Should I go Pro?

[bforester]

If he didn't consider health insurance as a factor, then maybe there is a small chance that he reads my post and thinks, 'I better stay at my current job and save up money for one year of health insurance.'

[bforester]

Who provide these dirt cheap coverage? I've only looked at Kaiser Permanente as far as insurance.

Thanks.

[jokerthief]

I already pay for my own health insurance, so I can assure everyone that I will take that into account.

[jokerthief]

Thanks Microbob, you have really illuminated a lot of the questions I have. I'm going to listen to you and log 100K hands on stat king at 3/6 before I make any rash decisions.

One thing I would say to those of you who dismiss me out of hand because I have only been playing for 9 months is the fact that I can log more hands in 5 hours than a B&M player can in 40 hours. With that as a fact my experience is equivalent to a 6 year B&M player. The paradigm has shifted.

Thanks again to Microbob

[MicroBob]

I was in a different situation then others when I took the plunge.

My job paid very little and I could always return to it whenever I wanted.
I had nothing to lose.
Looked at it as more of a 'poker-vacation' with an opportunity to turn into something more permanent. I gave myself about a 50/50 chance of succeeding at poker OR having to return to my former job after 1 or 2 mths.


If I had a good job that paid well and also had a significant chance of not getting my job back if I needed it then I never would have done what I did when I did it.

But in my situation I wasn't really risking too much.

[OldLearner]

[ QUOTE ]
I can log more hands in 5 hours than a B&M player can in 40 hours.

[/ QUOTE ]

Interesting. Certainly can't argue that.

[ QUOTE ]
With that as a fact my experience is equivalent to a 6 year B&M player

[/ QUOTE ]

That I can argue with.

You don't quite get the same value being exposed to that quantity of information in a short period of time as a B&M player does in 6 years. The B&M player has had more time to study it, think about it, analyze it, and assimilate it. Our brains have a finite learning capacity in the short term.

For strictly ABC poker, perhaps there is merit. Hell, a bot can be programmed to win 1BB/hr at low limit.

You may be one of the gifted few to which your statement applies. But for the average person, this is certainly not true. (Most of the "fish" that we play against are exposed to a lot of information that is totally misinterpreted, dismissed or ignored).

Good luck in your endeavor.

[MicroBob]

I did say IF.
In reality, I am making less than that per week (not including my sizeable tourney win a couple weeks ago) but still more than my previous job.


Taxes are going to be about the same as they would be otherwise. So if you're making $50k/yr it's obviously not a TRUE $50k/yr....but the same can be said for a $50k/yr office job where some of that $50k isn't going to make it into your account.


I save more on gas-mileage than what it costs for health-insurance.
I used to have a 40-minute commute and with today's gas prices it eats into your check.


The previous poster is correct about the deductions.

Currently, if I drive to play B$M I can deduct the mileage ($0.32/mile i believe).
Think I can deduct the cost of tipping the waitress for a drink. Not sure if you can deduct tipping the dealer.

I can also deduct the cost of the new laptop that I got in January as well as my ISP-bill, dial-up phone bill, 2+2 books, pokertracker, stat-king.


If I take a trip to New Orleans or Las Vegas and make poker a significant part of the trip I believe that becomes a deductable 'business-vacation' as well.


Sometimes I play down the street at the internet-coffee place. I think I can deduct the cost of my Iced-Latte's there but am not sure how legitimate this is because I can just as easily play at home.

Maybe if I charged my friends $1 for the basic poker "lessons" I have been giving them there ("this is called the flop", etc etc) the Latte's would be a more legitimate write-off. (that thought just occured to me).


I think it's all pretty silly....but it's pretty much the same as a few guys going out for drinks and writing it off as a "business" meeting even if the only business they discussed was how much they all hate their boss and want to screw their secreatry (or how much they hate their secreatry and want to screw their boss).


And it's obvious how quickly the mileage, lattes, internet-fees and poker-books can add up.


I don't know diddly-squat about taxes to be honest. My Dad is a CPA and advises me so I'm going to ask him about the Latte's and the lessons.

Walter Lewis wrote a book with a title something like 'Gamblers Guide to Taxes'. It doesn't address the issue of 'internet' gambling specifically....but does give basic ideas for a professional gambler.
Interestingly, I believe my purchase of that book is likely deductable too.

[lacky]

Ask your dad about forming a corperation as well. You can save some of the self-emplyment taxes.

[DesertCat]

Who provide these dirt cheap coverage? I've only looked at Kaiser Permanente as far as insurance.

I have Blue Cross Blue Shield, and a $5,000 deductible HSA plan that covers my wife, child and myself for about $220 per month. An HSA allows me to save $5,000 per year tax deferred and use that money to pay my deductible. If you don't want the HSA, you can save about $50 per month. If you are single, the same plan should cost about half as much.

The myth of health insurance is that it has to cover every expense, no matter how minor. A high deductible plan is usually so much cheaper than a full coverage plan that you can almost pay the deductible from the savings. And in most years, you won't get near your deductible.

Insurance is best used only for things you can't afford if they go wrong. Paying an insurance company to pay for something you can afford (i.e. your dental or vision care) is more expensive than just paying it yourself.

[Blarg]

Couldn't resist bumping this one, since I saw it linked in Lorinda's post.