Question for pros, how do you "pay" yourself?

[StacysMom]

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I just take out what I need to pay bills and buy what I want. The rest I leave in my bankroll (most in my ING account). Next year I am going to start investing.

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Me too, save the investing part. Im risk averse and love ING.

[Adam22]

i love being able to keep my bankroll my bankroll and live off of rakeback although when i have a bad month i normally have to use rakeback in my account ( maybe dont have to but i like to keep a lot of BB's in my account )

[Rudbaeck]

At the end of each month I cash out half my winnings and all my rakeback (and bonuses, when those were worth hunting).

Probably going to up this to two thirds of my winnings, as my roll is growing faster than my skill currently.

I hate stepping down, so I use a 1000BB roll for shorthanded play. Probably going to up that eventually to 2000BB, been damn near a 500BB downswing, which would in fact push me down a level currently. I still don't withdraw the entire excess at the end of the month, eventually I want to step up.

A month is in theory 60k hands long for me, but all too often end up at a measly 45k. [img]/images/graemlins/frown.gif[/img]

[WarBus]

I use my credit card for all the little purchases throughout the month (gas, groceries, etc) and pay it off each month.
I withdraw the last week of the month to pay all my bills for the next month.
I withdraw once more mid-month to add to savings.

The only times this does not apply is the month I went on vacation and the bad month I had where I only brought in 1500. Not enough with 2 kids (child support + joint custody), ex wife, girlfriend, and all my bad habits. That's why I set aside as much as possible. Difficult to grow the roll, but much safer.

[teamdonkey]

Not pro for another month or so, but here's my plan:

-have a set number as my necessary bankroll. Anything over that amount, cash out periodically (I'm thinking twice a month, but may go to monthly).

-from this cash out, pay myself a fixed paycheck. The rest goes into an ING account that can be withdrawn from for two reasons: add to bankroll when moving up, and help fund paychecks in bad months.

I'm suprised so many pros in this thread are so "meh" with their finances.

[FishNChips]

I'm on the very very very bottom of the semi pro ladder. I have a (small) fixed amount that I know I need to supplement my income (since my wife is now home taking care of our daughter). I take that out once/month at the end of the month. Anything more goes toward my BR (trying to move up so I can (thoeretically) play less and make the same). Currently my rakeback is covering the amount I need to w/d.

I'm also surprised that so many pros are so "meh."

FishNChips

[jmillerdls]

so...you are not planning on moving up at all?

[obsidian]

[ QUOTE ]
Not pro for another month or so, but here's my plan:

-have a set number as my necessary bankroll. Anything over that amount, cash out periodically (I'm thinking twice a month, but may go to monthly).

-from this cash out, pay myself a fixed paycheck. The rest goes into an ING account that can be withdrawn from for two reasons: add to bankroll when moving up, and help fund paychecks in bad months.

I'm suprised so many pros in this thread are so "meh" with their finances.

[/ QUOTE ]
Because it is all their money. Whether it is in party poker, neteller, ing, or their checking account. As someone else said, all you are doing is moving it.

[betadecay]

I was going to jump on that. If all you take out are living expenses then it doesn't really matter where your money is. The only time I have to evaluate the cash is when I'm going to take vacation, move up, drop down etc. PT and logging bonuses will give me a picture of hourly rate, monthly income, and the sort.

[centgas]

Another question to add to this.

When going in the bank I often have problems getting some credit services due to not having contractual employment (and thus more guarenteed income for them).

Do you class it as simply income? Self employed? How do you get around not having a contract?