Advice From Current Pros- Quit a $100K Job? (long)
 

I know, another one of those going pro threads... but I'd like to hear from some people who may have been in a similar situation or have some insight on playing for a living.

A little background: I'm a long time lurker and occasional poster, however, since I'm going to be discussing win rates and money won in this thread, I started a new account to do it anonymously.

I started playing in Feb/Mar 2003. I made about $20K in 2003, $60K in 2004, and have made about $160K so far this year. I would guess I average about 15-20 hours per week (normally around 1 and half to 2 hours in the a.m. prior to work and 1-3 on the weekends).

I’m 33 and a lawyer with a firm in Arizona. I make $110,000 plus bonus-- which is typically between $5K and $10K each year. I’ve been with the firm for five years. It’s a good place to work as far as law firms go, but I really don’t enjoy the stuff that I’m doing (and haven’t for a couple years now). At the same time, the hours are pretty reasonable, and I probably put in 45-50 hours a week on average. If I left my job for a year or two, I could probably find another one pretty easily, though it would hard to find one that pays the same considering the gap in my resume.

A couple other notes that may be improtant: Between my wife and I we have about $400K in savings (including retirement accounts). So I have plenty of money saved up for expenses and wouldn't be hurt by a bad couple months.

On the other hand my wife and I just had our first baby less than two months ago and are having a house built which will be ready in April 2006. This will obviously add significantly to our expenses.

Speaking of expenses, I would estimate that they’ll be around $5500 to $6500 by spring of next year. Its a little hard estimate for sure, because I really don't know how much the baby will add to our costs. I just figure he's going to be pretty expensive. But anyway, that estimate includes the new mortgage payment and me paying for my family’s insurance (my firm does that now).

As for earnings, I anticipate that if I played more often (with results similar to my current averages) I could earn maybe $25K to $35K per month.

With all that in mind, here is where I’m looking for some help: the thought of playing professionally seems great to me. I like the idea of the freedom, the idea of never having to do the stuff I'm doing now again, the shorter hours, more money, etc. However, I’m wondering if there are some things I’m missing. For example:

* Have any of you who have worked regular jobs for years
found it difficult to stay at home and just play poker? (or have any of you quit your job only to realize that you hated playing poker as a pro?)


* When you played full time, did your win rates stay the same as when you were part time only? Did putting in more time cause your play to deteriorate? (Should I adjust my estimated monthly earn down?)

* I often see discussions from pros here who struggle to put in more than 25 hours. Were you anticipating playing more hours when you decided to play full time but weren’t able to do it?

* Did the fact that poker was your sole source of income add any additional pressure or effect your play?

* Any other important issues arise with respect to playing for a living that you didn’t anticipate prior to taking the plunge?


Thanks for your help with this.

Re: Advice From Current Pros- Quit a $100K Job? (long)
 

Post your winrate over # hands at specific limits. This will help people gauge whether or not you're running hot or are truly beating the game.

Re: Advice From Current Pros- Quit a $100K Job? (long)
 

I think you already have made your mind up as to what you want to do.

I was laid off a while ago from my retail job and I decided to see if I could make my living playing poker instead of jumping into another job.

A few observations after about 5 months at it:

I have succeeded in paying my bills. So I guess that makes me a successful 'pro'. But, it has been difficult to establish a bankroll on top of that.

There is added pressure to win, and inevitable downswings are more stressful and depressing. The higher stakes you play, the bigger the downswings are. If you are as successful as you imply, then I assume you are aware of bankroll management, and other aspects of responsible gambling.

The hours can be a drag as well. You have to play when the games are good. It's not the kinda thing you can get up at 8 AM and do until 5PM and quit for the day. Playing poker for a living requires a lot of late nights and weekends.

What you may want to try is taking a sabattical from your firm. Give it a shot for three months or whatever, see how it works out. It sounds like you're bankrolled for it and you have the head for it, but you went to school for a long time to to get where you are. Going back to it is always a possibility, but it's better to leave the door open rather than jump in both feet first.

Hope that helps a little.

