Good Financial Plan?

GeorgeF · #1 08-19-2005, 10:46 AM

vacation home/investment property

Landlord is a skill which you will need to develop first. Absentee landlord is the hardest type to be.

AC is not Vegas and it unlikely to become Vegas. It will have to compete with the internet and all the other second and third tier gambling towns, and in the future places like Macau.

I don't think you have the finances to aford the luxury of a vaction home. If you include possible gambling losses I think you will be negative cash flow.

I suggest you work at improving your job/earned income. See if you can get work in a cheaper area.

1)You also need to understand that the large number of bad poker players fueling your returns are not going to last for ever. It is a fad.
2) Your poker winnings could be luck.

Jeffage · #2 08-19-2005, 05:30 PM

Interesting thoughts about AC...do you actually think a condo there would lose money? I doubt that would be the case; the city is definitely trending up and could (at the very least) compete with neighboring shore towns (Margate, etc) which have a hot real estate market.

As for the earned income thing, I don't know many people (that aren't in a field like computer programming) earning more than I do at my age (25). I picked a crappy major probably, but I like my job and could ultimately make more money soon. That being said, becoming a pro poker player is always something in the back of my mind, even though it's probably not the best idea.

My poker winnings are not luck. I have paid taxes on significant winning for the past few years now. You could be right the games won't stay as good forever, but I was making money before this explosion (obv. more now).

If you're in my case with a good amount of liquid cash at a young age...what's you plan so you don't work your whole life? I put lots in 401k and invest a good bit (Merryl Lynch guy does legwork). I'd like to buy real estate, etc. Play poker, invest, maybe have other business interests. I'm young, but I'm already tired of working for others, even though I like my job (as far as jobs go).

Jeff