What do the young ones do with their money? [Archive]

Nottom

07-10-2005, 02:56 AM

gildwulf

07-10-2005, 03:00 AM

curtains

07-10-2005, 03:07 AM

I hoard the money and never spend anything basically. I don't need anything anyway.

The4Aces

07-10-2005, 03:14 AM

i havent spent anything.

bkbluedevil

07-10-2005, 03:16 AM

Paying for college, or trying to.

Newt_Buggs

07-10-2005, 03:26 AM

[ QUOTE ]
Instead of making a car in 20 days, make a down payment on some property.

[/ QUOTE ]
well at least I'm on my way to doing something right.

[ QUOTE ]
I hoard the money and never spend anything basically. I don't need anything anyway.

[/ QUOTE ]
I think that you're serious, but I'm not sure. Serious or not, this quote fits me perfectly /images/graemlins/cool.gif. How old are you btw curtains?

I don't think that this thread needs to exclude those outside of my age group.

adanthar

07-10-2005, 03:54 AM

I've got 30K banked, 90K in loans and a NYC apartment/job search to pay for starting about a couple of months from now. What money? /images/graemlins/tongue.gif

I don't spend anything, though, so the real estate will come.

runner4life7

07-10-2005, 04:00 AM

I'm a 20 year old college student in madison, wisconsin. I dont have a gambling problem, I have a spending problem. If i see something I want I buy it. I spend a fair amount on clothes just built a new computer with 2 20.1" LCDs. Now im in the process of saving for a car, takes me just a little bit longer than raptor though...ok a lot longer

PokerProdigy

07-10-2005, 04:00 AM

Saving up for college expenses /images/graemlins/smirk.gif

curtains

07-10-2005, 04:27 AM

[ QUOTE ]
[ QUOTE ]
Instead of making a car in 20 days, make a down payment on some property.

[/ QUOTE ]
well at least I'm on my way to doing something right.

[ QUOTE ]
I hoard the money and never spend anything basically. I don't need anything anyway.

[/ QUOTE ]
I think that you're serious, but I'm not sure. Serious or not, this quote fits me perfectly /images/graemlins/cool.gif. How old are you btw curtains?

I don't think that this thread needs to exclude those outside of my age group.

[/ QUOTE ]

Im older than you (26). I don't want to spend any signifigant money unless absolutely mandatory. The more money I have the better I play and the higher stakes I can play for. It's really a huge advantage IMO to play when the stakes mean very little to you.

DasLeben

07-10-2005, 04:57 AM

I'm going to be putting some cash towards a car pretty soon. I'd love to get a used BMW (E36 M3), but realistically I'm looking at an '06 Audi A3.

Bonafone

07-10-2005, 05:42 AM

As a 17 year old that pays for nothing besides gas and fast food, I've made the decision to invest as much as I can so I can retire at 30. I did spend about $13k on a 97 bmw, but haven't taken more than $2 or $3k out for minor purchases (second monitor and other toys) in the past 5 months. My current goal is to be able to go through life without ever having to work a real job. Things are going nicely so far.

BonafoneX aka ThugAngelX

Mr_J

07-10-2005, 05:46 AM

you're 18-21?? Had you being about 30.

Mr_J

07-10-2005, 06:08 AM

Well I'm 22, but all my money has gone to rent, going out and food. As soon as I start my next lot of sngs I'm working or my retirement fund though. 500k within 18 months.

DonButtons

07-10-2005, 06:16 AM

I actually invest 18k out of my BR in like march, and Im about to get around $210k in return, soooo shipppppppp ittttttt.

I feel goot b/c when I was 18 (18 at the time, 19 now), I didnt spend in all on pai gow and black jack and can buy myself a ferrari modena, so suck it raptor.

newfant

07-10-2005, 06:29 AM

[ QUOTE ]
I hoard the money and never spend anything basically. I don't need anything anyway

[/ QUOTE ]

What about poor drapes? Doesn't she need nice things?

AbelM

07-10-2005, 06:29 AM

Lately i've been thinking a lot about this.

Like a lot of winning young poker players i started buying about everything i wanted from my early winnings (big tv, big screen, consoles, dvd's etc.). Last week i put a wooden floor in my room, it looks pretty pimp now /images/graemlins/cool.gif Also i've been to some EPT events and some other live tournaments.

But the money just keeps coming in faster. It's quite unreal and i still really can't fathom that I basically don't have to worry one bit about money during my study time. Actually after talking to a good friend of mine (he retired at 30 and is obviously very good with money) i found out that if i play this right i might not have to worry about money for a long long time... maybe even the rest of my life.