PG

Re: Advice From Current Pros- Quit a $100K Job? (long)
 

this link is probably what youre looking for:

sthief thread

Re: Advice From Current Pros- Quit a $100K Job? (long)
 

This one's a no-brainer. Quit your job and hang out your own shingle. Take just the cases that interest you, lots of pro bono. Put in more hours playing poker than lawyering. If poker doesn't work out, your resumé is still covered.

Re: Advice From Current Pros- Quit a $100K Job? (long)
 

[ QUOTE ]
this link is probably what youre looking for:

sthief thread

[/ QUOTE ]

sthief's situation and this guy's are worlds appart. This guy has a house, and a young baby.. and a gap on his resume may look odd.

OP, I think one of the biggest things you need to worry about is health insurance. If you haven't had to obtain it at your and your wife's age, it can be an eye opener.

I worked for a dotcom in the late 90s that eventually shut down. When everyone was laid off, we were offered Cobra from the state (or is it federal?).. in any case, since the company was completely out of business, they were only required to provide 2 months of cobra benefits... meaning that I had to go obtain private insurance.

Now.. I'm in a similar situation as you, similar age, young kid, 6 figure salary, lots of savings, bla bla bla.. I was willing to pay big for private insurance for me and my family... guess what.. we were *denied* Even if we only wanted catastophy insurance for $1K a month... *denied*. I should also point out that we didn't find out that we were going to be denied until just before our state mandated insurance was going to lapse. The insurance companies we were working with and getting quotes never indicated that there would be any issue. So, we picked the one that made the most sense financially and submitted our application only to have it denied about 3 weeks later.

Now, I managed to get another job before the cobra benefits lapsed so I didn't continue to pursue it.. but you really, really need to research your insurance options before you drop your employer's insurance.

If I ever go pro.. and I'm considering it some day.. I'm going to figure out a way to start a small (shell?) consulting company or something and use that to leverage a group plan for small busineses if I can't manage to get private insurance again.

Oh.. and even with those 2 months of cobra (which I think I had to pay over $2K for) my medical bills were huge when I did need to go in. My wife had post pregnancy complications, my son initially had some issues, and I slipped on the stairs and broke 2 disks in my back and had to go to the hospital. (I'm fine now, luckily)... anyway.. with all of that, even with cobra, I still had to pay around $12K for medical and ambulance bills because hospitalization wasn't fully covered and the max out of pocket cost for deductables was calculated per-person.

slightly off topic:

Until I had to deal with private health care, I had no idea how f'uped our health care system was. If I wasn't well off, I would have been screwed. I could very well see how the high insurance cost (and soon to have been no insurance) plus medical bills could tap a less afluant family of all they own.

Anyway.. the lesson here is to make sure you have a plan for insurance and that you will actually be able to get it.

Re: Advice From Current Pros- Quit a $100K Job? (long)
 

[ QUOTE ]
Until I had to deal with private health care, I had no idea how f'uped our health care system was. If I wasn't well off, I would have been screwed. I could very well see how the high insurance cost (and soon to have been no insurance) plus medical bills could tap a less afluant family of all they own.

Anyway.. the lesson here is to make sure you have a plan for insurance and that you will actually be able to get it.

[/ QUOTE ]

It's not to hard or too expensive...I'm a non-smoker in his mid/late 20s...about a grand a year

Re: Advice From Current Pros- Quit a $100K Job? (long)
 

Don't do it. Coming from a pro, here are bunch of reasons why you should keep your job.

First, it sounds like you're on a good career track. Quitting will take you off that track and it'll be hard (if not impossible) to get back on.

Second, if the online games start dying for whatever reason, it'll be tough for you to come back to work with that gap on your resume.

Third, why not keep poker as a side hobby -- a very profitable hobby, but still a hobby? It sounds like you have plenty of time for poker on the side, so keep it that way. Trust me when I tell you that the game isn't nearly as fun when you feel that you have to put in a certain number of hours or play a certain number of hands per day.

Fourth, what are you going to do about medical insurance? This is a serious issue. Go ask any small business owner or sole proprietor about the hoops they have to jump through to get good insurance. And if you, your wife, or your baby have any pre-existing conditions, do not even think of quitting your job.

