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]

Re: what to do with your winnings...
 

Last year:
http://img335.imageshack.us/img335/4038/4runner9ft.jpg

This year:
build my playing bankroll,continue to invest in my IRA monthly and buy a house/condo: HomeSearch

Re: what to do with your winnings...
 

I am still building my internet bankroll so I can play higher limits. My B&M money goes to credit cards and tires for my motorcycyle.

I also look at the money playing poker saves me. Even if you are break even, and I have been most of the time, what about all the money you didn't spend. I think I have saved more money by not going out to the bars for a drink, dinner, or the movies.

Re: what to do with your winnings...
 

[ QUOTE ]

35% is removed to cover taxes


[/ QUOTE ]

I think you're the only one so far in this thread.

Re: what to do with your winnings...
 

Blew half the BR on this. No regrets.

http://www.pioneerelectronics.com/pna/product/detail/0,,2076_4123_17578493,00.html

Re: what to do with your winnings...
 

[ QUOTE ]
Blew half the BR on this. No regrets.

http://www.pioneerelectronics.com/pna/product/detail/0,,2076_4123_17578493,00.html

[/ QUOTE ]
You spent all that money on a broken web page?!?! You got taken!
~Justin

Re: what to do with your winnings...
 

I blew my bankroll stupidly, spending most of what I had built on hedonistic pursuits. I am now rebuilding. Barring unforseen expenses I intend to do the smart thing and keep building it this time around. My wife has been reminding me of how I told her I made her a 10% partner (so she wouldn't biotch about me playing) and is asking for her cash. I told her we need to keep it in the bankroll. Unfortunately she wants her 10% from the cash I partied with before we were married too. I told her I am rolling it all over until my bankroll is 500% larger than it is now. At that point I will start peeling off a portion of my profits, unless I'm rolling with the big boys by then, in which case I will need to keep it in the bankroll.

Re: what to do with your winnings...
 

dell 21", omega juicer, salsa campeon, many poker books, western movies, ameritrade, ING, other bank account.

Re: what to do with your winnings...
 

[ QUOTE ]
[ QUOTE ]

35% is removed to cover taxes


[/ QUOTE ]

I think you're the only one so far in this thread.

[/ QUOTE ]

When your step-mother is a Federal warden and your wife is a lawyer, you tend to take these things a little bit seriously!!!

Acme

Re: what to do with your winnings...
 

the vast majority goes into savings. however, i'm young, and right now i'm saving all my money for a bicycle tour around the world. I just bought one of these guys on poker funds for just that purpose: http://www2.trekbikes.com/Bikes/Spec.../520/index.php

Re: what to do with your winnings...
 

[ QUOTE ]
[ QUOTE ]
Blew half the BR on this. No regrets.

http://www.pioneerelectronics.com/pna/product/detail/0,,2076_4123_17578493,00.html

[/ QUOTE ]
You spent all that money on a broken web page?!?! You got taken!
~Justin

[/ QUOTE ]

Qualifies for POTY. nh

Re: what to do with your winnings...
 

I don't intend to use poker money for any regular expenses. So far all I've spent out of my bankroll is $55 for PT. I've set up a new bank account, and plan to withdraw a little bit every now and then and use it for more luxury purchases. First on my list is a new monitor (4 tabling on a 15" LCD is no fun) and then maybe a laptop.

I've also never really traveled, so maybe some of it will go towards that.

Re: what to do with your winnings...
 

Lots of spending money, dell 9300 ($2k), 21" monitor, poker books I haven't read yet, cigarettes, shoes, etc. pretty much anything I feel like buying lol.

Re: what to do with your winnings...
 

I'm pretty much 'spending' the money on different tournaments...satellites to try to win seats to major events (such as the WSOP....or Aruba....or wherever).

Otherwise, a few poker-books and that's about it.

I'm kind of afraid of spending my money on various toys (haven't even bought a 2001FP yet) because I still have ideas of actually focusing on my ring-game play enough to move up a limit or three where the REAL money is.

Re: what to do with your winnings...
 

I started a roth ira and also put about 1/2 of the br in stocks. I also bought a dell 2001fp, that being my biggest purchase out of my bankroll. I guess I paid off the car loan I had from my parents too.

