what to do with your winnings...
 

i hold a day job, and i play anywhere from 5 to 40 hours a week, small stakes, and i am not going to try and play full-time. still, with bonuses and some winnings, i've built up my bankroll to $2000+ (up from $500), so i'd like to withdraw some of that and put away. after a particularly good day ($200+) i also withdraw that much out of my bankroll. (doesn't happen that often but sometimes)

so here's my question, do you people spent that money on toys, leave it in the BR, or deposit it into your savings/retirement account?

personally, i do the latter. when i pass a $2000 mark in total savings, i might buy myself a new laptop or an lcd, but for the most part i just sock it away. how about you?

Re: what to do with your winnings...
 

forgot to mention, i also supplement any poker related purchases (books, PT, etc.) and traffic tickets (speeding tickets, court fees [jk]) out of my BR.

Re: what to do with your winnings...
 

I never touch my bankroll for non-poker-playing expenses.

Re: what to do with your winnings...
 

* Every week, I take 10% of my winnings from the past week (if any) and put them into my checking account. This keeps my wife approving of the poker hobby.
* Big tournament wins are used to pay off credit cards. This has happened exactly once.
* Poker-related purchases (everything from books to the 'poker laptop' to Vegas flight tickets) are paid for out of the bankroll.
* Occasionally the bankroll is used to pay for a family trip, typically to take my daughter to see her grandparents.

Basically, since my bankroll is much greater than what I need for the limits that I'm playing at, the excess is treated as "mad cash" and used for things that would otherwise severly deplete checking or savings, or require me to use a credit card. Surprisingly, my overall credit rating has actually improved while I've been playing. I'm not exactly paying my bills with my play (not even close to that), but it's certainly eased the load on my general finances.

I'm sure most poker book authors would disapprove of the frequency with which I remove money from the pool -- or at least that's the impression I get from reading Feeny's treatise on why tournaments are bad for poker.

Re: what to do with your winnings...
 

I take 300 from every 1000 I make and spend it or save it for various things.

Of course I am also way way over bankrolled for any limit I play, so spending a little extra never really phases me.

Re: what to do with your winnings...
 

Every quarter, I perform a bankroll adjustment. Of my quarterly bankroll increase...

35% is removed to cover taxes
10% is removed to my wife and my shared gambling stash
5% is given to my wife to spend as she pleases

The remaining 50% remains in my personal gambing bankroll.

I have never had a losing quarter (in part due to bonuses), but if I ever do I will probably just start fresh the next quarter in all likelihood. At least I will for the portion that goes to my wife and the shared gambling stash. No reason to start fresh on the taxes portion...

Acme

Re: what to do with your winnings...
 

I take a set amount of my winnings every month and keep it a "fun" account. So far, I've used that for a new computer, jewelry for the wife, and a just completed cruise with the family.

Sure, I could use that money to play in bigger stakes, but in the long run it's way higher +EV to keep the wife happy.

Good luck.

Re: what to do with your winnings...
 

The 1st 28,000 went to pay for my sons post secondary. The next 3500 went to pay for my sons car so he can get to school. The next 10,000 went for a new roof for my house where my son lives. Get the picture kids.

So I was actually going to be extravagant on myself and buy a Cervelo P3 time trial bike. For anybody who watched the Tour De France it was the team bike for CSC. Well I lost 2500 on the weekend and my sons car needs tires so maybe later.

Re: what to do with your winnings...
 

I've got a day job too and grind it out in the microlimits, but I recently started putting money away into a Roth IRA. I can't imagine taxes are going to be any less when I retire so figured it would be a good idea to stash some money away now that I won't have to pay taxes on when I retire.

Re: what to do with your winnings...
 

[ QUOTE ]
The 1st 28,000 went to pay for my sons post secondary. The next 3500 went to pay for my sons car so he can get to school. The next 10,000 went for a new roof for my house where my son lives. Get the picture kids.

So I was actually going to be extravagant on myself and buy a Cervelo P3 time trial bike. For anybody who watched the Tour De France it was the team bike for CSC. Well I lost 2500 on the weekend and my sons car needs tires so maybe later.

[/ QUOTE ]

Teach your son to play poker. [img]/images/graemlins/smile.gif[/img]