We made some plans to put a realistic amount away every month (which can be almost all of my poker winnings, as a student i don't need that much money to still live large). After some quick calculations we found out that after about four years (that's when i finish my study) i could very well be a millionaire!

Can you imagine that? Finish college and have a million! Do i want to start my own business? Do i want to settle and buy a house? Do i want to travel the world? Do i want to lie on my ass for a year? No problem! I still can't realize that this might be realistic...

What i do realize though is that there are still a lot of ways to screw it up and it might not go the way i'm planning it now. But most of it is in my own hands, so we'll see how it goes...

I can recommend other players to also make some sort of plan to at least use your poker winnings to make your life better and easier. For some this might actually be buying a lot of cool stuff, for others it might be a saving plan to secure their financial future.
I see a lot of my pokerfriends drop out of college and make poker their goal in life. In my opinion it's much better to just use it as a tool to make my normal life better (that's why i haven't dropped out of college yet /images/graemlins/cool.gif)

Stephen Gray

07-10-2005, 06:41 AM

I agree. School is good.

Mr_J

07-10-2005, 06:51 AM

190 in addition to what you made off poker??? V nice.

I'm actually aiming to turn $1k cash into mid 6 figs+. Sounds crazy but it's actually pretty doable:

3hrs each day for the rest of the year at $125 an hr. That's from august, I'll be spending the rest of july improving my game for the 109s and building my BR a bit. This totals 56k, say 50k.

During this time I use my spare capital for sports, I should be able to make at least 20-30k, so now I'm at say 70k.

'06. In sports double the first 6 months, that's 140k

$125 an hr 3 hrs a day. First 6 months is 70k, total of 210k

sports, double again the next 6. That's around 420. Second half of year for poker nets 70k for a total of $490k going into '07.

I only need 2.7% growth per week to get that 400% for sports in '06. So I hit 54% over the 3000+ bets I'll make next year (for +90 units) worth 1.5% per unit and I achieve this. This is only for actual picks (of course most aren't my own), and doesn't include any of the other many ways to profit at sports.

In reality I hope to get a better return off sports and to play less poker (since $100+ an hr of poker isn't worthwhile when you make $1k+ per hr off something else).

Mr_J

07-10-2005, 06:53 AM

I'm a high school drop out.

Stephen Gray

07-10-2005, 06:55 AM

School is still good.

runner4life7

07-10-2005, 07:17 AM

I like to think that and im going to be a junior in nuclear engineering at uw-madison, but it seems for how much work and knowledge it takes for nuclear engineering or any "real" major, compared to poker its not worth it. I should be looking for classes about investing and the stock market not thermodynamics and nuclear physics...

pergesu

07-10-2005, 07:25 AM

I lost it all at the $33s.

When I'm running hot, I blow it all on hookers. Somehow it's legal though. They just call em "dates"

morello

07-10-2005, 07:28 AM

[ QUOTE ]

I hoard the money and never spend anything basically. I don't need anything anyway.

[/ QUOTE ]

[ QUOTE ]
I don't want to spend any signifigant money unless absolutely mandatory. The more money I have the better I play and the higher stakes I can play for. It's really a huge advantage IMO to play when the stakes mean very little to you.

[/ QUOTE ]

Curtains explained my situation almost exactly. My only luxury purchase so far as been an ipod. Also, I sometimes buy the good orange juice (not from concentrate!).

chisness

07-10-2005, 09:25 AM

admittedly i've got a spending problem and i think this actually might be a good thread to fix that in

i have a tendency to make tons of impulse purchases and while i generally do use all the gadgets i get, i know i'm being wasteful

since i don't intend to move past the $50s and thus don't need more than 5k or so reserved for poker, does anyone have any investment suggestions?

i have some college loans to pay off but really have no idea how to invest the rest:

mutual funds? stocks? money market? cds?

if stocks/mutual funds, how do you do your research?

1C5

07-10-2005, 09:47 AM

Sports?

Never done that, what site do you use and what kind of bets?

stupidsucker

07-10-2005, 09:56 AM

I am 28... Is that Young?
I still feel young, and I look like I am 18 when I shave (rare). The object of my affection is 21. A lot of my money went to flying her to Vegas 1-2 times a month. Money well spent.

I have used my money to be lazy in the past year, and this is exactly what I wanted. Now that time has passed and I am moving on to prepare for my future.

