$1M / year playing 5-10...doable?
 

OK so here's the plan. I would like to make $1M (before taxes that is) in a 365 period so that I can be an internet badass like some of you guys out there.


Current game = 5-10nl 6-max on Party and I have a winrate of aprox 5ptbb/100 hands (so that is $100/100 hands, right?)

So if I can put in 100 hands per hour on 8 tables that would be an average of 800 hands/hr @ $800/hr. Now in order to make $1M in a year all I have to do is play about 4 hours per day (27 hr per week) if I can MAINTAIN THIS WINRATE (<---key)

DOABLE?

Re: $1M / year playing 5-10...doable?
 

No.

Re: $1M / year playing 5-10...doable?
 

3+1/3 buy-ins a day, every day for a year sounds pretty tough. If you are able to never tilt I think you can do it.

Re: $1M / year playing 5-10...doable?
 

If you're a pro 27 hours is probably doable, but I think you're neglecting:

1) your WR could go down
2) you'll probably take at least a couple weeks off for vacation, other things that come up
3) 800 h/hr might be exaggerated cause of tables dying and stuff

Re: $1M / year playing 5-10...doable?
 

Out of curiosity, what would be your takeaway if you make $1m pre-tax? 30% federal, 3% state or something?

Re: $1M / year playing 5-10...doable?
 

I thought it was worse. 33% isn't that bad. Still left with $666,666

I have never paid poker tax before.

Re: $1M / year playing 5-10...doable?
 

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I thought it was worse. 33% isn't that bad. Still left with $666,666

I have never paid poker tax before.

[/ QUOTE ]

At the point you're paying 333,333 in taxes, wouldn't it be worth it to move a country with no poker taxes?

Re: $1M / year playing 5-10...doable?
 

You would still have to pay taxes.

Re: $1M / year playing 5-10...doable?
 

You need to be better at game selection if you want to do this

Re: $1M / year playing 5-10...doable?
 

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You would still have to pay taxes.

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I dont. The UK has it's advantages!!

Re: $1M / year playing 5-10...doable?
 

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You would still have to pay taxes.

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I dont. The UK has it's advantages!!

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Ditto for Australia [img]/images/graemlins/smile.gif[/img]

Re: $1M / year playing 5-10...doable?
 

I think you could play more hours per week on average. Also if you do it I think you would be most excellent sir.

Re: $1M / year playing 5-10...doable?
 

hmmm well im only 18 right now and go to college in the US so I don't know about this idea of moving out of the nation to avoid paying hefty amounts of taxes

i think i am gonna suck it up like all americans do for the time being but perhaps keep the idea in the back of my mind for after college

Re: $1M / year playing 5-10...doable?
 

Grimstarr,

Try moving up. Then you only need 1/2 your current WR!

Re: $1M / year playing 5-10...doable?
 

Do you have to pay taxes if you keep your entire roll on pokersites? I mean, you play poker and earn 1 million. But you only cash out 50k or something. Then you move to the UK and do one year of your education there and cash out.

Re: $1M / year playing 5-10...doable?
 

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Do you have to pay taxes if you keep your entire roll on pokersites? I mean, you play poker and earn 1 million. But you only cash out 50k or something. Then you move to the UK and do one year of your education there and cash out.

[/ QUOTE ]You're still a US citizen. You would have to renounce your citizenship. You can't come back into the country and you might still have to pay taxes for up to 10 years.

Re: $1M / year playing 5-10...doable?
 

It seems that accepting a winrate of something more like 650/hr and seeing how many hours you would need to play every day minus like two weeks would give you a more realistic figure.

Sustaining 5ptbb/100 for that long playing 8 tables everyday is probably slightly unreasonable.

At 650/hr you would need to play 30.8hrs/wk for 50 weeks out of the year to make one meeeelion dollars, which still isn't bad. I think a mil in a cumulative 365 day period is def doable.

Re: $1M / year playing 5-10...doable?
 

