my 1% plan

[brian_frets]

After becoming ridiculously addicted to poker and taking a little break, I think that I'm ready to play again, this time more responsibly.

I graduate from college in 2 weeks, and soon after I'll enter into a position paying $85k-$100k per year.

My plan is to deposit 1% of my salary at the beginning of each year into an online site (not sure which one yet). (first paycheck after I start, and then each year after that..)

I'll play on internet sites, getting a larger bankroll, and if I win enough I might take B and M trips, using ONLY money that I have won from the 1% to finance trips. If I don't win enough I won't be taking trips, and that's it.

At the end of each year, I will deposit or invest all the money that I have won, and start over with another 1% of my salary.

This way, I can never lose more than 1% of my salary each year, and I can have fun with and invest any money that I win.

Please comment/critique this plan. Thanks! Brian.

[SinSixer]

1% of 100k is $1,000. Theoretically this isnt enought to be bankrolled for 2/4. So you will be playing this limit or less. The potential profit at these limits when compared to your salrary seem like a waste of time. You could win and move up, but if youre good enough to play higher limits, you might as well start there.

If you cant beat the higher limits, the low limit winnings are not going to satisfy you. In this case, play tournaments.

[Guthrie]

This is a dumb plan. Obviously you wasted your college education.

You're either a winning player or not. If you are, then deposit the $1,000 now instead of waiting until the beginning of the year. By January you should have an adequte bankroll to last you the rest of your poker-playing life. Skim as much of that as you can into a qualified retirement plan and as much as you like into other investments, maintaining enough bankroll to allow you to play at any stakes you want. You still have your 100K from your job to live on, right?

Send me the $1,000 at the beginning of each year for the financial planning advice.

[NateDog]

Bunus whore. It's easier than trying to figure out 1% of my salary from my first paycheck of the year.

[Al P]

Having a plan to limit yourself to 1% of your salary makes it sound like you're a gambling addict.

How about you take .2% and buy some great books (HFAP, TOP, SSH, MLH, IYP). Then you can deposit $2,000 once and as long as you don't overwithdraw you'll never have to deposit again. I haven't deposited in 2 years but I withdraw monthly.

[Mike Haven]

After becoming ridiculously addicted to poker and taking a little break, I think that I'm ready to play again, this time more responsibly.

My plan is

I'll play on

At the end of

This way, I can never lose more than

Methinks you are still addicted, and you are simply looking for "justifiable" excuses to play again.

If you have an addictive personality, (and you will know that yourself more than others: ... do you masturbate more than the normal three times a day? ... do you roll your first before breakfast? ... do you sometimes borrow your friend's needle instead of breaking out a safe, sterile one?), then there is no cure, and you just need to fight getting back into a game for as long as possible. Once you relent that first next time you'll be on the slippery slope to lose not only most of your very good income but also probably the source of that income - your new position.

Join a chess or a bridge club; or, better, get further involved with some worthwhile sports.

Good luck, man. We'll be rooting for you. Especially the ones who have now started an over/under book.

[TheHammer24]

This is the type one developes when they are going to start playing traditional casino games. In those cases, people are guaranteed to lose in the long run. As a result, they only allocate x amount of money to lose in a given period, as you have done. In poker, this is not the case. THere are long term winners. If you think you're goingt o lose then use this strategy, if you are a winning player you could take the aforementioned strategies. Furthermore, if you do have a serious gambling problem this strategy may not be bad.

[keikiwai]

Why plan on making more than one deposit?

Make a deposit of $X. If you lose this, give up or move to no deposit bonuses. If you win keep skimming of your BR and don't deposit again.

[BigBaitsim (milo)]

[ QUOTE ]
After becoming ridiculously addicted to poker...

[/ QUOTE ]

There is little need to read further. If you are/were "addicted," (we psychologists use the term "pathological gambling"), then you need to not gamble. If you can do this on your own, then do so. If you cannot, then seek help.

There are online quizzes, many of which a professional gambler would score at least at the borderline level, but the key difference between pathological gambling and professional gambling (as defined in the DSM) is discipline. Professional gambling requires extreme discipline, as the edges can be so fine. If you are addicted, you likely lose that discipline and should not gamble.

