How much $ per day for you to turn pro?

[stigmata]

No tax on gambling winnings here in the UK.

[Marlow]

[ QUOTE ]
No tax on gambling winnings here in the UK.

[/ QUOTE ]

<seething with jealousy>Wow! That's great. Good for you!</seething with jealousy>

[img]/images/graemlins/grin.gif[/img]

[Raven]

[ QUOTE ]
[ QUOTE ]
For someone who have a decent paying job I think It would be about 500$ / day, five hours par day. Below that I think you are better part time if you dont hate your job.



[/ QUOTE ]

LOL LOL LOL.....

Now thats hillarious....I lived in Montreal for like 3 yrs and VERY few people not mention french people make 500 a day after taxes. Something like 220k per annum Canuckian(320 days per yr...exchange...). You can live so well in Montreal as a single man for like 80K canadian it is scary.

You can also have sex with alot of hot chicks and probably still collect Social insurance and get paid to learn French.

[/ QUOTE ]

Where did you get this 220 k, check the exchange rate.

I live in Quebec City so I know how it works in Quebec. As I said to quit a 50 k paying job to play poker I need to know I will be making more money only playing poker than poker + work.

So 500 / day 5 days per week 45 week per year make about 115 k us, so 140 k Canadian before tax (if you read the law poker should be taxed in Canada, I think its a matter of when they will enforce it). With that kind of money you can save for the future (invest for passive income) who may not be as kind as now for the poker players.

For someone who already have a good job, I think that you need a really confortable roll and a good expectation, because playing part-time is usually the best choice for someone not that good at poker.

I've seen friends go pro with an expectation of about 40 $ per hour at poker and they had a hard time growing a bankroll and going past the bad months.

All that said I'm quitting my job next week.

[Marlow]

[ QUOTE ]
All that said I'm quitting my job next week.

[/ QUOTE ]

hahaha

vnh

I wouldn't even consider turning pro if I wasn't looking to make at least 100k/year. So let's say I play poker 300 days out of the year, that's $333.33/day. Meh.
In order for me to commit to playing poker professionally longterm, I would need to be making around a quarter mil/year.
To be blunt, a career in poker is stressful, unstable, unhealthy, and socially isolating. Anyone with the illusion that it is easy to make money playing poker fulltime is mistaken. In fact, most people that decide to go pro are unsuccessful because they don't have what it takes. Being a winning player isn't enough. You have to have the discipline to not go on tilt after long losing sessions. You have to have the stamina to multitable for hours on end day after day. And most important of all, you have to have a passion for the game.

[stigmata]

[ QUOTE ]
[ QUOTE ]
No tax on gambling winnings here in the UK.

[/ QUOTE ]

<seething with jealousy>Wow! That's great. Good for you!</seething with jealousy>

[img]/images/graemlins/grin.gif[/img]

[/ QUOTE ]

LOL, I love telling this to US poker players and then watching as they slowly seeth inside and then their head explodes in jealousy [img]/images/graemlins/grin.gif[/img]

If it makes you feel any better, there are rumours that the government wants to start taxing poker earnings. This would be a major dent in my "plan". The other dent being that I need to get a [censored] load better at poker in the next year [img]/images/graemlins/wink.gif[/img]

you dont have to like it to make money off it...if your good enough why have a seperate job...if u want the social interaction get freinds and have hobbies....u make u\your own hours playing online to manage scheduels for everday activities

[Marlow]

[ QUOTE ]
The other dent being that I need to get a [censored] load better at poker in the next year

[/ QUOTE ]

This made me crack up. Well, you can count one Yank who's rooting for you.

Be sure to let us all know when you make the leap!

Cheers-

[AlanBostick]

Here are a fact that essentially everyone is leaving out of this discussion:

To make up for having to pay one's own medical benefits, self-employment tax, etc., one needs to earn about 30% more self-employed than would receive in employee salary and wages. Thus, if you currently have a job that pays US$40K per year, you would want to bring in US$52K or so to maintain the same effective income level.

People who are talking about needing US$100K to 200K to replace a US$50K annual salary are indicating that they have absurdly high risk premiums. Which strikes me as bizarre, considering that we're all here to discuss poker. Hello! We're gamblers, right?

I'm in a funny situation myself. I'm self-employed, so I have to cover my own benefits, SE tax, etc., already. I've just reviewed my poker numbers for the past two years and discovered that my hourly rate in the local $15-$30 game (2BB/hour) is about twice what I typically can charge my customers. What's more, the game is pretty much always there, 7 days a week, with no hustling for new customers, no deadlines, very few expenses. I'm staked for the game, and I'm in good financial shape otherwise. The idea of quitting the hustling for customers and just playing cards for a while is looking awfully tempting.

[Raven]

[ QUOTE ]

People who are talking about needing US$100K to 200K to replace a US$50K annual salary are indicating that they have absurdly high risk premiums. Which strikes me as bizarre, considering that we're all here to discuss poker. Hello! We're gamblers, right?



[/ QUOTE ]

I'm a gambler when I play poker, not when I manage my money (oh ok, just a little bit but its with a little percentage of it).