$100,000 in Six Months Challenge
 

I know this is very long but I wrote it for myself as much as for the boards. I encourage anyone who wants to read it to post their comments/concerns. If the updates are too much to read I’ll be posting a running tab at the bottom so people can quickly glance and follow my progress.

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$100,000 in Six Months Challenge

It’s official, as of January 15th I’m going to be doing the $100,000 in Six Months Challenge.
As I mentioned in my post a few days ago, the quest I tried and completed this time last year really helped me focus and maintain consistent play over a reasonable amount of time. As I am now out of school and am playing poker for my only source of income while getting my life together, this quest will be much more daunting in both length and money. Six months is a long period of time, and I’ve found it’s easy for anyone to write out a detailed multi-month plan that gets thrown in the mud after five weeks.

So why am I committing myself to such a time demanding quest? It is my hope to become a high school teacher within the next two years, and this task starts this fall in grad school. Right now I live in Derby, CT and have already gotten into both Quinnipiac University and Fairfield University for their teacher certification programs. However, it has also been a dream of mine to live in New York City. In the coming months I will be applying to several NYC graduate schools, along with their alternate route certification (Fellows), and hopefully I will get into one of these programs.

The problem with moving to NYC and going to grad school full time is that it becomes extremely hard to make ends meet while keeping up with studies. After talking to a friend that went to Columbia, we decided that one would need a minimum of $5,000 a month to make ends meet while living a normal lifestyle (which includes living in a decent apartment, going out with friends, etc). Being a poker player I would want to have at least $20,000 saved if I were to live in the city and make poker my only job while going to school.

If this quest doesn’t work out I will make NYC happen another way (i.e getting a real job), but this way would be much better/easier/fun.

If I make $100k on this quest (which would put me at 110k total bankroll) I’m estimating a conservative $30k will go towards taxes. This leaves me with 80k. At this time I would like to have 20k in savings and 20k in bankroll. With this amount of money I’d feel comfortable moving to the city while only playing poker. I came up with 100k by figuring what I’d want, doubling it, and accounting for taxes.

Why double what I’d want? Why not! After all, it is a quest and should go above and beyond ordinary goals. I could use the extra money to cushion my expenses, pay off existing school loans, go play some major tournaments, or even buy some new toys.

Moving on...

In creating this plan I was making some general assumptions about my play over the next six months.
- I will be playing 30,000 hands per month
- I will average 1.5bb/100
- I will be taking out $2,500 per month for living expenses that will NOT be counted in the final 100k goal.
- I will include any rakeback/other bonii into the total $ won.
- I will not be withdrawing more than $2,500 for any given month.
- I will work out at least four times a week

I came up with these assumptions through various truths about my play since I started playing full time in June.

- I have average 50,000 hands per month, but at lower limits such as 2/4 and 3/6 while playing 8-12 games at a time. For this challenge I started at 10/20 and would be playing 4-6 games, on average, at any given time.

- My all time average, over more than 500,000 hands, is about 1.65bb/100. However, most of this total comes from 3/6 and below when it was usually better to play more tables and sacrifice winrate. I will be interested to see how my winrate changes as I move up in limits and reduce tables. Reducing tables over the last few weeks has already shown marked improvement of my game, and I’ve been able to read/post many more hands on this website

- The $2,500 number comes off a budget I have made and lived by for the last few months. It includes everything from rent to toiletries to gym membership. I am very comfortable with this number and do not foresee it as a problem. To control my expenses even further I will be getting to $2,500 by taking out $600 after my Sunday session every week with $700 coming out every forth Sunday.

-Rakeback/bonus money will be an added extra every month, and when adding it into my estimates I will using an ultra-conservative figure as not to rely on this money too much.

- The reason I have been playing low limit poker for the last two years is because I used to have a big problem with making money, getting excited and withdrawing, spending the money, and never moving up. With a proper budget I have controlled this problem but it is crucial for me to maintain discipline and not withdraw more than I have planned.

