10 Week Challenge : Week 6

[Dav123]

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While it obviously pays off in the long term, it's also easy to be complacent with what you already have and spend your time doing other things.


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I agree. I've been playing for a living for the better part of 5 years. Almost everyone I've met doing the same has run into this problem at one time or another.

[Tosh]

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It's just that I've been so dedicated to getting better. I post hands I think I sucked ass on or had a tough choice and let people say "hey bk, you suck, i can't believe you played liek that." After awhile you get humble, realize you're not as good as you thought, have plenty of room to improve, and work on your game objectively.

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Well said, an open mind is very important to getting better.

[Tosh]

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Seriously, playing online for 40 hours a week would be a BREEZE. I am putting in 40-60 hours a month playing poker right now, and I work 160 hours a month at my regular job (sitting in front of a computer screen), and have done so for the past 6 years.

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Maybe so for some people but remember when you earn $300 an hour the money becomes worth less to you, DMU of money. While someone working for $12 an hour would jump at the chance to maximise his hours; Bright really doesn't need/want to play for 40 hours a week. The more we earn the more we can afford to tradeoff work for leisure.

This is more relevant than burnout factors IMO. If a pro player earnt $20 an hour they would pretty much have to play 40 hours a week, they couldn't afford to 'burnout'.

[gonores]

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So, um, yeah…I suck more at poker than I used to, so I’m taking a good, long break to recharge my batteries. I have a lot of reading to catch up on, and I think I might pick up my roommate’s guitar to attempt yet again to find one iota of artistic ability in my body. My advice to anyone who wants to start a challenge like this: Either schedule in some days off or just don’t do the challenge altogether. When you spread yourself as thin as I did over the past month, you start playing suboptimally, which is only going to further frustrate you, which makes you play when you’re in an even more sub-optimal mood, which means you play worse…downward spiral, anger, maniacal raising, etc. It sucks. I’m not sure what I’d do if someone wanted me to take the challenge over again, but I would definitely approach things differently if I were to accept.

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This is a quote from my last 60k in 60 days journal....and when I said I "spread myself thin," I was talking about 30-40 hours of play time per week.

Another thing I think you might be overlooking is what 40 hours per week does to one's social schedule. It's not like you can wake up and work 9-5, 5 days a week. An 8 hour day almost can't be done without setting aside a 14 hour block where you can't do anything fun/productive that necessitates more than 2 hours of your time.

[Wayfare]

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Seriously, playing online for 40 hours a week would be a BREEZE. I am putting in 40-60 hours a month playing poker right now, and I work 160 hours a month at my regular job (sitting in front of a computer screen), and have done so for the past 6 years.

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Maybe so for some people but remember when you earn $300 an hour the money becomes worth less to you, DMU of money. While someone working for $12 an hour would jump at the chance to maximise his hours; Bright really doesn't need/want to play for 40 hours a week. The more we earn the more we can afford to tradeoff work for leisure.

This is more relevant than burnout factors IMO. If a pro player earnt $20 an hour they would pretty much have to play 40 hours a week, they couldn't afford to 'burnout'.

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This is very true, but probably went way over most peoples' heads. What I am interested in is whether he will still evaluate his (past and gone) leisure time at the same dollar equivilency amount when he can no longer make $340 / hr.

I suspect it is unlikely he will.

[turnipmonster]

Can you take a nap if you're getting tired?

yes

Can you take a two hour break if you need to revive your concentration?

yes

Can you start at whatever time you want and wear whatever you want?


absolutely.

and there are still things that I don't like, and sometimes really hate, about my job. but in the end, for me it's a lot less draining than playing online poker, which I agree with everyone else can be a real grind.

[nykenny]

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"What is his screen name? I would love to see the best in action."

I would pay him $500 for his database right now! All he has to do is PM me, save it to disk and mail it.

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a multi-tabler's database isn't that valuable to others truthfully. it is extremely important for himself, however.

Kenny

[Benjamin]

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"Ok after taxes your 1.8 mil gross is around 1 million.

Even if you are extremely saavy in investing you probably won't see more than 10-15% ROI yearly (and that's generous), and then you have to deal with capital gains tax etc etc."

You are forgetting that for 3 years he wouldn't be putting money under a mattress. He would be investing those 3 years as well. After 3 years after taxes with good investing he could have $1.5 million saved. Capital gains taxes are not very big taxes. You are also forgetting that re-investing unused interest and compounding the interest would keep increasing the original investment. How many families do you know that can't live nicely off $150,000-$200,000 a year with only 15% capital gains tax?

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The long term safe withdrawal rate for a diversified portfolio of stocks and bonds is only 4% + inflation or so. The Retire Early Home Page has the data and math to prove it. Expecting to earn 10-15% when dividend yield is currently 1/2 the historical average is silly. If you want to develope real estate or something, then you can make big returns, but that's work.

So say you earn 600k a year, 250 goes to taxes (?), 50 to living, you invest 300 in a passive diversified portfolio of stocks and bonds, and get 8% return. You have roughly 1 mill after 3 years. 4% = an inflation adjusting 40k to live on for the rest of your life with reasonable expectation you won't deplete your capital.

Not bad, but not 100-150k.

B.

[nykenny]

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It seems that 25 hour weeks are extremely short,

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25hr /wk multi-tabling isn't short at all. i average 10-15 hours per week 8-tabling (ring and 6max), and it feels quite a lot, while working 9-5 and go to school.

Kenny

[berya]

Kenny Why do you think it's not valuable? The guy is about at 3.7/100.

Let's say I'm looking at his numbers and across the board his is making double for Axs or suited connectors than me. I then replay 100 hands for 76s (or A4s) and see that I totally suck playing that hand. I might not even need 100 hands for that. I might spot right away that I'm simply paying off too much with Axs and he is very quick to dump it (and very consistent with it). I might think I'm playing it right but in reality I'm not. BUT if I'm starring at a set of numbers no further proof is needed and I simply need to dump them sooner.