Quote:
Originally Posted by MetaGameOver
I've always paid myself a salary that's related to my hourly rate, but no way would it all of it like you're saying. If I was averaging 8k a month, I'd pay myself 5 to 6k a month depending on br size. Remember that if you don't build your BR, then no matter how large it is, your risk of ruin is 100%.
I've read this as well, but I've never thought it made any sense when applied to real life. First, it only means your risk of ruin would be 100% if you gambled for an infinitely long amount of time, which isn't realistic. Second, the fact that your bankroll is growing doesn't ensure that you don't go broke. If you start with a very small bankroll and/or grow it very slowly when compared with the amount you are gambling, you still can have a very/somewhat high risk of ruin. You don't even have a defined bankroll amount while you're gambling, only between sessions, and between sessions you can't go broke anyway.
I've never even tried to grow a bankroll, but I have over 10 years worth of money to cover my necessary spending which I did not win from gambling.
I spend pretty much all of my poker winnings, but I know my risk of ruin is 0%, because I never risk much when compared with the amount of money I have in the bank, and if I started losing and having to take money out of the bank often to gamble (which I haven't had to do for years), I would just stop gambling and either get a job or live only off my investment income and gradually reducing the principle.