Quote:
Originally Posted by coopah
As for money strictly for poker - I guess I just consider all of it my 'bankroll'.
I strongly suggest you re-evaluate this. So many rich people (not just poker players) go broke because they lack the correct mindset regarding their funds. You are in a fantastic position to become very wealthy at a very young age, and money comes easily to you at the moment. However, there is no guarantee that will always be the case. For that reason alone, it would be smart to have a backup account - a fund that, no matter what happens with regards to variance, legislation, shady business dealings,
crazy roulette benders etc, you can rely on that money to sustain your current lifestyle for a significant amount of time (or possibly in your situation...for the rest of your life).
Seeing as you are capable of turning $200k into $5k in the span of a few hours, I strongly suggest that you filter a percentage of your cashouts into a separate fund that you vow to never touch for the purposes of poker or gambling. The right mindset provides so much more financial security than a huge expected $/hr because you have complete control over that thought process (whereas tons of other factors beyond your control effect your expected income). Having a backup account in the event that you go on a crazy drunken roulette bender, or something terrible and unexpected happens to your poker career, is one of the smartest things you can do (especially because you are obviously making a LOT more money than you currently spend).
Having a backup account/rainy day funds is a huge indicator of a responsible person, and one who is likely to become wealthy and STAY wealthy. Viewing the majority of your money as part of your bankroll might not be a horrible thing, but it is definitely in your best interest to have a percentage of your net worth that you are not willing to lose.