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Old 05-25-2016, 11:18 PM   #14926
de4df1sh
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re: Winrates, bankrolls, and finances

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Why do you think you live below your means?


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Because my household nets out about 50-60k a year and ee only spend maybe 25-30k a year and that's including discretionary spending

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Old 05-25-2016, 11:20 PM   #14927
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*** Official Winrates, bankrolls, and finances ***

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Because my household nets out about 50-60k a year and ee only spend maybe 25-30k a year and that's including discretionary spending

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#nittage to winnage
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Old 05-25-2016, 11:22 PM   #14928
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re: Winrates, bankrolls, and finances

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Basically says you should plan for 12% yoy return and should be 100% in equities all times with no fixed income at all. Also believes your withdrawal rate in retirement should be 8% which is hella lol. Sprinkle in a little Biblically inspired investment advice and I call bull**** on all of it.

His debt advice is actually awful too (just looked up tonight). Believes you should focus your debt repayment on the smallest balanced debt you have interest rate be damned. So if you owe 5k on a car loan with 1.9% and 25k on a credit card with 20% rate you should pay down the car loan ASAP then move on to the credit card.

Chew on that for a moment
Lol at his investment advice. Wow.

I give him a slight pass on the debt advice only because there is a psychological benefit to paying off a debt, and those that are total financial trainwrecks can benefit from it. I think most of those who need his advice wouldn't have such clear cut decisions.

Overall though there are much better plans than what he promotes. Plus he is cray cray and a nasty employer.
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Old 05-25-2016, 11:22 PM   #14929
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re: Winrates, bankrolls, and finances

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Hi guys!

First off, let me state that I totally understand this is very subjective matter and has alot to do with the individual.

However, I am curious to see what finance minded individuals would suggest for my specific circumstances.

Monthly Nut: ~2200-2500 (factoring in savings/investments, entertainment, fixed and non fixed expenses and a 10% increase for anything overlooked)

Income:

1) Mrs Deadfish works a pretty stable, albeit commission based job and brings in aprox $2000 after taxes every month, she works as a hairstylist and there is a solid job market for her and potential raises/bonuses.

2) I play poker fulltime, Expect to earn 20-30k a year pre-tax

3) Rental income, we have a small apt attached to our house and earn $500/month, could potentially earn more but we rent to family and cut them a good deal.

Liabilities:

1) We have an older but solid house

2) two dogs in good health

3) two cars, one from 2013 and one from 2004

Other notes: We are not very materialistic and live below our means.


Any advice or suggestions are greatly appreciated!

EDIT: I should note the current amount being allocated to investments/savings is <$100/mo
You are clearly stating here that your investments/savings per month is less than a $100.




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Old 05-25-2016, 11:24 PM   #14930
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re: Winrates, bankrolls, and finances

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You are clearly stating here that your investments/savings per month is less than a $100.




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This depends on how you classify savings.

If money injected into my poker bankroll is considered savings then that number goes way up

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Old 05-25-2016, 11:39 PM   #14931
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re: Winrates, bankrolls, and finances

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Because my household nets out about 50-60k a year and ee only spend maybe 25-30k a year and that's including discretionary spending

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Are you saying you spend 2500/mo total. Between 2 adults? My god
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Old 05-25-2016, 11:40 PM   #14932
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Are you saying you spend 2500/mo total. Between 2 adults? My god
Yes.

I've had some people be shocked.

Some say way too much

Some say way too little

I tend to think the only people who are living cheaper then us probably sleep under a bridge

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Old 05-25-2016, 11:43 PM   #14933
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Ramen comin'!
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Old 05-25-2016, 11:46 PM   #14934
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re: Winrates, bankrolls, and finances

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Yes.

I've had some people be shocked.

Some say way too much

Some say way too little

I tend to think the only people who are living cheaper then us probably sleep under a bridge

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Well I would have guessed you sleep under a bridge son. That's pretty sick. Do you feel you miss out on things, experiences, etc?
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Old 05-25-2016, 11:54 PM   #14935
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Well I would have guessed you sleep under a bridge son. That's pretty sick. Do you feel you miss out on things, experiences, etc?
Tbh yes.

I feel like I deprive myself of alot of things.

I actually feel super guilty whenever I spent money I don't absolutely have to.

For instance, I am in Vegas and currently up 1k and still feel horribly guilty for even coming.

I

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Old 05-25-2016, 11:56 PM   #14936
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Originally Posted by de4df1sh View Post
Tbh yes.

I feel like I deprive myself of alot of things.

I actually feel super guilty whenever I spent money I don't absolutely have to.

For instance, I am in Vegas and currently up 1k and still feel horribly guilty for even coming.

I

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Been there man. Learn to let loose a bit.
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Old 05-25-2016, 11:59 PM   #14937
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It's hard ya know.

I'm always like "man I could have I vested that money or paid doen the house or that's 22% of my utility bill!"

It's actually kind of bothersome

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Old 05-26-2016, 12:00 AM   #14938
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re: Winrates, bankrolls, and finances

Yawn...
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Old 05-26-2016, 12:01 AM   #14939
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re: Winrates, bankrolls, and finances

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Originally Posted by de4df1sh View Post
Tbh yes.

I feel like I deprive myself of alot of things.

I actually feel super guilty whenever I spent money I don't absolutely have to.

For instance, I am in Vegas and currently up 1k and still feel horribly guilty for even coming.