Again, assuming you are/were "ridiculously addicted," it is very unlikely that your plan will succeed. Moderation is not the goal of choice for most addictive behaviors, eradication, or complete sobriety, is.

-Dr. Milo (a real-life clinical psychologist)

[imitation]

I often beat it 3 times or more a day, should I quit online poker???

[brian_frets]

Many of you are saying that I am/ was dangerously addicted, and I'm not going to argue with you. In my Sophomore and Junior years of collge, I played poker 6 or 7 days a week, sometimes for 10 hours, hardly went to class at all, and came very close to losing a full tuition scholarship.

I've taken over a year off from poker of any form, and I've been in professional counseling. I've gotten my grades back up, and I'm going to end up graduating with ~3.25 with a B.S. in Petroleum Engineering.

I just really feel that now that my life is back in order, I am ready to start playing poker again, WITH self-restrained limits.

(It's important for you to understand that during my poker binges, I wasn't losing; I won about $50k those 2 years of college, which is respectable for the limits I played. It's just that poker was taking over my life.)

I feel that if I keep my deposit to a limit, I should be fine. Again, PLEASE comment on my thoughts/ plans.

[scott8]

[ QUOTE ]
Many of you are saying that I am/ was dangerously addicted, and I'm not going to argue with you. In my Sophomore and Junior years of collge, I played poker 6 or 7 days a week, sometimes for 10 hours, hardly went to class at all, and came very close to losing a full tuition scholarship.

I've taken over a year off from poker of any form, and I've been in professional counseling. I've gotten my grades back up, and I'm going to end up graduating with ~3.25 with a B.S. in Petroleum Engineering.

I just really feel that now that my life is back in order, I am ready to start playing poker again, WITH self-restrained limits.

It's just that poker was taking over my life.)

I feel that if I keep my deposit to a limit, I should be fine. Again, PLEASE comment on my thoughts/ plans.

[/ QUOTE ]

This should end well. . .

[brian_frets]

[ QUOTE ]
[ QUOTE ]
Many of you are saying that I am/ was dangerously addicted, and I'm not going to argue with you. In my Sophomore and Junior years of collge, I played poker 6 or 7 days a week, sometimes for 10 hours, hardly went to class at all, and came very close to losing a full tuition scholarship.

I've taken over a year off from poker of any form, and I've been in professional counseling. I've gotten my grades back up, and I'm going to end up graduating with ~3.25 with a B.S. in Petroleum Engineering.

I just really feel that now that my life is back in order, I am ready to start playing poker again, WITH self-restrained limits.

It's just that poker was taking over my life.)

I feel that if I keep my deposit to a limit, I should be fine. Again, PLEASE comment on my thoughts/ plans.

[/ QUOTE ]

This should end well. . .

[/ QUOTE ]

?? Please explain?

[robinsons]

in order to limit the amount of time spent playing, yet still be able to play at stakes that will have meaning for you whilst limiting the amount of money exposed, how about playing say 1 $30-50 buyin tourney per week? obviously a big risk of this method is if you are playing more than 1 if you get knocked out early, move onto playing 2-3 per week, then before you know it you could be playing 1 per day...

[KingOtter]

[ QUOTE ]
Many of you are saying that I am/ was dangerously addicted, and I'm not going to argue with you. In my Sophomore and Junior years of collge, I played poker 6 or 7 days a week, sometimes for 10 hours, hardly went to class at all, and came very close to losing a full tuition scholarship.

I've taken over a year off from poker of any form, and I've been in professional counseling. I've gotten my grades back up, and I'm going to end up graduating with ~3.25 with a B.S. in Petroleum Engineering.

I just really feel that now that my life is back in order, I am ready to start playing poker again, WITH self-restrained limits.

(It's important for you to understand that during my poker binges, I wasn't losing; I won about $50k those 2 years of college, which is respectable for the limits I played. It's just that poker was taking over my life.)

I feel that if I keep my deposit to a limit, I should be fine. Again, PLEASE comment on my thoughts/ plans.

[/ QUOTE ]

How does a deposit limit restrain you from playing too much poker, if you're a winning player?

Seems to me a deposit limit would only restrain a losing player from playing too much.