Fifth, does your company contribute anything towards your 401(k) or make some other contributions to your retirement? How about vacations, do you get those? Did you add in their value when calculating your law salary?

Sixth, did you consider the life of a poker pro besides just thinking about the freedom? Sure, you can work in your underwear if you want to, you can take off in the middle of the day if you want to, etc. But let me tell you something else that may surprise you: many pros get to keep 9-5 hours. There's only one problem. That's 9 PM to 5 AM. Why? Because that's when the games are often the best (I'm using PST here). Are you prepared for this? Are you prepared to be getting up after noon on a regular basis? Do you know what this is going to do to your social life? Oh, and are you prepared to play on Friday and Saturday nights instead of doing something else you'd rather do? Because as a pro, you'd be crazy not to play on Friday night -- by far the juiciest night of the week.

Seventh, it's very difficult to play as many hours as you're thinking you're going to play. To drive the point home, do this exercise. First, calculate what you expect your annual poker salary to be if you were to play full time. Next, divide that by 2. That second number will be far closer to your true salary than your original optimistic projections. Trust me, I've been there.

Eighth, there's a lot of stigma associated with playing poker professionally. Yeah, you may say you don't care what others think. And I say that I don't buy it. Are you willing to put up with all the snide remarks from your family, your wife's family, people you meet at cocktail parties, etc.? More importantly, is your wife willing to put up with it? For the majority of people in this world, including the educated folks in your circles, "poker pro" still translates to "loser." Not necessarily loser as in losing player, but loser in life.

Don't get me wrong. There are people for whom a career as a poker pro may indeed be a great idea. There are many more others for whom poker is much better kept as a side job. From the way you described yourself, you are definitely in the second category.

So what should you do about the fact that you're bored at work? Well, many people are and most keep slugging away. Of course, you can also be proactive about it in ways other than quitting to become a poker pro. You can start transitioning into another area of law practice, you can start looking into a career in business, etc. Only you know which of these things are appropriate for you.

Re: Advice From Current Pros- Quit a $100K Job? (long)
 

You gotta remember, your making 110k, but with benefits, IE insurance, vacations, bonuses, other perks, your making signficantly more than that. There isn't a large chance "having a down swing." Most people don't really enjoy their jobs. But then again if poker becomes your job, you might not eventually like it either.

I love poker, in moderation, but if I had to do it ~40 hours a week, especially online, I think I could get bored after a couple of weeks. You might be different, but like someone said, try it out for 3 months. If you still love and the money is good, quit your job, otherwise, you took a relatively cheap experiment in what would happen if you did poker on full time.

I can't remember in your post, but if your wife works and receives insurance this could definitely be a lot easier of a transition.

Re: Advice From Current Pros- Quit a $100K Job? (long)
 

Wow, POTD.

Re: Advice From Current Pros- Quit a $100K Job? (long)
 

[ QUOTE ]
[ QUOTE ]
Until I had to deal with private health care, I had no idea how f'uped our health care system was. If I wasn't well off, I would have been screwed. I could very well see how the high insurance cost (and soon to have been no insurance) plus medical bills could tap a less afluant family of all they own.

Anyway.. the lesson here is to make sure you have a plan for insurance and that you will actually be able to get it.

[/ QUOTE ]

It's not to hard or too expensive...I'm a non-smoker in his mid/late 20s...about a grand a year

[/ QUOTE ]
LOL. I remember those days fondly. Get a little older, add a wife of child-bearing age, and a child or two, and it goes up to about a grand a month. Add any kind of health problems for any member of the family and good luck getting insurance at all. If you find yourself on expensive prescription drugs for life, then you may as well leave the country.

When my COBRA expires next summer I'm screwed.

Re: Advice From Current Pros- Quit a $100K Job? (long)
 

[ QUOTE ]
If I left my job for a year or two, I could probably find another one pretty easily, though it would hard to find one that pays the same considering the gap in my resume.

[/ QUOTE ]

[ QUOTE ]

First, it sounds like you're on a good career track. Quitting will take you off that track and it'll be hard (if not impossible) to get back on.


