Cashing out plans?? do they work

[Bonafone]

Well the past few months I've been tyring to build my roll and haven't cashed out a dime of my profits. Now that I have a healthy roll (Over 200 buy ins) I want to begin to invest and bring out some spending money for trips and such. I was just wondering if any stt'ers did held a plan like this or if they just cashed out as needed. Heres my plan:

After taxes:

Invest 35% of my monthly winnings
Cashout for spending money 10% along with full rakeback.
Let the rest add up in my Neteller account.

I have a healthy bankroll as well. I keep 100 buyins. Every week I cashout whatever is above that (plus rakeback).

Seems to be working... I know I should probably work on building up my bankroll but I have a $4000 debt to pay off which I plan to pay off in 2 months (or less depending on how much I can play) [img]/images/graemlins/smile.gif[/img]

Cheers

[Apathy]

You are smart to be planning for this sort of thing.

This isn't really the right forum for good answers on this but I'll help you anyone.

Read Ed Miller's series of articles about becoming a pro and money management, he has some good idea's. The articles can be found in the 2+2 internet magazine on this site.

Also for liquid investment (which is important as a poker player imo) I highly reccomend ING Direct as a safe way to save money, earn interest etc.

[tshort]

I would invest all of your winnings in the London stock market. Party Gaming might be a good choice.

Why on earth would you keep large sumps of money in neteller? At a minimum there are several internet based banks that offer a mild return on savings. There are many other ways that are both profitable and more secure.

edit: I like the idea of your plan otherwise though. Very disciplined.

[Maulik]

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Also for liquid investment (which is important as a poker player imo) I highly reccomend Emmigrant Direct as a safe way to save money, earn interest etc.

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FYP they have higher interest rates. If you are serious about investing. The best way to go about this is getting a ROTH IRA with a firm like Vanguard and dumping that money into an S&P500 index fund. 10.5% annualised returns since 1900s.

[1C5]

S&P better than the DJI index?

[Maulik]

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S&P better than the DJI index?

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by a margin since 1955.

the margin

[Phill S]

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Why on earth would you keep large sumps of money in neteller? At a minimum there are several internet based banks that offer a mild return on savings. There are many other ways that are both profitable and more secure.

edit: I like the idea of your plan otherwise though. Very disciplined.

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Neteller is more secure than most seem to think.

Its FSA regulated, and whilst i admit it wont be as safe as a big bank would be, its certainly safer than keeping your money in a poker site; i accept this is less true nowadays, esp with party and empire being listed, but its still an argument with merit.

Phill

[mosdef]

[ QUOTE ]
The best way to go about this is getting a ROTH IRA with a firm like Vanguard and dumping that money into an S&P500 index fund. 10.5% annualised returns since 1900s.

[/ QUOTE ]

we're from canada, eh. we don't have roth iras. we only have rrsps, which are roughly equivalent to iras. and their limits are lower.