What do the young ones do with their money?

Newt_Buggs · #1 07-10-2005, 02:50 AM

Obviously Raptor is gunning for a new car, but what about everyone else? Its weird that 18-21 year olds are able to make as much money as they do through poker. What are all of you doing with it though? Now that its summer I'm back living with my parents not even paying rent.....

I think that whoever can make the best blackjack/PaiGow quip deserves a prize.

gildwulf · #2 07-10-2005, 02:54 AM

I'm 20 and I live in Montreal. The standard of living here is ridiculous...I spend $700 US a month here including rent and live like a king. More specifically I:

1) take my gf out to nice dinners
2) buy rounds for friends
3) buy expensive computer hardware
4) try and pay for gradschool

Benholio · #3 07-10-2005, 02:55 AM

I dunno, but what they SHOULD be doing is working on retirement. Instead of making a car in 20 days, make a down payment on some property. Make some long term investments. $20k invested when you are 18 years old will go a long way when it comes time to retire, at like 25 years old.

Nottom · #4 07-10-2005, 02:56 AM

[ QUOTE ]
I dunno, but what they SHOULD be doing is working on retirement. Instead of making a car in 20 days, make a down payment on some property. Make some long term investments. $20k invested when you are 18 years old will go a long way when it comes time to retire, at like 25 years old.

[/ QUOTE ]

Well its not like he can't use the other 345 days of the year to make some money to put away.

gildwulf · #5 07-10-2005, 03:00 AM

[ QUOTE ]
I dunno, but what they SHOULD be doing is working on retirement. Instead of making a car in 20 days, make a down payment on some property. Make some long term investments. $20k invested when you are 18 years old will go a long way when it comes time to retire, at like 25 years old.

[/ QUOTE ]

I'm investing in clamps.

Newt_Buggs · #6 07-10-2005, 03:26 AM

[ QUOTE ]
Instead of making a car in 20 days, make a down payment on some property.

[/ QUOTE ]
well at least I'm on my way to doing something right.

[ QUOTE ]
I hoard the money and never spend anything basically. I don't need anything anyway.

[/ QUOTE ]
I think that you're serious, but I'm not sure. Serious or not, this quote fits me perfectly [img]/images/graemlins/cool.gif[/img]. How old are you btw curtains?

I don't think that this thread needs to exclude those outside of my age group.

curtains · #7 07-10-2005, 04:27 AM

[ QUOTE ]
[ QUOTE ]
Instead of making a car in 20 days, make a down payment on some property.

[/ QUOTE ]
well at least I'm on my way to doing something right.

[ QUOTE ]
I hoard the money and never spend anything basically. I don't need anything anyway.

[/ QUOTE ]
I think that you're serious, but I'm not sure. Serious or not, this quote fits me perfectly [img]/images/graemlins/cool.gif[/img]. How old are you btw curtains?

I don't think that this thread needs to exclude those outside of my age group.

[/ QUOTE ]

Im older than you (26). I don't want to spend any signifigant money unless absolutely mandatory. The more money I have the better I play and the higher stakes I can play for. It's really a huge advantage IMO to play when the stakes mean very little to you.

Oluwafemi · #8 07-10-2005, 04:38 PM

[ QUOTE ]
I dunno, but what they SHOULD be doing is working on retirement. Instead of making a car in 20 days, make a down payment on some property. Make some long term investments. $20k invested when you are 18 years old will go a long way when it comes time to retire, at like 25 years old.

[/ QUOTE ]

not that this is anything to brag about, but i knew some younger guys back in the days that made alot of money hustling in the streets. i would tell them, "If you're not gonna listen to me and stop hustling, do something with the money that's gonna benefit you when you're older". sooner or later, a gold chain here or a ride with rims is gonna play out. needless to say, alot of those young guys crashed and burned and ended up with nothing to show for all the money they made.

i hear all these young guys talking about how much money they earn from poker and, to my recollection, never have i read on post on anything meaningful that their doing with their money [with the exception of "pay of school]. hell, you can do that with a regular job.

had i had the good fortune to make as much money as some of these cats do when i was 18-21, my net worth would probably be at least $10,000,000.

i look at a young cat like ZeeJustin who may not even know how good he really has it [no diss intended, Zee].

11t · #9 07-13-2005, 12:18 PM

I'm going to open up a roth IRA soon.

go go tax evasion.

citanul · #10 07-13-2005, 12:22 PM

well you should know that there's a cap on how much you can dump in an IRA (not saying that makes it a bad idea to have one). also, there's a cap on some kind of IRA (don't know if it's the roth) of 100% of your earned income for the year, which cannot include poker earnings unless you incorporate i think.

citanul