- Lastly, working out and playing sports have always been a major part of my life. I truly believe that keeping in good health is important in achieving any long term goal. Working out four times a week should not be a hard thing to do, but it is important enough that I felt I should keep track of workouts during this quest.

The Plan

This plan is just a skeleton right now, and until I begin will probably be revised and then revised again.

I will begin at 10/20 with exactly $10,000 on January 15th

Jan 15th-Feb 1st -10/20-
$4,500 in poker
$500 in R/B
-$1,200 for expenses
Bankroll: $13,800

Feb 1st - Feb 14th -10/20-
$4,500 in poker
$500 in R/B
-$1,300 in expenses
Bankroll: $17,500

Feb 15th - Feb 28th -15/30-
$6,750 in poker
$500 in R/B
-1,200 in expenses
Bankroll: 23,250

March 1st - March 31 -15/30-
$13,500 in poker
$1,000 in R/B
-$2,500 in expenses
Bankroll: $35,250

April 1st - April 30th -20/40-
$18,000 at poker
$1,000 in R/B
-$2,500 in expenses
Bankroll: 51,750

May 1st - May 31st -30/60-
$27,000 at poker
$1,000 in R/B
-$2,500
Bankroll: 77,250

June 1st - June 30th
$27,000 at poker
$1,000 in R/B
-$2,500
Bankroll: $102,750

July 1st - July 15th
$13,500 at poker
$500 in R/B
-$1,200
Bankroll: $115,550 (though I will stop after I hit $110 and take a long break)

So yes, I will be making more than 100k during this quest, but I want to have gained 100k after expenses when all is said and done.

Although I have mulitabled lower limits for the majority of my career, I do have some experience playing online at higher limits. I have a friend who has staked me from time to time, and although the deal was pretty terrible it did allow me to gain experience at higher stakes. Without this experience I would not have enough confidence to try this quest. I also spent six weeks last summer in Vegas playing 10/20 - 30/60 limits daily, and was a consistent winner at all levels.

Right now I have enough online data to support my plan up to the 30/60 level. However, I have played 30/60 before and am confident that I am at least break even at the game. I also do not think I could beat it for 1.5bb/100 at this point in my career, but I have four months to improve my play before I’ll be giving it a shot.

Thanks for anyone who has read all of this, and I appreciate everyone’s support.

This plan is not set in stone, and will be constantly re-evaluated, so if anyone has any suggestions feel free to post them. I know that it is a very ambitious plan, but that is the point. I also know that it is impossible to run at a consistent level, and I don’t expect to, but if I can run average/better than average for the first month that will go a long way in my achieving this goal. However, if I start off slow, such as on a 20k hand breakeven streak, then I will be very hard pressed to even come close to the final number.

I will be posting more consistent updates in a blog that I will create in the coming week, along with my once a week update on 2+2. I know there are tons of quests on these boards that stop after a week or two for one reason or another, and I would not have written this up if I didn’t know I’d be able to keep consistent updates for six months. I think what made the original $60k in 60 quests so great is that Schneids and Gonores were able to keep consistent updates even when things weren’t going as well as they should. I plan on doing the same.

Thanks again,

Jon

Re: $100,000 in Six Months Challenge
 

Not to be a dick, but this is getting to the point, where I should just do a "I will make $250,000 in a year challenge!". It's kind of dumb and not really a challenge when it is basically your goal for the year (or most of it).

Meh, I dunno...

Re: $100,000 in Six Months Challenge
 

All I can say is the best of luck to you, and I look forward to tracking your progress.

Re: $100,000 in Six Months Challenge
 

Hi Jon,
It seems like you planned it really well, good luck!

If you succeed at this challenge and make $100k in 6 months playing poker, you must like teaching at high school a lot!

Re: $100,000 in Six Months Challenge
 

[ QUOTE ]
Not to be a dick, but this is getting to the point, where I should just do a "I will make $250,000 in a year challenge!". It's kind of dumb and not really a challenge when it is basically your goal for the year (or most of it).

Meh, I dunno...

