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Old 12-04-2005, 03:42 PM
LearnedfromTV LearnedfromTV is offline
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Join Date: Jun 2005
Location: Van down by the river
Posts: 176
Default Re: IRA Help for a Professional Poker Player

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I make between 150-250k per year.

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I'm 21 and worked for near minimum wage until about March of this year when I went pro. From march to about June, I was a low limit donk. From July to November I made $120,000.

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I made 10K in a week once, I guess my yearly is ~500K.

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Yeah but I make an easy 20k a month now, with 10k of that being income that is fixed and won't go away for at least a year, if not longer. So my $150k a year estimate for next year is conservative. The reason I've only made $150k or so this year is because the vast bulk of that earn was the last 6 months when I've actually been playing 10/20 and 20/40 short.

It's not like a ran good for a week and extrapolated from that. I've extended my earn for the last 6 months to one year and gone with the low end. Try not to be a dick from now on.

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Clearly I was exaggerating to make a point. But as a 21 year-old who hasn't done any financial planning and has only *actually* made 150K+ in a year once, you should probably consider the possibility that extrapolating four months into a yearly salary that you'll draw indefinitely isn't the best way to handle your finances. Four months may be enough time to be sure you are a winner in current game conditions. It's a bit of a stretch to assume things will be the same for five or ten years.

In other words, for as long as you continue winning at this pace, save. A lot.

And congrats. Seriously.
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