This is sick.

[The Truth]

[ QUOTE ]

Even if U are making more money now then UR dad,U are really looking at the short picture.
The fact of the matter is that over a long period of many years,ur dad's income will far exceed yours.
It might NOT seem like it right now.
Remember,UR dad experiences NO money "down size".
He ALWAYS earns money. This is NOT the case for the poker pros. An excellent poker pro will lose about 30%-35% of the time that he's working. There will be months where he will LOSE money. UR dad NEVER has a LOSING month.**********************************


[/ QUOTE ]

This just isn't true. While I agree, It is possible to have a losing month. Note that I play between 20,000 and 40,000 hands a month. I simply make an hourly rate which is some number X. I have a significant number of hands in 30-60 thus far. My bb/100 in this particular game is starting to converge to some extent, so I have some idea as to what my hourly rate is. This number is greater than what my dad makes. I am not sure about your 30-35% figure. I just look at my income as a fixed hourly rate. So, as long as the poker bubble doesnt burst and the fish dont go away, I will continue to earn more than my father over a period of many many years.


I agree with the part about a job not being soley about money, however, money is an important factor to consider when picking a profession.

[The Truth]

[ QUOTE ]

I agree that u should take 2 courses per semester,keep up with ur grades, and play poker more. U really should do what u enjoy doing if u can afford to do so.
In addition,U WILL encounter a "reality check" of what the REAL poker pro's like is about.
HappyPokering,
SittingBull

[/ QUOTE ]

Thanks for the response. I appreciate you taking the time out to help me out. I am still unsure about weather I should cut back on my hours. Note that I am not cutting back on class hours in order to make sure I keep up with my grades. I have been taking a full course load with poker for 2 years now, and have had no trouble. I am doing it in order to have more time to play poker, so I can earn more money. I dont think you quite understand where I am at in the poker game. You seem to be concerned that I am unaware of the extent to which downswings can go etc. I have played many hundreds of thousands of hands of poker. I have progressed through the limits, and I have suffered horrible downswings just like everyone will encounter. I am extremely cautious with my bankroll, choosing not to progress limits without a minimum of 1000 big bets. It is excessive, but it also allows me to be comfortable with the large swings.

thanks
blake

[FatalError]

I'm 21, just bought a new car and spend a ton of cash on stuff for my apartment... those of my friends that don't think it's awesome think i'm out of my mind...

I think the problem is that some people expect us to "lose it all back" some day and we'll be in the red... my friends that play and understand don't think i'm nuts though, it's as if i landed a 150k a year job when i graduated

Best way to handle it imho is figure out your hourly rate, figure out your yearly expectation and live that way... assuming you have a seperate bankroll and savings apart from your living expenses you should'nt have a problem as long as your ROR% is low

Other than that... enjoy life while this all lasts... thats what i'm doing

one final thing, don't even consider leaving school or taking time off... that is one thing i did'nt do and i've at least got that going for me

[TimM]

[ QUOTE ]
Anyone think that it would be a horrible idea to cut back to just a couple of classes a semester (2 intead of 4-5) and spend more time earning money while I decided exactly what I want to do with my life. I am a pre-med student and I am doing well, however I am not sure its what I actually want to do.

[/ QUOTE ]

I'd highly recommend you at least finish whatever degree you are currently working towards before you cut back, especially if you are close. You can always re-evaluate at that time what you want to do, but it is much better to get a diploma under your belt. Also you could lose some scholarship money if you don't stay full time.

[LostMyCaseMoney]

I'm hoping to ride the poker craze for 3-4 more years (I'm optimistic) and hope to make enough to set myself up to do what I want afterwards (not retire but do what I enjoy). That said when it doesn't last that long, I will still have a job that I don't hate and pays well to go back to but because I don't love it I would prefer not going back to it.

Many people pick a career because it pays a lot of money but years down the line they discover they live for work and don't enjoy the money or the toys they buy with it. Some of my friends decided to pursue jobs they thought would make a difference or they would enjoy but payed very low. This also didn't last long because while you don't need money to be happy you do need some to enjoy a certain standard which affords you to do things outside of work you enjoy. Finding a balance in the aspects of your life is very important and while many will call you nuts for not continuing with pre-med if you don't enjoy it finding what you do enjoy is the smart choice. Also don't count on poker for the rest of your life because once the bubble bursts very few will be able to continue on as a pro and no one will be able to continue to make as much money as they do.

Here's to hoping you find what you enjoy and that we can all live well from cards until 2010 rolls around. Cheers.