[/ QUOTE ]

I know these things are a bit overdone, which is why I asked the General forum last week if I should go ahead and post this. I didn't get any negative votes, so I decided to move ahead.

I havn't seen any long challenges that were consistently updated throughout, and I know when I was just starting it would have been something I'd have loved to read.

I'm only updating once a week, but if it gets to the point where people want me to stop I will keep all updates in my blog.

Re: $100,000 in Six Months Challenge
 

I do.

I really enjoy teaching, to the point where I have a 6 day a week job now where I get paid only $3,000 to coach track from last Nov - May.

If it came down to it I'd rather be poor and do something I like then to have lots of money and feel unsatisfied in my profession.

Re: $100,000 in Six Months Challenge
 

[ QUOTE ]
I do.

I really enjoy teaching, to the point where I have a 6 day a week job now where I get paid only $3,000 to coach track from last Nov - May.

If it came down to it I'd rather be poor and do something I like then to have lots of money and feel unsatisfied in my profession.

[/ QUOTE ]

very nice!

Re: $100,000 in Six Months Challenge
 

[ QUOTE ]
Not to be a dick, but this is getting to the point, where I should just do a "I will make $250,000 in a year challenge!". It's kind of dumb and not really a challenge when it is basically your goal for the year (or most of it).

Meh, I dunno...

[/ QUOTE ]

ur challenge was basically all i read on 2+2.. but since urs is done.. i guess this one will suffice.. GL, to both of you.

Re: $100,000 in Six Months Challenge
 

Jon,

I enjoyed your post and I wish you the best of luck with your challenge. I would love to follow your progress with updates. You sound like a man on a mission and have given this a lot of thought. Keep us updated and let us know when your blog is up.

Perhaps I need to get motivated with some specific goals of my own.

Re: $100,000 in Six Months Challenge
 

[ QUOTE ]



I know these things are a bit overdone, which is why I asked the General forum last week if I should go ahead and post this. I didn't get any negative votes, so I decided to move ahead.


[/ QUOTE ]

who cares what these clowns think? i think its cool how you have structured the entire thing so precisely. variance will surely throw you off, but props for the effort.

Re: $100,000 in Six Months Challenge
 

You're right, variance will throw me off. It is impossible to ever run at a consistent rate, but as poker variance is so incredibly unpredictable the best one can do it aim for a consistent long term winrate and accept the variance as it comes.

As I mentioned in my post, a lot of how successful this challenge is will be determined at the beginning.

There are going to be one or two months where I run incredibly well, and there are going to be one or two months where I run incredibly poor.

However, even if I start off extremely poor I will be giving updates all the way through.

Thanks for your support...

EDIT: Everyone has their own opinions and I don't think it's fair to call anyone a 'clown' for expressing such.

Re: $100,000 in Six Months Challenge
 

let him do what he wants to do. im sure successful goal attempts will prove to be inspiring to many poker players on different levels.

Re: $100,000 in Six Months Challenge
 

[ QUOTE ]
Not to be a dick, but this is getting to the point, where I should just do a "I will make $250,000 in a year challenge!". It's kind of dumb and not really a challenge when it is basically your goal for the year (or most of it).

Meh, I dunno...

[/ QUOTE ]

i'm thinking of a word that starts with a "d" and ends with an "ouchebag"

Re: $100,000 in Six Months Challenge
 

[ QUOTE ]
Not to be a dick, but this is getting to the point, where I should just do a "I will make $250,000 in a year challenge!". It's kind of dumb and not really a challenge when it is basically your goal for the year (or most of it).

Meh, I dunno...

[/ QUOTE ]

Please define challenge.

Re: $100,000 in Six Months Challenge
 

Hi Perseus,
I have been doing this in a very small way, of trying to supplement my income and am charting and managing it on an hourly rate basis.
Not playing as many hands as you , but over three months I have averaged $77 an hour and have banked $3400 into my partners and my wedding account. (that has certainly maintained her support of my poker playing).
I think if you keep the recording and spreadsheet up todate and simple you will go well. And so what, if you only make $80 k you havent failed.
Good on you and good luck.