KO

[robinsons]

[ QUOTE ]
in order to limit the amount of time spent playing, yet still be able to play at stakes that will have meaning for you whilst limiting the amount of money exposed, how about playing say 1 $30-50 buyin tourney per week? obviously a big risk of this method is if you are playing more than 1 if you get knocked out early, move onto playing 2-3 per week, then before you know it you could be playing 1 per day...

[/ QUOTE ]

although as already noted by other people, playing at all after the problems you have had in the past is probably a bad idea... why not try one of the many skill based games you can play for free on the net, eg. go/chess?

[oscark]

I'm sorry, but this doesn't make any sense. You state that the problem was you were playing too much and that it overwhelmed your life, but you were in fact a winning player. How does limiting yourself to one deposit limit how much you will play?

[brian_frets]

I feel that if I limit my bankroll, I will limit how much I play. ie, if I only allocate so much of my money, I'll only spend so much of my time.
I'll have a job in a month, I'm in a lax league, and I have a serious girlfriend. So poker is not going to be a main thing in my life, nor am I counting on it to make money. Just for fun.

Before, I was counting on poker as a significant source of income. ($50k is millions to a college student.)

If I only deposit 1%, the profit from winnings/bonii will be insignificant compared to my job salary, which I think will re-enforce in my mind that poker is a game, not a job/lifestyle. (for me, at least.)

[beernutz]

What happens the time you hit an extreme variance swing and lose the 1% in the first week of the year?

[ QUOTE ]
After becoming ridiculously addicted to poker and taking a little break, I think that I'm ready to play again, this time more responsibly.

I graduate from college in 2 weeks, and soon after I'll enter into a position paying $85k-$100k per year.

My plan is to deposit 1% of my salary at the beginning of each year into an online site (not sure which one yet). (first paycheck after I start, and then each year after that..)

I'll play on internet sites, getting a larger bankroll, and if I win enough I might take B and M trips, using ONLY money that I have won from the 1% to finance trips. If I don't win enough I won't be taking trips, and that's it.

At the end of each year, I will deposit or invest all the money that I have won, and start over with another 1% of my salary.

This way, I can never lose more than 1% of my salary each year, and I can have fun with and invest any money that I win.

Please comment/critique this plan. Thanks! Brian.

[/ QUOTE ]

[brian_frets]

I'll take a year break, find a new hobby before the next deposit, and probably never think about poker again. (I think that part/most of me wishes that that happens.)

[admiralfluff]

this does not sound good. limiting your play by limiting your BR will not work. If you can't control your play without devising some ridiculous scheme for yourself, you need to stop. I am not trying to be an ass, but gambling adictions are just like any other. What would you say if a recovering alcholic decided he would use only 1% of his salary for booze in a given year?

[brian_frets]

[ QUOTE ]
What would you say if a recovering alcholic decided he would use only 1% of his salary for booze in a given year?

[/ QUOTE ]

Probably that he needs to go back to counseling. Good point.

[Cubswin]

I graduate from college in 2 weeks, and soon after I'll enter into a position paying $85k-$100k per year.

Im curious as to what you will be doing making this kind of money. Where did you go to college? What was your major? Who will you be working for?

cubs

[brian_frets]

[ QUOTE ]
I graduate from college in 2 weeks, and soon after I'll enter into a position paying $85k-$100k per year.

Im curious as to what you will be doing making this kind of money. Where did you go to college? What was your major? Who will you be working for?

cubs

[/ QUOTE ]

I graduated from the University of Oklahoma with a B.S. in Petroleum Engineering. As to who I will be working for, that's none of your business. (no offense, but who pays me my salary isn't relevant.)

[MicroBob]

as others have pointed out...limiting your bankroll does not mean limiting your play.


I could easily deposit $40 into a site and likely play on that money forever if that's what I wanted to do.

This is assuming I had some other source of income..and, of course, that I'm a winning player able to beat the all-stars playing the nano-limits.


$40 would be 1000BB's at .02/.04 on Stars so I could very easily just keep playing and playing and playing without EVER having to re-deposit.
This doesn't even include free-rolls and reload bonuses on other sites like crypto for example.


Anyway your plan is not a particularly good one.


