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#51
06-02-2005, 10:03 PM
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Re: Poker as a living. How to deal with my family?
Having been in the mortgage business, I can say that underwriting standards have nothing to do with opinion and everything to do with whether or not the documentation says the subject can pay the mortgage. Mortgage lenders make money by making loans. If the docs say you can pay, you get the mortgage. That mortgage then gets packaged with others of similar risk classes and the package gets sold on the secondary market.
Trust me. If you have 720 FICOs, your ratios are in order and your docs support your income claims (or you're downpayment is high enough - then you don't need to document income or employment at all), you *will* get a mortgage. Hell, 2 weeks after the discharge of a chapter 7 you can get a mortgage. Maybe you pay a half point above the best rate available to do no-doc or a NINA (no income/asset verification)loan, but since someone somewhere can make money on making the loan, you'll get it. Ain't capitalism beautiful? 
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#52
06-02-2005, 10:30 PM
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Re: Poker as a living. How to deal with my family?
True that. One of my friends works for an intergrated real estate business and the branch managers of the loans offices are always trying to loan to anyone and everyone, so they hire his company to keep them in check. All their bonuses are based on loan volume and have nothing to do with defaults.
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#53
06-02-2005, 10:55 PM
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Re: Poker as a living. How to deal with my family?
Lets see. You made $700 over 3 months, then won a wopping $1200 in a month, but had to use it to pay expenses. And now you think you wanna be a professional poker player. So over the best run of your life including a month of clearly getting lucky, you made $1900 over 4 months.
That's $500 a month. If you think that's a "living" you are out of your mind. They are right. Get a real job and suplement your income with Poker ..err.. I means build your bankroll with poker and don't spend a penny. Reconsider in a couple years when you can show them you've made more than $50k/year. - Louie
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#54
06-02-2005, 11:23 PM
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Re: Poker as a living. How to deal with my family?
[ QUOTE ]
Lets see. You made $700 over 3 months, then won a wopping $1200 in a month, but had to use it to pay expenses. And now you think you wanna be a professional poker player. So over the best run of your life including a month of clearly getting lucky, you made $1900 over 4 months. That's $500 a month. If you think that's a "living" you are out of your mind. They are right. Get a real job and suplement your income with Poker ..err.. I means build your bankroll with poker and don't spend a penny. Reconsider in a couple years when you can show them you've made more than $50k/year. - Louie [/ QUOTE ] though this reply could have been done with more tact, I agree. Stay in school, and have poker as a profitable hobby.
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#55
06-02-2005, 11:49 PM
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Life isn\'t about having fun...
I promise you... hanging out in college with girls and beer and playing poker is more fun than playing poker...
and playing poker... and playing poker... and playing poker... and playing poker... and playing poker... and playing poker... and playing poker... and playing poker... Getting to play poker and wanting to play poker are completely different. Besides... there's bound to be TONS of fish in college watching poker on TV and itching to give you their money.
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#56
06-03-2005, 01:19 AM
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Re: Life isn\'t about having fun...
[ QUOTE ]
I promise you... hanging out in college with girls and beer and playing poker is more fun than playing poker... and playing poker... and playing poker... and playing poker... and playing poker... and playing poker... and playing poker... and playing poker... and playing poker... Getting to play poker and wanting to play poker are completely different. Besides... there's bound to be TONS of fish in college watching poker on TV and itching to give you their money. [/ QUOTE ] agree. the whole college experience (the friends, the booze, the parties, a woman/women) + poker as profitable hobby >>> going pro
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#57
06-03-2005, 01:19 AM
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Re: Life isn\'t about having fun...
[ QUOTE ]
I promise you... hanging out in college with girls and beer and playing poker is more fun than playing poker... and playing poker... and playing poker... and playing poker... and playing poker... and playing poker... and playing poker... and playing poker... and playing poker... Getting to play poker and wanting to play poker are completely different. Besides... there's bound to be TONS of fish in college watching poker on TV and itching to give you their money. [/ QUOTE ] agree. the whole college experience (the friends, the booze, the parties, a woman/women) + poker as profitable hobby >>> going pro , IMO
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#58
06-03-2005, 02:19 AM
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Re: Poker as a living. How to deal with my family?
Well, enough people have tried to convince you otherwise, and I agree with recent posts that you don't appear to be ready to "go pro". That said, I think that being young and irresponsible is probably the best time to try something like this. But finish college, you'll have plenty of time around classes and homework to get in enough hands to pay for your tuition and expenses if you truly have what it takes to be pro.
I am 22, and lucky for me I didn't start playing poker on a regular basis until my junior year of college. Then, by the time I realized how profitable it could be I was already in my Masters program and not about to drop out. As soon as I finish my thesis I will have a Masters in Political Science to go along with my Bachelor of Science in Business Administration (with a concentration in Marketing) and Political Science. I have a bunch of free time this summer once I finish my thesis and since I am moving across the country in the fall I won't be getting a job for 2 months when its done. I was lucky enough to get scholarships and assistanships to pay for school and I now have a nice savings from part time jobs and poker. I have a cushion, so I can afford to play poker at least for the summer and into the fall if it goes well, and on from there. I understand bankroll management and what my living expenses will be and I know that if it doesn't work I can easily get a job next fall or I may go back to school and get a Ph.D. Either way I know I am being realistic about things and that I have a backup plan and a cushion. I think these are necessary before you can even consider making a living off poker. Also, though, I agree that the number of fish in the pool right now can't be ignored, so play poker in your free time as much as you want, just get the education too right now. I made plenty of money on poker first semester this past year while a graduate student and a graduate assistant. Second semester I got stupid, played out of my bankroll and gave some back. I learned quite a bit though and I am back playing my A game again this summer and winning. I know I am beginning to ramble, but I want to note that quality of life is also important and that with poker, the more you want to make the more you will play. I am very much an outdoors person and I will be sure to balance my time well. I don't plan on playing more than 40 hours a week and I know I will want to spend most of my other time far away from any computer. But do what you want, as long as you are supporting yourself and happy, do it now while you are young and can blame it all on immature foolishness if it doesn't work. [img]/images/graemlins/grin.gif[/img]
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#60
06-03-2005, 10:14 AM
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Re: Poker as a living. How to deal with my family?
[ QUOTE ]
That said, I think that being young and irresponsible is probably the best time to try something like this. [/ QUOTE ] Its actually the very worst possible time to try something like this. Your whole career is set up by what you do during your twenties. Its hard to find someone successful in their thirties at a profession who did not work hard in their twenties developing skills and building a reputation. Even if you eventually become a full time gambler, you should try and have some employable skills to fall back on in life. This poker craze may not last forever. And you should really be concerned that internet gambling will be shut down by regulation at some point. All it takes is a few addicts losing their families and jobs, committing suicide, and the next thing you know Congress has hearings and shuts it down. Anyone advising you to skip school and do this is an irresponsible idiot.
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