Re: $100,000 in Six Months Challenge
 

http://images.animationfactory.com/i...rum_lg_nwm.gif

Re: $100,000 in Six Months Challenge
 

[ QUOTE ]
http://images.animationfactory.com/i...rum_lg_nwm.gif

[/ QUOTE ]

nice picture, but why?

Re: $100,000 in Six Months Challenge
 

Good luck. I hope you do well. Keep us informed on your progress, I am interested.

Re: $100,000 in Six Months Challenge
 

Man, that's kinda creepy.

Re: $100,000 in Six Months Challenge
 

Best of luck.

Re: $100,000 in Six Months Challenge
 

BillyBumfree,

I was wondering if you would be willing to post your example of your spread sheet for I would like to see how you have set it up and give me some ideas for mine. Thanks

Re: $100,000 in Six Months Challenge
 

what sites do you plan on playing on and are yuo using popker tracker?

and good luck!!!!!!!!!!

Re: $100,000 in Six Months Challenge
 

I wish you goodluck on your quest but I think you greatly underestimate the skill required to beat the midlimit party games at a consistant rate. No offense to you, but 1.65bb/100 at 3/6 and below is not very impressive for someone with a fairly lofty goal such as yours. I know you expect your play to improve, and it likely will, but you should budget a good amount of time to studying, posting hands and discussing tactics on 2+2.

Re: $100,000 in Six Months Challenge
 

Excellent post. I look forward to your blog and following your results during the next six months. Best of luck.

Re: $100,000 in Six Months Challenge
 

Good luck.

Re: $100,000 in Six Months Challenge
 

I too am trying to complete a similar goal, but I have my expectations much lower... I hope you don't take offense to this, but I think 500 BB may be too few if you plan to play this many hands. If you start off running slow, your mind could certainly start messing with your game and you could have some troubles.

If I were you, if I started running poorly, I would take 2-3 days off and just think about your game. You certainly don't want to have to end your challenge too early because you are worried about the money.

Re: $100,000 in Six Months Challenge
 

I don't underestimate the skill, I even mentioned I'm going to have to improve to make it happen.

As I mentioned, while playing 2/4 and 3/6 I was 8-12 tabling...not exactly optimal poker. My winrate at 10/20 and above, when I play 2-4 tables, is over 2bb/100 and while it's too small a sample size to have an idea of my true winrate, it's all I have. Over these hands I do not feel like I've been outplayed at all, nor did I feel outside my comfort level. I also played daily for 6 weeks in Vegas this summer and won consistently up to 30/60, but that's a different story than online.

I have over 500k hands logged at all levels and have played for over 2.5 years now, so I'm not running into this a complete noob.

Lastly, all of my goals are geared towards running a consistent 1.5bb/100 which I believe is attainable if I continue to improve and study. I have worked my way up to this $10,000 so I'd be moving up anyway, so I'm also not taking some ridiculous shot here.

Then again, I may not be good enough to hit my winrate. I have no real idea, and won't have any idea until I play. I guess we'll all find out soon enough.

I also think the real "challenge" part of it comes from not knowing if I can do it or not. If I had 200k hands logged at 15/30, was winning 2.xbb/100, then this wouldn't really be a great challenge.

Re: $100,000 in Six Months Challenge
 

I have more savings in case I run out of money.

I will not be stopping this challenge. If I hit 5,000 I will drop down to 5/10, and if I hit 2,500 I will move to 3/6 and continue until I have 500BB's to move up.

I'm not too worried about going on a 500BB losing streak right off the bat, and I'm willing to take the chance that it doesn't happen.

Though I guess it's certainly possible..

Re: $100,000 in Six Months Challenge
 

I will be playing on all sites and will be using pokertracker and PokerAce HUD.

The rakeback I added in to my totals only counts for sites that officially offer rakeback, which is why it may seem a low estimate for 10/20 and above.