If you insist on getting back into the game AND you already know you have addiction problems with this then you should set limits of $50 or 3 hours each week. Whichever comes first.
Something like that would at least be better than the plan you are suggesting.

Of course given your background an even better suggestion would be to avoid poker altogether. At least for now as you continue to get your life together.

You are starting a new job...this is good. But things are changing for you rapidly and you need to focus on your new job.

The transition from college to the 'real' world is a significant one and you shouldn't try to find ways to possibly screw up that transition right off the bat.


The transition was a particularly difficult one for me.
In fact, sometimes I feel like I'm still transitioning (I'm 34).

[BigBaitsim (milo)]

[ QUOTE ]
Many of you are saying that I am/ was dangerously addicted, and I'm not going to argue with you.

[/ QUOTE ]

Let me further explain. Your response confirmed my original suspicion that you were gambling in a pathological manner. There are a number of criteria, but the line is generally drawn at the point at which the behavior interferes with social, occupational or interpersonal functioning. At least two of these are true. I would not dream of diagnosing over the internet, but you are describing a pathological gambler. And yes, it is possible to be a +EV pathological gambler. Bottom line, there are several schools of thought regarding moderation vs. abstinence. In the UK, many believe in moderation for alcoholics, while in the US, we push for total abstinence. In my 20-odd years in psychology, I have seen the moderation approach succeed, but very, very rarely (once, that I recall).


You are entering a difficult transition period in life, and should be looking to minimize your stressors. This is not the time to take up gambling again, thinking you've got it beat, you've got a system. I have heard a version of this plan from hundreds, if not thousands of addicts and alcoholics, who returned to using, thinking they had beat the addictive part of the behavior, and could safely use again. They all failed. I would not expect your endeavor to meet with success.

Finally, this forum, made up entirely of degenerate gamblers, is overwhelmingly against your plan. Ignoring that fact alone is cause for alarm. I applaud your entry into counseling, and would respectfully recommend you return to counseling to discuss your plan, so that you can best understand your motivations.

[morgant]

you cant be this dumb and have obtained a full tuition scholarship and graduated with a petroleum engineering degree with all the accolades you so ostentatiously pointed out in your posts. but denial is a powerful evil..................

[Jurollo]

How did you F off and get bad grades for 2 years (1/2 of the time for a BS) yet still graduate with a 3.25?
~Justin

[Cubswin]

As to who I will be working for, that's none of your business.

Funny... most people are quick to tell you where they work but would never tell you how much they make... you seem to break this mold. For better or worse, at least we all know where your priorities lie.

[bobbyi]

[ QUOTE ]
I'll take a year break, find a new hobby before the next deposit, and probably never think about poker again. (I think that part/most of me wishes that that happens.)

[/ QUOTE ]
If you are really capable of finding a new hobby and never thinking about poker again, why not just do it now?

[keikiwai]

I read the other posts, and I thought about it a bit, and it seems a time limit would be much more appropriate than a money limit for you. This is the method I use.

I am a graduate student finishing my masters thesis and moving on to a doctorate program, and I work part time, so I'm quite busy. Your 1% plan would not work for me, since I started w/ a no deposit bonus of $10 on a Prima site, and I'm now playing $1/$2 Party, so limiting my play to %1 of my income would allow me to play 24 hours a day.

Instead I set aside what used to be 1 hour in the morning to play (now it is 1/2 hour). I set the timer on my watch, and when it gets to 1 hour I unclick the autopost blind button, and whether I'm up or down, that's it for the day. Period. Sometimes it's difficult, esp. if you're really up or really down, but after a few days it becomes routine, and you don't even think about it. Like this I start the day of with a quick game of poker, but it doesn't take up too much of my time. I usually play right after I feed my dog, since I have to wait after feeding her before I take her for a walk anyway...

If you could be this strict with yourself, I think you could have quite a bit of fun w/ poker, but anything besides a time budget plan would not be ideal, I believe.

hope it works out,
Peter.

[morgant]

are you people for real? or have you just not had any life experiences? the guy was in counseling for a gambling problem, and you are offering him advice on how to gamble. he needs to go back to counseling or employ whatever method he used before to abstain from gambling, please stop with this lunacy....

