Playing for a living formulae

[Perseus]

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I'm not sure which thread.

but 500BB's plus 3-4 months of your estimated monthly-nut (always rounding up) should be sufficient.


So if you are a 5/10 player with an estimated monthly-nut of $2k then:
$5k + $8k = $13k for total bankroll should hopefully be enough where you don't get TOO uncomfortable when you hit those annoying downswings.

Obviously if you have a huge downswing then you'll have to consider dropping levels to rebuild your roll.

I prefer even a little more cushion then these numbers actually...but it's up to the individual of course.

[/ QUOTE ]

This is good. I would also add that if your fiance is making a steady income you could get away with a little less IF you had to, such as 10k, but the more you have the easier it is. This also depends on the financial situation you two have.

Also, whatever you do be conservative in planning. If you think you need 2k a month to survive remember to add for taxes, savings, and emergencies. I build taxes and savings into my monthly nut and then I add 500 dollars...

Also if you are a 1.5bb/100 player make your plan based around 1bb/100. Being conservative while planning takes a lot of stress off the bad months and makes the good months that much better.

[Snoogins47]

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Also if you are a 1.5bb/100 player make your plan based around 1bb/100. Being conservative while planning takes a lot of stress off the bad months and makes the good months that much better.

[/ QUOTE ]

Do this.

[LImitPlayer]

Where do you people get your monthly nut figures from?

I have read many posts that say people have monthly nuts of 2K-3K etc, my question is how in the hell do you people do it?

I don't think I'm extravegant by any stech of the imagination but my monthly nut is about 6K monthly.

How do you live off of a 2-3K monthly nut?

[ QUOTE ]
Where do you people get your monthly nut figures from?

I have read many posts that say people have monthly nuts of 2K-3K etc, my question is how in the hell do you people do it?

I don't think I'm extravegant by any stech of the imagination but my monthly nut is about 6K monthly.

How do you live off of a 2-3K monthly nut?

[/ QUOTE ]

Totally. I have a fairly reasonable mortgage, 1 car payment (not an expensive one), a couple credit cards, and my student loans, plus groceries etc. Mine is at least $4500 a month.

[Snoogins47]

[ QUOTE ]
Where do you people get your monthly nut figures from?

I have read many posts that say people have monthly nuts of 2K-3K etc, my question is how in the hell do you people do it?

I don't think I'm extravegant by any stech of the imagination but my monthly nut is about 6K monthly.

How do you live off of a 2-3K monthly nut?

[/ QUOTE ]

Rent a room for $500 a month with utilities included, car payments of $350, BlueCross/BlueShield for $120, throw in food and gas... living the good life, for sure.

My freshman year of college I was paying no more than $400 a month for rent and utilities. It took a mediocre townhouse with 4 roommates to do so, but hey, we had cable, broadband, and everything else we needed.

Doesn't make it glamorous, or even comfortable, but it's definitely possible, for whatever that's worth.

[Perseus]

[ QUOTE ]
Where do you people get your monthly nut figures from?

I have read many posts that say people have monthly nuts of 2K-3K etc, my question is how in the hell do you people do it?

I don't think I'm extravegant by any stech of the imagination but my monthly nut is about 6K monthly.

How do you live off of a 2-3K monthly nut?

[/ QUOTE ]

This is my monthly estimated expenses for November.

I am super conservative with this so I usually end up only spending 4k, but 5k is my goal. Any extra money goes towards my bankroll.

Also note that this is more than I need to survive, so if it's coming down to it I don't need to spend 50 dollars on music or books a month, but I would never let myself get into the situation where I'd have to cut it out.

I got screwed with health insurance due to my own idiocy. I was dropped off my parents plan a few months ago after graduation and didn't properly take care of the situation, thus I am forced to pay this rediculous amount for one more month before I go find something cheaper...so that number should drop to 150-200.

Lastly, taxes is probably over conservative and I'm going to HR Block next week to discuss a better estimate, so that will change.

