Originally Posted by 6bet me
Running the numbers
I figure since today is the first day of the new financial year in Australia, this would be a good time to go back over all my finances.
So I've redeposited and it's about time I take a cold hard look at exactly how much money I have left, how much net profit I've made, and where things are realistically headed. I've been avoiding this for some time, because it sucks to have to look at all your profits and balances drop after a downswing, but I can't procrastinate this forever, so here goes. The breakdown is as follows (all numbers have been converted to USD for consistency):
Liferoll: $5000
Bankroll: $2400
Total online profit since late March: $25,000
To break down where my $25,000 USD profit came from:
Profit at 100nl: $9300
Profit at 200nl: -$1100
Profit at 800nl: -$400
Profit at 1000nl: $300
Profit at tournaments: $16,900
Of course, there's a huge discrepancy between how much money I've made vs how much I have (made $25k, only have $7400), and only a small portion of that can be explained by what I lost at live home games (lost $2800 there), so where did the other $14,800 USD go?
Well, that money went towards 5 main things:
1) Paying off debt (mostly related to wife's visa fee and wife's dad's hospital bills)
2) Buying accessories (new phone, new headphones, new clothes, new cream, etc.)
3) Grocery shopping for whole family (some weeks spent $300+ on groceries)
4) Buying expensive ready-made food (lots of UberEats and lots of eating out at restaurants)
5) Donations to wife's family to help them during the pandemic.
So what's the situation like now? I'm no longer in debt, I have all the gadgets I need for now, I'm no longer buying groceries for my whole family, and I'm no longer donating to my wife's family. So my only major ongoing expense is the ready-made food that I buy a lot (UberEats and restaurants). I'm going to be realistic with myself and say that I don't expect these costs to drop significantly anytime soon. If anything, I'm trying to eat more, so I can bulk up and grow muscles, so I might actually spend more on food in the future.
So what's my solution? If I can't bring my costs down, then I need to bring my income up. Whilst it's not necessary for me to put in ridiculous volume at high stakes just to pay for my food expenses, I'd like to put in at least a moderate amount of volume at 50nl+ to, at the bare minimum, break even. I'll try to do better than just breaking even, but I'm just saying, if I can gym consistently for the rest of the year whilst eating good food and breaking even financially, I'll be happy with that. That's progress to me.
If I bust my online bankroll again... I don't know. I'll take a break and I'll reevaluate. There's a decent chance I'll just stop playing entirely and look for work of some kind. Maybe I'll spend my remaining money buying a car and going back to driving Uber, but this time, without having to lease the car. It all depends on the current economic climate. But I'll seriously question what I'm doing if I bust this roll again.
For now, I'm still confident that I can succeed at poker, despite my past struggles, and I'm going to work on maintaining a solid poker + gym routine for the rest of this year.
I went to the gym 3 times last week, which I'm happy with. I also went yesterday and trained upper body, so I plan to go today and train legs. I'm still very underweight, so it's going to be a while before I stop standing out as the skinniest and weakest guy at the gym, but some day I'll get there lol. The hardest part is just eating more, but I'm working on that.
I also plan to do my tax return today and help my wife with hers too. I don't plan to play much poker today (if any) because I'll be busy with the gym + tax returns, but if I do make the time for it, I'll let you guys know how it goes.