[Homer]

[ QUOTE ]
I graduate from college in 2 weeks, and soon after I'll enter into a position paying $85k-$100k per year.

Im curious as to what you will be doing making this kind of money. Where did you go to college? What was your major? Who will you be working for?

cubs

[/ QUOTE ]

The second I read this part of his post I thought it was BS.

[Jurollo]

[ QUOTE ]
Many of you are saying that I am/ was dangerously addicted, and I'm not going to argue with you. In my Sophomore and Junior years of collge, I played poker 6 or 7 days a week, sometimes for 10 hours, hardly went to class at all, and came very close to losing a full tuition scholarship.

I've taken over a year off from poker of any form, and I've been in professional counseling. I've gotten my grades back up, and I'm going to end up graduating with ~3.25 with a B.S. in Petroleum Engineering.

[/ QUOTE ]

After I read this I KNEW it was BS. You don't almost lose scholarships and then come back in 1 1/2 years to graduate with a 3.25 AND land an 85K job.
~Justin

[brian_frets]

My gambling binge took place through the 2nd semester of me soph. year, the summer, and the 1st/some of the 2nd sems. of my junior year. my professors, who had had my in class the first year and a half, noticed me not coming to class, failing tests etc.

When they noticed, the head of the MPGE sat me down and we talked. He recommended counseling, I accepted, and that was that.

The MPGE, and the OU National Merit office, worked with me to retake or drop classes to retain my grades. I attended summer school and remedial tutoring, and I will end up graduating on time. My professors and the Dep't heads viewed my addiction as a 'medical condition', similar to alcoholism, which is why they were so eager to help. (Also, OU vaules Nat'l Merit Scholars tremendously, as you can see by the full tuition scholarship they offer to Scholars.)

If you still don't believe me, whatever.

I'm starting to rethink the whole 1% plan, and I'm going to call my counselor and ask for an appointment this week so I can talk it over with him.

EDIT: oh, the only reason that I told you what my salary will be was to give you an idea of how much 1% is.

[EliteNinja]

If you know you are a winning player, why bother even depositing again the next year?

Also, if it is TIME which you lost, it doesn't matter how much you control your depositing of money.

The most important thing is to CONTROL HOW MUCH TIME YOU PLAY. Limit yourself to a few hours a week.

[ghostface]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
Many of you are saying that I am/ was dangerously addicted, and I'm not going to argue with you. In my Sophomore and Junior years of collge, I played poker 6 or 7 days a week, sometimes for 10 hours, hardly went to class at all, and came very close to losing a full tuition scholarship.

I've taken over a year off from poker of any form, and I've been in professional counseling. I've gotten my grades back up, and I'm going to end up graduating with ~3.25 with a B.S. in Petroleum Engineering.

I just really feel that now that my life is back in order, I am ready to start playing poker again, WITH self-restrained limits.

It's just that poker was taking over my life.)

I feel that if I keep my deposit to a limit, I should be fine. Again, PLEASE comment on my thoughts/ plans.

[/ QUOTE ]

This should end well. . .

[/ QUOTE ]

?? Please explain?

[/ QUOTE ]

I'm sure they've said it already, but please don't start playing poker again. If you do play for microstakes or something so that it the money will never be an incentive to play.

[bdk3clash]

How did Airpoaneman (http://forumserver.twoplustwo.com/showprofile.php?Cat=&User=13353&what=search&Forum= All_Forums&Words=&Searchpage=0&Limit=25&where=body sub&Name=13353&daterange=1&newerval=1&newertype=y& olderval=&oldertype=&bodyprev=) graduate from college so quickly?

[MicroBob]

wow.
i remember that guy.
talk about your blasts from the past.

[Al Schoonmaker]

You used the term "ridiculously addicted to poker."

If your diagnosis is correct, you have hardly any chance of implementing your plan. The authoriities on all forms of addiction state that true addicts are unable to gamble, drink, or use drugs moderately.

The central characteristics of all addicts is denial, and the most common form of denial is, "I can handle it."

If your own diagnosis is correct, you CAN'T handle it, and denying that reality can destroy your life. I urge you to get help for your addiction. Consult a specialist or Gamblers Anonymous.