Goals include
paying off the remaining debt I have (20k down 15k to go)
Raise my Fico Score
Raise my Bankroll to a UltraUberUtopia level of comfort
Save up 100k (outside the forementioned bankroll)
Buy a house
Go to School
Continue to study and play in larger buy in events

I guess I am old /images/graemlins/frown.gif

The true test is if I do it....

Mr_J

07-10-2005, 10:05 AM

"Never done that, what site do you use and what kind of bets?"

I'm not going to state the sites here (hugely -ev for me), but there are around half a dozen that are quite valuable, of which 2 are hugely +EV (both sites contain multiple sports I follow).

What kind of bets? What do you mean? My bets fall into 2 groups. The first is picks, which are bets that come from cappers/services. The second are just general +EV opportunities like middles, arbs, bonuses etc.

Most of the picks I bet come from other cappers/services. Around 300 of them I come up with myself.

Course having these sources of info and this knowledge means nothing if you can't profit off it, so I'm playing poker to rebuild my BR. Got kind of greedy and overaggressive. Like playing the 109s starting with 15 buyins.

citanul

07-10-2005, 10:31 AM

I'm 23.

I mostly hoard the money. When I haven't been hoarding it, I loan it out, and pay the rent, mostly. Lately I've started on the "but if I want something, I just buy it" kick, which is starting at the same time as both the "I should invest some" kick and the "I should be more serious when I'm putting in my hours playing" kick. So yeah, I've been buying vacations, rounds of drinks, dinners, and starting to raise my bar from "if i see something that's <$10, that I want, I'll buy it" towards the "if I see something that's <$100 that I want, I'll buy it." When I move in the next couple months, I'm buying a nice TV.

Not too horrible considering that last September or so I was playing the 10s on a $330 bankroll.

citanul

FatTony21

07-10-2005, 10:32 AM

Well, I'm in my early 30's, but after a year of doing IT contracting in Kosovo, I decided to take a break from my IT career and do some traveling. I relocated to Budapest, Hungary, and have a great apartment right on the Danube. The nightlife here is amazing, and the women even more so (hence the nickname Bootyfest).

I 10 table for 3 weeks out of the month, and on the 4th week, I travel somewhere. Last month I visited Prague, Vienna, Salzburg, Bratislava, and Krakow. This month and beginning of next, I'm going to visit Romania (Bucharest, Transylvania, Black Sea Coast), Croatia, Slovenia, and Bosnia. I actually started out as a card counter, and with many excellent blackjack games in Eastern Europe (some with full early surrender, joker, triple down, trackable shuffles), I often come out ahead after the trips. When I travel, I try to purchase one piece of artwork from each place I visit. It gives me something to remember the trip, and is also my way of supporting the arts.

If you're single, and you're not tied down to a "real job," I highly recommend skipping a sports car, and getting out to see some of the world. You'll have a great time, learn and see things you never could in The States, and grow as a person overall.

adanthar

07-10-2005, 12:41 PM

[ QUOTE ]
you're 18-21?? Had you being about 30.

[/ QUOTE ]

Nah, I'm about to hit 25. Those are law school loans though /images/graemlins/tongue.gif Holla

raptor517

07-10-2005, 12:53 PM

i go to vegas and set hundos on fire. its fun. thats the best way to waste 50k. ewww to casino leaks. holla

Jman28

07-10-2005, 01:16 PM

[ QUOTE ]
I actually invest 18k out of my BR in like march, and Im about to get around $210k in return, soooo shipppppppp ittttttt.

[/ QUOTE ]

What the hell did you invest in? Casinos that Raptor plays at?

raptor517

07-10-2005, 01:18 PM

[ QUOTE ]
[ QUOTE ]
I actually invest 18k out of my BR in like march, and Im about to get around $210k in return, soooo shipppppppp ittttttt.

[/ QUOTE ]

What the hell did you invest in? Casinos that Raptor plays at?

[/ QUOTE ]

some rigged up apartment/condo thing his poppy got him into. lucksack. holla

pokerlaw

07-10-2005, 01:22 PM

I bought my mom a car; I spent the rest on...PCP /images/graemlins/tongue.gif

In all seriousness, for the young car buffs out there, using $$ for property (preferably in NYC, no car needed) rather than a phatty ride is WAAAYYY +EV.

wmspringer

07-10-2005, 01:40 PM

I'm a little above that age group - 25 - and I'm not making that much yet, but so far I'm using my profits to make the payments on my car loan.

