lmfao - wow what a sport u r!

am i on crack or is this whole thing a troll (has to be right?)

OP this could finally be your chance to make it to the big time..

I’m not exactly sure what you mean. If you mean I’m susceptible to getting scammed, not really. I generally lend money on the basis that:
- I know the person well enough irl
- know they have a means of paying me back
- it’s always formally documented
- worst case scenario, it’s an amount that I’m okay with writing off

It’s just an EV calculation based off how often I think someone would default on the loan and declare bankruptcy. It’s always an amount that’s not worth it from their end, so I haven’t really had any issues with debt collecting. Like any other investments, all contain an element of risk.

That’s a detail I don’t share with anyone, including horses. It makes them more likely to punt when they’ve reached the bottom of that number to try to run it up, knowing they’ll be dropped anyways.

As of 2006 per Aussie Usury laws, the max interest that can be collected per annum is 48%. He could almost oblige OP's wishes lol.

Must be, OP has gotten the best of advice from some of the forums top quality posters ITT, pretty much a 'how to be successful in poker/what not to do guidebook' and refutes every reasonable comment.

DLuo playing along well to make the 'stake' believable.

In before DLuo owns OPs GF

I would definitely accept this offer. To show that I'm serious, I've written out a complete financial plan for how I would intend to pay you back, if we were to do a 6 month $20k loan of 0.8% per week compound interest:

Financial Plan

20k loan off DLuo at 0.8% per week compound interest
= 51.3% per year compound interest
Plan is to pay it back within 6 months (26 weeks).
So amount owed after 6 months = $24604
(Calculated by: 20000*(1.008)^26 = 24604)

How do I plan on achieving a bankroll within 6 months?
Play nothing but 2/5 NL live and 25nl-200nl online.

Online: I will have an entirely separate bankroll where I don't withdraw or deposit anything during this 6 month period. I will play a fairly conservative BRM strategy: move up at 40 buyins for next stake, move down if drop below 20 buyins at current stake. Only exception is 25nl: I will never drop below 25nl, even if my online bankroll goes below $500 USD. I will play nothing but 6max zone on Ignition for 6 months. No exceptions.

Live: I will play nothing but 2/5 NL for 6 months. No exceptions. Even if I bink the royal flush and get a 100k bankroll, I will still sit at 2/5 NL for the 6 month period. Even if there's a massive whale at 5/10 NL, I will still sit at 2/5 NL. This is a test of discipline and I will not make any excuses to jump stakes. No PLO too.

Preventing tilt/spew: zero tolerance for alcohol whilst playing. I will treat this with the same level of discipline as I treated playing under stake. I will play during daytime hours only. No playing after midnight. My stoploss is going to be $2000 per day (4 buyins). No exceptions.

Volume: I will put in an absolute minimum of 35 hours per week of 2/5 NL and 5k hands per week of Ignition zone. What this means is: at least 7 hours per day for at least 5 days per week of live poker, and at least 10 hours of online poker during my days off. If I feel that I can put in more volume without my level of play deteriorating, then I will.

Hourly: I will set a conservative estimate at $30/hr live and $0/hr online. This means that I'll be making $1050+/week live and breaking even online. Obviously, higher win rates are possible, but I would rather take a worst case scenario, so that I don't overestimate my financial position.

My living expenses will be: $150/week for food+bills and $150/week for rent. So $300/week total. I will do everything in my power to live frugally, as if I am broke. I will eat $2.50 pasta boxes at Margo's. I will eat $5 pizzas from Domino's. I will buy $6 frozen microwavable meals from the supermarket. And I will severely limit how often I go out to bars and waste money on alcohol. I will go out to a Thai restaurant with my girlfriend once per week only.

Savings: This means that I will be saving $750+/week as a conservative estimate. After 26 weeks, I will have saved at least $19,500. After paying off the $24,604 debt, I will have $14k+ of my own money to grind poker with.

I will never make the same mistakes I did in the past, back when I had 10k to my name. I've learnt a valuable lesson the hard way and I would cherish this opportunity like my entire life depends on it.

still feels like you're trolling. frozen microwavable meals are among the more expensive grocery store items. do you know how cheap rice/beans/frozen veggies are?

thread will reach a whole new level if op gets his loan

#planning

I sincerely hope you don't. Good luck. Fighting.

What happens after OP sets poker goals? He immediately goes on a downswing. That's the title of the thread.

I erased 90% of what I was going to say....but as someone who used to have the joy of collecting from people like you, I implore you not to take a loan like this. This story never has a happy ending.

I think being around so much easy come easy go money has desensitized you to it, or you never understood it in the first place, but 25k is not an easy amount of money to pay back from your position.

My word. OP, what a bad idea this is...

Thread keeps on delivering though.

Lmao so good

Interesting to hear $30/hr live is a “conservative estimate”

I literally peed myself a little I laughed so hard at this. **** Rick, that **** was funny.

6b, just a reminder that your estimations for your "long-term" 1/3 results are ~$20/hr which puts you at 6.67bb/hr. idk why you think you're gonna make the same at 2/5.

absolute fiction. i have several mates in their early 20s at uni still who all work at coles or woolies. you are literally lying to urself coz u dont want to find a job

@Dluo- so just to be clear; you're willing to lend 20k to a degen who apart from completely delusional about his poker ability and poker variance in general, is in even more incorrect about how to live on small means (refusing to cook home meals and buying microwave meals everday etc.) AND if he goes broke, his plan is to continue grinding to pay u back, instead of getting a job?!

i mean his delusional idea of his winrate and work ethic coupled with his life leaks means that you're $ is drawing dead and it's just going to end in a ****show. no matter how much fantastic advice is thrown at him he continuously deflects it (both poker and life related). he's either gonna get it one day when he hits rock bottom again or he's never going to.

you strike me as a smart guy so i'm shocked you'd even consider this, esp given you're in risk consulting. the stake is cute and admirable as ur exposure is considerably less and is essentially charity. lending 20k u can only ever get back if he goes on an absolute heater, is not... surely add stipulations like he has to get a part time job.

good luck, you'll need all of it

In the process of negotiating terms, unfortunately the finer details won’t be posted on the thread. But the short version is if 6b goes broke the agreement will involve him getting a full time job and making weekly repayments. There will be collateral etc etc, all the standard loan contract stuff.

FWIW - I think this is a bad deal and he shouldn’t take it.

At its core, this is just another investment for me, all investments have risk and the reward on this one is pretty +ev.

Lol, +1

This thread is like a multistage rocket and we're about to enter stage 3 where OP finally reaches escape velocity and blasts out of Earth's gravity.

6b, you would obviously be crazy to take this deal lol. Your conservative hourly is also not particularly conservative.

How does your idea of living cheaply still not include cooking your own food? Not one of those foods listed is particularly healthy either. Not only would cooking for yourself most of the time be cheaper/healthier (better input = better output too) it'd install discipline that might help you elsewhere too.

Fwiw I can't fault DL for offering this if he thinks he can actually collect when it all goes wrong.

Do your parents know/support your goals?

Gl I guess, hope you heater to start.

I always manage to collect my debts. This definitely is not my first rodeo (:

I'm curious as to what legal collateral a 24 yr old who is a 100% flight risk with a net worth of 0 (possibly in the red if he's into make-up) can offer.

This feels like a OP makes his first 2 payments on time and quickly realizes that he's falling behind the huge interest rate, so he takes bigger risks to try to get ahead, loses all but $1500 which he uses to get out of town and vanish type of situation.

I wonder if OP is too color blind to see a red flag.