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#22
03-24-2004, 01:46 PM
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Re: **UPDATE** 5 months later
One measure is how much you can make working or playing poker. If you get benefits from your job then typically your total job income is near 1.4 your salary. Are you making that much/hour playing cards? Can you buy individual health coverage? Would catastrophic health coverage (say $10,000 deductable) be a better bet? Do you get fed up playing poker and NEED a diversion like resetting passwords?
Go for it. What;s the worst that can happen? Gotta get a job in a couple years? - Louie 
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#23
03-24-2004, 02:06 PM
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Re: **UPDATE** 5 months later
40% benefits? I do a lot of economic loss work regarding benefits and the general figure is around 20%, including social security (7%) medical coverage (5-10%) and pension (5-8%), with union workers earning perhaps closer to 30% benefits, but 40% seems a bit high.
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#26
03-24-2004, 04:52 PM
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Re: **UPDATE** 5 months later
Sick leave and vacation are already included in the salary, in that you get paid each week even if sick or on vacation.
That is true for a day job, but not true if you are a pro poker player. The point I was making is that if you get sick and are unable to play or go on a non poker playing vacation then no money is coming in wheras for most day jobs you are still getting paid for this time. Also, many day jobs will pay out on unused vacation and sick time. To me this sounds like a benefit the day job has which a pro poker player does not have. On the flip side, the more hours a winning pro plays the more money he makes, where for a salaried job you get pretty much the same money regardless of hours (although you may get bonuses, and if hourly you get OT pay).
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#27
03-24-2004, 06:33 PM
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Re: **UPDATE** 5 months later
2nd goat,
great post, and fun follow up.. I am in a similiar situation and it's You should defintely defintitely definitely consider consolidating your student loans. You can lock an interest rate for the life of the loan, and the interest rates are the lowest they have ever been. I don't think they will get much lower. Be sure to get the interest lowering benefits as well - the standard is minus .25% for using direct deposit, and minus 1% after 36 consecutive payments. Anyways, it adds up to being less than the average inflation rate.. good luck.. keep us posted..
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#28
03-24-2004, 08:55 PM
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Re: **UPDATE** 5 months later
My company sends out an annual "total rewards" statement that lists the cash value of each item in your compensation package. My benefits, which are pretty healthy, are worth almost dead-on 40% of my salary, though some of them (like 401(k) matching contributions and pension contributions) haven't yet kicked in.
2ndGoat another big important status update in the works...
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#29
03-25-2004, 04:29 PM
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Re: **UPDATE** 5 months later
yeah...the whole sick-leave/vacation/PTO thing is something to consider as well.
but i think that is counter-balanced by the fact that i can stay at home and make a little cash while watching the tube and eating soup if i'm a little sick. also, not having to deal with calling in to a mean/idiot boss and getting to pick your hours for when you DO work (play poker) is ideal to me. but i do agree that you do have to make MORE playing poker then your regular job to make the jump worthwhile. i never thought about the percentage before but i think 30%-40% is a nice, solid figure with all the health-coverage and everything else. and obviously the stability of your income (or relative lack thereof in poker) should be worth something. 2nd goat - i like your plan and think you have a good head on your shoulders. you have stability in your current job and are not taking that for granted.....but you also realize that you could be potentially having more enjoyment and making more money in the poker world. your goals to build your bankroll and to study more and more until you get there are impressive. i would think that 40 hours/wk at a B&M would be quite the grind....but, then again, i would think that 10 hours/wk at a B&M might be a grind. personally, i prefer the online-version of poker....go out for awhile...come home and knock out 2-4 hours or so before calling it a night. where else can i come home at 1am and decide i want to fulfill part of my 40-hour obligation? another aspect i considered is money i have to spend at my regular job.... if i drop my regular job then the money i have to spend for my own health-coverage is mostly balanced by the money i save by not having to make a 40-minute, 1-way commute everyday (gas prices suck these days in case you havent noticed). this is an interesting thread that i missed the first time around so i'm glad you bumped it back up. lots of worthwhile ideas in there.
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#30
03-25-2004, 04:53 PM
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Re: **UPDATE** 5 months later
[ QUOTE ]
i would think that 40 hours/wk at a B&M would be quite the grind....but, then again, i would think that 10 hours/wk at a B&M might be a grind. personally, i prefer the online-version of poker....go out for awhile...come home and knock out 2-4 hours or so before calling it a night. where else can i come home at 1am and decide i want to fulfill part of my 40-hour obligation? [/ QUOTE ] A B&M Pro can do this, as long as he/she is also an online pro.. why is it that someone can't combine both successfully?
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