[FatalError]

who cares about doing something for society... i'm driving a sick coupe... eating absurd meals at the best restaurants in boston, and traveling all over the country to play poker... when it's over it's over but hey we could get nuked before the boom even ends

[TimM]

[ QUOTE ]
many will call you nuts for not continuing with pre-med if you don't enjoy it

[/ QUOTE ]

It's much easier to change direction, or come back to it later in life, with a completed degree than an incomplete one.

[imported_bingobazza]

[ QUOTE ]
I have the same problem as you! I don't play as high as 30/60, but poker players train themselves to survive the downswings by doing this. I have convinced myself that losing 1500 is absolutely nothing to worry about, in fact inavoidable at times playing poker. So why should I worry about buying 100 dollar shoes or sunglasses? Funny, coz my mother spends about an hour a day clipping coupons to save 50cents on laundry detergent or whatnot.

[/ QUOTE ]

I hope you buy her some nice things with your winnings...or else whats the point?

Bingo

[RydenStoompala]

[ QUOTE ]
I am still unsure about weather I should cut back on my hours.

[/ QUOTE ]

Whatever you do, Doc, don't bother with a dictionary. Just communicate with your patients by grunting and pointing.

Tell me, which med school are you jamming through where there's time to screw around in online poker rooms for dozens of hours per week? Would that be the university of Neverland? Or is it Fantasy State College?

Also, this is the most bogus question concerning the most self-gratifying ego ride I have ever seen. You should have added a sex scene and mailed it to Penthouse.

And if your dad cannot top an online 30-60 player at his medical practice, he should do something else. Also, he should check on his kid's schooling. If he's good at money management and is still covering your rent while you stream through cash like a rap artist locked in a jewellery store, then he's really not that good at it, is he?

[imported_bingobazza]

[ QUOTE ]


Are there any other potential dangers of this sort of success? I personally have worked a couple manual labor jobs in high school, but I couldn't see myself doing it again. Not because I mind the work, but because of the tremendous gap in pay. So if the poker bubble were to bust, I'd be hard up. I'm not sure i'll be satisfied being a doctor or a manager or whatever. I guess "spoiled" is the word at least to some extent. I know there are a lot of people my age on the board in a similar situation. Its not that I am upset at my success. I worked hard to get where I am, and I earned everything I got. You don't just luck into making tons of money, you work and work and work. I dont want to seem unsatisfied.

I've strongly considered taking a couple years off school, or at least cutting down to like 2 classes. The amount of money I am making now is significantly more then I will make when I finish with school years from now as a doctor.
Anyone think that it would be a horrible idea to cut back to just a couple of classes a semester (2 intead of 4-5) and spend more time earning money while I decided exactly what I want to do with my life. I am a pre-med student and I am doing well, however I am not sure its what I actually want to do. Especially when money is not an object.
What potential negatives of this might I be missing?

thanks
blake

[/ QUOTE ]

I suspect the older members of the forum are already well aware of the advice Im about to give you.

From a financial plannng perspective, The goal of every forward looking winning player here should be to invest in such a way that the money earned from poker is eventually replaced by investment income. We dont know how long the poker boom will last.

It sounds to me that you dont have any goals for your money. Without a defined and written plan, your chances of financial success are greatly reduced....so begin to formulate a plan for yourself ASAP. Maybe your dad could help you...Im sure he would be happy to.

There are 2 sides to the net worth coin...capital and income. Lets say you are making $200,000 from poker. A good goal in your position is that you would like to invest an amount of money that will produce this income in the future after tax, indexed by an estimate of future inflation. So you need an investment portfolio that will produce this for you as fast as possible, to negate the possibility that poker could stop tomorrow, while still having a life that you are happy with now. We should further assume that you would like to have this income without (substantially) risking your ability to produce it in the future. Lets say you expect to get 12% return on any money you invest, and you assume that this will produce a net income of 6% of the capital amount, and will replace the equivalent of $200k from poker, assumng 2% inflation. (these are just my figures, you can insert your own). This will give you a target capital amount.

So, with all that, you are trying to use your poker money to build a capital base that will replace your poker income.

In your position, saving 85% of your poker profits into investments that grow at 12% a year, and assuming a 6% after tax income rate from your capital when you begin to draw down, you would need to save 85% of your winnings every year for the next 12 years to replace a poker income that is very uncertain in the long term, and you will need around $4m in capital to replace $200k per annum. You will only be 34 and will probably be able to retire...so not too shabby.

Along the way to 'financial freedom', you are taking 15% of your poker winnings to have fun with, and you will also enjoy dividend or rental income of some sort until your poker income is fully replaced....these act like little pay rises every year.

I dont believe many people are truly comfortable financially until the income they depend upon is passive.

It sounds to me like you have a great chance to lay some solid foundations for a very bright future, professionally and financially. Dont waste your opportunities....dont be a fish.

Bingo