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Old 07-21-2014, 03:41 PM   #7626
de4df1sh
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re: Winrates, bankrolls, and finances

Quote:
Originally Posted by iraisetoomuch View Post
Um,

To be honest, you shouldn't be playing poker at all if you are in debt if you don't have a proven record (500+ hours) of beating the game for a reasonable sample size. You should really look to get your self a second part time job or a full time job instead of both of those.


Poker is fun, and sometimes it's easy. But it's very easy to lose a lot of money playing poker if you don't know what you are doing. It's easy to lose a lot of money if you do know what you are doing. It's call variance.

Also, how much do you have to give to your wife each month? It that part of your $500 a month in expenses?

To be honest, what you should do it to take your entire bankroll, every penny and pay off as much of the debt that you can. Then keep paying it off until you are out of debt. Which should only be 1 -2 months from now.

Then you can take the money on a month by month basis and put it back into your poker roll if you want. The same $3,000 and then play however you want from there. You will spend less on the interest on the debt, your credit will look better and it will give you some time to read and study up on cards. We all need more time to study up. Even the pros.

Good luck.
Another +1 for IRTM

The first thing I did before I even thought about playing fulltime was drew up what my financial situation was AFTER I eliminated all of my debt(although very little)

Im also a big fan of not being eaten alive in interest.
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Old 07-21-2014, 03:56 PM   #7627
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re: Winrates, bankrolls, and finances

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Originally Posted by n0npareil View Post
Hi,

Just wondering if anyone can give me advice on paying off my credit card debt.

I currently work part-time and play 1/2 3-5 days a week. My bankroll currently at 3000. I usually buy-in for 300 but recently I've been buying in for 200 and top up to 300 when I feel comfortable enough with the table dynamics.

I make about 900 from my part-time job every month (if i dont miss work). My personal expenses are about 500. I have a debt of 4000. I also give some of my profit to my wife to help with expenses.

So my goals are to build my bankroll and to start paying off my debt. Is it possible to do both at the same time? Should I put use a % of my profit to start paying it off? If so, how much? Thanks in advance.
You are married, wow. You need to nut the **** up and get a 2nd and possibly 3rd job and support your family, not play poker. This is like the worst situation possible to try grinding poker.

As for your credit card debt, this can vary based on the state. In my state there is no way for the credit card company to get that money. So, it would hurt my credit to not pay it but that's about it. I had like $4k in credit card debt (much of it was fees) and the credit card company offered to settle for under $1k. I told them to go **** themselves. I bet they would settle regardless of what state you live in.

BTW, get rid of the credit cards. You should not spend another dime on them.
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Old 07-21-2014, 04:23 PM   #7628
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re: Winrates, bankrolls, and finances

Quote:
Originally Posted by iraisetoomuch View Post
Um,

To be honest, you shouldn't be playing poker at all if you are in debt if you don't have a proven record (500+ hours) of beating the game for a reasonable sample size. You should really look to get your self a second part time job or a full time job instead of both of those.


Poker is fun, and sometimes it's easy. But it's very easy to lose a lot of money playing poker if you don't know what you are doing. It's easy to lose a lot of money if you do know what you are doing. It's call variance.

Also, how much do you have to give to your wife each month? It that part of your $500 a month in expenses?

To be honest, what you should do it to take your entire bankroll, every penny and pay off as much of the debt that you can. Then keep paying it off until you are out of debt. Which should only be 1 -2 months from now.

Then you can take the money on a month by month basis and put it back into your poker roll if you want. The same $3,000 and then play however you want from there. You will spend less on the interest on the debt, your credit will look better and it will give you some time to read and study up on cards. We all need more time to study up. Even the pros.

Good luck.
Thank you for the advice. We've had a crazy year since we got married and also bought a house. My bankroll got devoured. The debt is a student loan so the interest is not as high.

I have 1600 hours in live poker but you're right about variance. It makes my bankroll very very fragile. The only reason I don't work full-time is to look after the baby. My wife makes way more money than I do (and probably ever will). But I don't want her to pay for my student loan. My initial plan was to build the bankroll till I can pay off the debt completely. But the variance scares me.

I may take your advice and look for another night shift but as I experienced with my current graveyard job, I feel really exhausted the next couple of days due to the lack of sleep. I can't really sleep during the day because of baby. Imagine if I work 5 days a week graveyards, I don't think I'd be well enough to properly care for a baby.
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Old 07-21-2014, 04:25 PM   #7629
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re: Winrates, bankrolls, and finances

Figured I'd finally get around to posting this.

I'm single with a stable full time job. Poker has always kind of been a hobby for me, but I would like to start taking it a bit more seriously.

Currently I have about $ 1900 set aside for a $ 1/2 roll, so just shy of 10 buyins. How high is my risk of losing it all ? It would not change my life if I lost this money, I just wanted to know what my chances of being successful were.

