^^ Sounds like a good idea...

Regarding the Resume Gap...

I don't know if this is applicable to everyone's situation, circumstances, or abilities. But one of the things I would use to fill my resume gap (if I ever did reenter the workforce) was to use the generic filler of "Independent Business Consultant"

I used to run ads on Craigslist advertising myself as a Jack-of-all trades business consultant and I had to do this a few times when I went busto. I would post ads for writing resumes, preparing presentations, negotiation prep, writing business plans, product development and program management help, mathematical modeling, Excel help, tech writing, MS project help, etc. Getting clients was real hit or miss but I did manage to get a few and I could use them as references.

So, if you were able to swing a few clients then you could piece together a story citing you were an Independent Business Consultant to fill the gap and if you have a few references that are legit then you could cover the gap. Then you could explain that you are now looking for something more permanent and reliable and it doesn't look so bad.

Anyone know a person who successfully transitioned from 1+ year playing full-time back into the working world? Graduated in December and currently playing poker for 7 months. I'm probably going to try and find an entry level in the bay area but with no experience so any tips would be appreciated.

I've been a reluctant "pro" for the last year or so since I graduated. I've had a hell of a hard time finding a job and the resume gap looks worse with every passing month and interview. I have a promising lead through a friend that hopefully will turn into a full time job in the next couple months. If that doesn't pan out than I may have to go back to school and get a masters degree. Ugh.

I guess the best thing to come out of this experience is knowing that I'd never want to be a live pro. The casino life is a drain and the variance is a bastard. If you're one of the lucky few who can make hundreds of thousands of dollars per year then go for it, but being a grinder isn't worth it. Like ike said about himself earlier in the thread, I feel I have too much potential to waste it playing poker for a living.

Quick background...

I'm 24 years old, still live with my parents (should be changing soon) which works out as it stands since I had a stable base to spread my wings and give poker a legitimate shot. I have been playing "professional" poker for almost two years now. I play almost exclusively 2/5NLHE in a $200min-$1000max game, mostly at the same place. I have a college degree in Engineering, but have never worked as an engineer due to my life situation when I graduated from school and early success as a poker player.

I have learned more about myself in the past year than in all of my previous years combined. Before I graduated school, I was sort of on auto-pilot. I was chasing this invisible force that everyone else seemed to think was the way to live. Subconsciously, I was probably thinking that things would be different when I graduated and got a job/money/freedom. I tasted success and had seemingly acquired everything that I was chasing my whole life, mainly money and freedom. For about a year, I thought I had it all. I partied, went to clubs and raves, basically just did whatever I wanted. But after a period of time, all of those things lost their glimmer. I thought to myself "is this this really what life is about? Am I really just going to have to keep putting new and exciting things in front of my face to be happy?". Nothing was different when I acquired those things. Life was still the same. I was still frustrated by the same little things, and now I had this number to stress over. The amount of money that I had. The crazy thing was that I wasn't using, nor did I need, the majority of the money I was making. Yet It was the thing I stressed over the most. Something as stupid as not making the money at the same rate that I had the last month would cause my quality of life to significantly deteriorate. I had realized that I was totally insane. I realized that like 90% of my own thoughts only functioned to deteriorate my mental and emotional stability. I realized that there was only one obstacle in life, my own mind.

I basically stopped listening to my brain when it would tell me the many things that it has been programmed to tell me by the previous 23 years of my life. Money isn't important, material things aren't important, societal status isn't important. With that said, I know that simply reading the words I have written here can't make you understand. You must search on your own.

Unstick bump

Within the Finance world, you'd be ok being flat honest with most (not all) firms for the 1 year "gap".
Just spin it correctly at the time of your interview (in 18 months).
Something like the below I think would be quite strong actually.

"You've always had a passion for numbers, analysis, and risk management.
Poker is direct way to employ these passions, while making a living.
You've had success enough in poker in the past to believe you could be long term successfull at it.
You wanted to fully dedicate yourself to this career, where you never could while in school.
You were successful in it (assuming you will at least "make money"), but now you want to expand your passions into the Finance world because X, Y, and Z make Finance a better life and career fit for you"

This in spades. It does not look cool on your resume. Point of no return is approx. 7 years from what I have seen.

Advice to young guns who want to go pro. It will be your worst choice ever. The gamboling landscape has changed dramatically over the last 20 years. I am old and have been doing this way too long. It is a wonderful and profitable part time hobby...but as a career choice it currently sux.

I offer this to any young dude who wants to "turn pro" - come to vegas and I will personally take 2 hours out of my day and tell you why it is a bad choice (and tell you stories from the glory days). Most Vegas pros that are any good at poker know who I am and can vouch that I pound the game solidly for a top shelf w/r as my sole source of income for far longer than I care to admit

Great thread, guys, thanks.

I'm an accountant and play part-time (maybe 10 to 15 hrs a week). I would love to be able to do it full time in maybe 5 years or so if:

1. I am totally debt free except my house (no student loans, car pmnts., etc.)
2. I have a decent hourly win rate over the next five while playing part time.

My wife works too so that always helps.