Living Expenses

Minimal

Rent 400
UT 100
Health 450
Car/gas 250
Food 500
Clothes 200
Clout 100
Dell 75
Providian 75
Fleet 50

Haircut 20
Gym 35
Eye 35
Newspaper 10
Bath Stuff 30
Music 50
Books 50
Meds 100
Other 520


3050



Savings

Long Term 800
Retirement 200

1000




All Taxes

Taxes 1000



Total: 5050

[12AX7]

Been doing it my whole life, or even less. And heck I have a degree in Comp. Sci. and have worked an many Fort. 500's including IBM itself. Because I had to. Best I ever did was about 100K a year during the Y2K debacle when mainframe programmers were in short supply. Most years 50-60K as more typical recently.

6K/month nut means you have to earn soemthing in the six figures a year right?

Most folks don't earn six figures.

I'd say you're in the upper class and appear clueless about most folks lives.

No disrespect intended. Just waking ya up to reality for the majority.

And you know what. It f'cking sux. 20 years as a degreed professional in corp. USA and still having to consider money issues and wondering "when do I get to the upper class life I was aiming for?"

Far as I'm concerned Wall Street has screwed most of us... more severely since the '87 crash to be sure.

We ought to be revolting against it. But we're sheep. Or perhaps more correctly the fishies of the upper echelon. LOL!

Anyway, so when I read, Ed Miller saying folks make 200K playing poker, I have to wonder how stupid am I that I've read his stuff and struggle to break even.

Or those folks that talk about how awful life is as an online pro.

I say screw being a working class slave. If you are making high five or six figures at poker, count your blessings.

Anyway, I actually agree with you. Given home prices today, a 6K nut is realistic for a family man. A 6 figure income is almost mandatory these days to live decently. But the freaken job market doesn't support it in general. And most folks are trapped.

For several decades now a home has been a two-average-incomes proposition.

So they ship jobs overseas and are trying to make us compete dollar for dollar with labor costs in India... but are prices for the basics going to come down in line with that? Fat chance. (What's the probability of that all you math wizards?)

We ought to be holding our leaders feet to the fire on these issues.

But again. We are thier fishies.

[w_alloy]

[ QUOTE ]
Far as I'm concerned Wall Street has screwed most of us... more severely since the '87 crash to be sure.

We ought to be revolting against it. But we're sheep.

[/ QUOTE ]

[ QUOTE ]
So they ship jobs overseas and are trying to make us compete dollar for dollar with labor costs in India... but are prices for the basics going to come down in line with that? Fat chance

[/ QUOTE ]

Then

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I have to wonder how stupid am I that I've read his stuff and struggle to break even.

[/ QUOTE ]

I dont wonder.

Oh, and in regards to
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Or those folks that talk about how awful life is as an online pro. I say screw being a working class slave. If you are making high five or six figures at poker, count your blessings.

[/ QUOTE ]

I make 6 figures but will hopefully quit playing altogether as soon as I graduate, and will be happy to make 45k or w/e. At least thats how I feel now. I am investing and saving half my income in preperation for this.

[LImitPlayer]

[ QUOTE ]
I'd say you're in the upper class and appear clueless about most folks lives

[/ QUOTE ]

I wouldn't say I'm upper class, We live way below our means and about the only out of line thing thing I have is my car.

I wasn't sure exactly what my monthly nut was so I figured it out and it was close. It was $6,600.00 This does not include things like going out, household repairs, dentist bills clothes, hair cuts, toys for my daughter, toys for me etc. etc.
I'd say that once you added up all the other misc expenses
that are not listed here I'd be closer to 8K/month unless we became hermits.

Morgatge and prpoerty taxes$2,249.17
Car #1 936.82
Car #2 308.59
Car Insurance 308.59
House Insurance 20.75
Gas (auto) 600.00
Utilities 150.00
Phone 60.00
Cell Phone 50.00
Cable/Internet 110.00
Gym memberships 105.00
Groceries 1,000.00
Daycare 700.00


Other then the 1 car I can't see any expenses that are out of line. Maybe I just don't have a clue?

A $936 a month car payment? WTF do you drive, a Lamborghini?