Newt_Buggs

07-10-2005, 02:21 PM

I'm surprised to see that so many others don't spend much of their winnings either. For those in this group that also don't have morgages/loans, where do you invest your money? Right now I've got almost all of my profits sitting in an index fund.

runner4life7

07-10-2005, 02:48 PM

If you dont mind high risk there is tons of money to be made trading futures, also known as commodoties. If you put in your research I think you could do just fine. Once I build up a bigger poker bankroll then I'm building up a bankroll for trading those.

The Don

07-10-2005, 03:02 PM

Mainly bars. I have been making about $1k a week 8 tabling the $22s since the semester ended. I normally bring $300 into a bar and start throwing money around like I own the place. I typically black out and pray that I have some left in my wallet and that there is a chick next to me in my bed. I am a decent looking guy with some ok game to boot, that with the money has been getting me sufficient ass (way more than my ridiculous dry spell last semester). Why make the money if you aren't getting any ass? I think that is the main motivation for everyone working so hard in school and trying too get 6 figure jobs. ass.

Oluwafemi

07-10-2005, 04:38 PM

[ QUOTE ]
I dunno, but what they SHOULD be doing is working on retirement. Instead of making a car in 20 days, make a down payment on some property. Make some long term investments. $20k invested when you are 18 years old will go a long way when it comes time to retire, at like 25 years old.

[/ QUOTE ]

not that this is anything to brag about, but i knew some younger guys back in the days that made alot of money hustling in the streets. i would tell them, "If you're not gonna listen to me and stop hustling, do something with the money that's gonna benefit you when you're older". sooner or later, a gold chain here or a ride with rims is gonna play out. needless to say, alot of those young guys crashed and burned and ended up with nothing to show for all the money they made.

i hear all these young guys talking about how much money they earn from poker and, to my recollection, never have i read on post on anything meaningful that their doing with their money [with the exception of "pay of school]. hell, you can do that with a regular job.

had i had the good fortune to make as much money as some of these cats do when i was 18-21, my net worth would probably be at least $10,000,000.

i look at a young cat like ZeeJustin who may not even know how good he really has it [no diss intended, Zee].

USCSigma1097

07-10-2005, 04:44 PM

Yes,

Ass is a good motivator. That is all.

Degen

07-11-2005, 08:05 PM

Ameritrade

Voltron87

07-11-2005, 08:09 PM

I'm sort of saving money, not really conciously saying "this money is for later" but I don't spend everything I win, so i have greatly increased my savings. mostly i just live like a playa, holla.

edit- i have very few obligations. im not really playing poker to save for my future, but i am pretty responsible and by the time im older ill have a lot of money saved. just when i cashout i dont think "more money for the savings account!" i think "whoot, im a baller lets go party", though I end up spending fairly responsibly, im not blowing it on the metaphorical coke.

spliff

07-13-2005, 07:11 AM

Hi, i live in an European country where the taxes are just redicolous.

I have the money in my Neteller Account until i find a way to go around the about 59% tax claims when i cash it in.

I'll guess i will spend some, while on holidays abroad with the Neteller ATM-card.

Thought about getting some US stocks.

Cashing max. out every day while on holiday in the US with the Neteller ATM-card; then opening a US Checking Acc. and then buy some stocks.

Hope that could work without getting in any EU tax problem, hope they can't monitor my Empire to Neteller to Cashin at ATM's in US (transactions) /images/graemlins/smile.gif

citanul

07-13-2005, 11:04 AM

i hope you go to jail and have a bad time there.

citanul

Ixnert

07-13-2005, 11:41 AM

Paying off credit card balances that I ran up back in my less responsible days (24% interest is massively -EV).

Then building a bankroll for options/futures trading. Poker may (someday) be a passing fad; the financial markets are forever.

gildwulf

07-13-2005, 11:43 AM

Isn't this money laundering?

A_PLUS

07-13-2005, 12:05 PM

If any of your kids (I am 27) need any serious financial advice, I would be happy to give you some advice (and no, none of it involves giving me any $$). I have been working in finance for 5+ years, have my CFA charter, and am working towards my PHD in econ, so I know a little bit.

Anyone needs help, feel free to PM me. As payment I will get to live vicariously through you when you retire at 30

11t

07-13-2005, 12:18 PM

I'm going to open up a roth IRA soon.

go go tax evasion.

citanul

07-13-2005, 12:22 PM

well you should know that there's a cap on how much you can dump in an IRA (not saying that makes it a bad idea to have one). also, there's a cap on some kind of IRA (don't know if it's the roth) of 100% of your earned income for the year, which cannot include poker earnings unless you incorporate i think.

citanul

skipperbob

07-13-2005, 12:33 PM

[ QUOTE ]
If you dont mind high risk there is tons of money to be made trading futures, also known as commodoties. If you put in your research I think you could do just fine.

