Not just another question about 'going pro'

Rizen · #1 11-30-2005, 11:38 AM

I don't want to make another silly thread about going pro. I've done the search and read all the material on it. In looking through it, there is really only one question I didn't find answered. If anyone out there uses either poker or some other form of self employment as their primary source of income and also has a family, how do you handle replacing the 'benefits' you get from a 'real job'? Mainly what you do to replace insurance, cafeteria plans, 401k, etc.

I do apologize if this has been covered before, but I'm seriously contemplating quitting my 'real job' after March of next year once I get my yearly bonus and doing a combination of poker playing and freelance programming (I'm a software engineer) to pay the bills, but having a young child and planning to have another some time in the near future I'm a little worried about insurance and some of the other niceties that come from a 'real job'.

Thanks in advance, and if you'd rather discuss in PM please feel free to PM me.

-Rizen

mshalen · #2 11-30-2005, 03:34 PM

So let me get this straight you have one kid and want another one soon and you are willing to risk everything playing poker. To be blunt -you are nuts to put your family at risk to play a game. If you were a 20 year old kid with no responsibility then I would say knock yourself out BUT come on lets put a little thought into this.

LearnedfromTV · #3 11-30-2005, 03:37 PM

Since you have no idea

1. How much he makes playing poker

2. How much he expects to make as a freelance software engineer

maybe you should you be less of a dick and let someone who knows the answers to his questions respond.

Matador225 · #4 11-30-2005, 03:45 PM

[ QUOTE ]
Since you have no idea

1. How much he makes playing poker

2. How much he expects to make as a freelance software engineer

maybe you should you be less of a dick and let someone who knows the answers to his questions respond.

[/ QUOTE ]

I second this.

#5 11-30-2005, 03:55 PM

[ QUOTE ]

maybe you should you be less of a dick and let someone who knows the answers to his questions respond.

[/ QUOTE ]

pwned!

#6 11-30-2005, 03:56 PM

I'm on the fence about being a dick or giving the guy his due. I think the more appropriate response by mshalen would have been to ask what kind of ROI he has and over what kind of length of time. I just hope the OP knows that he is capable of sustaining any variance by playing poker ONLY for a living.

I wish you luck Rizen and just hope you do consider all the factors involved.

ansky451 · #7 11-30-2005, 04:02 PM

If he does this responsibly, there is minimal risk.

If he has the proper bankroll, and plays at the proper levels, there is probably no more risk than there would be of losing his job.

rbear · #8 11-30-2005, 04:03 PM

It's none of his business what kind of ROI he has and over what period of time. The intent behind it (as I understand it) was to caution OP about danger of such a move. Obviously he is aware, ie. posting this thread, looking for advice from others who do so. Best of luck Rizen. One day I'll be pwning the 200k and 500k w/ ya'll.

locutus2002 · #9 11-30-2005, 04:05 PM

Employers do not have a monopoly on health benefits. All these services can be procured directly from health providers. Here is an appoximation of what your employer pays:

Medical Benefits Quality PPO family of 4 - $900/month
Dental family of 4 $60/month
Vision family of 4 $20/month
Death benefits $15/month
Long term disability $30/month
Vacation 4%-8% of salary
401K (individual Keogh can be setup)
Employers portion of social security tax 8% of salary or ~$6000

I suggest you make a budget. For most people, their employer's contribution to their benefits is substantial.

ZootMurph · #10 11-30-2005, 04:05 PM

My child is a teenager and my wife works as a paralegal, so we get all our benefits from her job. However, my wife has contemplated quitting her job and we got a LOT of good information from our financial planner. Therefore, I would suggest getting a financial planner who understands the business of gambling and does taxes. My financial planner takes care of all the retirement and taxes.

As for the rest, I don't know what a cafeteria plan is, so I can't begin to comment on that. And insurance can be gotten directly from an insurance company, it will just be a lot more expensive than the group plans you'll get from a 'real job'. Again, any good financial planner can help you with ALL of that stuff and more. So my best suggestion is, again, to find a reputable financial planner and discuss all this before 'going pro'.