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#33
08-07-2005, 05:15 PM
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Re: Truth,the \"ideal\" purpose in attending college is NOT...
[ QUOTE ]
[ QUOTE ] I am still unsure about weather I should cut back on my hours. [/ QUOTE ] Whatever you do, Doc, don't bother with a dictionary. Just communicate with your patients by grunting and pointing. [/ QUOTE ] Come on buddy are you serious? One careless error and I am only able to communicate through grunting and pointing? cute though. [ QUOTE ] Tell me, which med school are you jamming through where there's time to screw around in online poker rooms for dozens of hours per week? Would that be the university of Neverland? Or is it Fantasy State College? [/ QUOTE ] I try to get in 24 hours per week. So exactly 2 dozen. I don't think you read the post carefully. I am not in medical school. I am an undergraduate in a premed program. [ QUOTE ] Also, this is the most bogus question concerning the most self-gratifying ego ride I have ever seen. You should have added a sex scene and mailed it to Penthouse. [/ QUOTE ] I diddn't intend for it to be a bogus question. You are right, I should have hadded a sex scene. I can think of one with me and this blonde girl and her hot freaky roommate if you want me to tell it. [img]/images/graemlins/smile.gif[/img] [ QUOTE ] And if your dad cannot top an online 30-60 player at his medical practice, he should do something else. Also, he should check on his kid's schooling. [/ QUOTE ] All doctors don't have their own practice. My dad is the director of an Emergency Room where we are from. Do you know how much an online 30-60 player makes 4 tabling? [ QUOTE ] If he's good at money management and is still covering your rent while you stream through cash like a rap artist locked in a jewellery store, then he's really not that good at it, is he? [/ QUOTE ] LOL. The rap artist line is golden (a little offensive to rap artists, but still golden). I don't think its quite that extreme, and I appreciate my dad not forcing me to pick up my own rent until my income became stable. My dad diddn't expect my income to become stable until I graduated medical school. So, poker is awesome to him. 
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#34
08-07-2005, 10:08 PM
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Re: This is sick.
Invest in real estate/raw land in an up and coming area and you will be set for the rest of your life. Where I live land was selling for 25K/acre less than 10 years ago. It now sells at 500K/acre inside the city.
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#35
08-07-2005, 10:17 PM
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Re: This is sick.
I have an idea.
Pay yourself a salary that is enough to live on plus have a little fun occasionally . This way you won't have all that money sloshing around burning a hole in your pocket. If you don't have easy access to the money you won't spend it.
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#36
08-07-2005, 11:15 PM
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Re: Hello,Truth! Who bankrolled U for 30/60 game?
[ QUOTE ]
In your position, saving 85% of your poker profits into investments that grow at 12% a year, and assuming a 6% after tax income rate from your capital when you begin to draw down, you would need to save 85% of your winnings every year for the next 12 years to replace a poker income that is very uncertain in the long term, and you will need around $4m in capital to replace $200k per annum. You will only be 34 and will probably be able to retire...so not too shabby. [/ QUOTE ] This seems excessive. If he's living off 30K, why does he need to replace the whole 200K? Even a fraction of that in passive income would be huge for most people. Not that it's not a good goal, but it shouldn't take 12 years to be comfortable at that income level.
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#37
08-08-2005, 02:20 AM
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Re: Hello,Truth! Who bankrolled U for 30/60 game?
[ QUOTE ]
[ QUOTE ] In your position, saving 85% of your poker profits into investments that grow at 12% a year, and assuming a 6% after tax income rate from your capital when you begin to draw down, you would need to save 85% of your winnings every year for the next 12 years to replace a poker income that is very uncertain in the long term, and you will need around $4m in capital to replace $200k per annum. You will only be 34 and will probably be able to retire...so not too shabby. [/ QUOTE ] This seems excessive. If he's living off 30K, why does he need to replace the whole 200K? Even a fraction of that in passive income would be huge for most people. Not that it's not a good goal, but it shouldn't take 12 years to be comfortable at that income level. [/ QUOTE ] These are pretty much just made up figures...but a 22 year old with rent paid should be able to live off 30k...with little incresaes each year from dividend income etc as living starts to become more expensive, on average, as you get older. With those figures however, it is about 12 years saving 85% to replace it all with passive income...but the personal comfort level of income is another figure that I would have no idea of how to estimate for anyone except myself...hence the 'replace it all' angle. Bingo
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