That's the thing. You started to play poker and got better because you loved the game and kept improving. Lots of people lose this feeling as soon as poker transitions from being a hobby to being a job.

Not too different from other people who were to turn a hobby into a profession. I'm pretty sure Peyton Manning will always love the game of football, but I highly doubt he'll miss training camp and all kinds of other stuff that comes from being a pro player.

if you have to live in a modern house or apartment and aren't single...and if you need to go out for steak and sushi and go out for drinks all the time...not far.

if you want to rent a room in your town for $450 a month and travel to countries (especially cheaper ones) i think you'd be fine. hell, if you're really adventurous you could have no home and live in hostels and rentals abroad for very cheaply per night or per month.

if you don't want to travel you can stay home and get a decent place for $800 a month, drive a modest car, have a smartphone, go out occasionally and grocery shop for your meals. Not saying it's always gonna be awesome...but ****...most people work 40 hours a week for that kind of life. at least you have your freedom.

as far as inflation goes...yeah that does propose a grimmer outlook. although since the early 90s i think min wage has only gone up a few dollars.

Not even counting taxes, there are MANY numerous problems with that plan.

I think that it makes perfect sense to take 90 percent of ME winnings and run, and maybe continue to play the $1,500 to $5,000 tournament circuit. In addition to this buy-in range giving some nice structures, it will keep the sponsors happy and additional revenue sources flowing.

With cash games, chances are you ship back a significant percentage of the winnings by the time you learn how to float.

There are ME winners like Duhamel, Cada, and Merson who have thrived in their respective ways in poker. Maintaining a public profile playing poker has been a big part of it. I'm sure Jacobson has not given up poker, though I did not see much of him at WSOP. Who else?

$500k would do the trick for me personally. Id be having less expenses than I have today with a house paid for aswell as a savings account opened/investments made. Obviously id still need a job but only 50% or nano/smallstakes poker if ms doesnt work out anymore, my wifey would still work(she loves work so no loss there) and we would live comfortably/better than most. Comparing to the ones we would live amongst/neighbours etc.

$1m+ would be dream come true.

i like it.

few points this firstly does not take into account inflation what $2000 buys today it may not in the future. secondly 2.5% on any kind of investment should not be unrealistic. I mean I know people say any investment is a risk but seriously in the uk you can buy a 4 bedroom house of reasonable quality for £300,000 grand. typically a $1 mil is about £600,000 so you would expect at least 300 per room etc. which would give us £2400 a year from both properties. netting 4.8% of course you have to factor in tax repair bills maintenance bills etc. I have heard that typical annual expenditure is about 10% but of course there are actually people that have made the money and now live as a landlord doing this living near me who I have never met on these forums maybe they know more then me lol.

but anyway we can call 2160 now factor in tax etc not quite sure how it works for landlords but basically id still expect to see 1500-1800 a month from this once all things are taken into consideration remember property may be vacant for some periods etc.

its not a great wage and it depends what people want in life, but yes one could survive on that.

My question was more aiming at winning the main event.

if your going to win $8million thats about £5mil.

300,000*16=4.8 mil.

so one could buy 16 houses like this. which would bring in rental yield of 1200*16=£19200 a month!

dont get me wrong if you factored in taxes repairs maintence vacant periods and etc, your looking at quite a bit less then that, but seriously if you at this point you cannot live of the money well then I dont know what to say.

So this strategy involves me being 22 and staying 22 for the next 40 years, with the same lifestyle, responsibilities, expenses and goals?

Stick it all in low cost index funds and each year withdraw a fraction of your total funds proportional to your your predicted remaining life expectancy.

Starting with ~£600k (ie: $1M) you should be able to get at least the the UK average wage for the rest of your life.

Juk

look big baller, all i'm saying is it can be done. do you have to like it? no.
you can do it however you'd like. maybe you could still enjoy your chili's and ps4 games if you invest it wisely!

my father is elderly and lives off only social security and veteran benefits and he's in his 60s (my dad is not 22). gets about 2k per month and has no savings. it sucks because that's very little money but he has his own place in the mountains in Colorado and gets by fine.

it's not a strategy so much as the notion of avoiding work/poker until the sweet release of death.

It's funny how life works.

My grandmother had a little too much money and wasn't eligble for Medicare, until she ran into health issues and had to drain all of her life savings. I guess you can't take it with you.

yeah it's so hard to predict what can happen. my father used to own a mattress company in florida and was very successful. he then ran super bad in a ton of areas of life and lost everything.

now i pay his cell phone bill.

perhaps why i think having a guaranteed 25k for the next 40 years would be awesome!

Okay, maybe it would be enough to live some kind of subsistence lifestyle with help from family members (though also presumably not trying to raise a family) and assuming some really low levels of inflation over the next 40 years.

But that's not exactly "you can travel the world and have hobbies and not stress about money with $1M over 40 years."

Fair enough, i guess i'm just saying that because i'd be traveling mostly to places where i'd get more value per $.

and i'm a touring musician. we're all broke and we figure out how to keep beers coming and keep doing our thing...with almost no money.

Just an FYI, as inflation increases, interest rates tend to go up as well, increasing returns on investments.

No

Interest rates. Forgot the interest rates. In this 0.250% day and age, these will kill you every time. Because the ROI of sensible gambling is so much higher. Maybe the real question is would you quit gambling with the lion's share of the money won.

$4 million (after tax) is too much to put toward poker alone. Unless you are really really good or have great big... a lot of poker players get into all kinds of investment things: real estate, restaurants, dispensaries, sites.

But "this day and age" is just a snapshot, nothing more. Apart from the FED going to do something about that very soon, none of us have any idea how interest rates might look in 10 years. Just take a look at the historical development.

I think these dudes were well established before the ME binks, is Dennis Phillips the only non pro to have success after the ME?

"Inflation and interest rates are linked, and frequently referenced in macroeconomics."

In general, as interest rates are lowered, more people are able to borrow more money. The result is that consumers have more money to spend, causing the economy to grow and inflation to increase. The opposite holds true for rising interest rates. As interest rates are increased, consumers tend to have less money to spend. With less spending, the economy slows and inflation decreases.

http://www.investopedia.com/ask/answ...lationship.asp

Looks like as good a thread as any to post one of the best pieces of gambling advice I've ever heard: as told by a successful, wealth businessman explaining why he plays $1 $2 NL and gave up the pit entirely. "I could never win enough such that it would change my life. But, I could lose enough that it would!"

You don't have to live a "Baller" life.

but thats the reason why if I won the main event of world series I would be cautious about going crazy etc.

I would ultimately decide I think to invest the lot in property, then I could play as much poker as I like from my rental income.

Buying property as an investment is obviously one reasonable way for a decent ROI, but you have to know what you are doing. It is also an easy way to lose a lot of money. Tons of people have gone busto with it. Especially if the housing market is overheating, as it is in these times of low interest rates at many places.

But of course buying a property for yourself immediately with your winnings alone is great, as it means no mortgage interests/rents anymore.

Just another kid with a dream.