Playing for a living (long)

Gomez22 · #1 10-05-2005, 10:23 AM

Yesterday, I lost my job due to a conflict of interests (another long story) in a family run business of which I was a shareholder and VP of the Corp.

That being said, it's a given that my mind has been racing for the last 24 hours. Given the situation, I think there is a possibility (20%) that I may be asked to come back, but there will be some stern negotiations if that is the case. Now for the meat of this post.

I've been playing for 3 years, starting in limit ring, moving to NL, back to limit, and in the past fedw months to SNGs, where I have had my greatest success. I haven't played a high volume, as my work used to take up alot of my time. I have previously played 5, 6, 10, 15, & 20 SNGs, and my stats for each are as follows (I know about small sample sizes, etc. but I want to post all pertinent information):

$5/$6 SNGS: 169 played; 31.33% ROI
$10 SNGS: 95 played; 25.55% ROI
$15 SNGS: 48 played; 16.34% ROI
$20 SNGS: 93 played; 21.21% ROI

As close as I can figure, over 405 SNGs at various levels, I'm +23.42% ROI.

I don't consider myself a great player, but not a bad one either, maybe more like middle of the road/average.

I would like opinions and thoughts of players that play for a living, and are not just college students, but those that actually support a family, own a home, etc. about my situation.

Our monthly "nut" is about $3K (a little high, but better to be high than low) and my wife brings home about $1K/month. We currently have about 3 months worth of expenses saved, and my poker BR is $1K (It was much higher, but she's going back to school, and we just bought new mattresses, so that hit the BR by about $3K for both).

If I 4-table the $10's until I get to around $1500, and move back to the $20's, I figure it's going to take about 790 SNGs/month to reach that goal (maybe 26/day... not too difficult, but more than I have played in any one day before). If I could maintain 20% at the 20's, that would come out to 454/month, or 15/day.

Basically, I would like some honest opinions about playing SNGs for a living from those that do, and more importantly, what kinds of things should I be thinking about in regards to playing for a living (if that is indeed what I end up doing).

I don't think I am going to make any concrete decisions about what exactly I am going to do for another week or so, but I am trying to plan some things out now so that my decision making process is easier when the time comes. I may look for another job immediately, I may try playing for a few months, I'm just not real sure right now, and this feeling is one I am totally unfamiliar with.

I also have a few questions for those that play for a living:

1. How do you go about withdraws? Do you make a set amount each month, biweekly? Do you just take a % of your winnings out? I had thought to make 2 WDs/month, around the middle and end of roughly what I and my wife need to pay bills and survive.

2. Are you generally much tighter with BR management? I had previously played SNGs with a 50 buy-in BR, but if I DO end up doing this for a living, I think I might want to move to 75 or maybe even 100.

3. Were you "forced" into this decision or was it choice? How long ahve you been doing it? Are you happy with your decision?

4. What kind (if any) tax problems am I looking at? (I plan to report everything, but is there anything specific I need to do if I choose this path?)

Any and all advice would be greatly appreciated, serious replies only, please...

Thanks alot,
'Mez

johnnybeef · #2 10-05-2005, 10:32 AM

Given your monthly nut, there is no way you will be able to support your family on your poker skill unless you can beat the 55s at the very least. Considering that you said you are very middle of the road, this really isnt an option for you.

lorinda · #3 10-05-2005, 10:36 AM

As always I'm really against making a reply that could lead to someone taking the "wrong" (for them) life decision.

I think you should treat a month as if it only has 24 days in it when doing the math, to allow for burnout and other related poker afflictions. You also need to add 500 to your nut because most people go crazy if they don't actually increase their bankroll.

For others that may reply, I know that Gomez is at least a thinking player. I don't really know his skill level, but he's certainly not the standard "I want to play poker, I'm da best" type person we get on here from time to time.

If I had to guess, I'd say you should try for a month and if it's not for you then use your 2-3 months savings to go find a job. That would all seem logical.

Lori

lorinda · #4 10-05-2005, 10:39 AM

[ QUOTE ]
1. How do you go about withdraws? Do you make a set amount each month, biweekly? Do you just take a % of your winnings out? I had thought to make 2 WDs/month, around the middle and end of roughly what I and my wife need to pay bills and survive.

[/ QUOTE ]

The sad truth is that these schemes tend not to work.
I can't speak for everyone, but I'm willing to guess the most common answer is "You withdraw it when you have got it"

Lori

Mr_J · #5 10-05-2005, 10:41 AM

"on your poker skill unless you can beat the 55s at the very least."

Are you saying that it's hard to make 2-3k a month at the 22s or 33s??

To OP, you probally want a larger sample. Your results are promising so far, but you don't really know what to expect ROI wise. You don't need anything even close to $1500 for the $22s. Move up now (assuming you have $500+) and don't drop down unless you fall to $330.

pooh74 · #6 10-05-2005, 10:43 AM

[ QUOTE ]
[ QUOTE ]
1. How do you go about withdraws? Do you make a set amount each month, biweekly? Do you just take a % of your winnings out? I had thought to make 2 WDs/month, around the middle and end of roughly what I and my wife need to pay bills and survive.

[/ QUOTE ]

The sad truth is that these schemes tend not to work.
I can't speak for everyone, but I'm willing to guess the most common answer is "You withdraw it when you have got it"

Lori

[/ QUOTE ]

exactly. I might withdraw 5 times one month and then not at all for two. I couldnt imagine doing this for a living. I shouldnt even be on this thread.

Nicholasp27 · #7 10-05-2005, 10:46 AM

i don't play for a living, but it seems like it's gonna be closer to a real estate agent than an office worker...some months you might make 2-3 months worth of bills...other months you might not make anything, or even lose some...so you should have a big enough br that you can take some out for bills if necessary and/or have enough savings to get you through those months...and the months you make 5k, keep the extra k in the bank instead of spending it on trips, etc so u can easily take the downswing that may hit the following month

MegaBet · #8 10-05-2005, 10:47 AM

I withdraw my winnings at the end of the month and return my bankroll to what it was at the start of the month. This is my monthly "salary".

pooh74 · #9 10-05-2005, 10:53 AM

[ QUOTE ]
I withdraw my winnings at the end of the month and return my bankroll to what it was at the start of the month. This is my monthly "salary".

[/ QUOTE ]

So you don't feel the need to grow your BR? What BI do you play?

Gomez22 · #10 10-05-2005, 10:55 AM

Thanks for the kind words, Lori.

I am merely here looking for opinions from those that are more experienced and already do this for a type of living, and am trying to weigh all my options as carefully as possible for the time being.

I have never attempted to play the 33's or higher, as before, I only played poker to be able to get another 200-400/month for "fun money".

I also don't like to overstate any of my playing abilities, and would rather understate them, if anything. I realize that it is a very difficult road to walk (playing for a living) and will be something that I am not entirely accustomed to. In some ways, it seems like something I can try, but in others, it is very scary.