[/ QUOTE ]

Gee: You left out the part about "Limit-Down" days /images/graemlins/smirk.gif

skipperbob

07-13-2005, 12:36 PM

[ QUOTE ]
I hoard the money and never spend anything basically. I don't need anything anyway.

[/ QUOTE ]

OH Drapes: Any interest in meeting a mature gentleman that doesn't "hoard" his $$$..."SFB" /images/graemlins/smile.gif /images/graemlins/smile.gif

spliff

07-13-2005, 12:57 PM

[ QUOTE ]
i hope you go to jail and have a bad time there.

citanul

[/ QUOTE ]

Come on /images/graemlins/smile.gif

I only play the 10's at a 25 % ROI, 4 tables

I have only made about 700$/month the last 2 month.

It would just be to annoying paying 50%+ of that in taxes.

Kyle

07-13-2005, 02:40 PM

Prostitutes lots of them

Freudian

07-13-2005, 03:02 PM

[ QUOTE ]
Hi, i live in an European country where the taxes are just redicolous.

I have the money in my Neteller Account until i find a way to go around the about 59% tax claims when i cash it in.

I'll guess i will spend some, while on holidays abroad with the Neteller ATM-card.

Thought about getting some US stocks.

Cashing max. out every day while on holiday in the US with the Neteller ATM-card; then opening a US Checking Acc. and then buy some stocks.

Hope that could work without getting in any EU tax problem, hope they can't monitor my Empire to Neteller to Cashin at ATM's in US (transactions) /images/graemlins/smile.gif

[/ QUOTE ]

If you live in a EU country and play on Empire, your winnings are tax free.

spliff

07-13-2005, 03:08 PM

[ QUOTE ]

If you live in a EU country and play on Empire, your winnings are tax free.

[/ QUOTE ]

Yes, but only if you are not having it as you primary income (is a recreational player).

If you are a student and make around 1000$/month, i think you will have to pay tax, even if the pokerroom is licenced within the EU.

Profit

07-13-2005, 03:11 PM

[ QUOTE ]
I'm surprised to see that so many others don't spend much of their winnings either. For those in this group that also don't have morgages/loans, where do you invest your money? Right now I've got almost all of my profits sitting in an index fund.

[/ QUOTE ]

Index fund. very smart. I'm a grad student at uw- i study savings/investment behaviors of people. I am invested in an index fund as well under my roth-based on my earned income from school not poker.

Freudian

07-13-2005, 03:11 PM

[ QUOTE ]
[ QUOTE ]

If you live in a EU country and play on Empire, your winnings are tax free.

[/ QUOTE ]

Yes, but only if you are not having it as you primary income (is a recreational player).

If you are a student and make around 1000$/month, i think you will have to pay tax, even if the pokerroom is licenced within the EU.

[/ QUOTE ]

Doesn't matter where I live (Sweden). Gambling isn't accepted as an occupation here anyway. Poker is treated as a lottery.

But as long as you live in a EU country your tax obligations for poker winnings are in the country where poker site is situated. And as it happens the tax rate is 0% in Gibraltar, where Empire is situated.

Profit

07-13-2005, 03:15 PM

i dunno man. What you say is true hi risk/reward but realize that most of the big name investors of the past/present didn't/don't touch these. If i didn't study any of this stuff either at school or as a profession i would not feel comfortable touching this with only info i could find on the net. I'm not saying its undoable but definately not for beginners. I guess think of it as sitting in the 200's (SNGs) after watching the wsop on tv and expecting to win.

runner4life7

07-13-2005, 05:34 PM

Yeah I definately agree and plan on doing much much more reading of books as well as other sources in addition to lots of real time practice trading before considering any real trading.

lem45216

07-13-2005, 08:30 PM

Hmm, i wish i'd never read this thread, I feel so insignificant trying to build my bankroll with $6 sngs 50c at a time while all the other 17 year olds on twoplustwo are earning a bazzillion bucks an hour. Im 18 and am taking the next year or two out though to bum around a bit, so hopefully i'll have more time for poker and should be able to speed things up a bit.
It does inspire me though so thanks for that. Showing what's possible with a fair bit of hard work, fun, sitting in front of a computer screen for hours on end etc.

