earned on my tax return. She said that because of my age(42), income level and the fact that I have spent so little of the money I am better off to not bring any attention to this.

[/ QUOTE ]


It sounds like you are saying you did not declare the winnings as gambling income. You mention your "tax preparer" thinks it's better not to bring attention to it. Ditch her immediately and talk to a real CPA. You probably owe at least $36K in taxes. My wild guess would be that the vig on that is already over $40K, and that's before they get really pissed at you. With penalties you'll surely be in the hole, literally as well as figuratively.

The psychology issue here is that deep down in your heart, you know you have been cheating on your taxes and you’ve broken the law. You are feeling too guilty about it to come clean or properly disguise it and live like a criminal.

Meanwhile, there's no reason to fret about all this. You just need to make sure you spin it all properly. Start thinking about legal representation (hint: "if it doesn't fit, you must acquit"). Then start taking notes for the book about your experiences, and line up an agent and a publisher. Also, think about who will portray you in the movie (note: Brad Pitt turns 42 this year). You may lose several hundred thousand dollars over this, but you stand to make millions. If Martha can survive the big house and get the cover of Newsweek, so can you.

[Bubu]

Hi,

My spin on this is that you have to evaluate why you play. From your description it seems that you are already established and that poker may be a hobby. If you play for the challenge, then really it might be time to move up and set new goals. I would avoid the games at party. The 30-60 lists are horrible (even with the new additional tables) and the game is one of the worst on the net. Stars is quite nice - there's always a couple of games going, both short and full - excercise game selection as the games can get tough. ub has some nice games, although they are often short handed. Another advantage of moving your action to another site is that you can start setting your goals higher. At stars you can go into the 100-200, while ub has 80-160 and 200-400 (hu only).

[Kenrick]

[ QUOTE ]
Does anyone else find it difficult to spend poker winnings?

[/ QUOTE ]

No. There are few material things I want. It's easy not to spend money when you don't really want anything. I find myself spending money to make other people happy, taking relatives out to dinner, buying my aunt a big-screen TV, buying my mother things, etc. It makes my day when I can take six people I like out to dinner, even when I'd never dare spend that much money at that restaurant for myself.

Having my mother and brother smile and be proud of me is worth far more than a car or whatever. I'm happy to be able to spend money on them because they deserve it, especially when they don't understand what I do but accept it anyway. If I could afford to send half of my relatives on a Disney Cruise, I think that'd make my year. I never learned how to have fun, so someone should. I have a hard time spending $5 on myself, but I'm happy to spend $20 on someone who has been nice to me. I can count my real friends on one hand, and I treat them accordingly.

[Toonces]

I think saving the money is a good idea, but a money market account for it all is probably a little conservative. This is a suggestion based on what I do:

1. Figure out how much you might be stuck for in a 1-yr period (maybe 400 BB?). Keep that in cash or your MM account.

2. The rest of your money should probably be invested a little more aggressively. If you don't max out you and your wife's Roth IRA, then do so. Consider maxing out your 401K contribution. If you have kids or nephews, you can open a 529 education savings plan for them.

3. What's left over is short-term to medium-term savings. For your 1-5 year time horizon, a bond fund will earn about 2-3% more interest than a money market fund with only a slight risk of premium. Beyond a 5-year time horizon, I might invest in a stock mutual fund like the Vanguard Total Stock Market Index fund, which has the added benefit of being tax-efficient.

4. Finally, consider using savings to pay part or all of a mortgage. The money becomes less liquid and goes into equity, but it usually earns more that way than you can earn investing it.