Las Vegas Poker Player Vlogs - Page 1363 - Las Vegas Lifestyle Forum - Las Vegas Entertainment and Living Information

When he came to Vegas I believe his net worth was 2K + the clothes on his back/in his trunk. Now his finances are such that he can rent a nice apartment, lease a decent car, purchase furniture and household appliances as needed, have a girlfriend and go on dates, and have sufficient cash to play 2/5 and lose 1k+ in a night without it being ruinous to his roll. He definitely is not properly rolled for 2/5 and likely not even 1/3, but it is ridiculous to suggest that his position has not substantially improved since he moved to Vegas.

His situation has improved since he came to Vegas. But that wasn't my question.

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03-06-2019 , 12:49 PM

#34052

CB3

enthusiast

Join Date: May 2011 Posts: 74

Quote:

Originally Posted by Pete_Peters

After federal and state tax, social security, Medicare, healthcare contribution, etc., you are lucky to take home 50% of your salary at that income level.

. .

This, and your previous post, is a well reasoned and thought out commentary. A nice moment of reality in this thread. Preach on, preacher.

Sent from my iPhone using Tapatalk

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03-06-2019 , 01:08 PM

#34053

Alpha Fish

Pooh-Bah

Join Date: Aug 2008 Posts: 3,829

Quote:

Originally Posted by Pete_Peters

After federal and state tax, social security, Medicare, healthcare contribution, etc., you are lucky to take home 50% of your salary at that income level.

But, putting reality aside, if you earn $200,000/year and are somehow capable of stashing $100,000 in an index fund, you should write a book on it . . .

yeah ok. medicare and ss barely add up to $10K at that level

just putting max in 401K for 10 years straight then semi-retiring and contributing nothing to it for another 30 years you're looking at $2,5M at the end of the run

not even mentioning the fact that if you're a professional you should become incorporated pretty much right away and use it as a tax dump

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03-06-2019 , 01:17 PM

#34054

fkjlhfdkjhkj.

Carpal \'Tunnel

Join Date: Sep 2013 Posts: 11,270

For 200k salary in NY. Before any insurance and retirement costs.

Annual Gross Pay$200,000.00
Federal Withholding$44,100.50
Social Security$8,239.80
Medicare$2,900.00
New York$13,038.01
FLI$107.97
SDI$31.20
Net Pay$131,582.52

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03-06-2019 , 01:35 PM

#34055

Pete_Peters

journeyman

Join Date: Jun 2012 Posts: 204

Quote:

Originally Posted by Alpha Fish

Ball Parking $200,000K (including maxing out your 401K, which I used in my initial post):

Max 401k: $19,000

Fed Income Tax: $45,000
State Income Tax: $16,000
Social Security: $7,500
Medicare: $2,600
------------------------------------
$110,000

I suppose if you can consistently live off $30,000 a year, you may be able to invest $100,000 annually (inclusive of 401K). But I don't believe that's close to reality, particularly for a high-income earner.

Of course, if you incorporate yourself and transpose into a "tax dump," you may be able to do better than this.

In any event . . . good luck.

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03-06-2019 , 01:35 PM

#34056

Alpha Fish

Pooh-Bah

Join Date: Aug 2008 Posts: 3,829

I think Federal should be 41,412

Everything else seems accurate

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03-06-2019 , 01:36 PM

#34057

Pete_Peters

journeyman

Join Date: Jun 2012 Posts: 204

Quote:

Originally Posted by DefNotRsigley

See my breakdown... Not New York. Yet, weird how they are oddly similar. Almost as if we know what we're talking about...

Last edited by Pete_Peters; 03-06-2019 at 02:06 PM.

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03-06-2019 , 01:39 PM

#34058

Alpha Fish

Pooh-Bah

Join Date: Aug 2008 Posts: 3,829

well yeah you may not be able to contribute 100K in your first few years but overall as your salary rises it's not unreasonable to use 100K as an average contribution over 10 year span

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03-06-2019 , 02:06 PM

#34059

Pete_Peters

journeyman

Join Date: Jun 2012 Posts: 204

Quote:

Originally Posted by Alpha Fish

well yeah you may not be able to contribute 100K in your first few years but overall as your salary rises it's not unreasonable to use 100K as an average contribution over 10 year span

Anything is possible. But I don't think your assumptions are anywhere near close to realistic, particularly for someone making $200,000K. Unless you live in your mom's basement and spend a decade wasting the prime of your life doing nothing, life is expensive. Moreover, for better or for worse, as a generality, the more a person makes, the more their expenses tend to increase and the more money they spend. I'm sure there are exceptions to the rule, but I'd be surprised to meet someone who managed to save anywhere close to $1 million over a decade of making $200,000 salary.

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03-06-2019 , 02:29 PM

#34060

Xenophon

adept

Join Date: May 2008 Posts: 962

Quote:

Originally Posted by Pete_Peters

Totally agree. And if you do make 200k a year, paying your mortgage, paying for kids, vacations, food etc costs a lot. If you are maxing out your 401k and doing all of the above, you are nowhere near saving 100k cash a year.

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03-06-2019 , 02:32 PM

#34061

Alpha Fish

Pooh-Bah

Join Date: Aug 2008 Posts: 3,829

well I'm not saying it's typical. most people are not good with money, there are probably 10x paycheck-to-paycheck $200K/year people for 1 with $1M+ in the bank

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03-06-2019 , 02:37 PM

#34062

colt45ss

adept

Join Date: Sep 2010 Posts: 939

https://www.financialsamurai.com/how...ncome-edition/

as for the challenges confronting anyone seeking to bank big bucks making 200k per year see attached.
granted that model budget could be trimmed but life has a way of eroding earnings.

