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| Medium Stakes PL/NL Discussions about medium stakes pot-limit and no-limit hold'em (2-4 to 5-10) |
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View Poll Results: How many months living expenses do you set aside from bankroll/investments?
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3 months
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8 |
3.57% |
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6 months
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31 |
13.84% |
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12 months
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23 |
10.27% |
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More than 12 months
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79 |
35.27% |
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What's an emergency fund?
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43 |
19.20% |
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BASTARD
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40 |
17.86% |
07-08-2012, 08:53 PM
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#31
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Pooh-Bah
Join Date: Jun 2010
Posts: 4,838
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Re: How many months expenses do you set aside?
People actually have jobs and grind MSNL?
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07-08-2012, 09:25 PM
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#32
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Pooh-Bah
Join Date: Feb 2007
Location: Grinding
Posts: 5,104
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Re: How many months expenses do you set aside?
I had a years worth of expenses saved up before BF...now I know that was too little.
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07-08-2012, 09:35 PM
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#33
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Carpal \'Tunnel
Join Date: Mar 2008
Posts: 11,553
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Re: How many months expenses do you set aside?
I was always curious: if you have a year set aside and live for a month do you now have 11 months? Is this an emergency fund or like prepaid living expense? How far into that do you dip before cashing out? do you just wait for a big month and then reset? seems like you have to live out of your roll at least indirectly unless you're backed for everything.
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07-08-2012, 10:01 PM
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#34
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veteran
Join Date: Dec 2006
Location: @betapluxx
Posts: 3,357
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Re: How many months expenses do you set aside?
All you need is a bridge and some china powder.
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07-09-2012, 04:26 AM
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#35
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adept
Join Date: May 2006
Posts: 764
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Re: How many months expenses do you set aside?
Quote:
Originally Posted by bobboufl11
I was always curious: if you have a year set aside and live for a month do you now have 11 months? Is this an emergency fund or like prepaid living expense? How far into that do you dip before cashing out? do you just wait for a big month and then reset? seems like you have to live out of your roll at least indirectly unless you're backed for everything.
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you move from cheaper place to cheaper place so you always have 12 months living expenses, eventually finishing off your downswing in India.
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07-09-2012, 04:46 AM
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#36
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veteran
Join Date: Dec 2009
Location: Prague
Posts: 3,172
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Re: How many months expenses do you set aside?
Quote:
Originally Posted by MaliceUW
I never understand when people say stuff like this, if you don't have other things in your life you find more enjoyable than work/poker, then you need to reassess.
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So I like poker and that surprises you? I def have other interests in life, but I'm just saying I dont think there will be a day when I'm 100% done with poker.
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07-09-2012, 06:51 AM
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#37
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Pooh-Bah
Join Date: Dec 2007
Location: lawyering
Posts: 5,158
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Re: How many months expenses do you set aside?
Quote:
Originally Posted by NCSU07
So I like poker and that surprises you? I def have other interests in life, but I'm just saying I dont think there will be a day when I'm 100% done with poker.
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Right, my point was that "liking" something is all relative, and I doubt many people are going to find poker high on their list after grinding for multiple years, so our goal should be to retire as early as possible while maintaining a relatively good life in the meantime.
When I say "retire" or "be done with poker" I really mean "no demand to earn income from that outlet anymore," as I too doubt poker will completely vanish from a former professional's life.
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07-09-2012, 07:13 AM
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#38
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Carpal \'Tunnel
Join Date: Apr 2008
Location: eating whale
Posts: 8,033
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Re: How many months expenses do you set aside?
if i'm still grinding poker in my 40's I would not be happy about it
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07-10-2012, 01:39 PM
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#39
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Pooh-Bah
Join Date: Nov 2009
Location: Needs more stakees
Posts: 3,790
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Re: How many months expenses do you set aside?
if im still grinding like 3 years from now i will not ba happy about it, and that may even be long.
Also, this thread is making me feel both nitty and poor at the same time. thanks guise
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07-10-2012, 01:46 PM
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#40
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old hand
Join Date: Mar 2007
Location: yoloprecalls/London
Posts: 1,480
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Re: How many months expenses do you set aside?
abouyt 10 years? I'm a nit when it comes to this stuff though.
I still look forward to grinding poker in the next 5 years, or even longer because I still really enjoy playing. I'm in my early 20's though, so that probably makes a difference.
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07-10-2012, 01:51 PM
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#41
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Pooh-Bah
Join Date: Nov 2009
Location: Needs more stakees
Posts: 3,790
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Re: How many months expenses do you set aside?
i still enjoy poker, but worry about the opportunity cost of doing this too long, and missing out on other opportunities. Specifically entering the workforce too late, and the diminishing value of my degree the farther out i get from it. 3 years was just a random number i picked, but i think it seems about right. tbf i havent exactly been crushing games lately which is probably affecting my outlook.
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07-10-2012, 01:55 PM
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#42
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adept
Join Date: Jul 2007
Posts: 1,006
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Re: How many months expenses do you set aside?
~12 months in cash, way more in different kinds of investments but no plan touching those. I live out of my BR though, in larger downswings I let it be and grab money out of my safety net and rebuild it when I am out of the downswing.
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07-10-2012, 02:05 PM
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#43
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grinder
Join Date: Jul 2010
Location: money doesn't talk it swears
Posts: 525
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Re: How many months expenses do you set aside?
Quote:
Originally Posted by MaliceUW
Right, my point was that "liking" something is all relative, and I doubt many people are going to find poker high on their list after grinding for multiple years, so our goal should be to retire as early as possible while maintaining a relatively good life in the meantime.
When I say "retire" or "be done with poker" I really mean "no demand to earn income from that outlet anymore," as I too doubt poker will completely vanish from a former professional's life.
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I love poker, there's almost nothing I enjoy doing more. I can't imagine playing poker if I didn't enjoy it; I think it would be such a soulless/awful job if I lost my passion for it that I'd just get a normal job.
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07-10-2012, 02:06 PM
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#44
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grinder
Join Date: Jul 2010
Location: money doesn't talk it swears
Posts: 525
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Re: How many months expenses do you set aside?
Quote:
Originally Posted by MaliceUW
Right, my point was that "liking" something is all relative, and I doubt many people are going to find poker high on their list after grinding for multiple years, so our goal should be to retire as early as possible while maintaining a relatively good life in the meantime.
When I say "retire" or "be done with poker" I really mean "no demand to earn income from that outlet anymore," as I too doubt poker will completely vanish from a former professional's life.
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I love poker, there's almost nothing I enjoy doing more. I can't imagine playing poker if I didn't enjoy it; I think it would be such a soulless/awful job if I lost my passion for it. If I could make a living playing online poker in my 40s I would be thrilled.
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07-10-2012, 02:25 PM
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#45
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Carpal \'Tunnel
Join Date: Jun 2006
Location: 39, 46, 56, 59, 191
Posts: 39,784
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Re: How many months expenses do you set aside?
6 months, 0 with a halftime job or the like that roughly covers rent of a crappier place/insurance and so forth+ low end food i.e. somewhat over minimum living conditions.
Kind of depends on how quickly you think you can get a job, how fixed your spending is, how quickly you can detect that you should move down (and do it) and how willing you are to adjust your spending.
I'd guess 2 years+ with a family that depends on your income.
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