Re: what to do with your winnings...
 

I'm buying a house.

Yep. A house.

Re: what to do with your winnings...
 

Dell Inspiron 6000, poker books, furniture (just moved out)

Re: what to do with your winnings...
 

This comes up every so often so I'll put this little ditty in here. Myself, I'm maxing out my IRA, and putting 20% in my 401k and using my poker income to supplement my now lower paychecks. Oh, and I bought a 2001FP [img]/images/graemlins/grin.gif[/img]

2+2 Linky


Oh yeah, and the down payment & closing costs on our townhouse. We make settlement on Thursday and that's gonna take a pretty big chunk. Gotta pay those taxes too. Stuid quarterly taxes.

Re: what to do with your winnings...
 

It just depends what you want to do or where you want to be. I haven't spent nearly any of my poker winnings because I just consider it as part of my bankroll and I'm trying to move up in limits. If you're happy with the amount of money you're making on the side, I'd say buy whatever you wanted.

Re: what to do with your winnings...
 

Move up

Re: what to do with your winnings...
 

[ QUOTE ]
I started a roth ira and also put about 1/2 of the br in stocks. I also bought a dell 2001fp, that being my biggest purchase out of my bankroll. I guess I paid off the car loan I had from my parents too.

[/ QUOTE ]

I thought Roth IRAs could only be funded by earned income?

Re: what to do with your winnings...
 

i've probably spent about 1/10th of my br, and most for something that is poker related - Inspiron 9300, dual 2001fps, DVDs, poker books. Rest stays in br/goes into ING Direct.

Re: what to do with your winnings...
 

I have fun off the exchange rate. I withdraw to a Canadian bank account, so if I take 5k out of Empire, I put 5k CAD in a savings account and have fun with the rest. I'm a college student, so I have no expenses, and the difference from the exchange rate is more money than I can spend logically anyway.

Re: what to do with your winnings...
 

CRACK AND HOOKERS only way to go!!!!!!!!!!!!!

Re: what to do with your winnings...
 

Mostly on popeyes chicken and biscuits, Mcdonalds, and whatever fast food I'm craving that day. I just use a gift card I get from an affiliate to buy stuff like poker books and MP3 players. I pirate whatever proprietary software I'm (almost)forced to use to play poker.

So, yea, I'm a frugal motherfucker. Actually I can't really think of much to spend it on, I'll probably get some new computer related [censored] soon.

Re: what to do with your winnings...
 

Buying chicks drinks at the bar. When that fails I head to the strip club and get a lap dance. When the stripper refuses $200 for a BJ then I head over to "the corner". $500 later I have finally gotten laid.

Re: what to do with your winnings...
 

Travel, baby... travel.

Re: what to do with your winnings...
 

[ QUOTE ]
Travel, baby... travel.

[/ QUOTE ]

I've been fairly conservative with my bankroll. But I just treated myself and my poker winnings are taking me on a 20 day vacation to Germany and Nova Scotia among other places. I leave in a week and I'm so damn excited. It will take a good chunk of my bankroll but I won't have to move down in stakes, which is nice.

Re: what to do with your winnings...
 

I'm not comfortable playing above 1/2 yet, so everytime my bankroll hits $2k I withdraw $1k and spend it on something nice for my family that we couldn't have otherwise afforded.

Had a new PC, couple of holidays and some expensive toys for my boys so far this year [img]/images/graemlins/smile.gif[/img]

Re: what to do with your winnings...
 

I spend my winnings for my first Vegas trip.
9/28 - 10/12 [img]/images/graemlins/cool.gif[/img]

Re: what to do with your winnings...
 

[ QUOTE ]
[ QUOTE ]
I started a roth ira and also put about 1/2 of the br in stocks. I also bought a dell 2001fp, that being my biggest purchase out of my bankroll. I guess I paid off the car loan I had from my parents too.

[/ QUOTE ]

I thought Roth IRAs could only be funded by earned income?

[/ QUOTE ]

You thought essentially correct...but you just have to have earned income equal to or greater than your contributions. That does not mean you have to fund it directly from your earned income.

Acme