My Story
I don't know if I'm looking for advice or whether I'm just writing this as therapy. So, comment if you wish, but don't feel compelled.
Background: I'm 28 and married with no kids. My wife has a decent paying job, though she yearns for the day that she'll be able to quit and have babies. I've been to college and grad school, and I'm currently in my second year of law school. I held down a normal job for a few years after college, but I haven't worked at all since February 2004. I played poker full-time from Feb until I started law school in August 2004. Since then, I've played mostly limit hold'em online at limits 10/20 to 20/40. I can't play many hours each week as I'd like, but I try my best to get in 15-20 or so.
I've consistently beaten these games for 1.25 BB/hr. Not a super-high win rate, but it is good enough for me. I don't have dreams of being a pro! My wife is generally cool with the amount of poker I play. As well she should be! Poker has taken her on free cruises and out the WSOP ME! Poker paid the down payment on our home, and poker pays my tuition.
My first 1.5 yrs of law school have been great. School is a lot of fun, and even though we went from two incomes to one poker has ensured that our standard of living hasn't really dropped. I had a major tournament cash in August 2005 (winning the $200 buy-in Sunday tourney on UB), although 90% of that never returned to my bankroll, as my wife demanded that we pay down some principal-thing on our mortgage!
That's the background. Now, here is the problem:
The Problem:
I've gone on the most protracted losing streak of my life. Over the last six weeks, I've dropped over 300BB (@15/30). I dropped down to 10/20, but the slayings continued. I've carefully reviewed my stats and many, many hand histories, and I've concluded that I've simply been a victim of some bad, bad luck. Unfortunately, I've also dipped my bankroll below the "floor" that I set for myself. I have wanted to keep at enough cash in my roll to pay for at least two semesters of school, and my losing streak has pushed me under my minimum (I go to a state school, but my tuition is still around 500BB of 15/30).
What to do?! I considered not bringing my wife up to speed (she is not involved in the day-to-day goings on in my roll), but I ultimately decided that would be a bad idea. So, I sat her down and explained to her my financial situation. I suggested we could either: (a). Set aside $5 or 6K for me to continue grinding it out at 10/20, or (b). Quit, and take out a small student loan next December.
Suffice it to say, my wife wanted me to quit playing. The way she figured it we could lock up most of my tuition risk free. I argued that I am a statistically winning player, and whether I win or lose in a given hour, day or week is not important, since I theoretically make money every time I sit down. She agreed, but worried that an even longer streak might wipe out my whole roll. Better not gamble, she said, and keep the whole tuition-roll set aside.
Now what? Back to 2/4? Hang it up until I'm making the big lawyer bucks? To heck with it, it's my roll and I'll do what I want to?
Michael
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