**Official August chat thread**
08-01-2009
, 02:22 PM
08-01-2009
, 04:17 PM
08-02-2009
, 01:51 PM
08-02-2009
, 03:47 PM
08-02-2009
, 04:01 PM
08-02-2009
, 04:52 PM
Quote:
So I hadn't been reading the chat for a while because it's 90% you guys talking about music or f*ed up crap like horse porn. :-P
But I thought this was interesting, so here's my 5 cents...
Not sure why you seem to think playing poker is a bad thing. Most people I tell that I play poker seem to be genuinely positive and interested in what I do. I think the fact that you think poker is a "gap" on your resume is indicative of why you're feeling a little down. If you're thinking of going back to work, here's why poker is NOT a gap on your resume:
* you manage a 50+K bankroll (I assume you're adequately rolled to multitable 5/10+) - most people have never touched this much money in liquid assets. You navigate your way thru booms and dooms, always making sure you're adequately rolled for any game you play, using Kelly or whatever your bankroll criteria is. Your experience with managing a large sum of money and managing draws puts you in the top 10% of any applicant pool; maybe the top 5% if the other applicants are the same age as you.
* you weigh risk/reward on a regular basis and then you act on it, backing up your decisions with your own assets. Any sort of management position is going to look for future decision makers. Again, this puts you in the top 10% of any applicant pool.
* you're a proven winner. You regularly compete with some of the best players in the world, and you come out ahead. You're easily in the top 1-2% of poker players in the world. This puts you in the top 10% of any applicant pool.
* you run your own business. if you've been a pro player for a few years, you've probably looked into "business" decisions, such as selecting health/dental benefits, setting up a retirement fund, budgeting, etc. I don't see how this doesn't make you look better than some dweeb who's had his nose in a book or pushing paper for a few years.
* you have planned for and travelled the world, going to various tournaments, taking in local culture, etc.
* finally, you will probably make more money playing poker than the entry level position you will select. How is someone not going to be impressed that you gave up more money to work for their firm/industry?
So it's really a matter of packaging your experiences and conveying that effectively. I don't see how some guy (a few years?) out of college is going to look much better than that. I used to work with a guy who took home 10 figures every year and he always had a high opinion of poker players doing well in business (he cashed in some of the pre-Moneymaker wsops). I can't imagine we're the only ones who think that a lot of the attributes of playing poker well would also translate well in the business world.
And seriously, wtf is that crap about the best years of your life being gone? Aren't you like in your mid 20s?!? :-P
You're young and have money. In the next few months/years, you will need to make a HUGE decision on what you want to do with the rest of your life - "traditional" job or poker. Think about what you would enjoy doing the rest of your life, weighing the activity itself and its income prospects over time - it's not rocket science. When you decide, you should make a 5 year plan and a career plan for yourself and detail exactly how you're going to get there. If you choose poker, I have the following suggestions/comments:
* the competition will ALWAYS get better at poker. the quality of poker today is better than it was just 5 years ago. Five years from now, it will be better yet. Yes, we may get a temporary reprieve if poker is legalized in the US or if Asia joins the poker boom, but for the most part just plan on playing with a lot of regs who are only going to get better. On the flip side, over time, you will probably get better at your "traditional" job and may even rise to a cushy senior management position. What sounds better to you? For you to want to play poker as a "pro", you should be looking forward to constantly improving your game, learning new games and staying ahead of the pack. Because as part of this new career, that's what you need to do to be successful.
* set up some longer term plans. I assume you will want the option to be able to retire at some point. So you need to start saving now. One of the perks of having your own business is that you can set up your own cushy tax-deferred retirement plan. Take advantage of it. You should also put aside some money regulary and invest in other investments that will provide you with streams of income in the future (whether that be real estate, businesses, stocks, bonds, etc). At some point before you retire, your streams of income should WAY exceed your monthly expenses and maybe even your poker winnings. Also, buying a place of residence is a good idea, so you'll always have a place to live, and as an investment and tax deduction.
Since I've never met you, I obviously can't speak to your home situation. But living every day feeling like you're wasting your time is no way to live. Again, you're young and you have money, so figure out what you want to do and do it. Carpe diem.