Regards,

Al

[Rah]

Deposit $100 and whore your way to $2k, at least then you'll have a proper bankroll without risking your "own" money.

[obsidian]

I deposited $100 when I first started and haven't taken a single penny out of my real-work funds yet nor do I ever intend too. I just don't understand the point of limiting how much money you take from you paycheck if you are a winning player. If you are a winning player, and play within your bankroll, then you don't need to ever take extra funds from your paycheck.

Anyways, 85-100k job straight out of college? You aren't Chelsea Clinton per chance?

[Mike Haven]

Don't miss reading this thread (http://forumserver.twoplustwo.com/showflat.php?Cat=&Board=psych&Number=2349463&page= 0&view=expanded&sb=5&o=2&fpart=1) in the Psychology Forum.

[vilemerchant]

Man there sure is some arrogant people around here. seriously, who the HELL cares if he wants to spend a piddly 1% or 10% or whatever of his salary on poker. If he's not a winning player that's noone elses business but his own, and noone gives a F*!@ who made what with a $100 deposit. Some guys I know spend probably half their wage on their car, others spend the same on drugs and alcohol or DVD's. "Spending" money at poker would not be the end of the world. This game is primarily for ENTERTAINMENT after all...

[joedot]

Just because someone wants to take a small portion of their income and have some fun doesn't mean they are a gambling addict. Wake up folks. I think that your plan is fine, but it sounds very conservative. If you are just trying to be conservative, then you're fine doing this. It's hard to answer your question since you don't really say what your goals are as far as poker. You say you can have fun and invest any money you win. If you are just trying to have fun and not lose a lot of money, then you have a great plan. If this is all you're trying to do I'm not sure the point of asking your question on these forums.

[Richter]

yeah I was thinking about this also. -asking a bunch of gamblers about your gambling problem... nice.

[shark6]

[ QUOTE ]
[ QUOTE ]
I graduate from college in 2 weeks, and soon after I'll enter into a position paying $85k-$100k per year.

Im curious as to what you will be doing making this kind of money. Where did you go to college? What was your major? Who will you be working for?

cubs

[/ QUOTE ]

The second I read this part of his post I thought it was BS.

[/ QUOTE ]

If poster takes a job in Iraq helping rebuild the oil infrastructure, he will make about this much. But in that case, poker will be the last of your worries.

[BigBaitsim (milo)]

[ QUOTE ]
yeah I was thinking about this also. -asking a bunch of gamblers about your gambling problem... nice.

[/ QUOTE ]

And the fact that those gamblers are overwhelmingly against the plan is pretty telling.

Glad to hear you are reconsidering.

[Nomad84]

[ QUOTE ]
[ QUOTE ]
I graduate from college in 2 weeks, and soon after I'll enter into a position paying $85k-$100k per year.

Im curious as to what you will be doing making this kind of money. Where did you go to college? What was your major? Who will you be working for?

cubs

[/ QUOTE ]

The second I read this part of his post I thought it was BS.

[/ QUOTE ]

Career Services keeps a record of the salary offers for graduating seniors (obviously without names attached). It seems feasible if he is telling us his expected salary in a few years. Way high for starting salary though. For the last 3 years, the high offer for a BS in PE was $65k. No numbers yet for this year. Salary info (http://www.ou.edu/career/students/salary.html)

Aside from that, I can certainly confirm that OU and the College of Engineering will go out of their way to help students. Particularly National Merit Scholars. I've got to admit that we get treated better than we probably should around here.

I'm far from an expert on these types of matters, but I agree with the majority here that limiting yourself to 1% of your salary will do you absolutely no good if you are a winning player. I'd recommend either not playing or setting a strict time limit. Either way, be sure to stick with it.

[LargeCents]

[ QUOTE ]
The second I read this part of his post I thought it was BS.

[/ QUOTE ]

Agree.

As most people have already stated, 1% is just stupid. It seems like a number you imagined in your brain either as an excuse to tell us how much you think you'll be making in a few months. You could have much more easily called it your $1000 plan or $850 plan, whatever.

If your post is serious, or anyone who reads it can relate to the addictive aspects of it, I think it is definitely worth it to set a cap on how much you can lose during a set period of time. Good luck.