There's lots of great advice on here and I wanted to say thanks for all the great knowledge you guys share on here.
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Old 07-21-2014, 04:27 PM   #7630
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re: Winrates, bankrolls, and finances

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Originally Posted by NeMo54 View Post
Figured I'd finally get around to posting this.

I'm single with a stable full time job. Poker has always kind of been a hobby for me, but I would like to start taking it a bit more seriously.

Currently I have about $ 1900 set aside for a $ 1/2 roll, so just shy of 10 buyins. How high is my risk of losing it all ? It would not change my life if I lost this money, I just wanted to know what my chances of being successful were.

There's lots of great advice on here and I wanted to say thanks for all the great knowledge you guys share on here.
http://www.reviewpokerrooms.com/poke...uirements.html

http://pokerdope.com/poker-variance-calculator/
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Old 07-21-2014, 04:52 PM   #7631
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re: Winrates, bankrolls, and finances

Quote:
Originally Posted by n0npareil View Post
Thank you for the advice. We've had a crazy year since we got married and also bought a house. My bankroll got devoured. The debt is a student loan so the interest is not as high.

I have 1600 hours in live poker but you're right about variance. It makes my bankroll very very fragile. The only reason I don't work full-time is to look after the baby. My wife makes way more money than I do (and probably ever will). But I don't want her to pay for my student loan. My initial plan was to build the bankroll till I can pay off the debt completely. But the variance scares me.

I may take your advice and look for another night shift but as I experienced with my current graveyard job, I feel really exhausted the next couple of days due to the lack of sleep. I can't really sleep during the day because of baby. Imagine if I work 5 days a week graveyards, I don't think I'd be well enough to properly care for a baby.
Student loan debt is different than credit card debt. Student loan debt never goes away and they are far less likely to negotiate.

It's very difficult to give advice without knowing your entire background (ie total household incomes and total expenses and total assets.) Really, your focus financially should be getting rid of the debt. You should probably take your entire bankroll and apply it towards the debt. Then rebuild your poker bankroll. This will likely involve getting a 2nd job for the time being and possibly stop paying your wife for expenses for a bit.

Poker does provide some flexibility which is nice for you, but it also has significant risks. There are other businesses that one can start with little to no money that require very little risk (mowing lawns as an example).
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Old 07-21-2014, 05:15 PM   #7632
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re: Winrates, bankrolls, and finances

Quote:
Originally Posted by NeMo54 View Post
Figured I'd finally get around to posting this.

I'm single with a stable full time job. Poker has always kind of been a hobby for me, but I would like to start taking it a bit more seriously.

Currently I have about $ 1900 set aside for a $ 1/2 roll, so just shy of 10 buyins. How high is my risk of losing it all ? It would not change my life if I lost this money, I just wanted to know what my chances of being successful were.

There's lots of great advice on here and I wanted to say thanks for all the great knowledge you guys share on here.
This is a hard question to answer without any winrate/sample size.

Generally speaking I would say that the chance of going bust could possibly be as large as 50% or more.

With a stable full-time job I wouldnt worry about it much. learn as you go and reload if you need to.
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Old 07-24-2014, 10:47 PM   #7633
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I was thinking about playing a few events at the Legends of Poker tournament series coming up & I was wondering if it would be bad to invest this much in tourneys with my current bankroll.

I play for a living & have been averaging 4k+ per month

Bankroll is $24,000

Tournament buy ins would be $2,500 & I planned on selling 30%.

Should I be playing less of them? Selling more? Not playing them at all & building my roll?
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Old 07-24-2014, 10:56 PM   #7634
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re: Winrates, bankrolls, and finances

Sell more.

Sell 60%+.
Investing 10% of your bankroll on any one small set of tournaments is suicide for your bankroll in the long run. It make work out this time, but it's just not very prudent.

Also, do you have any experience playing tournaments live?
This should be a pre req for playing these likely.
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Old 07-24-2014, 11:45 PM   #7635
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The drive & time invested makes me feel like having 40% or less of myself wouldn't be worth it.

I have limited experience in the live LA tournaments but from what I've seen and been told by friends that have exp is that they are super soft.

Anyone beating a $5 blind game should be able to do well in them.