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03-06-2019 , 02:48 PM

#34063

Alpha Fish

Pooh-Bah

Join Date: Aug 2008 Posts: 3,829

oh so now we arrived at mortgage and kids, well if you take 3 months off every year to volunteer in wildlife sanctuary in Congo, you might have even less money

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03-06-2019 , 02:59 PM

#34064

colt45ss

adept

Join Date: Sep 2010 Posts: 939

drop the kids and substitute rent .
you'd still be hard pressed to bank 100k out of 200k.

then again I supposed you could enter a monastery , squat and eat cold rice every day all in the quest to find nirvana and
to achieve the life goal of banking 50% of earnings.

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03-06-2019 , 03:01 PM

#34065

Xenophon

adept

Join Date: May 2008 Posts: 962

Quote:

Originally Posted by Alpha Fish

oh so now we arrived at mortgage and kids, well if you take 3 months off every year to volunteer in wildlife sanctuary in Congo, you might have even less money

Owning property and having a family is still a pretty normal thing. Maybe not in the poker vlogging community, but for the rest of us plebes it is.

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03-06-2019 , 03:17 PM

#34066

robber baron

adept

Join Date: Aug 2005 Posts: 1,082

Quote:

Originally Posted by Alpha Fish

lol where do you get those numbers

in NYC with pretty much the highest tax rate in the nation, you net almost 140 from 200K, and can live in suburbs for super cheap. if you live in Long Island there's no city tax so you'll be netting 150

you can easily set aside 100K/year if you're frugal (btw, if you start at 200 in 10 years you'll be easily making 300+)

even with set 100K/year invested in index fund, with compounded interest you're looking at about $1,5M by the end of year 9

This is a joke, right?

Trooper haters are such squares. Or maybe just really young and naive.

Last edited by robber baron; 03-06-2019 at 03:25 PM.

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03-06-2019 , 03:39 PM

#34067

myNutsLow

newbie

Join Date: Feb 2019 Posts: 16

Wasn't Trooper97 waiting tables in S.C. and/or Florida at age 30+. All these 200k a year ideas were well out of reach before he even thought about poker in Vegas. Where you end up in life has a lot to do with where you start. If you come from that lifestyle via your parents you can see the path to achieving it yourself and perhaps get help along the way (gifted savings, college money - 529 accounts, 2nd hand cars and such). If you come from an "average" American household, sometimes you have to work 3 years at Kroger to afford your first used car while paying rent. It's not impossible to lift yourself up by your bootstraps, but it's not easy either.

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03-06-2019 , 03:40 PM

#34068

wilson1560

adept

Join Date: Jul 2012 Posts: 709

Did I miss something? In what universe has working a 200k corporate job or anything close to it ever been a viable option for Trooper? Are people under the impression he gave up a lucrative law or medical practice to go play poker in Vegas? He has no higher education and no job experience outside of frontline service industry (waiter/dealer). Sure if Trooper had lived a completely different life starting at the beginning of high school that might have been an attainable goal for him.

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03-06-2019 , 03:46 PM

#34069

Alpha Fish

Pooh-Bah

Join Date: Aug 2008 Posts: 3,829

Quote:

Originally Posted by Xenophon

Owning property and having a family is still a pretty normal thing. Maybe not in the poker vlogging community, but for the rest of us plebes it is.

I thought we were talking about a single person with zero obligations. In what world you can retire while paying mortgage and raising kids?

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03-06-2019 , 03:49 PM

#34070

wilson1560

adept

Join Date: Jul 2012 Posts: 709

Quote:

Originally Posted by Sooga

His situation has improved since he came to Vegas. But that wasn't my question.

Your question was regarding his net worth and you doubted it had significantly increased. When he came to Vegas his net worth was about 2K (assuming no credit card debt). Now he owns an online business which probably generates at least 1K per month in profits making the business worth probably at least 10K plus. He has a bankroll that is large enough to regularly play stakes up to 2/5 (even assuming not properly rolled it is certainly much larger than 2k, probably around 10K). I think the available evidence suggests Trooper's net worth is somewhere around 20K which is a 1000% increase from where he started.

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03-06-2019 , 04:45 PM

#34071

KatoKrazy

Pooh-Bah

Join Date: Jan 2009 Posts: 4,533

Some good Trooper digs in Krauts latest vlog.

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03-06-2019 , 05:06 PM

#34072

namisgr11

old hand

Join Date: Jun 2012 Posts: 1,504

Quote:

Originally Posted by colt45ss

drop the kids and substitute rent .
you'd still be hard pressed to bank 100k out of 200k.

You don't need to bank as much as some posts have implied. Owning a home comes with expenses, but is cheaper than renting, is a lot cheaper over a couple of decades, and is an asset that builds equity.

There's also a lot of underestimating how one can invest savings over a 3 decade working life to build wealth. This is, of course, dependent on saving significant money while working and not living paycheck to paycheck.

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03-06-2019 , 05:17 PM

#34073

Sooga

veteran

Join Date: Sep 2002 Posts: 3,320

Quote:

Originally Posted by wilson1560

Oh I think I see the confusion. I wasn't asking about net _worth_, just his net, as in, his monthly net income. I'm skeptical that it's higher right now than it was when he first started doing his merch sales.

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03-06-2019 , 05:46 PM

#34074

LasVegasRounder

banned

Join Date: Feb 2019 Posts: 32

Quote:

Originally Posted by namisgr11

You don't need to bank as much as some posts have implied. Owning a home comes with expenses, but is cheaper than renting, is a lot cheaper over a couple of decades, and is an asset that builds equity.

...unless you bought sometime during the years of 2003-2008 and needed to sell over the subsequent eight years without incurring a loss