Bankroll ?

i have read this, different values from different places...but what is the general consensus of what sort of bankroll you need to play cards for a living? say i play recreationally and win, and want to quit my job to play, hypothetically. what's the value i'd need to have for a bankroll compared to the limit of the game i played? and more specifically, say it's 2-4, or 3-6?

[dogmeat]

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.

Good luck.

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

[Jimbo]

dogmeat,

I just bookmarked your post, This is the best, most concise explanation without too many technical aspects for the average reader I have ever seen in print.

[dogmeat]

[ QUOTE ]
dogmeat,

I just bookmarked your post, This is the best, most concise explanation without too many technical aspects for the average reader I have ever seen in print.

[/ QUOTE ]

Thank you, 2+2 is a good training ground with many good teachers.

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

Either on topic or off: how do you "pay" yourself out of BR? How often do you remove money from your BR for your expenses, and how much?

[dogmeat]

[ QUOTE ]
Either on topic or off: how do you "pay" yourself out of BR? How often do you remove money from your BR for your expenses, and how much?

[/ QUOTE ]

I take out enough each week to keep up with my mortgage and other bills. I pay taxes quarterly to the IRS using the forms they send me - this after filing gaming winnings on my return several years ago. I have to pay 15% for Social Security, and then the standard rates after filing my annual return with a schedule C for gaming income. This allows me to deduct things like my car expenses, computer, internet, travel, lodging etc.

I suggest you make a budget, then figure out how much you need to pay for it each week. Pull this amount and 10% more for extra savings each week. Anything left over you can build your bankroll with.

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

How do you use money for luxuries? Your plan sounds like it would cover expenses, but doesn't necessarily outline how much extra money you get on top of that for having a good time. What sort of earnings would you require to live thin? Live well? Live it up? Do you spend more in good months vs bad months?

Is the default location for your money inside your BR or outside your BR?

[Sniper]

[ QUOTE ]
How do you use money for luxuries?

[/ QUOTE ]

Luxuries should be built into your expense budget, as should some amount for unexpected expenses, and also some amount for retirement savings.

Obviously, you should also be doing a periodic review of your financial situation.

[Jimbo]

[ QUOTE ]
[ QUOTE ]
dogmeat,

I just bookmarked your post, This is the best, most concise explanation without too many technical aspects for the average reader I have ever seen in print.

[/ QUOTE ]

Thank you, 2+2 is a good training ground with many good teachers.

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

[/ QUOTE ]

Don't go getting a big head, I didn't learn anything from your post. I just meant it was concise, simple and accurate.

[img]/images/graemlins/smile.gif[/img] [img]/images/graemlins/smile.gif[/img]

[dogmeat]

[ QUOTE ]
How do you use money for luxuries? Your plan sounds like it would cover expenses, but doesn't necessarily outline how much extra money you get on top of that for having a good time. What sort of earnings would you require to live thin? Live well? Live it up? Do you spend more in good months vs bad months?

Is the default location for your money inside your BR or outside your BR?

[/ QUOTE ]

I'm not sure your are trying to be funny, or not.........

I can't live thin, I have a family.

EVERYBODY should have a budget, but I'd be willing to bet 85% of everybody that reads this does not. Figure your expenses (including household, mortgage/rent, car and travel expenses, food, clothes, gifts, vacation, EVERYTHING you can think of) and then know you must make this as a minimum every month - and anything above you can split between added savings account and building your bankroll.

We do spend more when things are running very well.

I can't speak for anybody but myself, but I have a Roth IRA for every member of the family. We have savings accounts for vacations (2-3 minimum a year, and at least a couple days out of town every 6-8 weeks), savings for any other items.

Poker bankroll is it's own entity, and spread between checking, my pocket, online teller, and several poker sites.

Want to make money? Buy your own home, save at least 10% of everything you make, and look for some type of investment such as a small business (that you have researched to the max) or a second home.

If you have zero investments, how are you going to live in the future?

No offense to the readers and posters here, but the worst thing I read in posts is about a player that is in the $1000NL or $30/$60 range and they are living in an apartment.

Don't work for money, make your money work for you!

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