Btw I should of mentioned that the $2,500 includes 3 shots each @ 3 separate multi day tournaments so there is a chance the overall cost will be less. If you advance to day 2 you receive 2x the buy in.
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Old 07-25-2014, 11:46 PM   #7636
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Vegas 1/2. 7 straight days. 35 hrs. +786 for a 22.45 hourly

Super smooth sailing until today getting smashed all in pre w AA

Mandatory day off tmo. Goal is another 7 straight days of 35-40 hours starting Sunday
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Old 07-26-2014, 12:57 AM   #7637
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What is a solid win rate (either monthly or bb/hour) for a live 2/5 reg putting in 180hrs per month? Thanks
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Old 07-26-2014, 02:05 AM   #7638
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What is a solid win rate (either monthly or bb/hour) for a live 2/5 reg putting in 180hrs per month? Thanks
Fitty
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Old 07-26-2014, 02:06 AM   #7639
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Tree Fitty.
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Old 07-26-2014, 03:38 PM   #7640
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I hate when people respond with bull****.
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Old 07-26-2014, 03:46 PM   #7641
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re: Winrates, bankrolls, and finances

^ At 1/3 you can make $30/hour in a lot of cities. So if you're not breaking that at 2/5, I'd just play 1/3.

I think Farha makes $40, I could be wrong though. Ever since PureAggression made that YouTube video of him and it sounds like his mouth is filled with a mix of peanut butter and maple syrup, I stopped reading his PGC thread.
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Old 07-26-2014, 04:53 PM   #7642
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re: Winrates, bankrolls, and finances

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I hate when people respond with bull****.
Damn trolls

Its actually tree fiddy tree fiddy ($353.50)
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Old 07-26-2014, 05:50 PM   #7643
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re: Winrates, bankrolls, and finances

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Originally Posted by eldiesel View Post
^ At 1/3 you can make $30/hour in a lot of cities. So if you're not breaking that at 2/5, I'd just play 1/3.

I think Farha makes $40, I could be wrong though. Ever since PureAggression made that YouTube video of him and it sounds like his mouth is filled with a mix of peanut butter and maple syrup, I stopped reading his PGC thread.
Yeah I do tend to mumble a bit, maybe I should join a toastmasters or something. I think it is a little funny you would stop reading my thread because of it.
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Old 07-26-2014, 06:36 PM   #7644
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re: Winrates, bankrolls, and finances

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Originally Posted by THEstevoSHOW View Post
I hate when people respond with bull****.
Well thought out, excellent response. No bull**** here.
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Old 07-26-2014, 06:39 PM   #7645
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re: Winrates, bankrolls, and finances

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Originally Posted by THEstevoSHOW View Post
I hate when people respond with bull****.
lol i said "fitty" which means 50 which means $50 US Dollars with Ulysses S. Grant on it aka the 18th President of the United States aka the leader of the Union Army in the Civil War

What more you want, my man? If you make $50/hr in a poker room that is not located in Las Vegas, you are doing really really well. It is a solid win-rate.

edit: I should rephrase that to say $50 is a great win-rate and like $40 is probably "solid"

Quote:
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Yeah I do tend to mumble a bit, maybe I should join a toastmasters or something. I think it is a little funny you would stop reading my thread because of it.
Same thing happened to me. Every time I read your thread now, I can't understand the words I'm reading.
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Old 07-26-2014, 07:32 PM   #7646
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lol i said "fitty" which means 50 which means $50 US Dollars with Ulysses S. Grant on it aka the 18th President of the United States aka the leader of the Union Army in the Civil War

What more you want, my man? If you make $50/hr in a poker room that is not located in Las Vegas, you are doing really really well. It is a solid win-rate.

edit: I should rephrase that to say $50 is a great win-rate and like $40 is probably "solid"



Same thing happened to me. Every time I read your thread now, I can't understand the words I'm reading.
Sorry misunderstood your response. Thanks a lot for explaining! Appreciate the info/opinion.
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Old 07-26-2014, 08:49 PM   #7647
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re: Winrates, bankrolls, and finances

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Yeah I do tend to mumble a bit, maybe I should join a toastmasters or something. I think it is a little funny you would stop reading my thread because of it.
My pronouns were messy. I meant Farha sounds like that, I stopped reading his. And he never answers any questions I post in his thread. I still read yours.
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Old 07-26-2014, 08:57 PM   #7648
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My pronouns were messy. I meant Farha sounds like that, I stopped reading his. And he never answers any questions I post in his thread. I still read yours.
Ah ok, read that wrong. My self worth is once again validated.

I still like Rob's thread though.
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Old 07-27-2014, 01:10 AM   #7649
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I said tree fitty aka $350 which is a solid session winrate if you play a normal 7 to 8 hr session.
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Old 07-27-2014, 01:18 AM   #7650
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^ At 1/3 you can make $30/hour in a lot of cities. So if you're not breaking that at 2/5, I'd just play 1/3.

I think Farha makes $40, I could be wrong though. Ever since PureAggression made that YouTube video of him and it sounds like his mouth is filled with a mix of peanut butter and maple syrup, I stopped reading his PGC thread.
Damn. It hurts. I will take a public speaking class.

It's tough to talk aloud to yourself for four minutes.
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