View Single Post
  #60  
Old 10-06-2007, 03:23 PM
Jurollo Jurollo is offline
Senior Member
 
Join Date: Mar 2004
Posts: 13,764
Default Re: An Unprecedented Time: Teenagers and Poker

Invest, invest, invest. If some of the younger people here could set aside the 45k/yr for a SEP IRA and file as a pro for say 3 years, that would turn into $3.3mill with a 7% yield when you are 65. It wont be as much as it sounds now due to inflation but its still decent. My basic goal is to get 3-4 properties with no mortgages and rent them out which will give me 70-80k/year income and the flexibility to pursue other endeavors. I think just investing in something and forgetting about it is generally a mistake for poker players as we require a more hands on investment and challenge. Which is why I am taking on real estate now, its a new challenge and is something that will keep me somewhat busy away from poker. Essentially the best advice I can give is start planning now while the getting is good, rather then scrambling around when the games get harder and the money gets worse. This could not happen for 10 years and if it doesn't it just means you will be even more set up for your post poker life then if it happened in 2.
Reply With Quote