Not just another question about 'going pro'

wasn't saying mshalen should try to be nosy. was just trying to find a politically correct way of stating his concern when his family is at risk. mshalen has a point in that if you are single and you are risking only your well being, then so be it. a huge consideration for ALL the factors involved needs to be considered when there is an entire family involved (having a baby is not cheap, especially if there are any complications involved). All these things need to be considered. I don't know how successful of a poker player Rizen is, not having been lurking/posting here for more than a couple of months (and only during working hours anyway). I would recommend building a nice bankroll (translation nestegg) to fall back on before quitting. Again, I wish him luck and hope he can pull it off.

[Dave D]

The question of health insurance sort of gets debated every now and then I think. The resounding answer seems to be "you have to be retarded not to get health insurance, ever". So stuff like that, you still need to pay if you quit your day job.

Health insurance costs a ton of money by yourself, I guess companies get some kind of bargaining power with the HMOs. You won't. You probably can/should expect to pay 500 a month for this by youself (I'm sure other posters know better numbers, but I think 500 a month seems about right), obviously we don't know your health situation. Also keep in mind covering your wife/kids.

As you probably know, all "benefits" your company provides could be pay to you. I'm sure somewhere there's a total for how much of your pay is paid to you as "benefits". So if your income from your day job is 50k+5k in "benefits", you should simply look at poker as having to make those up. The key is not to look at "benefits" as "free money", it's *not*, EXCEPT for the fact that you get to take advantage of the collective bargaining the company basically does on your behalf, namely the health insurance example.

I wouldn't feel comfortable unless my "worst case scenario" for poker was 15% above my salery+benefits.

Work also provides a social environment. Who wants to sit at home alone and play on the computer all day. Or deal with the social sludge at cardrooms. It's good once in a while, but personally, I couldn't stand more than a certain amount. Nevermind the security of the job income. And everyone knows night poker is the most profitable time anyway.

[schwza]

i'll be interested to hear how your experiences with this go. i'm also planning on quitting my job and so i'm looking into health insurace.

- as others have said, individual HI is more expensive than if you get it through a job. so a buddy of mine got himself incorporated so that he could offer corporate insurance to his girlfriend. he's offered the same deal to me, but i'm not sure if i'm too sketched out by it. (anyone with info please pipe up).

- i'm also meeting with a guy from national association for the self-employed a week from today to see what kind of packages they offer.

my situation's a little simpler as i'm 26 and single, but i'm really looking forward to the non-office life. btw, congrats on all the big scores lately.

[ZootMurph]

schwza... I'd love to hear how that meeting goes, if you wouldn't mind sharing it with us.

[schwza]

[ QUOTE ]
schwza... I'd love to hear how that meeting goes, if you wouldn't mind sharing it with us.

[/ QUOTE ]

no problem. it's complicated a little by the fact that massachusetts won't let you get high deductible catastrophy-only insurance, but i'll give a trip report. pm me if i forget.

Hey man, good luck with whatever you choose to do. That said, I dont know if you've read these already - Ed Miller has some good articles that should help you make a decision.

http://www.notedpokerauthority.com/articles.htm

Try not to mind the goofy picture.

[Rizen]

[ QUOTE ]
So let me get this straight you have one kid and want another one soon and you are willing to risk everything playing poker. To be blunt -you are nuts to put your family at risk to play a game. If you were a 20 year old kid with no responsibility then I would say knock yourself out BUT come on lets put a little thought into this.

[/ QUOTE ]

Not trying to single this out, but this isn't a 'going pro' thread. That part of the equation there is already a lot of good literature on and quite honestly I have all I need to make an informed decision on if I believe I can make it or not.

My concern is addressing 'other expenses' since I have a family. I already do significant freelance software work and have been a winning poker player for 2+ years (I was primarily a cash game player who dabbled in MTTs until recently). My non 'real job' income far outstretches my income from my 'real job'. I go to my 9-5 job because:

1) I enjoy it
2) I enjoy the benefits and stability it gives me

I've been considering more and more cutting out the 'real job' later next year though because I want to be able to spend more time with my family and there are some other things I would like to do with my time.

My financial situation is really none of your concern, but I appreciate your concern in my family affairs. Trust me, I would NEVER put my family at risk any more than absolutely necessary.

Thanks to those of you that pointed out a few resources I could use to find the information I needed. I'll re-evaluate my options when March comes around and see where it takes me.

-Rizen