[/ QUOTE ]


[img]/images/graemlins/confused.gif[/img] [img]/images/graemlins/confused.gif[/img] [img]/images/graemlins/confused.gif[/img]

did I miss something?

Re: Advice From Current Pros- Quit a $100K Job? (long)
 

[ QUOTE ]
This one's a no-brainer. Quit your job and hang out your own shingle. Take just the cases that interest you, lots of pro bono. Put in more hours playing poker than lawyering. If poker doesn't work out, your resumé is still covered.

[/ QUOTE ]

seriously, just quit and try to pull in 30-40k a year or whatever in 1000 hours of lawyering or something. If it's really something you want to do.

Re: Advice From Current Pros- Quit a $100K Job? (long)
 

If you live in the Phoenix/Scottsdale area, I live here in the Valley with you, just had a new home built, and have a four-year old. Because I only have a few hours a week of important non-poker business, I am at home most of the time.

I'm not going to hit the numbers for the year playing poker that you are headed for, but we are comfortable. However, my nut is higher than yours is, my wife decided against a new Lexus and we settled on a Jaguar, and she also works.

I gave up a job that pays about what yours pays, I'm older, and it sounds like you are playing a little higher limits than I am playing.

So, we have some similarities........


Getting the number of hours in is very tough. There is always some chore that might need to get done, and I spend most of my wife's three days off away from the house or simply away from the computer.

I have tried very hard since the 4th of Sept. to really get some hands in. So far, I have played 12880 plus a few tournaments. Tournaments are very tough to play in, due to the problems associated with people coming to the door and my daughter needing attention.

If your wife is staying at home after your child's birth, understand that you will still need to help-out a great deal.

I don't mind sitting around the house playing on the computer, but we take a trip somewhere (at least to San Diego) about every 6-8 weeks.

FWIW, if I were you, I would keep working the regular job and bank the poker money. If you think you can come back to a working job easily, or if you want to open your own practice (should poker end for whatever reason), I suppose that makes leaving a little easier.

I would also sign to have another house built. The market is so strong, it's almost guaranteed money, and you will have a little more trouble later (should you be just playing poker) if you need to finance.

I hate to say there is any stress at the limits I play, but yes, it is certainly tougher playing for a living. I don't take many chances, I don't play in high-dollar tournaments in Vegas/LA etc. because I can't stand the variance.



However, the number one thing:

Spend several hours explaining the poker business with your wife. Show her your records, explain that you will have to start pre-paying your taxes (you will need to pay quarterly). You will need to file a schedule C as a professioinal gambler (if you don't already). You will pay income tax plus 15% for Social Security. You will need to make your own retirement payments to a fund (probably a ROTH).

Explain to her that your income will vary greatly, some months you could actually lose money, and that a specific amount of money needs to be your bankroll that is never touched for household or other expenses.

In other words: $160,000 becomes $147K after SS (theres a cap), becomes about $100K after taxes with some deductions, becomes $90K after insurance, becomes $84K if you put $6k into a ROTH, is $78K after saving for a vaction. That leaves $6500 a month for expenses - that's what you say you need. How does this sound?

That's your minimum, then see how she reacts.......Good luck.

Dogmeat [img]/images/graemlins/spade.gif[/img]

Re: Advice From Current Pros- Quit a $100K Job? (long)
 

just to throw in my 2cents, i was laid off last year and i decided to try to play online for a living while collecting unemployment. i made a decent amount to survive (nothing close to 160k) but i had to put many hours into it and it came to the point where it gets stressful. i wouldnt recommend it because it is a totally different ballgame when you rely on it to pay your bills and put food on the table. yes i made a decent amount of money but the downswings can get you depressed/stressed out. as of right now i found a fulltime job and i go home after work and put in about 1 hour a night and make some decent "part time" money. i think this is the way to go as you can handle the swings and dont really look at as "job" but more like a parttime "gig". good luck.

