Rate my plans for the future!
 

Alright, so I'm in my second year of college as a business economics major. So far, I haven't learned anything that I can apply to the real world (yah yah supply and demand, opportunity cost, absolute and comparative advantages blah blah, a lot of abstract ideas and not enough concrete details). Until recently, I had no idea what I was going to do for my future. I guess I was planning on working a cubicle job or something. My grades are okay at best (3.0 gpa) and basically, I'm hitting a fork in the road. In one road, poker fuels my path to financial independence through real estate and stocks. I'll continue to get mediocre grades but excel at poker. The other path I can take is a more stable one I suppose. I minimize poker (or quit altogether) and get serious about school. Try my best to get straight A's and graduate with a 3.5 gpa. Land a corporate job somewhere and enjoy benefits as well as a mediocre salary. I'm actually leaning more towards the first. Heres a basic overview of what I plan for my future:

I play 2/4 and 3/6 and have been a proven winner at those stakes. I can continue playing 30000 hands at a modest projected rate of 2-3ptbb/100. By June, my banrkoll should be at 100k.

I then plan on investing about 50k in various stocks. I know a couple of friends who know the jist of investing so I'll probably ask them for advice. I plan on keeping a diversified portfolio, investing in different sectors of the economy. I've read some Kramer books and his advice seem pretty sound, but I don't know if he's a laughing stock in investing communities.

I'll continue to do whatever I can at school to maintain a 3.0 GPA at school, sort of as a safety net I suppose. I know people have ridiculed the idea as using a bacholer's degree as a safety net because it can't bank you a good job nowadays, but I don't feel comfortable completely dropping out of school either.

I will continue to play poker (probably move up stakes too) and invest in the market, and hopefully by the end of year 2010, the year I graduate, I will have 250k in my bankroll as well as 100k in stocks.

I then plan on investing about 200k in real estate following Snowbanks advice (http://forumserver.twoplustwo.com/sh...gonew=1#UNREAD)

From here, I just plan on buying a lot of property and continue putting money in stocks. I'm also skeptical that online poker will last longer than 5 years from now so I'm going to try to be as least dependent on it as soon as possible.


So what do you guys think? Am I too naive? Is this plan obtainable at all? Or should I just go for the office job route?

Re: Rate my plans for the future!
 

It all sounds good on paper, the only thing is, u most hope and pray it all works out like you plan. Poker isnt always nice. You must prepare for the huge downswing. talking 3-7 months worth of losing

Re: Rate my plans for the future!
 

I've been through downswings, trust me. But the thing is, the worst that can happen is breaking even for 3 months (100k hands) and this is absolute worst that can happen. Regardless, I projected my ptbb to be pretty low 2-3ptb/100 when in reality it's around 5-6 over 120k hands. This is simply to be on the safe side.

Re: Rate my plans for the future!
 

swongs are one thing.

Re: Rate my plans for the future!
 

You've only been winning for 120k hands? I mean, thats cool and none of this sounds that bad because you aren't actually going to drop out, just not focus as hard (which seems to be what you are doing right now?)

Whats this point of this post? It sounds like you are either going to continue what you are doing or quit poker? I don't think the latter is even possible. If you are making $10-20k a month right now I HIGHLY doubt you can quit even for two weeks, let alone till you graduate. my two cents.

Re: Rate my plans for the future!
 

I just want to know if my numbers are correct. Is 300-400k really enough to start in the real estate and stock market? that's how much I'm planning on making in poker by the time I graduate or a year or two more.

Re: Rate my plans for the future!
 

Can I crossbook you?

-Michael

Re: Rate my plans for the future!
 

lol so i'm getting the vibe that my future plans are a joke. is it really that naive to think I can pave my future through poker?

Re: Rate my plans for the future!
 

If you are making good money right now. Why not take a leave/break from school and make as much money as you can, and continue school if that doesn't work out.

Barrin6

Re: Rate my plans for the future!
 

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lol so i'm getting the vibe that my future plans are a joke. is it really that naive to think I can pave my future through poker?

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Don't believe this. It's been proven the most successful people write out their future plans. It is somewhat naive to base your life around poker but to each his own, plenty of people have managed it just fine.

Re: Rate my plans for the future!
 

you can start in RE theoretically with no money at all so yes 400k is way more then you would need. To be on the safe side depending on what kind of RE you want to get into ~25k or so should be sufficient.

Re: Rate my plans for the future!
 

Barrin6 I would but my parents are hellbent on keeping me in school, and I respect that. So everyone agrees here that 100k should be enough to invest in stocks and 200-300k is more than enough for real estate? I don't want to be in a spot 6 years later where I'm like [censored], 400k in different sectors is not giving me the returns to live a comfortable life.

Re: Rate my plans for the future!
 

[ QUOTE ]
lol so i'm getting the vibe that my future plans are a joke. is it really that naive to think I can pave my future through poker?

[/ QUOTE ]

Don't let anyone make you feel that what you're doing/thinking is a joke. It's *very* admirable to develop a set of goals/plans at your age. Plenty of academic research supports the idea that those with clearly developed and written goals tend to have a tendency to do "better" than those who don't.

I don't know if your particular plan is the way to go, but I do know that thinking and planning your financial future from an early age *is* the way to go. And asking questions on a forum like this is a good way to get some feedback on the plans you're making.

As to specific ideas re: what you're planning, my two cents is that your future planned poker income 'may' be a bit unrealistic (small sample size on your profitability, uncertain online poker climate, you may get a girlfriend who wants to party and won't let you play, etc.), and that your real estate plans 'may' also be a bit optimistic (it'd be hard to live off the income generated from 250k of real estate). You may be best off to maximize the heck out of your poker income and then put that money to work for 7-8 years while doing one of those cubicle jobs to pay the bills. You could maybe double your hoped-for 250k into 500k by the time you're 30 or so, and then quit the corporate crapola then, with a little more assets to generate income for you. Just some ideas to think about...