Good post about investing outside of poker. Even if it's not real estate, it could be stocks, mutual funds, etc. Make your money work for you.

Question:

A couple months ago I switched from a rec player to a serious semi pro. I play about 20 hrs a week and work about 15 hrs. Im well rolled... Since this transition I constantly find myself asking the same question in borderline situations, especially PF. "Could I make a living off playing xx in this situation?" The result is that I find myself playing much nittier PF than I used to. Is this normal? My results and hourly are still strong. I simply play less hands but play them slightly more aggressively. Have any longtime pros noticed the same change in playing style?
Also, I've recently considered actually using that "I'm bored and waiting for a playable hand" strategy that I used to make fun of: putting on some ear buds and watching videos, listening to podcasts, or even news just to kill some time. Any thought on whether or not this is +EV long run. That is it will help me to play tighter PF but subtract from my image and give me much less info on villains. Btw, I play 1/2 NL in Florida for about $24/hr and, obviously, my villains are extremely weak.

How do you professionals apply for an apartment lease without any legitimate "employment?"

In other words, how do you get a landlord to take you on? I assume telling him/her that you make your living in a casino is not a good idea.

BUMP for these guys. Any advice?

Pretty straight foreword. If u r perfessional u should pay estimated quarterlies. I have a mortgage a kid...all that grown up stuff.

Couple months ago I applied to a large complex in Florida. Part of the application process involved showing my previous 3 bank statements. I had already maintained a steady checking account for that 3 month timeframe (well over-rolled for 2/5). I put down that I was self employed w/o going into details but one of the office workers that looks over applications before they are sent to the big man mentioned to me "if you put self employed you will be grilled about it, so it might be better to put down student or unemployed" So I went with student even though it's been a year since I took any classes. I was approved very quickly. I forget how we got into the conversation but the woman on the phone that said I was approved, said it was mainly just because I had a good steady checking account over those 3 bank statements submitted.

tl;dr wall of text summary: money talks, just present recent bank statements if you have kept a decent sum of money in your account for a few months.

Does anyone have a link to a solid/simple tax thread? Or can someone explain the whole quarterly thing to me?

Would prefer a link, but if you're going to attempt to explain it plz keep in mind I'm ******ed.

Pay your taxes keep records isn't always enough. Couldn't get a refi because of that nonsense.

Go rent a room from a homeowner, you can find a room in a very nice house for about 500/mo. All bills paid plus cable. Just be clean and don't make a lot of noise.

You don't have to sign a lease just give them first and last.

Sent from my SCH-I535 using 2+2 Forums

The quarterly thing refers to estimated tax payments. Basically, you are paying your throughout the year. If you don't and end up paying all of the tax due when you eventually file your tax return, you will be subject to penalties/interest. Now, how much you pay for your quarterly estimate obviously depends on how much you made. Keep in mind that you'll have to pay your income tax plus the self employment tax (15.3%). You do get a deduction for the SE tax paid though on your return.

Assuming you are in the 25% bracket, sending in 35% tax of your profit is fairly reasonable estimate, imo.

http://forumserver.twoplustwo.com/57...ts-faq-740589/

I played pro for about ~1.5 years and then got a job in finance. Graduating in 2009 it was easy to blame on the financial crisis.

I'm a CPA and do primarily tax work. Quarterlies are simply a way of remitting your estimated yearly taxes each quarter (LDO) since you don't have withholding on your income. In very simple terms, you guesstimate what your tax for the year will be divide by 4 and pay that amount each quarter (there are other ways to calculate your required payments but this should suffice for this thread).

Feel free to ask any other tax related/financial planning type questions.

I don't think you are, but the IRS wants to make sure they aren't getting screwed by not getting their taxes within 3 months of earning them. Gambling income is consider income. Gambling losses are deductible if you itemize and only to the extent that they don't exceed gambling winnings. The good news is if you win big is that gambling losses are deductible even if you are subject to the AMT.

Pioneers like Berry Johnson (just another reason he's in the Hall of Fame) convinced the IRS that daily records of wins and losses is sufficient granularity to collect data. Before that, the IRS would just wait until someone won a big pot and busted them if they didn't immediately pay tax if they left the table.

The reality is that if your poker winnings are just a small % of your total income, the IRS isn't going to notice. If you have no traditional income after you're 26 years old and you're living living in your own place, you're going to eventually attract attention.

depends. In vegas its fine -- youre just going to have to fork over 2 months deposit. In areas that are less landlord friendly, i imagine it would be difficult though. A good credit score and money in the bank might smooth things over some.

Thnx for tax insight folks. Bwslim I may pm you for further insight.

You got that right. I've seen so many players in bathrooms and not wash their hands. So disgusting. Here is what I do to keep from getting sick.

1. Wash your hands like gazillion times after done playing poker. (you should just do this even if your don't play live poker )
2. Never eat with your hands at the tables. I just don't eat at poker tables period.
3. Move away from people that are coughing and sneezing.
4. WATER WATER WATER. drink water.

Because of this slight OCD behavior, I haven't been sick in 4 years.