Re: Advice From Current Pros- Quit a $100K Job? (long)
 

If you're so well off, I'm not sure why you need insurance. Insurance is a sucker bet. If something bad comes along, you can probably set up a payment plan with the hospital, or at least draw on your HELOC or something. You can probably negotiate your costs down with the hospital, as well.

Re: Advice From Current Pros- Quit a $100K Job? (long)
 

[ QUOTE ]
If you're so well off, I'm not sure why you need insurance. Insurance is a sucker bet. If something bad comes along, you can probably set up a payment plan with the hospital, or at least draw on your HELOC or something. You can probably negotiate your costs down with the hospital, as well.

[/ QUOTE ]


No. Insurance for someone with a lot of assets helps protect what they have. Medical bills can be huge.

Re: Advice From Current Pros- Quit a $100K Job? (long)
 

I didn't read past the anonymous new name part but I can tell exactly what other poster you are by reading your new account's name. Just thought that was funny.

P.S. Tell "The Octagon" I said hi.

Re: Advice From Current Pros- Quit a $100K Job? (long)
 

[ QUOTE ]
If you're so well off, I'm not sure why you need insurance. Insurance is a sucker bet. If something bad comes along, you can probably set up a payment plan with the hospital, or at least draw on your HELOC or something. You can probably negotiate your costs down with the hospital, as well.

[/ QUOTE ]

Insurance is a sucker's bet? How old are you?

Anyway, the guy's got a kid. Even if he and his wife are pretty healthy, kids have a lot of medical expenses...

Re: Advice From Current Pros- Quit a $100K Job? (long)
 

My suggestion is that you make this decision after an extended period of running bad.

It sounds to me like you have a good thing going and shouldn't quit your job.

Re: Advice From Current Pros- Quit a $100K Job? (long)
 

[ QUOTE ]
[ QUOTE ]
If I left my job for a year or two, I could probably find another one pretty easily, though it would hard to find one that pays the same considering the gap in my resume.

[/ QUOTE ]

[ QUOTE ]

First, it sounds like you're on a good career track. Quitting will take you off that track and it'll be hard (if not impossible) to get back on.


[/ QUOTE ]


[img]/images/graemlins/confused.gif[/img] [img]/images/graemlins/confused.gif[/img] [img]/images/graemlins/confused.gif[/img]

did I miss something?

[/ QUOTE ]
"Career track" is not the same as "paycheck." This guy is in a law firm. He may be on the track to partner or some other promotion. Taking 2 years off means not only that his salary upon return would likely be less but that it would also take him longer to make it to partner (if ever at all).

Re: Advice From Current Pros- Quit a $100K Job? (long)
 

To follow up on some of the comments: If I quit this job, I plan on keeping my bar license active and, if nothing else, do some volunteer pro-bono work. It would help bridge the gap in my resume, get me out of the house once in a while, and allow me to do some work helping people.

I have also considered trying to find some kind of part time work (maybe with a state agency) that would provide health insurance (although with a higher witholding than required from full time employees). Those jobs aren't easy to find. I could go out on my own, but I have no idea where I'd find work.

However, if I didn't think I could make more than I'm paid now, plus insurance, my full share of social security taxes (that my employer pays 1/2 of now), other benefits, etc. I wouldn't even consider quitting my job. I have covered that with what I've made so far this year.

What I'm most concerned about is whether there are any surprises that come along with playing full time. For example Nightwish suggested that I should reduce my estimated poker income by half. Have other pros had similar experiences where they projected income based off current win rates only to fall well short of those goals?

Also, if I tried to play for a living, it would have to be primarily during the day. I don't want to work 9 p.m. to 5 a.m. That lifestyle would make me miserable.

With that in mind, I currently 4 table the Party 30-60, mostly shorthanded, and play almost exclusively in the morning hours (5:00 a.m. to 8:00 a.m. PST). Does anyone have experience as a pro playing in those games during the 5:00 a.m. to 6:00 p.m. PST time frame?

Thanks for the responses so far.

Re: Advice From Current Pros- Quit a $100K Job? (long)
 

[ QUOTE ]
If you're so well off, I'm not sure why you need insurance. Insurance is a sucker bet. If something bad comes along, you can probably set up a payment plan with the hospital, or at least draw on your HELOC or something. You can probably negotiate your costs down with the hospital, as well.

