Playing for a living formulae

[Gandor]

I know this has been posted before, but I'm at work, and I suck with the search function. I'm hoping someone has the thread as a favorite. My fiance is finishing up her medical residency and will soon be getting a real doctor job. This will mean quitting my job to relocate. While looking for a new job, I will be playing considerably more poker online to make up for it.

A while back someone had posted a formula that took income amount, living expenses, win-rate, SD and other factors into account. If anyone remembers the thread or has it as a favorite, a link to it would be greatly appreciated.

Thanks,

[MicroBob]

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.

[Perseus]

[ QUOTE ]
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.

[dogmeat]

Not sure which one you ment, but here is one:

The size of your bankroll has a lot of elements to it. Generally, players learn to live with about 300x their table limt bet (for $3/$6, that would be $1800). This takes for granted the idea that you are a proven, winning player, and make over 1.5 big bets per 100 hands. This should give you an element of ruin of less than 5% (your chance of going broke - baring poor play and tilt).

Personally,I prefer to have 25 times my standard deviation as a minimum. My SD is about 16 units. If I was playing $3/$6, that would mean for any 100 hands, my standard + or - would be $96. 25x that gives me $2400 for my "comfortable" bankroll.

Next, consider the aspect of "savings" - not playing bankroll, but the actual money you socked away to pay all of your possible expenses for at least three months. Again, I prefer six months of savings. This will allow you to weather any storm of poor/unlucky play and still pay your bills without touching your "playing bankroll."

So, If you are going to play $3/$6 and have a monthly nut of $2500 (your mandatory expenses), then you need at least $7500 in savings, and a bankroll of at least $1800. If you win 1.5 big bets or $9 per 100 hands, and play 60 hands per hour, you need to log 278 table hours of play to pay your bills. If your log 300 table hours, you can expect to add $207 to your bankroll each month.

If you play 3 tables at one time, and still make 1.5BB per 100 hands, you need to work 100 hours per month to do the above.

Dogmeat [img]/images/graemlins/spade.gif[/img]

[BigBaitsim (milo)]

500BB + 4 months MINIMUM.

If you play shorthanded primarily, I'd suggest more. Bottom line, you want to never have to worry about not making your monthly nut.

[Snoogins47]

[ QUOTE ]

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