Anyway, just my take on poker & life. Hope you found it useful. Otherwise, I'm sure someone will post more horse porn, diseased scrotum shots or cleavage soon to make you forget this post. :-)
But I thought this was interesting, so here's my 5 cents...
Not sure why you seem to think playing poker is a bad thing. Most people I tell that I play poker seem to be genuinely positive and interested in what I do. I think the fact that you think poker is a "gap" on your resume is indicative of why you're feeling a little down. If you're thinking of going back to work, here's why poker is NOT a gap on your resume:
* you manage a 50+K bankroll (I assume you're adequately rolled to multitable 5/10+) - most people have never touched this much money in liquid assets. You navigate your way thru booms and dooms, always making sure you're adequately rolled for any game you play, using Kelly or whatever your bankroll criteria is. Your experience with managing a large sum of money and managing draws puts you in the top 10% of any applicant pool; maybe the top 5% if the other applicants are the same age as you.
* you weigh risk/reward on a regular basis and then you act on it, backing up your decisions with your own assets. Any sort of management position is going to look for future decision makers. Again, this puts you in the top 10% of any applicant pool.
* you're a proven winner. You regularly compete with some of the best players in the world, and you come out ahead. You're easily in the top 1-2% of poker players in the world. This puts you in the top 10% of any applicant pool.
* you run your own business. if you've been a pro player for a few years, you've probably looked into "business" decisions, such as selecting health/dental benefits, setting up a retirement fund, budgeting, etc. I don't see how this doesn't make you look better than some dweeb who's had his nose in a book or pushing paper for a few years.
* you have planned for and travelled the world, going to various tournaments, taking in local culture, etc.
* finally, you will probably make more money playing poker than the entry level position you will select. How is someone not going to be impressed that you gave up more money to work for their firm/industry?
So it's really a matter of packaging your experiences and conveying that effectively. I don't see how some guy (a few years?) out of college is going to look much better than that. I used to work with a guy who took home 10 figures every year and he always had a high opinion of poker players doing well in business (he cashed in some of the pre-Moneymaker wsops). I can't imagine we're the only ones who think that a lot of the attributes of playing poker well would also translate well in the business world.
And seriously, wtf is that crap about the best years of your life being gone? Aren't you like in your mid 20s?!? :-P
You're young and have money. In the next few months/years, you will need to make a HUGE decision on what you want to do with the rest of your life - "traditional" job or poker. Think about what you would enjoy doing the rest of your life, weighing the activity itself and its income prospects over time - it's not rocket science. When you decide, you should make a 5 year plan and a career plan for yourself and detail exactly how you're going to get there. If you choose poker, I have the following suggestions/comments:
* the competition will ALWAYS get better at poker. the quality of poker today is better than it was just 5 years ago. Five years from now, it will be better yet. Yes, we may get a temporary reprieve if poker is legalized in the US or if Asia joins the poker boom, but for the most part just plan on playing with a lot of regs who are only going to get better. On the flip side, over time, you will probably get better at your "traditional" job and may even rise to a cushy senior management position. What sounds better to you? For you to want to play poker as a "pro", you should be looking forward to constantly improving your game, learning new games and staying ahead of the pack. Because as part of this new career, that's what you need to do to be successful.
* set up some longer term plans. I assume you will want the option to be able to retire at some point. So you need to start saving now. One of the perks of having your own business is that you can set up your own cushy tax-deferred retirement plan. Take advantage of it. You should also put aside some money regulary and invest in other investments that will provide you with streams of income in the future (whether that be real estate, businesses, stocks, bonds, etc). At some point before you retire, your streams of income should WAY exceed your monthly expenses and maybe even your poker winnings. Also, buying a place of residence is a good idea, so you'll always have a place to live, and as an investment and tax deduction.
Since I've never met you, I obviously can't speak to your home situation. But living every day feeling like you're wasting your time is no way to live. Again, you're young and you have money, so figure out what you want to do and do it. Carpe diem.
Anyway, just my take on poker & life. Hope you found it useful. Otherwise, I'm sure someone will post more horse porn, diseased scrotum shots or cleavage soon to make you forget this post. :-)
08-02-2009
, 07:12 PM
08-02-2009
, 08:08 PM