[ QUOTE ]
[ QUOTE ]
Do you have to pay taxes if you keep your entire roll on pokersites? I mean, you play poker and earn 1 million. But you only cash out 50k or something. Then you move to the UK and do one year of your education there and cash out.

[/ QUOTE ]You're still a US citizen. You would have to renounce your citizenship. You can't come back into the country and you might still have to pay taxes for up to 10 years.

[/ QUOTE ]
I thought you paid taxes in the country you lived in regardless of citizenship. Ie you say you made the million when you were in England.

Re: $1M / year playing 5-10...doable?
 

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
Do you have to pay taxes if you keep your entire roll on pokersites? I mean, you play poker and earn 1 million. But you only cash out 50k or something. Then you move to the UK and do one year of your education there and cash out.

[/ QUOTE ]You're still a US citizen. You would have to renounce your citizenship. You can't come back into the country and you might still have to pay taxes for up to 10 years.

[/ QUOTE ]
I thought you paid taxes in the country you lived in regardless of citizenship. Ie you say you made the million when you were in England.

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Sadly this is false. As long as you're a US citizen you have to pay taxes to the US government, even if you make all your money in england.

Re: $1M / year playing 5-10...doable?
 

Just to clear things up. I'm an American who move abroad (Ireland) 2 years ago and I pay taxes on my poker earnings. I also have an accounting degree so if there was a legal way around the tax issue, I would have found it.

Re: $1M / year playing 5-10...doable?
 

DOABLE.

Re: $1M / year playing 5-10...doable?
 

If zeebo can do $1mill at 3/6 you can definitely do it

Re: $1M / year playing 5-10...doable?
 

Just play 60hrs per week and you don't even have to play well.

Re: $1M / year playing 5-10...doable?
 

[ QUOTE ]
Just to clear things up. I'm an American who move abroad (Ireland) 2 years ago and I pay taxes on my poker earnings. I also have an accounting degree so if there was a legal way around the tax issue, I would have found it.

[/ QUOTE ]

Do you still get the foreign income deductible like everyone else?

Re: $1M / year playing 5-10...doable?
 

Grimm,

Doable, but based on the hands you posted, not for you.

Re: $1M / year playing 5-10...doable?
 

[ QUOTE ]
Grimstarr,

Try moving up. Then you only need 1/2 your current WR!

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Re: $1M / year playing 5-10...doable?
 

[ QUOTE ]
Grimstarr,

Try moving up. Then you only need 1/2 your current WR!

[/ QUOTE ]

I agree. Your winrate graphs in BBV will also be more impressive!

Re: $1M / year playing 5-10...doable?
 

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Grimm,

Doable, but based on the hands you posted, not for you.

[/ QUOTE ]

zing

Re: $1M / year playing 5-10...doable?
 

[ QUOTE ]
Grimm,

Doable, but based on the hands you posted, not for you.

[/ QUOTE ]

I agree, you do some downie stuff, and you also try to dance with the dragons a little too often for your own good. They will burn you, bro.

Re: $1M / year playing 5-10...doable?
 

Or you could whore yourself out to a million of fat chicks for a dollar a shot.

Re: $1M / year playing 5-10...doable?
 

If you win 1 million playing poker, you will be paying way more than 33% in taxes.

Re: $1M / year playing 5-10...doable?
 

I don't want to see you turn into the D-bag that is empiremaker2

Re: $1M / year playing 5-10...doable?
 

[ QUOTE ]
Or you could whore yourself out to a million of fat chicks for a dollar a shot.

[/ QUOTE ]

I think you need to diversify your assets; 20% poker, 80% whoring yourself out to fatchicks (approx. 800,000) to reduce variance.

Re: $1M / year playing 5-10...doable?
 

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Or you could whore yourself out to a million of fat chicks for a dollar a shot.

[/ QUOTE ]

I'm pretty sure whore taxes are like 50%, so this is no good.

Re: $1M / year playing 5-10...doable?
 

Grimm: doubtful

-Mike

Re: $1M / year playing 5-10...doable?
 

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You would still have to pay taxes.

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I dont. The UK has it's advantages!!

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Even if it's your primary source of income?