Poker Pros - Do they really make it?

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You criticize others for having no common sense, but apparently have not put much thought into your own post. First, you have no idea how many children the poster has in elementary school.

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I put a lot of thought into my post, I just didn't explain it all. I thought that any rational person would see that spending that much money on school was excessive and elitist. The same kind of elitism that can't comprehend anyone living on $50K.

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My parents went into debt to put me through one of the best colleges in the country, even though I got almost a full scholarship to another school that was definitely good, but not the same caliber.

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This is equally lacking in common sense, and shows the same illogical attitude that parents can buy happiness, success, etc., for their children. The difference in "quality of education" between, say, an Ivy League school and a major state university, is vastly over-rated, particularly at the undergrad level. A good student can get a great education at either. The whole life experience of college is also important, and a student will learn a lot more about the real world and about life (like that people live on $50k) at a non-elite school. College students should also make a significant effort toward financing their own education. That is educational too.


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it is possible that the school that the poster is paying for will provide his (or her) children with a much better education than the other schools that his children could attend.

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Highly unlikely. Education consists of more than book learning (although it is doubtful, give that level of income, that the public schools there are anything but top notch). Children should be exposed to the real world, not isolated in a $15K per year resort with the offspring of other rich elitists.

[fluff]

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The difference in "quality of education" between, say, an Ivy League school and a major state university, is vastly over-rated, particularly at the undergrad level.

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Education schmeducation...it's WHO you know, not WHAT you know. And chances are at an Ivy League school you'll meet more fat cats than at Podunk State U.

Edit: BTW, I'm a Podunk State U graduate, class of 2000.

[Aceshigh7]

I completely agree with JackCase. I think mshalen is quite out of touch with economic reality. Saying 50k/year can't be considered a good living is just wrong.

Millions of folks would consider themselves to be in extremely high cotton if they were making $15/hr. That's way more than the minimum wage. If they're getting 40 hrs/wk, that's $31,200.

i know this may throw the thread off topic, so i apologize if it does...but i have a couple personal thoughts on what has been said so far....making x amount of dollars per year is in the eye of the beholder...we all live our lives in different circumstances so it is difficult to say how much money is enough, etc.....secondly, on the whole schooling issue....personally, my mother and father worked extremely hard to send my older brother and i to both private boarding schools and private colleges (i still have five semesters in college after tomorrow)....and there are pro's and con's to going to private institutions such as these just like anything else in life...for me, i am very grateful for the opportunity because very very few kids get these chances in life...additionally, my parents felt so strongly about getting an education, they were willingly to sacrifice expensive cars and lavish vacations to get us educated....without a question, i can say that i will benefit from these experiences.....is a 40k (and now over 40k education) worth the price for academics...no, not really...i would have learned the same things if i went to my state school but it is the connections i have found and continue to find....essentially, these expensive educations buy you into a world with many connections, ones i would not have found if i went to my state school....and i have expressed that to my father because i do sometimes feel guilty when i slack off, etc....but he has never complained about paying as much as he does....before i get off into too much off a digression, those are some of my thoughts on this issue

[bernie]

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$30-50 a good living. This has to be a joke right?

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No, it's not. Especially if your single. Some of us don't live high consumption lifestyles.

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This isn't a slam at the poster just general frustration that comes out every once in a while.

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Maybe your frustrated because you're not managing your money that well. After all, it seems like it would be your own situation in comparison that's frustrating you.


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[bernie]

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First, you have no idea how many children the poster has in elementary school.

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The poster said 2.

What I'm guessing is that the $30k for elementary is for the total package from grades 1-6. Which would be about $5k a year. Which is about what private school costs here. If they are actually paying $30k a year for elementary, they're getting ripped off big time.

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Do you think that will cut it someday when you have a family, and children? Probably not, considering the high cost of insuring your entire family for their health costs

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With careful planning and both parents working, health care through mom's work, it's very feasible.

Not to mention, not everyone wants to have kids.

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[bernie]

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but i have a couple personal thoughts on what has been said so far....making x amount of dollars per year is in the eye of the beholder...we all live our lives in different circumstances so it is difficult to say how much money is enough, etc.....

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Here's what irks me about people who say $50k isn't enough then bitch and moan to those that do make it on that. I find that most of these people live with too many expenses which is their own fault they are struggling to make it. Usually they're deep in debt with overpriced crap that they get so they can keep up appearances. Boo hoo. It's usually their own fault they are in the financial situation they find themselves in.

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[mshalen]

Bernie I just had to respond:

I don't believe that investing $30,000 in my childrens education could be considered a "high consumption" lifestyle. I am thankfull that my parents were able to invest in my education and I would do whatever it takes to give my children a good start in life. I drive a 4 year old Honda and live a suburb of New York City where the property taxes on my house are in excess of $14,000 (and I live in what I would consider to be a tyical middle class dwelling). I believe, from reading many of the posts here, that many posters are young and without a true understanding of personal finances. When I was 23 I too had no real concept of what size of income I would need to support a family and would have thought that $30,000 - $50,000 would be more than adequate. My frustration has nothing to do with my personal finances - I would be happy to match my personal balance sheet and income statement against anyones.

My point, which I admit was poorly written, relates to expectations. As Dr. Schoonmaker discusses in "The Psychology of Poker" playing poker for a living is an incredibly bad idea where at best you could expect to earn a lower middle class lifestyle. While a handfull of professional poker players do gross in excess of $100,000 this is a very small percentage of all players and once you factor in overhead, liefstyle, family and so on playing poker become a lonely, low paying existance. Over my career I have have hired a number of young people to work for me and I explain going in that if they are not earning at least $100,000 within two to three years then I will suggest that they move on to a different career. I guess the point that I am trying to get across is that if you have the dedication and intelligence to earn $100,000 playing poker then you should be able to apply yourself and earn significantly more in business.

[mshalen]

It is $15,000 per kid per year. The public school spends approx. $11,000 per year to educate each child and I feel that by spending the extra money my children recieve a superior education. But how much I choose to spend on my children's education is not my point. I was only attempting to indicate that the costs of living and raising a family can be significantly higher than you would think.