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#41
06-01-2005, 12:59 PM
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Re: Schoonmaker \"Don\'t Quit Your Day Job\" (yeah, it\'s long)
[ QUOTE ]
At what level are you planning to play? Last I heard you were on the 2/4 side of bouncing between 2/4 and 3/6. If 2/4, I think you should bite the bullet and commit to moving up before you go full time. Even at 3/6, I'd worry that moving up before going full time might be the better move long term. [/ QUOTE ] I've played a lot of 3/6, and some 5/10. I've done well at 3/6; however, 2/4, I think, lends itself much better to 8 tabling and there's less risk at this point. 
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#42
06-01-2005, 01:10 PM
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Re: Schoonmaker \"Don\'t Quit Your Day Job\" (yeah, it\'s long)
Hey Qtip, I know we haven't been formally introduced, but I am a fan of your posts.
My suggestion would be to pick a couple of your bills, and for two months practice paying them off with your part-time poker earnings - Just to get the feel of what it is like to have that money coming out of your online bankroll on a regular basis. I am a guy who has built two businesses on his main hobbies, and I can tell you, when the mortgage is due and you are needing to bring in the money...well, I can't say it feels the same. I wish I could tell you to go for it, but it is unwise to underestimate how life changes when the hobby that fills your life with excitement and a feeling of achievement outside of work, becomes a ball and chain - work. Good luck with your decision. Liam
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#44
06-01-2005, 01:11 PM
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Re: Schoonmaker \"Don\'t Quit Your Day Job\" (yeah, it\'s long)
Qtip,
You have thought of a lot of things.... but why not experiement and ask for a leave of absense, try it out for 3 or 4 months, never leaving the house, the social solitude, the grind... all the things you are unsure of... The other thing I noticed you say, is that times are tough without your wife working, is she looking for work, home with the kids etc... I wish you the best, but my reco is to try it out first, take a leave of absense, and see if you really can do it. After playing 20,000 hands week for 12-16 weeks you should have a good idea of what it will take.
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#45
06-01-2005, 01:11 PM
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Re: Schoonmaker \"Don\'t Quit Your Day Job\" (yeah, it\'s long)
[ QUOTE ]
[ QUOTE ] [ QUOTE ] When I go pro, my plan is to play at least 20K - 30K/week. If I 12 table, which I probably will at least experiment with, that number of course goes up 50%. The rakeback increase alone makes this very attractive. [/ QUOTE ] that's a recipe for burnout and poor results [/ QUOTE ] I think you should listen to goodguy_1. He knows what he is talking about from experience. I hope you really love poker. [/ QUOTE ] I am, and I know he does, and I really do [img]/images/graemlins/tongue.gif[/img] Anyway, I think I will take the advice of using the vacation days to check out several 8 hours days.
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#46
06-01-2005, 01:13 PM
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Re: Schoonmaker \"Don\'t Quit Your Day Job\" (yeah, it\'s long)
[ QUOTE ]
Hey Qtip, I know we haven't been formally introduced, but I am a fan of your posts. My suggestion would be to pick a couple of your bills, and for two months practice paying them off with your part-time poker earnings - Just to get the feel of what it is like to have that money coming out of your online bankroll on a regular basis. I am a guy who has built two businesses on his main hobbies, and I can tell you, when the mortgage is due and you are needing to bring in the money...well, I can't say it feels the same. I wish I could tell you to go for it, but it is unwise to underestimate how life changes when the hobby that fills your life with excitement and a feeling of achievement outside of work, becomes a ball and chain - work. Good luck with your decision. Liam [/ QUOTE ] Liam: Thanks. I've been paying bills with my BR for 6 months now, so I am at least somewhat familiar with draining my BR. I've been on a very strict withdraw schedule since Jan 1st. I withdraw $x dollars / week, and have never missed. I've also had to drain it to get a car fixed once as well.
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#47
06-01-2005, 01:14 PM
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Re: Schoonmaker \"Don\'t Quit Your Day Job\" (yeah, it\'s long)
[ QUOTE ]
[ QUOTE ] Are you serious Dan? That amazes me. My mortage is at about 6.5% I figured it up on a mortgage calculator and it ended up being about $350,000 in interest over 30 years. To build the place and buy the land, I paid $288,000. $280,000 of that is in a loan for 30 years. [/ QUOTE ] Every single personal investment book i've read has echoed the same advice. Lemme go to amazon and see if I can find on that comes to mind... Here we go... This guy is very good, he used to have a half-hour segment on the local news channel here and has been in the business for a while. Definitely worth a look, I think. I'll explain the rationale a little, though, just for kicks. You're paying 6.5% interest on your mortgage. You get some % of that back by itemizing the interest on your taxes -- we'll say 2.5%. So, effectively, you're paying 4% interest. Right now, you can get an ING CD for 4%+, thus making money, even though you have the debt. (This is also why paying extra on your mortgage by taking out of your 401k is bad -- I know that's not what you're doing -- because you get 100% interest on your first 6% of salary.) Follow? -d [/ QUOTE ] I do, and I'll definitely check it out. Thanks.
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#48
06-01-2005, 01:16 PM
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Re: Schoonmaker \"Don\'t Quit Your Day Job\" (yeah, it\'s long)
[ QUOTE ]
What limits do you play and what's the worst run you've ever had? [/ QUOTE ] I've been at 3/6 and 5/10; however, now I'm just grinding the crap out of 2/4. I've had several 200+BB drops now.
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#49
06-01-2005, 01:18 PM
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Re: Schoonmaker \"Don\'t Quit Your Day Job\" (yeah, it\'s long)
[ QUOTE ]
Qtip, You have thought of a lot of things.... but why not experiement and ask for a leave of absense, try it out for 3 or 4 months, never leaving the house, the social solitude, the grind... all the things you are unsure of... The other thing I noticed you say, is that times are tough without your wife working, is she looking for work, home with the kids etc... I wish you the best, but my reco is to try it out first, take a leave of absense, and see if you really can do it. After playing 20,000 hands week for 12-16 weeks you should have a good idea of what it will take. [/ QUOTE ] Taking a leave of absence is not a luxury I have. They'll need to replace my position here immediately. My wife is home with the kids, not looking for work.
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