Advice From Current Pros- Quit a $100K Job? (long)

[Guthrie]

[ QUOTE ]
[ QUOTE ]
Until I had to deal with private health care, I had no idea how f'uped our health care system was. If I wasn't well off, I would have been screwed. I could very well see how the high insurance cost (and soon to have been no insurance) plus medical bills could tap a less afluant family of all they own.

Anyway.. the lesson here is to make sure you have a plan for insurance and that you will actually be able to get it.

[/ QUOTE ]

It's not to hard or too expensive...I'm a non-smoker in his mid/late 20s...about a grand a year

[/ QUOTE ]
LOL. I remember those days fondly. Get a little older, add a wife of child-bearing age, and a child or two, and it goes up to about a grand a month. Add any kind of health problems for any member of the family and good luck getting insurance at all. If you find yourself on expensive prescription drugs for life, then you may as well leave the country.

When my COBRA expires next summer I'm screwed.

[jba]

[ QUOTE ]
If I left my job for a year or two, I could probably find another one pretty easily, though it would hard to find one that pays the same considering the gap in my resume.

[/ QUOTE ]

[ QUOTE ]

First, it sounds like you're on a good career track. Quitting will take you off that track and it'll be hard (if not impossible) to get back on.


[/ QUOTE ]


[img]/images/graemlins/confused.gif[/img] [img]/images/graemlins/confused.gif[/img] [img]/images/graemlins/confused.gif[/img]

did I miss something?

[jba]

[ QUOTE ]
This one's a no-brainer. Quit your job and hang out your own shingle. Take just the cases that interest you, lots of pro bono. Put in more hours playing poker than lawyering. If poker doesn't work out, your resumé is still covered.

[/ QUOTE ]

seriously, just quit and try to pull in 30-40k a year or whatever in 1000 hours of lawyering or something. If it's really something you want to do.

[dogmeat]

If you live in the Phoenix/Scottsdale area, I live here in the Valley with you, just had a new home built, and have a four-year old. Because I only have a few hours a week of important non-poker business, I am at home most of the time.

I'm not going to hit the numbers for the year playing poker that you are headed for, but we are comfortable. However, my nut is higher than yours is, my wife decided against a new Lexus and we settled on a Jaguar, and she also works.

I gave up a job that pays about what yours pays, I'm older, and it sounds like you are playing a little higher limits than I am playing.

So, we have some similarities........


Getting the number of hours in is very tough. There is always some chore that might need to get done, and I spend most of my wife's three days off away from the house or simply away from the computer.

I have tried very hard since the 4th of Sept. to really get some hands in. So far, I have played 12880 plus a few tournaments. Tournaments are very tough to play in, due to the problems associated with people coming to the door and my daughter needing attention.

If your wife is staying at home after your child's birth, understand that you will still need to help-out a great deal.

I don't mind sitting around the house playing on the computer, but we take a trip somewhere (at least to San Diego) about every 6-8 weeks.

FWIW, if I were you, I would keep working the regular job and bank the poker money. If you think you can come back to a working job easily, or if you want to open your own practice (should poker end for whatever reason), I suppose that makes leaving a little easier.

I would also sign to have another house built. The market is so strong, it's almost guaranteed money, and you will have a little more trouble later (should you be just playing poker) if you need to finance.

I hate to say there is any stress at the limits I play, but yes, it is certainly tougher playing for a living. I don't take many chances, I don't play in high-dollar tournaments in Vegas/LA etc. because I can't stand the variance.



However, the number one thing:

Spend several hours explaining the poker business with your wife. Show her your records, explain that you will have to start pre-paying your taxes (you will need to pay quarterly). You will need to file a schedule C as a professioinal gambler (if you don't already). You will pay income tax plus 15% for Social Security. You will need to make your own retirement payments to a fund (probably a ROTH).

Explain to her that your income will vary greatly, some months you could actually lose money, and that a specific amount of money needs to be your bankroll that is never touched for household or other expenses.

In other words: $160,000 becomes $147K after SS (theres a cap), becomes about $100K after taxes with some deductions, becomes $90K after insurance, becomes $84K if you put $6k into a ROTH, is $78K after saving for a vaction. That leaves $6500 a month for expenses - that's what you say you need. How does this sound?

That's your minimum, then see how she reacts.......Good luck.

Dogmeat [img]/images/graemlins/spade.gif[/img]

just to throw in my 2cents, i was laid off last year and i decided to try to play online for a living while collecting unemployment. i made a decent amount to survive (nothing close to 160k) but i had to put many hours into it and it came to the point where it gets stressful. i wouldnt recommend it because it is a totally different ballgame when you rely on it to pay your bills and put food on the table. yes i made a decent amount of money but the downswings can get you depressed/stressed out. as of right now i found a fulltime job and i go home after work and put in about 1 hour a night and make some decent "part time" money. i think this is the way to go as you can handle the swings and dont really look at as "job" but more like a parttime "gig". good luck.

[Notorious G.O.B.]

If you're so well off, I'm not sure why you need insurance. Insurance is a sucker bet. If something bad comes along, you can probably set up a payment plan with the hospital, or at least draw on your HELOC or something. You can probably negotiate your costs down with the hospital, as well.

[NotMitch]

[ QUOTE ]
If you're so well off, I'm not sure why you need insurance. Insurance is a sucker bet. If something bad comes along, you can probably set up a payment plan with the hospital, or at least draw on your HELOC or something. You can probably negotiate your costs down with the hospital, as well.

[/ QUOTE ]


No. Insurance for someone with a lot of assets helps protect what they have. Medical bills can be huge.

[EStreet20]

I didn't read past the anonymous new name part but I can tell exactly what other poster you are by reading your new account's name. Just thought that was funny.

P.S. Tell "The Octagon" I said hi.

[otnemem]

[ QUOTE ]
If you're so well off, I'm not sure why you need insurance. Insurance is a sucker bet. If something bad comes along, you can probably set up a payment plan with the hospital, or at least draw on your HELOC or something. You can probably negotiate your costs down with the hospital, as well.

[/ QUOTE ]

Insurance is a sucker's bet? How old are you?

Anyway, the guy's got a kid. Even if he and his wife are pretty healthy, kids have a lot of medical expenses...

[MaxPower]

My suggestion is that you make this decision after an extended period of running bad.

It sounds to me like you have a good thing going and shouldn't quit your job.