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#21
12-29-2005, 03:00 PM
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Re: Question for pros, how do you \"pay\" yourself?
[ QUOTE ]
so...you are not planning on moving up at all? [/ QUOTE ] my "paycheck" will be somewhat lower than my expected earn. I expect to make 30 buy-ins a month, so my paycheck will be something like 20-25 buy-ins. The rest goes into the ING account and eveuntually allows me to move up. [ 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. [/ QUOTE ] Where the money actually is makes little difference, it's the lack of a budget or structured plan that makes this bad. When your income >> expenses it's not a big problem so i'm sure it looks like it's working fine for you. I'd imagine most people with this attitude are in their late teens / early twenties and haven't had to support themselves on a non-poker job before. 
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#22
12-29-2005, 03:13 PM
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Re: Question for pros, how do you \"pay\" yourself?
[ QUOTE ]
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? [/ QUOTE ] I've often wondered this as well... Do pros incorporate themselves, perhaps creating a LLC with themselves as the sole employee? I've heard of groups of independant computer consultants that all work under a shell organization in order to take advantage of tax and insurance related stuff. Not sure if this type of thing would relate to the cash based poker world, but still curious...
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#23
12-29-2005, 03:15 PM
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Re: Question for pros, how do you \"pay\" yourself?
[ QUOTE ]
[ 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. [/ QUOTE ] Where the money actually is makes little difference, it's the lack of a budget or structured plan that makes this bad. When your income >> expenses it's not a big problem so i'm sure it looks like it's working fine for you. I'd imagine most people with this attitude are in their late teens / early twenties and haven't had to support themselves on a non-poker job before. [/ QUOTE ] I am in my early 20s and am in my last year of school, but I have had to support myself on a real job before. Also, my poker income is much larger than what I need to live. I can see how this would make a large difference. I guess I've never really seen a need for a budget. I should probably take this into greater consideration.
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#24
12-29-2005, 03:45 PM
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Re: Question for pros, how do you \"pay\" yourself?
I have a 500BB bankroll and I simply cashout whenever I am 50BB over that (in my case, that's $500). This may seem like its too often to some people, but I like the fact that a cash out is never far away (usually). It helps me focus on the game more if I have a short term goal like this, rather than waiting until the end of the month or whatever.
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#25
12-29-2005, 04:43 PM
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Re: Question for pros, how do you \"pay\" yourself?
Not that I'm a pro, but I do okay, so I'll answer anyway. Since my wife is the primary income, I withdraw whenever it's demanded of me. Poker money generally goes for fun stuff, so we set a target and when I reach it, out it goes. I just let her know how much I need to keep in, right now that's enough to maintain 2/4 and 3/6 games and max out bonuses so that I rarely play without one.
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#26
12-29-2005, 06:01 PM
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Re: Question for pros, how do you \"pay\" yourself?
You are assuming that we are all undisciplined, don't understand money etc.. Budget and plans are an invention for those who lack discipline/self control and not needed for those who have it.
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#27
12-29-2005, 06:26 PM
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Re: Question for pros, how do you \"pay\" yourself?
[ QUOTE ]
[ QUOTE ] 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? [/ QUOTE ] I've often wondered this as well... Do pros incorporate themselves, perhaps creating a LLC with themselves as the sole employee? I've heard of groups of independant computer consultants that all work under a shell organization in order to take advantage of tax and insurance related stuff. Not sure if this type of thing would relate to the cash based poker world, but still curious... [/ QUOTE ] My dad gave me this advice. He said I should start a company as me as the sole employee. Then give myself a paycheck, and write off crazy buisness expenses instead of claiming pro gambler. He was vague on the details but it seemed like he knew what he was talking about. This is also what drug dealers do.
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#28
12-29-2005, 06:28 PM
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Re: Question for pros, how do you \"pay\" yourself?
[ QUOTE ]
When your income >> expenses it's not a big problem [/ QUOTE ] I understand the point of money management. I think for most of the pros that aren't looking to buy BMW's and 3 story houses, taking out the money for basic living expenses is done as needed.
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#30
01-01-2006, 06:50 PM
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Re: Question for pros, how do you \"pay\" yourself?
i pull as much out as possible so im playing on as short a roll as possible so im permanently pissed that i have to keep reloading. its not the best way to do things.
ok on a more serious note, basically i just cash out whenever i feel like it. bills are cheap for a single 19 year old, cars paid off, need MAYBE 1500 a month to get by. of course, the amount i actually go through a month is quite a bit more.. but im working on that. yea i never get paid. i hate any kind of structure in life. holla
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