all you college drop outs...

[aejones]

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man i dunno about you guys but I [censored] LOVE college

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your classes or the atmosphere?

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both. I'm taking less hours to concentrate on poker since it won't be around for ever with legislation. I'm getting As and Bs and getting by alright on a academic scholarship.

The atmosphere is sick fun too. Every night I can get a handful of guys to go out to eat to IHOP or Steak n Shake at 4 in the morning when I'm done with my session. I can nap all day, and there are just a bazillion people around that I'm glad I got to know. Also, dominating intramural sports is +EV.

Oh, and there are girls here, and one could argue the reason they are here is not even for education. Also, I just found out I have a pornstar that is a freshman at my school and living in my dorm, she does not know it yet but I will be meeting her this week.

[Boosted J]

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can someone give an example of a kind of business you might open. thanks.

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a brothel

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this would be an excellent idea for you KKF since you live in Thailand lol

[innerpeace]

i used to play mainly live poker and some online poker. i took much of my winnings and through various investments and some of my own business ventures, am at the point where i no longer need to worry financially. the route i took did involve some riskier investments, and i had some good luck fall my way.

nowadays you can easily earn 5%+ annually with little to no risk through money markets, cds, and other low-risk annuities. if you are looking for longer term results, then a well diversified portfolio including equities, fixed income, and various cash equivalents would suit you well and provide you with better returns. proportions can be allocated based on your risk profile.

[THAY3R]

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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?

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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.

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

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I am very educated of your situation, and you won't be able to make 250k a year from the live games.

[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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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.

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

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I am very educated of your situation, and you won't be able to make 250k a year from the live games.

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Live games arent even going to be 30% of the income I intend on receiving. You're not totally educated about my situation regardless of what you think, because only I and a few others know exactly about my situation. Also FYI, I'm not talking about the card clubs you are thinking of. I'm talking about 50/100 and 100/200 NL in Miami. $250k is more than easy from the combination of all this.

[theBruiser500]

who knows what will happen in the future. People always use superlatives when talking about the present but in a lot of ways our present time, in the US is dull. Compare WWI, WWII, or wars/genocide in other countries compared to what the US has been like lately, and 9/11. What I'm getting to in a roundabout way is who knows what the future holds. There is also the personal level of that, maybe you will find a field that you love to go into and you don't need much money for it, maybe you will find a rich wife, maybe you will die.

Maybe they're bad specific examples I'm using but hopefully, despite my poor writing you understand my general point. Moderation is important, $500,000 is a lot of money and give a ton of flexibility and money gets less and less important as you go to $2,000,000. I was trying to do the same thing you did, but that mental attitude just burned me out and was extremely counter productiev at the poker tables. It is a sad thing when my only goal is to play a lot of poker for a couple of months get rich and quit - and the result is I play a lot of poker, ruin a fun life style and lose big amounts.

To answer your question. There's a good chance I take college classes down the line, spend time abroad, maybe get involved in a business as I have a few smart, good, business friends who might go into it with me. Mainly though in my mind, I envision the same sort of life, just done more frugally which won't make my life worse. There is still enough money to get the plane ticket to Mongolia, only when in Mongolia I'll get just one yurt instead of two, and just one plate of whatever they eat in Mongolia instead of two. Which is a good things in a lot of ways, a lot of fun things can happen by being frugal, it will get rid of my gluttony problem and not change the essentials of life.

[cardsharkk04]

I'm going to invent an underwater roller coaster called the Sharkk Attackk.

[ggbman]

I am not a college dropout, however, i feel there are some interesting things to be discussed in this thread. The first thing to tackle is the projected ROI discussed in this thread... it is way too low. It is always better to be more conservative when thinking about what you need to retire comfortably, however 2.5%-3% is such a lowball figure that it needs to be addressed. From 1963-1993, a time period ignoring the tech boom and bust, the average ROI was over 11%. If you take out the 90 best trading days in that time span, the average ROI was still 3.28%. If someone else wants to give more data, it's welcome... i am not trying to skew anything here, i just could not find stats on the cumulative ROI of the Dow Jones since its inception in my quick search. The point is, assuming that our return on investment would be less than half of what it has been in the last century, including the great depression and 9/11, seems too conservative to me.

I really feel that acheiving a 5% ROI pretty consistently with any sort of investing savvy, or just decent networking should be more than attainable.

As far as playing poker live, most big winners online can make a very solid living playing live. I am not the creme de la creme of online players, there is certainly a contingent of players who win a lot more than me, however from my experience i definitly feel i could average $80-$150 an hour playing live limit games $100-200 and below, not taking into account when i take shots a good games higher than that. I think that eventually i would have the capacity to become a winner in the games higher than that as well, but the point is, grinding low to lid six figures will definitly be doable for most of the better players, limit or NL, on these forums. For young people, this is still a huge amount of money, and if they adjust their spending to their new income level, they should still be able to live very comfortable life styles. To make more than $150k a year life, you have to be playing quite high or play a sick amount of hours.

Another thing that should be addressed though, is that young players must learn to adjust our expectations. Many of us have had it in our heads that we will be able to retire before 25 if we so desire, and will be able to do so in comfort. However, having a few hundred thousand in the bank with no debt and a potential 6 figure income is a more than nice lifestlye, especially for a profession where you can choose your own hours and aren't working 70 hours a week.

As far as all this talk about starting businesses, many people on these forums probably have the capacity to do so, but like poker or anything else, it will be a learning process... it's obviously not easy to just start some random business that turns a nice profit in this day in age. But combined with incomes from live poker, i would bet that many people here are capable of eventually becoming entrepreneurs/real estate investors.

And of course, going back to school is always a fine option. Anyone who has proven that they can hack it at poker should have the self confidence and maturity to know that they can be sucessful via other avenues, which are less stressful as well. I will probably get my degree, i hpoe that i will never have to use it to work a job that i dont want to, but it will be there as backup. In general, i would bet there would be several sucess stories of people from these forums from vehicles outside of poker if online poker ever went away.

[Go_Blue88]

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who knows what will happen in the future. People always use superlatives when talking about the present but in a lot of ways our present time, in the US is dull. Compare WWI, WWII, or wars/genocide in other countries compared to what the US has been like lately, and 9/11. What I'm getting to in a roundabout way is who knows what the future holds. There is also the personal level of that, maybe you will find a field that you love to go into and you don't need much money for it, maybe you will find a rich wife, maybe you will die.

Maybe they're bad specific examples I'm using but hopefully, despite my poor writing you understand my general point. Moderation is important, $500,000 is a lot of money and give a ton of flexibility and money gets less and less important as you go to $2,000,000. I was trying to do the same thing you did, but that mental attitude just burned me out and was extremely counter productiev at the poker tables. It is a sad thing when my only goal is to play a lot of poker for a couple of months get rich and quit - and the result is I play a lot of poker, ruin a fun life style and lose big amounts.

To answer your question. There's a good chance I take college classes down the line, spend time abroad, maybe get involved in a business as I have a few smart, good, business friends who might go into it with me. Mainly though in my mind, I envision the same sort of life, just done more frugally which won't make my life worse. There is still enough money to get the plane ticket to Mongolia, only when in Mongolia I'll get just one yurt instead of two, and just one plate of whatever they eat in Mongolia instead of two. Which is a good things in a lot of ways, a lot of fun things can happen by being frugal, it will get rid of my gluttony problem and not change the essentials of life.

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i guess you're not a fan of hypothetical questions.

[Gregg777]

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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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Come again? I thought Florida had NL limited to very small bet amounts.