*** Official October Chat Thread: The Purple Goose ***

[TheProdigy]

Invest it.

Compounding interest is an amazing thing.

Edit: On an interesting note we are now finally past taxes and insurance, and are on the markets in Finance class. I'm probably going to go into finance and investing as well, so I can make us all richer

[D.L.M.]

ive spend about 20k i cant account for *POOF =) otherwise id be pwning the [censored] outa nl400 right now as i type this.

[TheProdigy]

[ QUOTE ]
ive spend about 20k i cant account for *POOF =) otherwise id be pwning the [censored] outa nl400 right now as i type this.

[/ QUOTE ]

That's a scary coincidence because my coke sells have upped by 20k since I've known you.

[seki]

I have perfected the art of 2rd barrel shoving into the nuts.

[TheProdigy]

lol anyone who plays vs justforfunds knows how unlucky this [censored] is lol. Also IGLOOKING factoring in makes it even less likely but thanks pstars.


PokerStars Game #12572352848: Hold'em No Limit ($2/$4) - 2007/10/11 - 19:02:35 (ET)
Table 'Interamnia II' 9-max Seat #4 is the button
Seat 1: Ajven ($430.75 in chips)
Seat 2: 1STRAIGHTUP_ ($372.10 in chips)
Seat 3: Mr. McDoogle ($370 in chips)
Seat 4: Larsa 33 ($219.50 in chips)
Seat 5: Schwallie4 ($647.95 in chips)
Seat 6: mjmjrct ($270.05 in chips)
Seat 7: IglooKing ($406 in chips)
Seat 8: FlatronPeter ($329.10 in chips)
Seat 9: justforfunds ($420 in chips)
Schwallie4: posts small blind $2
mjmjrct: posts big blind $4
*** HOLE CARDS ***
Dealt to Schwallie4 [Kc Kd]
IglooKing: raises $12 to $16
FlatronPeter: folds
justforfunds: raises $32 to $48
Ajven: folds
1STRAIGHTUP_: folds
Mr. McDoogle: folds
Larsa 33: folds
Schwallie4: raises $112 to $160
mjmjrct: folds
IglooKing: folds
justforfunds: calls $112
*** FLOP *** [8h 9d 3c]
Schwallie4: bets $336
justforfunds: calls $260 and is all-in
*** TURN *** [8h 9d 3c] [7c]
*** RIVER *** [8h 9d 3c 7c] [Tc]
Schwallie4 said, "lol KK aa"
*** SHOW DOWN ***
Schwallie4: shows [Kc Kd] (a pair of Kings)
justforfunds: shows [Ac As] (a pair of Aces)
justforfunds collected $857 from pot
Schwallie4 said, "how gey"
*** SUMMARY ***
Total pot $860 | Rake $3
Board [8h 9d 3c 7c Tc]
Seat 1: Ajven folded before Flop (didn't bet)
Seat 2: 1STRAIGHTUP_ folded before Flop (didn't bet)
Seat 3: Mr. McDoogle folded before Flop (didn't bet)
Seat 4: Larsa 33 (button) folded before Flop (didn't bet)
Seat 5: Schwallie4 (small blind) showed [Kc Kd] and lost with a pair of Kings
Seat 6: mjmjrct (big blind) folded before Flop
Seat 7: IglooKing folded before Flop
Seat 8: FlatronPeter folded before Flop (didn't bet)
Seat 9: justforfunds showed [Ac As] and won ($857) with a pair of Aces

[Chuck D]

yeah he's laggy, but he's good

pretty big cooler though

[LifeTilt]

[ QUOTE ]
Its kinda weird to think about how much this money can help us college guys down the road.

Any "older" posters care to share how the money us NL200+ guys are making will help us later on(assuming we're not stupid with it)?

[/ QUOTE ]

I'm a tax/estate planning attorney and there are pretty cool things you can do with IRAs that will ensure future success of your money. There are also asset protection strategies that may protect you from judgment creditors. It is important what state you live in because things differ in certain places. I recently did some planning for a high stakes online poker player (self-employed) where we pumped ~$40,000 into a SEP IRA in 2006. Use a financial calculator and see what happens if he just contributes 1/4 of that for the rest of his life. Compounding interest is fun.

[TheProdigy]

[ QUOTE ]
yeah he's laggy, but he's good

pretty big cooler though

[/ QUOTE ]

Yea I guess so. He def is good not saying that though. Anyways I think I'm like -3.2k today? Hasn't been a good day really.

[Cry Me A River]

[ QUOTE ]
Its kinda weird to think about how much this money can help us college guys down the road.

Any "older" posters care to share how the money us NL200+ guys are making will help us later on(assuming we're not stupid with it)?

[/ QUOTE ]

If I could have been making $50+ and hour in college, boy could things have been different - I might have actually finished for one [img]/images/graemlins/wink.gif[/img]

My biggest advice would be to go easy on the stuff that depreciates or winds up being worthless (cars, electronics, entertainment, clothing) and try to invest as much as possible and invest fairly conservatively (poker is speculative enough). Avoid debt whenever possible and pay it down as soon as you can (particularly high interest stuff like credit cards). The housing market is pretty [censored] right now, but buying is still usually preferable to renting. And if you can have a house paid off before you're 30, you're way, WAY ahead of the game.

Nothing spectacular or revolutionary there, just remember compound interest is your best friend.

[Cry Me A River]

Oh, and one other thing - If you're an online poker pro, you can live basically anywhere. So unless you're in love with living somewhere super-expensive (NYC, LA) consider your options. There's a lot of places where $200K can buy you a really nice house but in the big city, not so much.