[/ QUOTE ]

You misread. I said I only wanted castastophe insurance. I'm not so well off that I could handle the fees of something like a stroke or a heart attack.

I'm fine with paying for dr visits and perscription drugs though, since obviously, the insurance company will charge me more than it would cost for me to just purchase that stuff myself.

Re: Advice From Current Pros- Quit a $100K Job? (long)
 

I too am a lawyer living in the Valley making a similar salary. I am a bit younger than you, but I have two kids. As mentioned, a very big issue is health insurance. Research costs. If, god forbid, something goes wrong during your child's first few years, you need health insurance. A large majority of the "pros" on this site are younger, have no kids, ect.

What I can add to this post is what a gap in a law career does. I don't know where you work, from your post 5th year with salary I could guess. Not too many firms will pay a 6th year associate 6 figures that has a resume gap. You are approaching the time of your law career (at least in the private sector) where you need to be getting clients and thinking about becoming a partner. Leaving that job will effectively hurt any chances of a similar job again.

My suggestion, if you want to go the pro route is to ask your firm for a part time schedule. Most firms, mine included, allow for 60-85% FTE (full time equivelent). You keep health insurance (albeit pay more for it) don't have a resume gap and open the door for an extra 80 hours of poker a month (assume 200 hour months = about 180 billables).

One other thing to consider is that a child will decrease your desire and ability to play poker. Raising an infant takes time from you (not a bad thing), even if your wife is nursing.

Summary: Think about keeping job part time. That eliminates a lot of potential concerns. If you do quit, I would lay odds that after 1-2 year layoff, you will not be able to find a comperable job again.

Re: Advice From Current Pros- Quit a $100K Job? (long)
 

Another consideration is taxes. You can get away with not declaring any poker winnings now since you have a legitimate source of income. But you lose that, and you will have to deal with declaring poker winnings as taxes and all the headaches that comes with it.

Re: Advice From Current Pros- Quit a $100K Job? (long)
 

Hi KN,

Welcome to the forum.
[ QUOTE ]
this link is probably what youre looking for:
sthief thread

[/ QUOTE ] Although sthief's post was genuine in seeking advice about his future playing full-time, it is absolutely absurd to compare his situation and yours.
[ QUOTE ]
However, I’m wondering if there are some things I’m missing.

[/ QUOTE ] Here's a big one. You worked long and hard to get where you are now in your firm, no? I'm sure you are great at what you do and proud of your accomplishments. You make a very good salary with terrific benefits, not to mention your status of being a good attorney. However, something has made you grow tired of the same routine. Working the same hours, doing the same work. And now you want to pursue something that you think will give you more freedom and money.

What makes you think that you will be immune to this feeling as a full-time poker player? The repercussions of NOT wanting to play AND running bad can be catastrophic.

Re: Advice From Current Pros- Quit a $100K Job? (long)
 

Life is short. Do what you want to do.

Re: Advice From Current Pros- Quit a $100K Job? (long)
 

If you play that much poker already why not keep it as a hobby since you might only get another 10-15 hours a week in anyways.

I think your earning potential will only go up the longer you are a lawyer and most likely only go down the longer you play poker.

Do both for a couple more years, invest your savings, and then retire and you offically can do whatever you want.

Re: Advice From Current Pros- Quit a $100K Job? (long)
 

Lots of lawyers playing poker ... I am also an attorney - 7th year associate with a national firm. Great salary, yada yada yada ... Honestly, the only lawyers I know who love their jobs work either as sole practitioners or in small firms. Big firms will suck your soul right out of you.

I like the open own office/play poker idea. Thus, no resume gap, can take only the matters you want, and if the poker thing falls through you're really not that much worse off.

Of course you may not want to have to develope your own client base/etc. ... or you may not want to do the kind of legal work required of a sole practitioner.

Good luck.

Re: Advice From Current Pros- Quit a $100K Job? (long)
 

Anyone here who thinks they can go without health insurance doesn't know what they're talking about. Health catastrophes do happen and you can end up owing 500k. Just ask me, I'll tell you all about it.

