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Old 03-22-2005, 09:02 AM
srw5n srw5n is offline
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Join Date: Nov 2004
Posts: 109
Default Re: Poker Earnings and College Financial Aid (long)

Pacman-
I have a couple thoughts but no answers:
1. For financial aid purposes I'd zero out your expected income. Obviously you plan to continue playing, but if you don't there is obviously no benefit in stating you expect to earn X dollars.
2. If you really plan to continue as a "professional" you need to keep records. Start simple with running total of your bankroll and your results after each session (while noting limits and location). This is going to be enough for tax purposes and will give you a ball park of:
a. your hourly return
b. games your EV+ at
c. sustainable income
d. What hours you play best
e. which games you beat regularly (aka are the softest)
3. This allows you to easily draw down from your bankroll for living expenses and you can see you are doing such. Further, if you are truly making a substantial income playing poker you may wish to file as a self employed professional for tax purposes, in which case all related expenses are deductable.
4. While you're in school put yourself on a schedule. You said it was your job so treat it like one. Figure out when you are making the most money and play 20 hours a week during those hours (if that's too much cut back, if you can handle more increase it).

I'm currently putting myself through law school by playing poker live and online. I moved from California to Boston so my live play has decreased and my online play increased, but that was a decision I made. I often found myself in a situation similar to yours, however, the last year has taught me to treat it like a job. I play about 20-30 hours a week and have been doing exceedingly well since I made the switch. I realized a couple things once I started keeping detailed records: my ROI in sit and goes was not terribly high, my ROI in tournies was paltry, my full ring game EV was that of a good player, but I made a killing playing ultra short and heads up. So I have adjusted accordingly.

Anyway. I know getting away from record keeping and schedules are the reasons many people like to play poker, but if you are serious about supporting yourself playing poker I cannot recommended anything more highly...

Best of luck to you!
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