(i plan to spend my next big pay off on some decks and a mixer or a new bass guitar, or maybe a car)

Bigwig

07-13-2005, 09:20 PM

I'm not a 'young one,' but I can tell you what I spend my poker $$$ on.

Food. Rent. Water. Clothing.

Python49

07-13-2005, 11:22 PM

I've been trying my damndest to save up every single penny ive made.. because i just like seeing a big bank roll.. as strange as that may sound. At my age (19) ive never had this amount of money before in my life and its just fascinating to me to be able to look at my poker/bank account and see how much money ive made.. basically the product of my hard work. And because of this i hate seeing that amount go down... but what seems to add up the most are those random trips to mcdonalds at all hours of the night or taking trips to visit friends/cousins on things like spring break. Ive probably spent 2k total of my winnings and thats even after trying hard to not spend.. If you're wondering what the hell i plan to do with it eventually other than build it up for the sake of "having alot of money" i plan to eventually invest the money since im studying stock/finance/investing in college right now anyway. It's amazing now to think back about when i first started playing and would actually brag and be VERY proud of the fact that I was up "500" online.. since everyone i knew was down money. Now though... $500 is nothing more than first place in a single SnG.

Scuba Chuck

07-14-2005, 12:15 AM

[ QUOTE ]
well you should know that there's a cap on how much you can dump in an IRA (not saying that makes it a bad idea to have one). also, there's a cap on some kind of IRA (don't know if it's the roth) of 100% of your earned income for the year, which cannot include poker earnings unless you incorporate i'm sure .

citanul

[/ QUOTE ]

FYP

pergesu

07-14-2005, 01:04 AM

I'm savin up to buy a brothel. THAT's the gift that keeps on giving. Ship it

Apathy

07-14-2005, 02:26 AM

Hmmm, So far, I've been on a couple trips, pay all the bills, bought a new computer/monitors/etc... but I really haven't spent much of the money, maybe I'll invest it or something, a car doesn't really interest me right now although a ferrai does sound intrigueing.....

Femto

08-01-2005, 12:24 PM

I tuck away $2k a month into savings, put $1k a month into spending money, and the remainder gets reinvested into my bankroll. the savings cash will be invested next year as my investment-genius-mother gives me the crash course. she teaches seminars on some rather complicated stuff and makes 20-40%/yr, even on the bad years. /images/graemlins/cool.gif

oh, i also occasionally devote a month as a fundraiser. for example, i want to get a 60" sony hdtv before the xbox360 comes out, so september i will devote all winnings to the TV fund. i have mental issues with spending money from my br or from savings that i didn't earn with the express purpose of spending it on that... so this helps. and it gives me more motivation.

bigdarren

08-01-2005, 01:37 PM

Well i am a 28 year old thats been travelling the world for 7 years. Found this site 6 months or so ago. Since then i 4 table the 10´s and live on the beach in the south of Spain(Cadiz)(thank you 2+2´s). Like fattony21 play and travel. Only play 3 hours a day on average, but this pays for everything plus travel. Heading to morroco tomorrow for 2 weeks then off to the the island of fuertaventura in the canary islands for a week.Funny story my "bootyfest" chica just left yesterday for home, no doubting your assesment on that fact fattony. Cars are over rated, topless euros outside your doorstep anyday. ciao

david050173

08-01-2005, 02:14 PM

[ QUOTE ]
I tuck away $2k a month into savings, put $1k a month into spending money, and the remainder gets reinvested into my bankroll. the savings cash will be invested next year as my investment-genius-mother gives me the crash course. she teaches seminars on some rather complicated stuff and makes 20-40%/yr, even on the bad years. /images/graemlins/cool.gif

oh, i also occasionally devote a month as a fundraiser. for example, i want to get a 60" sony hdtv before the xbox360 comes out, so september i will devote all winnings to the TV fund. i have mental issues with spending money from my br or from savings that i didn't earn with the express purpose of spending it on that... so this helps. and it gives me more motivation.

[/ QUOTE ]

If she is making 20-40% a year, she is running real good /images/graemlins/grin.gif. She should stop the seminars, and start a hedge fund or mutual fund and start raking in the 8 figure paychecks.

CDSNUTSINYAMOUTH

08-04-2005, 05:27 AM

I donate it all to charity.

Newt_Buggs

08-04-2005, 05:38 AM

really? If so you should definitly elaborate.

I've been toying with the idea of playing for a charity and work something where like every monday or every monday/tuesday i'm playing for the charity and donate all winnings. It would be fun and I could publicize it a little with a blog with updates. It might also possibly help establish professional poker as at least somewhat respectable.