Define overcommitted.

Since you obviously know the dictionary definition, I'll do it by example: a two-income-no-kids couple who make about $100K each. They each drive S-class Benzes and live in a house where the mortgage payments are almost $4K a month. They spend every penny they make and don't like their jobs much.

listen to stinkpaw.

my own experience: i was a lawyer for nearly two years before i quit to play poker fulltime. at the time poker was just a convenient exit strategy from a hellish existence working my arse of in a commercial firm doing stuff i had no interest in and not even getting paid very well based on my hours worked. plus i got shat on at every possible corner by someone who was higher up than me and getting shat on by someone higher up than him...and i was working in one of the comparatively laid back firms!! also in terms of interest in law, i found studying law ten times more interesting than the actual work. working is just basically keeping clients strung along and paying the fees, while pushing paper around and setting dates and all other administrative garbage, with a tiny bit actual real "lawyer" type work, at least that was my experience. i imagine it could maaybe get more interesting and "fulfilling" at the higher levels.

long story short, im a lot happier as a moderately successful small/midstakes grinder than i ever was as a young up and coming lawyer. i really hope to take it further and move up and make a ton of money, but so far it was the best decision i ever made.

oh and btw, rofl at the whole "contributing to society" argument in favour of doing law. if you do end up becoming a lawyer, in particular a commercial lawyer, you will come to appreciate why i find that argument so hilarious.

gl with whatever path you choose, even if it is law

is that what overcommitted means to u?
to me someone that has millions of dollars but works 60 hrs a week and has more money than he has to spend is overcommitted...

the situation u described above is fine if the individuals work like 20 hr weeks no?

poker is awesome bcuz u make the money, have the freedom and the time (to some extent, at least the flexibility)

about 90% of all traders lose money over time.
also, how many big names got richt from trading ( are we talking daytrading or wat), maybe like 10 ? less ?

Probably 95% lose money over time
4% make good money
0.9% make excellent money
and 0.1% are Soros, Einhorn, Ackman etc

but I can name many who got rich just by trading PA, also 100 X that who have blown up !

Dogs,

What's PA? Good comparison nonetheless.

sorry PA = personal account meaning guys that only traded their own funds to make money versus say a hedge fund manager like say david einhorn who made his fortune through the 2/20% hedge fund fees on large amounts of capital

95 is too high and so is 0.1%

no chance that 1/1000 make soros money otherwise there would be so many more ppl on forbes billionare list

poker

.

You could continue to play poker and do other activities on the side. You don't have to go to Wall Street to get into investing. You can do that from your home and still play poker. Thats something you would end up gettign involved in anyway. If you have hobbies that you really enjoy you could look into getting involved in a business.

Considering that you have a good source of income and a strong drive you'd be much more likely to get involved on the ownership side than working for an owner. You'd only want to do that if your really interested as it is time consuming and stressful.

If your looking for a career that will make your life feel fulfilled than you won't find it. If their was something that paid great and you were passionate about you would already be doing it. Few people love their jobs and a small minority of those love the pay.

I interned at a top hedge fund. And you have no idea of the ******ation of players in financial markets. There are a LOT of donks.

by losing money do you mean making less than the market, or losing money long-term in absolute terms?

This is a really good post all-around. no comment to add other than that I agree

I have the same double major as you, and was debating consulting,law,advertising...etc etc. I decided to take the couple years off in between college and the work world. I am 23 years old, in my third quarter of my first year.

The only thing that I find hard is meeting new people, since all my college friends live in various states and countries...you really have to get involved and balance your life in other areas to meet people from sports, clubs, etc etc. Although, most of the people I have met outside of college/hometown friends in nyc have been from sports bars and random parties...

Fwiw, so far, its so much fun...I mean there aren't many other professions in your twenties/thirties that allow you to go on a whim to Montreal and party with friends for a week. You get to do whatever you want, its pretty hard to get used to that idea...although poker can be stressful at times like any job I guess.

You are young, who cares what is down the road 10-15 years from now. As long as you have somewhat a backup plan, money manage, and think a few years down the road you should be fine. Worst case scenario, you go to grad school or find other intelligent people with an interest in a start-up and make that your next career move. Just try to do whatever you enjoy...If you do it for a couple years because you want to and lose the opportunity for law school maybe it wasn't for you anyway.

QFT

I mean seriously, I dabble in stocks (i.e manage my own portfolio of 200k), and I have to say that it is FAR more mentally draining than poker (30/60lhe) by at least 3:1.

