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Old 06-06-2016, 06:25 PM   #15151
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re: Winrates, bankrolls, and finances

Buy a safe for your home?
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Old 06-06-2016, 06:46 PM   #15152
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Getting a decent safe is soooooo expensive. Wouldn't get less than TL-15 and would have it bolted down.

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Old 06-06-2016, 06:57 PM   #15153
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the box is cheaper than a good safe but you cant conveniently make as many transactions as stated previously by a poster - and someone could just steal the safe.

the box option that 1300 talked about is the best imo. you can store/carry/deposit/withdraw big chips instead of cash (which is slightly safer because a non 0% of theives will not think its real money).

the box also gives you significantly more financial privacy than the bank account; there is just no getting around the fact that is the big advantage of the box.

i understand there are differing opinions on the legality and morality of income tax and the validity of the 16th amendment so i dont think we should bring that conversation to the table.

however, i think its important to note that even someone who chooses to pay in full what hes asked to pay by the federal govt will value the privacy afforded by keeping a large portion of their bankroll in a box, i dont think anyone likes to be investigated or have someone asking them personal financial questions - and these things definitely happen to people who proudly pay in full on time every year.

also, financial privacy can be valuable in your relationships with wives/husbands/family/kids/parents/hackers etc who may either have access to your bank account or could reasonably get access to it if they tried.

edit: just to clarify, im not saying if i do/dont use a box, im just saying its the best option for someone with a large poker bankroll.
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Old 06-06-2016, 07:16 PM   #15154
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Eh. The box has its own hassle. Have to go to the bank during business hours, can't always get in on the weekend. Costs you a rental fee. Makes a free checking/savings account with some marginal interest accrual look pretty good.
those accounts are fine. and everyone that matters has full transparency into how much you have. the irs matters. boxes aren't quite as transparent. =)

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Old 06-06-2016, 07:20 PM   #15155
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the box is cheaper than a good safe but you cant conveniently make as many transactions as stated previously by a poster - and someone could just steal the safe.

the box option that 1300 talked about is the best imo. you can store/carry/deposit/withdraw big chips instead of cash (which is slightly safer because a non 0% of theives will not think its real money).

the box also gives you significantly more financial privacy than the bank account; there is just no getting around the fact that is the big advantage of the box.

i understand there are differing opinions on the legality and morality of income tax and the validity of the 16th amendment so i dont think we should bring that conversation to the table.

however, i think its important to note that even someone who chooses to pay in full what hes asked to pay by the federal govt will value the privacy afforded by keeping a large portion of their bankroll in a box, i dont think anyone likes to be investigated or have someone asking them personal financial questions - and these things definitely happen to people who proudly pay in full on time every year.

also, financial privacy can be valuable in your relationships with wives/husbands/family/kids/parents/hackers etc who may either have access to your bank account or could reasonably get access to it if they tried.

edit: just to clarify, im not saying if i do/dont use a box, im just saying its the best option for someone with a large poker bankroll.
good response.

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Old 06-06-2016, 07:28 PM   #15156
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Obv keep packs in jewelry box, vcr boxes, inside a copy of theory of poker and behind pictures.

And I like what Duke said.

A desire to avoid financial questions isn't worthy of indictment. FWIW Every Cash game player is at risk of failing to withstand an audit. None of it's employee fully understands the tax code and cash gambling income is reliant on self reporting.

I've heard more than one person itt ask about rebuilding records due to lost data.

As of a couple years ago "technically" a hand written ledger completed after each session was required to fulfill the documentation requirements for self reporting gambling wins and losses.

I am a tad skeptical of advice from folks who's first response is if you pay your taxes you can put your money anywhere with no concern.

Fwiw when I as playing more hours and a bit bigger than I do now I always kept between 5k and 10k in chips and cash in a fireproof box in my apartment in a very hidden location.

Last edited by cAmmAndo; 06-06-2016 at 07:47 PM.
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Old 06-06-2016, 07:33 PM   #15157
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Originally Posted by Duke0424 View Post
you can store/carry/deposit/withdraw big chips instead of cash (which is slightly safer because a non 0% of theives will not think its real money).
This is an option I haven't really thought about before. But you could probably store them in your house without hassle too. Put a bunch of large chips in the case with your cheapo home game chipset and your average burglar likely wouldn't bat an eye at it.


House fire is still a ***** though.
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Old 06-06-2016, 08:15 PM   #15158
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House fire still far more unlikely than chips being stolen out of home game poker chip case.

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Old 06-07-2016, 08:33 AM   #15159
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Install a false electrical outlet. No one will think anything of it. Safer than putting chips in with fake chips. Harder to find than any safe (they are all openable with time, anyone remember Storage Wars? Those guys used to open some of them in like 10 seconds). Just put the fake outlet in the furthest room from the kitchen, house fires aren't exactly common
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Old 06-07-2016, 09:38 AM   #15160
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Old 06-07-2016, 10:26 AM   #15161
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I don't know what banks you all use but lol at safety deposit boxes being "discreet."

Pretty much every bank I've ever used records every visit you make to the box, and makes you sign in each time to use it. The feds also have the right to open the content of your box if you are audited/under investigation. And when they see you have visited your box 62 times in the last calendar year, believe me they have the basic intelligence to put two and two together on what you are doing with the box. Hint: you probably aren't using it to store birth certificates and your family heirlooms.

