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

[Nightwish]

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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.

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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.


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

did I miss something?

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"Career track" is not the same as "paycheck." This guy is in a law firm. He may be on the track to partner or some other promotion. Taking 2 years off means not only that his salary upon return would likely be less but that it would also take him longer to make it to partner (if ever at all).

To follow up on some of the comments: If I quit this job, I plan on keeping my bar license active and, if nothing else, do some volunteer pro-bono work. It would help bridge the gap in my resume, get me out of the house once in a while, and allow me to do some work helping people.

I have also considered trying to find some kind of part time work (maybe with a state agency) that would provide health insurance (although with a higher witholding than required from full time employees). Those jobs aren't easy to find. I could go out on my own, but I have no idea where I'd find work.

However, if I didn't think I could make more than I'm paid now, plus insurance, my full share of social security taxes (that my employer pays 1/2 of now), other benefits, etc. I wouldn't even consider quitting my job. I have covered that with what I've made so far this year.

What I'm most concerned about is whether there are any surprises that come along with playing full time. For example Nightwish suggested that I should reduce my estimated poker income by half. Have other pros had similar experiences where they projected income based off current win rates only to fall well short of those goals?

Also, if I tried to play for a living, it would have to be primarily during the day. I don't want to work 9 p.m. to 5 a.m. That lifestyle would make me miserable.

With that in mind, I currently 4 table the Party 30-60, mostly shorthanded, and play almost exclusively in the morning hours (5:00 a.m. to 8:00 a.m. PST). Does anyone have experience as a pro playing in those games during the 5:00 a.m. to 6:00 p.m. PST time frame?

Thanks for the responses so far.

[bobdibble]

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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.

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You misread. I said I only wanted castastophe insurance. I'm not so well off that I could handle the fees of something like a stroke or a heart attack.

I'm fine with paying for dr visits and perscription drugs though, since obviously, the insurance company will charge me more than it would cost for me to just purchase that stuff myself.

I too am a lawyer living in the Valley making a similar salary. I am a bit younger than you, but I have two kids. As mentioned, a very big issue is health insurance. Research costs. If, god forbid, something goes wrong during your child's first few years, you need health insurance. A large majority of the "pros" on this site are younger, have no kids, ect.

What I can add to this post is what a gap in a law career does. I don't know where you work, from your post 5th year with salary I could guess. Not too many firms will pay a 6th year associate 6 figures that has a resume gap. You are approaching the time of your law career (at least in the private sector) where you need to be getting clients and thinking about becoming a partner. Leaving that job will effectively hurt any chances of a similar job again.

My suggestion, if you want to go the pro route is to ask your firm for a part time schedule. Most firms, mine included, allow for 60-85% FTE (full time equivelent). You keep health insurance (albeit pay more for it) don't have a resume gap and open the door for an extra 80 hours of poker a month (assume 200 hour months = about 180 billables).

One other thing to consider is that a child will decrease your desire and ability to play poker. Raising an infant takes time from you (not a bad thing), even if your wife is nursing.

Summary: Think about keeping job part time. That eliminates a lot of potential concerns. If you do quit, I would lay odds that after 1-2 year layoff, you will not be able to find a comperable job again.

[phish]

Another consideration is taxes. You can get away with not declaring any poker winnings now since you have a legitimate source of income. But you lose that, and you will have to deal with declaring poker winnings as taxes and all the headaches that comes with it.

[onegymrat]

Hi KN,

Welcome to the forum.
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this link is probably what youre looking for:
sthief thread

[/ QUOTE ] Although sthief's post was genuine in seeking advice about his future playing full-time, it is absolutely absurd to compare his situation and yours.
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However, I’m wondering if there are some things I’m missing.

[/ QUOTE ] Here's a big one. You worked long and hard to get where you are now in your firm, no? I'm sure you are great at what you do and proud of your accomplishments. You make a very good salary with terrific benefits, not to mention your status of being a good attorney. However, something has made you grow tired of the same routine. Working the same hours, doing the same work. And now you want to pursue something that you think will give you more freedom and money.

What makes you think that you will be immune to this feeling as a full-time poker player? The repercussions of NOT wanting to play AND running bad can be catastrophic.

[augie00]

Life is short. Do what you want to do.

[9cao]

If you play that much poker already why not keep it as a hobby since you might only get another 10-15 hours a week in anyways.

I think your earning potential will only go up the longer you are a lawyer and most likely only go down the longer you play poker.

Do both for a couple more years, invest your savings, and then retire and you offically can do whatever you want.

[Rabid_Hippo]

Lots of lawyers playing poker ... I am also an attorney - 7th year associate with a national firm. Great salary, yada yada yada ... Honestly, the only lawyers I know who love their jobs work either as sole practitioners or in small firms. Big firms will suck your soul right out of you.

I like the open own office/play poker idea. Thus, no resume gap, can take only the matters you want, and if the poker thing falls through you're really not that much worse off.

Of course you may not want to have to develope your own client base/etc. ... or you may not want to do the kind of legal work required of a sole practitioner.

Good luck.

[Bikeboy]

Anyone here who thinks they can go without health insurance doesn't know what they're talking about. Health catastrophes do happen and you can end up owing 500k. Just ask me, I'll tell you all about it.