This.

Oddly when I was a broke cook, I didn't care if I lost a couple BIs. Now I can afford to play poker and lose, but it drives me nuts.

I’ll keep all of that and mind, and avoid the temptation to be reckless. Thanks for the input guys!

to clarify, there’s no chance that’s the route I’m going anymore, at least in the near future- even if I go busto. All the effort I’ve put into being the best at school over the years seems to be a waste, but that’s the past and I’m over second guessing myself.

I’m sure opportunities in high finance and elsewhere will still be available for me in the future if I was interested but six figs can’t be guaranteed given the inevitable resume gap.

Moving past that though what would be your advice if the roll wasn’t easily replenishable? How conservative would you be?

I remember when Chris Ferguson did his bankroll challenge one of his rules was that he would never play with more than 10% of his roll(that someone covered) on the table. He would leave when the blinds reached him.

10% seems like a good guideline! But 10% of what? Money I wouldn’t mind losing tomorrow?

Of your bankroll.

How do you calculate your bankroll? I don’t have the two separate and my expenses are going to triple 6 months from now.

How much money can you lose and have enough time for a plan b while not becoming homeless/starving during that time. 6 months expenses gets tossed around a lot. Maybe start there.

Got it. So the amount of money I have after setting aside 6 months of estimated expenses? 6 months of LA expenses or my expenses for the next 6 months?

lol 10% of that is not very much for me at the moment. First world problems

wherever you will be living if you went busto. I don't want to be mean, but dude aren't you a genius and have a finance degree and saying a CPA was easy?

This is the type of stuff I was teaching recruits who barely graduated high school.

I’m pretty sure nothing can replace experience when it comes to money management.

Nothing wrong from trying to learn from people’s mistakes so I don’t make them myself. Not sure how intuition and book smarts will help me when a whale wants to play HU at 7 am with $3k effective stacks.

side note, if I was as arrogant as some of you believe me to be I wouldn’t be asking for advice. I’m not receptive to all of it but I’m trying my best.

Spyu, I’m smart enough to know that I’m not the most knowledgeable about everything I’m interested in just yet. In some areas of life it’ll take me a few years to figure everything out.

Welp... since you are going to be self-employed by playing poker... remember to do the following:

1) Contact a tax accountant who specializes in pro gambling. Have him help you set aside money out of every session to pay your taxes, which I expect will have to be paid quarterly if you have no W2 income. Remember to closely track expenses.

2) Contact a financial planner and have them help you setup a self-employed retirement plan. Have them help you set aside money out of every session to fund this account. You will greatly regret every delay you have in beginning to regularly fund this account.

3) Figure out some sort of health insurance plan. I suppose you can remain on your parents' plan as I assume you are under 30 years old. Probably make sure they're cool with keeping you on their plan.

4) I would strongly suggest you keep a written calendar and journal that will help you remain disciplined in putting in the hours, regardless of ups and downs session to session.

5) Since you will not have a weekly paycheck to rely on, I would be conservative and strive for at least 12-18 months of expenses as an emergency fund, completely and tangibly separate from your poker roll.

6) Start a PGC Thread so your experiences can be shared with the rest of the 2+2 community.

You don't have to pay taxes quarterly. There is a penalty for not doing so but it's not worth the hassle.

Most pros stopped reading here

Are y'all aware we have a dedicated thread for bankroll winrates and finances? I forget its name at the moment, though.

Stop trying to Marie Kondo every discussion. Also I don't see it. I looked all up and down the front page.

Lulz... Garick has officially enacted the no chatting in the chat thread policy.

It’s the best policy.

Thou shall only chat about:

Fancy beer
Drunken eBay
Recreating
Squats


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Today was heavy squat day and afterwards I went to the nearest Subway (beat, I know) and got 2 footlongs. Ate them both in a span of like 5 minutes.

That was like 2 hours ago and I almost feel hungry again.

Lapi, this is really helpful! 18 months of expenses out in LA may require around $50k, but I’ll work towards that and make sure I’m not spending money unnecessarily starting today.

I think that’s more achievable if I poker was a hobby. It may be a little different for me since I’ll need to play at least mid-stakes to set that much aside anytime soon.

As for the PG&C it’s a good idea but I’m very unfiltered and may get a lot of hate for being that way. There are benefits but I’ll admit I’m too soft at the moment.

Eating cellulose will do that.

Spyu, what did you mean by recruits? You were a Marine?

Are you going to have a car? You must have a good deal on rent.

Basketball MILFs

Yup I was a Marine Officer for 10yrs. Not in anymore. I got out as O4 which is Major.

I spent a tour at MCRD San Diego where I was a Series Commander. Part of it I had to give basic life skills classes. It was kind of embarrassing as there was a broad mix of people. Most were 18yr olds who just graduated high school. But I had a lawyer who just wanted to do something different and people w/ masters degrees in engineering who didn't want to be an officer.

There was literally a class on how to open a bank account and write a check.

Yeah, of course. As for rent, I know enough people to have as many roommates as I need. Haven’t signed anything yet. It’s crazy how high COL is. Top 5 in the U.S.? But the three largest poker rooms in the U.S. all within 30 miles of each other seems ideal. So that’s where I’m headed.

I have family out there but I’m fairly independent in that regard. Looking to make it to the top “myself” (with lots of advice sprinkled along the way).