Just something to keep in mind. Obviously getting audited is a pretty rare thing especially for people under a certain income threshold, but please don't think an old metal box in your bank's basement is your green light to commit tax fraud.

I do think they have their purpose for poker players don't get me wrong, just don't think the above is one of them.



sidenote: my experience is with major bank security boxes. smaller banks or casino boxes may be different, YMMV

Last edited by FlyLikeABird; 06-07-2016 at 10:30 AM. Reason: sidenote
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Old 06-07-2016, 10:53 AM   #15162
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until you have to explain what al the constant $1-$2k withdraws/deposits are. I like a box for the big money and then a home fire safe for like $1-$2k. Obviously having to walk into a location is a headache. so user's preference i guess.
This site has to be home of some of the most careful, responsible, gamblers on the planet. A home fire safe for 1K? Where do you keep your bottle of Advil, in a locked gun cabinet?

Most Vegas guys I know leave a roll of hundreds in there front pocket and drop them on the floor next to their beds when they pass out for the night. lol.

Granted, a lot of nights the pocket has about 27$ in it.
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Old 06-07-2016, 03:30 PM   #15163
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My fire safe is pretty small and cost over $2k but that's because I bought it online. From a couple locksmiths I was quoted over $5k for the same safe. Even though it is small it weighs close to 1000lbs and is bolted down.

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Old 06-07-2016, 03:43 PM   #15164
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Most Vegas guys I know leave a roll of hundreds in there front pocket and drop them on the floor next to their beds when they pass out for the night. lol.

Granted, a lot of nights the pocket has about 27$ in it.
This is me. Wife often says I'm like a drug dealer with a wad of hundo's laying around. I never leave life changing money around though.

My wife rescues dog's and we currently have 4 Pitbulls that go ape**** barking when strangers come near the house. Delivery drivers are terrified coming to my door. Much better than a safe.


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Old 06-07-2016, 03:47 PM   #15165
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Safe is only one layer of security. Tosa Inu + Boerboel + Rottweiler > 4 Lil yappy pit bulls that are more likely to lick an intruder to death.

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Old 06-07-2016, 03:52 PM   #15166
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Safe is only one layer of security. Tosa Inu + Boerboel + Rottweiler > 4 Lil yappy pit bulls that are more likely to lick an intruder to death.

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Ya if you actually get inside, you will get licked to death. But from outside sounds like a mean pack of dogs.

I don't want actual dangerous dogs, just scary sounding ones that make potential bad guys move along to the next house.

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Old 06-07-2016, 07:01 PM   #15167
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Originally Posted by FlyLikeABird View Post
I don't know what banks you all use but lol at safety deposit boxes being "discreet."

Pretty much every bank I've ever used records every visit you make to the box, and makes you sign in each time to use it. The feds also have the right to open the content of your box if you are audited/under investigation. And when they see you have visited your box 62 times in the last calendar year, believe me they have the basic intelligence to put two and two together on what you are doing with the box. Hint: you probably aren't using it to store birth certificates and your family heirlooms.

Just something to keep in mind. Obviously getting audited is a pretty rare thing especially for people under a certain income threshold, but please don't think an old metal box in your bank's basement is your green light to commit tax fraud.

I do think they have their purpose for poker players don't get me wrong, just don't think the above is one of them.



sidenote: my experience is with major bank security boxes. smaller banks or casino boxes may be different, YMMV



I think using common sense is appropriate here. We should all know not to go to the box...62 times, just as we should all know not to walk in with stacks of hundreds visible in a clear grocery bag as we whistle our way to our box while walking by 8 tellers and a branch manager.

But there are tons of legit reasons to make monthly or bi weekly visits to our box. Storing precious metals, coins, travel , (passport if we do international travel) are just a few very common reasons to visit a box once or twice a month.



sidenote...having multiple boxes is not a bad idea. hopefully that tornado doesn't have both bank locations on his flight path when he touches down. =]



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Old 06-10-2016, 04:34 PM   #15168
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How do I derive my stdv/100 hands from my stdv/HR under the assumption I'm playing 30 hands/HR?
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Old 06-10-2016, 04:36 PM   #15169
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How do I derive my stdv/100 hands from my stdv/HR under the assumption I'm playing 30 hands/HR?


Multiply by 1.83.

( sqrt of 100/30)

Fair warning to all - the STDEV / hr listed in a lot of the poker tracking apps is wrong

Last edited by bip!; 06-10-2016 at 04:47 PM.
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Old 06-10-2016, 04:47 PM   #15170
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Could use a bit more love
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Old 06-10-2016, 04:58 PM   #15171
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Could use a bit more love

Yeah I thought so too.
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Old 06-10-2016, 05:50 PM   #15172
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Multiply by 1.83.

( sqrt of 100/30)

Fair warning to all - the STDEV / hr listed in a lot of the poker tracking apps is wrong
why/how?
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Old 06-10-2016, 06:05 PM   #15173
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why/how?
are you asking about the 1.83 or the apps being wrong
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Old 06-10-2016, 06:06 PM   #15174
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are you asking about the 1.83 or the apps being wrong
the apps
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Old 06-10-2016, 06:19 PM   #15175
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Guys making the apps are code monkeys who don't know stats?
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