Oh and yeah, it is not easy. The big players, just smash us little guys around like rag dolls.

JT

Honestly you need to make as much money as you can while your still young . I personally think working is one of the worst thing you can do UNLESS you absolutely love it and enjoy it . You can go all out in poker and try to bank as much as you can for a few yrs , invest your money cut time in poker and when your investments starts to roll over the money you want to see. you can cut down poker or even stop completely and do something else just to pass time or whatever. From your realistic view of winnings on poker this is highly possible. Who gives a flying doodle if people frown upon pro poker players ( i think 95% wouldn't have a single idea how hard it is ) , its all about you anyways its your life and if you have the money im sure they wont be frowning.

lol sweet bump...

what were the results?

im sure hes still playing
you don't see anyone over 26 thats a pro making these silly posts about doing something more meaningful
money is money and i guess it takes a few more years to learn that

Ya I'm still playing, coaching, and producing vids

lol @ people asking what the results are. its gman ffs

Learn to trade a personal account on the side. Its infinitely more enjoyable, lower variance, better money, more fun, and more scalable than poker.

didnt find anything about TRADING in the most posts ive read here.

any opinions about that?

Ugh. Its not like we smell or anything.

I'm new here, just joined yesterday, and read every single reply to your post. I feel like we are very similiar, but as someone else mentioned this may just be prevalent across this demographic. I have a healthy ego, I'm probably much smarter than the average person, but I really am not very good at poker. (this is due to discipline and bank roll issues).

Anyway, I just wanted to make a few points.

1) money doesn't make you happy. Oh, if you make 20k, yes, you WILL be miserable. But after, say, 75k or so, there is very little difference. Sure, making 125k is better than 100k, but you won't feel it. You really won't care. It sounds crazy, but its true.

2) You don't get fulfillment in life from work, for the most part. I think if I was a doctor I'd enjoy things more because at the end of the day I'd feel as if I helped someone. I work in a trading environment. I know traders. I deal with them every day at work. I've had multiple conversations with a lot of them and they go like this : "Well, this isn't very fulfilling, but I make good money doing it so I'm kind of stuck here".

3) Some lawyers make a ton. Most just do well. Some hate it, some love it. My best friend is an IP lawyer, he has a PHD in chem and a law degree. He was making around 350k a year in his 5th year or so of being a lawyer, on his way to partner. He opened his own boutique firm and is on the way to making a million or so this year. I think he likes the fact that "he's the man" and he makes a ton of money that he's happy, not so much the actual work.

This depends on you, but it sounds from what you wrote that you won't like it. However, make NO mistake, there are traders that hate it also. Also, don't believe that traders make zillions, most don't. Finally, trading is VERY stressful, and can be insanely time consuming. In at 6-6:30, 7:15 floor meeting, discussions afterwards, looking over positions and strategy for the opening in the markets, and then just a stress-filled day. Done at 3-5pm, and then its on to clean up, handing in trade blotters, going over analytics, going to meetings, doing presentations....... Don't think its all glory, its not, and there ARE people who DESPISE it and quit.

4) I hate most poker players. I like playing poker, but if I HAD to do it to survive I think I would hate it. I like it because I can just walk away any time I wish. I've talked to people who "play pro" and don't have a job. I actually feel bad for them. You don't grow as a person sitting in a poker room. You don't build relationships in a poker room (mostly). You don't talk philosophy, politics, brag about your kids, talk about new grilling techniques, etc etc etc etc in a poker room. You know what you do mostly in a poker room? Hear the same stupid things over and over and over.

You go there to dominate, like people like us do in everything we try in at life. We go to win. I don't go to play poker to make friends, that is what I do when I'm NOT playing poker.

Finally, you know who the happiest people I know in life are? The people who are happy and content in their personal relationships. You have a girl you love? A kid you love? 5 best friends? That's what makes you happy. Thats what brings you true happiness. I won 4k last week in a 2-5 game. First thing I thought about when driving home? Sharing the story with my girl. I lost 2k in a game a few days later. Know what the only thing I wanted to do was afterwards? Go home and lay down next to my girl.


You know how you measure success? Here's how : If you get hit by a car tomorrow and are in a hospital bed, how many people will be waiting to see you? I'd like to say I'd have the entire hospital waiting room filled, with a line out the door.

THESE might be the things you are truly looking for (notice I said might). Not money, and not fulfillment in your career. These are just little things for people who are smart enough (as you obviously are) to go out and achieve them any time they wish.




-Wil