Re: $100,000 in Six Months Challenge
 

[ QUOTE ]
Not to be a dick

[/ QUOTE ]

too late

Re: $100,000 in Six Months Challenge
 

[ QUOTE ]

If it came down to it I'd rather be poor and do something I like then to have lots of money and feel unsatisfied in my profession.

[/ QUOTE ]

vnh - many people inflict great pain upon themselves by doing the latter.

Re: $100,000 in Six Months Challenge
 

[ QUOTE ]
I do.

I really enjoy teaching, to the point where I have a 6 day a week job now where I get paid only $3,000 to coach track from last Nov - May.

If it came down to it I'd rather be poor and do something I like then to have lots of money and feel unsatisfied in my profession.

[/ QUOTE ]

this is very refreshing to read on this forum. I just need to find that profession that makes me feel the same.

Re: $100,000 in Six Months Challenge
 

best of luck to you in this challenge. its been a while since i have really been interested in seeing someone succeed at one of these.

i have one suggestion. set aside an amount of money now and invest in some 2p2 poker coaching.

i havent been following who's coaching limit these days, but this will be invaluable to you in this quest. refigure your stats with a 2.5PTBB/100 winrate with the same # of tables and you'll see why its worth 5 times its cost, maybe more.

Re: $100,000 in Six Months Challenge
 

I think your living expenses are very high for someone of your age. I don't think you need 5,000 a month to get by in New York. You can do it on a lot less.

I have to agree with the other poster. The 15/30 and up games are much tougher to beat and you shouldn't expect to maintain your win rate even if you play less tables and improve. No matter how well you play there is a limit on the edge you will have. So if you run well you will hit your goal.

Anyway, good luck.

Re: $100,000 in Six Months Challenge
 

Thanks for your support...

I already have considered 2+2 coaching and decided that even one or two sessions with a coach would really help. If you have any suggests feel free to PM or to post their names here.

Re: $100,000 in Six Months Challenge
 

I think I could get by for a lot less but I was being extremely conservative in my estimates.

I lived for six months in Rome, Italy and was caught off guard how expensive it is to live in a city even after the currency exchange. I'd rather have more then I expect to need instead of being caught in a financial bind should an emergency situation arise.

As for moving up, as someone who is about to I can't think that "I'm going to have to run well to hit my goal". I'm sure the first time you moved up you didn't think like this either. I have to believe that after 2.5 years and 500k+ hands of playing I know enough to, at the very least, have the ability to hit my goal IF I work hard and put in the effort.

That said, I may not have the ability. If that is the case then I guess I'll just have to run well.

Re: $100,000 in Six Months Challenge
 

I am just saying as someone who has lived in New York City for about 15 years that you can live as a student for a lot less than 5000 a month. I was in grad school for 7 years and made practically no money. I had a stipend and I picked up a little extra from teaching. I probably had more fun and was happier than I am now when I make 20x more money.

Good luck to you. I think you are making a good choice in becoming a teacher. Even though TheMetetron can buy and sell you, I respect you more.

Re: $100,000 in Six Months Challenge
 

[ QUOTE ]
I am just saying as someone who has lived in New York City for about 15 years that you can live as a student for a lot less than 5000 a month. I was in grad school for 7 years and made practically no money. I had a stipend and I picked up a little extra from teaching. I probably had more fun and was happier than I am now when I make 20x more money.

Good luck to you. I think you are making a good choice in becoming a teacher. Even though TheMetetron can buy and sell you, I respect you more.

[/ QUOTE ]

good luck and i agree with the meteron comment evne though i still think he lies about all his money he makes

Re: $100,000 in Six Months Challenge
 

www.blogspot.com make on mate, Easy to present it neatly(and of course you can just paste your posts into it to save time).

Good luck

Re: $100,000 in Six Months Challenge
 

I'm bumping this post because I started this quest today, and I finally created a blog.

I'll be posting the once a week updates here, but I'll be posting much more frequently at 100 in 6 Months Challenge

So follow along if you wish, I'm sure I'll need all the support I can get.

Here's to making 100k in 6 months...

Jon