I

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Yeah have no ability to relate here. Wonder what that's all about? Life's too ****ing short and you only get one shot bruh
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Old 05-26-2016, 12:02 AM   #14940
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re: Winrates, bankrolls, and finances

One thing you can't buy with money is youth.

You can be fiscally responsible and still have fun. Trading fun for the sake of not spending is just...meh.
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Old 05-26-2016, 12:06 AM   #14941
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re: Winrates, bankrolls, and finances

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One thing you can't buy with money is youth.

You can be fiscally responsible and still have fun. Trading fun for the sake of not spending is just...meh.


Werd
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Old 05-26-2016, 12:07 AM   #14942
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One thing you can't buy with money is youth.

You can be fiscally responsible and still have fun. Trading fun for the sake of not spending is just...meh.
I get where de4d is coming from. Hard to explain but even though I have loosened up I still struggle to let me enjoy what I have earned.
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Old 05-26-2016, 12:08 AM   #14943
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One thing you can't buy with money is youth.
Thailand tho
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Old 05-26-2016, 12:29 AM   #14944
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I get where de4d is coming from. Hard to explain but even though I have loosened up I still struggle to let me enjoy what I have earned.
I get it, too, but when it's too late...

It's like marrying young.
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Old 05-26-2016, 12:49 AM   #14945
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re: Winrates, bankrolls, and finances

$2500/month does seem pretty low... I am 22 and live with and mooch off of my parents ($400 rent, though) and my expenses were just under $1800 in April. However, more than half of my expenses were travel related ($168.37 on gas, $654.90 on lodging, $442.09 on meals) When I was still working a job during the weekdays and only playing poker locally on the weekends I think I had expenses <$1k/month, so $2500/month seems reasonable for a couple of frugal adults depending on where they live.

There's not much I can do about gas or lodging. I have to travel because I can't get a full-time week locally playing 1|2, and now that I'm bankrolled for 2|5 I want to play that, but it only runs sporadically on weekends here. I've tried sleeping in my car and it doesn't work for me. It affects my playing ability too negatively. Gas just is what it is with the miles I am driving. Food is the one thing I could really cut down on, although my expenses aren't too bad and eating out often is a luxury I enjoy, and since I've been running like god on meth recently at everything but 1|2 (breakeven for the last 120 hours) I don't mind spending a couple hundred extra per month.

Maybe next month I'll set a goal to spend <$100 on food. I think I could manage it pretty easily by comp whoring and buying groceries instead of eating out.
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Old 05-26-2016, 01:11 AM   #14946
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re: Winrates, bankrolls, and finances

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Originally Posted by bwslim69 View Post
His debt advice is actually awful too (just looked up tonight). Believes you should focus your debt repayment on the smallest balanced debt you have interest rate be damned. So if you owe 5k on a car loan with 1.9% and 25k on a credit card with 20% rate you should pay down the car loan ASAP then move on to the credit card.

Chew on that for a moment
Teaching someone the optimal way of doing something is pointless if they can't or won't follow through with it. If you tried to teach a new poker player how to play optimally the vast majority would fail miserably. They would have a much better chance of succeeding if you gave them some simple guidelines to follow (ie play in late position, raise or fold, fold to aggression, etc).

Dave Ramsey's system is just like putting training wheels on a bike. Sure, you can ride a hell of a lot faster without the training wheels, but the average idiotic American would fall flat on his face.
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Old 05-26-2016, 01:38 AM   #14947
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re: Winrates, bankrolls, and finances

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Originally Posted by de4df1sh View Post
Because my household nets out about 50-60k a year and ee only spend maybe 25-30k a year and that's including discretionary spending
Quote:
Originally Posted by Soner View Post
You are clearly stating here that your investments/savings per month is less than a $100.
Quote:
Originally Posted by de4df1sh View Post
This depends on how you classify savings.

If money injected into my poker bankroll is considered savings then that number goes way up
i'm confused about this as well. If you were living below your means as you stated then you should be putting about $2k/month into savings. So $100 doesn't really jive with that. Either you are spending more money than you think or earning less than you think. You shouldn't have to inject anything into your bankroll unless you are moving up.

Anyways, de4df1sh isn't anywhere close to as big of a life nit as my siblings. When I asked my 2nd oldest brother what he thought of me buying my first house (2700 sf, 2 years old, $120,000) he told me he didn't believe in spending more than $100k for a house.

My 3rd oldest brother bought his first house for $24,000. He spent a couple thousand on lifting the house and it would have cost a bit more to rebuild the plumbing but he didn't want to pay that extra cost so he just taught himself plumbing and fixed it himself (while taking showers at his neighbors house). He was already making six figures straight out of college so it's not like these were costs he couldn't have paid for. Oh, and he rented the other bedroom in his house for $400/mo so the house was more than paying for itself.

My brothers are super cheap but they also enjoy things that don't cost much. IE they all like backpacking and national parks and climbing mountains etc. I bought a 65in TV in 2002 for $3000. By 2007, with 3 of my siblings making 6 figures a year, still none of them had a TV larger than 13 inches ..because they are cheap and because they aren't much into watching TV.

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Old 05-26-2016, 01:40 AM   #14948
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I am indeed trying to move up!

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Old 05-26-2016, 03:04 AM   #14949
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@Dream Crusher

It sounds like they'll be able to retire at 45 and live a pretty comfortable life because of it.
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Old 05-26-2016, 03:55 AM   #14950
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@Dream Crusher

It sounds like they'll be able to retire at 45 and live a pretty comfortable life because of it.
Actually hoping for bring able to work part time at 55

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