all you college drop outs...

[PartyGirlUK]

I think 2% is a bit pessimistic too. 3 should certainly be doable in the foreseeable future imo - that makes it $60k/year, or if he spends a bit of it more like $80K perhaps (rough guess).

[Theo_Brixton]

What Orlando cardrooms? If you're talking about the shady underground cash games, I've been through that scene - beware.

[7n7]

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I'm an 18 year old college drop out. I'll be doing some business which honestly I really cannot go into, but I definitely know what I'm doing. That, along with becoming a live pro at the card clubs here in Orlando will be my new form of income which should yield me $250k+/year

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Doesn't FL have some weird maximum bet for live poker? How do they circumvent this for NL?

Just noticed, you said "card clubs" and not casinos. But out of curiosity, do you know the answer to the above question?

[My_Name_Is_Hov]

I'm still attending college, or i guess u could say i just started attending college. Despite making mad monies playing poker, I have never really thought of poker as something that I would live off of for the rest of my life. I have always approached poker as something to fund future business ventures. Currently i am super interested in real estate investing and am trying to learn everything I can about it. Since I just turned 18 and have a bit of capital saved up I figure no better time to get my start. I dont really see myself being able to finish college so hopefully when I drop out it wont be to only play poker.

[ML4L]

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Once I hit the 1.5/2m after taxes range, which will hopefully be in the next 18 months since I'm going to try and play a ton of hours, I feel like I can basically live off of the interest

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Depending on the specifics, you do realize how small your annual income is probably going to be, right?

Assuming that you mean interest in the "money market account" sense, your real return is probably going to be about 2% per year, or $40,000.

ML4L

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If he owns his house outright and can make 3% instead, he's doing just fine if he doesn't breed. No house payment plus no kids plus no drugs = no money problems.

Plus life will always bring opportunity. You don't have to solve the whole problem before age 23. Just 3K / month in poker winnings would make life easy.

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Agreed. See also my reply to KKF. Just trying to dispel the notion that $2 mil at age 20 is enough to live a lavish life and/or raise a family very comfortably without ever having to work again.

Maybe everyone already know that, and I'm not giving enough credit to readers of this thread. But, dammit, my economics degree doesn't qualify me to do anything in the real world; I feel like it should at least allow me to talk down to people on an internet forum...

Mike

[Joker757]

My comment to you is that you had better make sure that you have your I's dotted and your T's crossed in regards to laundering your money. I would be curious to see how you are able to w/d draw the amount of money that you speak of with the GOV. taking it for illegal gambling activity. I am sure that you thought of this but the best way that I have found is to set up an off shore acct and then purchase stocks etc through a DUMMY corporation. Anyway just a piece of advice.

[Boosted J]

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I'm an 18 year old college drop out. I'll be doing some business which honestly I really cannot go into, but I definitely know what I'm doing. That, along with becoming a live pro at the card clubs here in Orlando will be my new form of income which should yield me $250k+/year

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KKF,
I'm talking about the combination of the business I'm getting into as well as playing live.
Underground cardrooms?

And can you be 18 years old and "know what you are doing in running a business". Did you learn from your parents?

Regardless, like Slow mentioned, unless you are in a niche market, you are going to have tons of competition.

If you just look at businesses being sold in a newspaper, you will see advertisements that will have ranges such as $400K to own, $50K in yearly revenues. Not exactly glamorous.

Also, $250K+/yr playing live poker is a bit ambitious since you get 30 hands/hour. I have no idea what live pros make in Vegas??

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[Joker757]

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[ QUOTE ]
I'm an 18 year old college drop out. I'll be doing some business which honestly I really cannot go into, but I definitely know what I'm doing. That, along with becoming a live pro at the card clubs here in Orlando will be my new form of income which should yield me $250k+/year

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Doesn't FL have some weird maximum bet for live poker? How do they circumvent this for NL?

Just noticed, you said "card clubs" and not casinos. But out of curiosity, do you know the answer to the above question?

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FL has a max $2 bet in their card clubs. Also there is legislation that Jeb Bush is trying to pass that will make tourneyment illegal in the state of FL. The reasoning is that even with say a $50 tourney. Concievable when you move all in you are risking your original buy in of $50 which according to FL law is a violation of the gambling code. If I were the original poster I would think long and hard since most local and state authorities will begin to pressure illegal card clubs and soon most will be shut down. But since your only 18 I doubt that you have given any real significant thought as to what all the FL legislation means to you and you "PIPE" dream of playing professional poker once all of the internet goes away. Think you will find that you will be a fish amounst many sharks when that time comes. Not to say that you wont be able to just the shear numbers of people who are going to make that transition from internet to live with creat a feeding freenzy. Live is a tough business now can not imagine how tough it will be when the flood of internet players make their way to the casino tables. DOG EAT DOG for sure.

[Boosted J]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
I'm an 18 year old college drop out. I'll be doing some business which honestly I really cannot go into, but I definitely know what I'm doing. That, along with becoming a live pro at the card clubs here in Orlando will be my new form of income which should yield me $250k+/year

[/ QUOTE ]

Doesn't FL have some weird maximum bet for live poker? How do they circumvent this for NL?

Just noticed, you said "card clubs" and not casinos. But out of curiosity, do you know the answer to the above question?

[/ QUOTE ]

FL has a max $2 bet in their card clubs. Also there is legislation that Jeb Bush is trying to pass that will make tourneyment illegal in the state of FL. The reasoning is that even with say a $50 tourney. Concievable when you move all in you are risking your original buy in of $50 which according to FL law is a violation of the gambling code. If I were the original poster I would think long and hard since most local and state authorities will begin to pressure illegal card clubs and soon most will be shut down. But since your only 18 I doubt that you have given any real significant thought as to what all the FL legislation means to you and you "PIPE" dream of playing professional poker once all of the internet goes away. Think you will find that you will be a fish amounst many sharks when that time comes. Not to say that you wont be able to just the shear numbers of people who are going to make that transition from internet to live with creat a feeding freenzy. Live is a tough business now can not imagine how tough it will be when the flood of internet players make their way to the casino tables. DOG EAT DOG for sure.

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you must not know of me...and are clearly uneducated about my situation.

[yvesaint]

man i dunno about you guys but i love college