Re: Advice From Current Pros- Quit a $100K Job? (long)
 

[ QUOTE ]
the game isn't nearly as fun when you feel that you have to put in a certain number of hours or play a certain number of hands per day

[/ QUOTE ]

Re: Advice From Current Pros- Quit a $100K Job? (long)
 

come to canada. i cound never imagine paying health insurance

Re: Advice From Current Pros- Quit a $100K Job? (long)
 

[ QUOTE ]
come to canada. i cound never imagine paying health insurance

[/ QUOTE ]

a) you have to live in canada
b) you always get what you pay for

Re: Advice From Current Pros- Quit a $100K Job? (long)
 

As a lawyer myself (big, big, big, DC firm), my take is that if you really are likely to make $25k-$35k per month then, given the other things you say in your post (especially regarding your ability to find another firm job if you want), this is a no-brainer.

Re: Advice From Current Pros- Quit a $100K Job? (long)
 

Canada consistently has one of the highest standards of living in the world.

I work in Canadian health care and I can say that although it is not without its problems, it is still some of the best in the world and universal for EVERYONE.

Poker winnings are also tax-free in Canada.

I am surprised that more internet poker pros don't try and move here.

Re: Advice From Current Pros- Quit a $100K Job? (long)
 

The answer is not so difficult, as the most guys make it.

Poker can give you some things:
-money
-a good job that you love
-something like freedom

you earn good money I think. And you have something like freedom, too. If you dont hate your Job as the hell, you have really not only one reason, to play poker for a living. Dont touch a running system! Poker is a Job as most other Jobs, too. It is not the american dream and not the paradise.
Think it like a pokerplayer:
you risk:
-your job
-your familiy
-your luck of having a normal good life

you have the chance to win:
-a job
-your family
-luck of having a crazy good life

Your odds are not 50%. Fold this Idea! [img]/images/graemlins/wink.gif[/img]

Re: Advice From Current Pros- Quit a $100K Job? (long)
 

[ QUOTE ]
Poker winnings are also tax-free in Canada.

[/ QUOTE ]

Poker winnings are not tax free in Canada

Re: Advice From Current Pros- Quit a $100K Job? (long)
 

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Another consideration is taxes. You can get away with not declaring any poker winnings now since you have a legitimate source of income. But you lose that, and you will have to deal with declaring poker winnings as taxes and all the headaches that comes with it.

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There are no "headaches that come with" declaring your poker earnings, unless you get a headache from paying the same taxes you would pay working for somebody else. I'm sorry I have to pay 15% in Social Security, but I also get all the write-offs for travel/expenses/car etc. It's a good trade-off.

Dogmeat [img]/images/graemlins/spade.gif[/img]

Re: Advice From Current Pros- Quit a $100K Job? (long)
 

If yo seriously think your gonna make 25-30k a month, then that will be over 300k for playing a game u love.

if that is indeed realistic, then it should be a no-brainer.

Howevr, that figure does sound a bit overly optimistic. maybe im wrong but i'm pretty sure that even many of the top pros you even hear about and see on TV dont come out ahead over 300k annually. Some do, but many do not.

Keep in mind that the limits you might have been playing to achieve those win rates might have been different, since you could play with an ez mind cuz you still always had your paycheque to fall back on.

Now if its your sole income, you might find yourself playing a little more scared at those limits, and you might be more comfortable going to a level or two lower, which could also reduce your expectations.

Re: Advice From Current Pros- Quit a $100K Job? (long)
 

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I work in Canadian health care and I can say that although it is not without its problems, it is still some of the best in the world and universal for EVERYONE.


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You misunderstand what I mean when I say "you get what you pay for". I am in no way qualified to judge whether or not canadian health care is better or worse than it is in the US -- though I have heard some things, they are all anecdotal.

My point is, if you live in canada you still pay for health insurance in the form of taxes -- it is not free. You get what you pay for. If you're a canadian lawyer earning 100k/year, you "pay" much, much more for health care than your US counterpart.


edit: and you have to live in canada