Playing for a living (long) - Page 4

stupidsucker · #31 10-05-2005, 03:49 PM

Dont forget taxes...

Based on the info I have read, you really should be careful. The added stress of playign for a living is an x factor that you wont know the weight of until you are burried.

You may want to pick up some form of steady income during your first 3 months. You should also plan on working a full day. 15/day isnt enough imo. Leaves variance to kill you when you have a losing month. 25ish/day 5 days a week is perfect imo.

pooh74 · #32 10-05-2005, 04:02 PM

I like a quote from J. Harman that I saw in a New Yorker article a while back. She said she never really made a decision to go "pro", it just sorta happened over time. She was spending most of her time at the tables, working less or not at all, because she didnt need to, and when someone referred to her as a "pro" she kinds thought, "yeah, I guess I am".

Anecdotal, but not irrelevant. Although I think anyone who is a proven winner can put their mind to it and go for it, I think the best way is when it just happens on its own because you are doing too well NOT to play fulltime.

I would definitely overlap a real job with playing for AWHILE before even considering doing this as a "profession". Sorry to be Debbi downer.

ebaudry · #33 10-05-2005, 05:41 PM

In many fields, taking 5 years off to play poker professionally could be considered a blemish on your resume. In investment banking, I see it being either neutral or a benefit, depending on how well you answer the inevitable question regarding why you won't leave i.banking again since you did it in the past.

Check out "Liar's Poker" by Lewis.

stupidsucker · #34 10-05-2005, 05:53 PM

Ya know.... I became a pro when I got fired.
I was already playing poker semi-professionaly though. <font color="white"> huh, perhaps my drop in work ethic had something to do with that. </font>

downtown · #35 10-05-2005, 05:54 PM

[ QUOTE ]
Sorry to be Debbi downer.

[/ QUOTE ]

lol that tired sketch so does not deserve a reference.

DrPhysic · #36 10-05-2005, 06:39 PM

It is one of those questions that begs it's own answer: If you have to ask...

I cannot tell you from the perspective of a poker pro how roundly you have to beat the 33s, 55s, etc, and how confident you have to be in doing so, which I think is illusory as the confidence waxes and wanes with the variance for most.

I can tell you from a business perspective. I have been self employed for 20 years. In much your situation one day, I came home unemployed but with a marketable skill. I asked the wife how much money we had. Her answer amounted to 3 months worth. I told her that when half of it was gone I would go get a real job, and had some business cards printed. In industrial engineering, you have friends whom you can call on for some help in the business. A job to work on that they might have given to somebody else. A good referral. There are no friends at a poker table.

Most (well over 50%) of new small businesses go out of business between years 2 and 3. Most small businesses lose money for the first 5 years. I was lucky, and had some friends around. I made it.

Today, I have well over a year's br in the savings, not including the 401k. And that's real br counted from last year's checks. Writing a budget usually includes known continuing expenses. It usually forgets the emergencies, parties, wife's birthday dinner, school supplies, doctor bill, and the extra new tire. The real expenses.

You have to remember to take out (save money for) income taxes, property taxes, school taxes, retirement, and vacations in addition to cutting this month’s nut. And, oh by the way, in the USA you have been paying 6.2% of your income for social security and 1.45% for medicare. The other half was paid by your employer. Being self employed, now you get to pay the entire 15.3%.

Being in a position where what I make next month when the checks come in, depends entirely on how well I did this month, a year's bankroll is a barely comfortable amount.

The answer for a married man responsible for making a living, supporting a family, and maintaining a normal standard of living is totally different than for a college kid who may still have some support from dad, the school, or the government and makes sufficient living expenses working at MickeyD's.

Being self employeed is the very best way I know to make a living. It is fun, It is self motivated, It is constantly a challenge. It offers an opportunity, if successful, to make far more than you ever will in someone's employ. It is so much fun because you can work half days: Pick any 12 hours you want.

Think hard.

Doc

FatalError · #37 10-05-2005, 07:21 PM

I play 109's to meet my 4300$/mo in expenses

You're not there yet

Exitonly · #38 10-05-2005, 07:32 PM

Didn't see anyone mention it, but what does your wife think about poker? Would switching to a poker 'career' piss your wife off? (Either because you get to stay at home all day, or because most people don't think it's real work)

As of right now you need 2k a month to break even, and you have 9k of savings so if you don't reach that immediately it's not the end of the world.. I think you hsould try it out for a month or two and see how things are progresing.

Say at the $2's you make $4.50 (.5 for the rakeback accout you'll need to get) If you play 25 or so a day that should be able to cover your 2k share of the bills, and some for increased bankroll (which should have priority over savings, just for the time being) Once you can get to playing the 50's i think the extra money should go more towards savings , because at the 50's you shouhld be able to get that 2k considerably easier.

WarmonkEd · #39 10-05-2005, 07:36 PM

Ed Miller or Clarkmeister had a post about going pro a long time ago. You might find it in a search of the archives. Be sure to overestimate how much $ you'll need to earn and take into account stuff like health care coverage.

#40 10-05-2005, 07:39 PM

Going from being a VP of a Corporation to 4-tabling $22 games making $20-30/hr [img]/images/graemlins/confused.gif[/img], even that may not be achievable because your sample size is way too small.

I would say in your spare time go ahead and play, but actively seek out another job.

I think I you are good at your job, there are far better opportunities for making money in the business world. Without a proven record, 'going pro with poker' with a wife and children to support is very risky and may affect your relationship compared with having a stable job.

I think the most important thing is to talk it over with your wife. But I recommend finding a new job, but playing for now while you are unemployed and switch to 8-tabling as soon as possible.