An Unprecedented Time: Teenagers and Poker
 

So I was thinking about this on a long drive the other day. When, if ever, has their ever been an outlet even remotely as lucrative for 18+ year old kids (and sometimes younger) as online poker is right now? What effects do we think that the opportunity for a fairly large group of youngsters to win/lose fairly large sums of money in a short amount of time will have on this generation short term/long term if any? How many of said prodigies can we suppose will make the most of their winnings? Squander them? I think it will be a VERY interesting dynamic going forward for the next 10-15 years+

Re: An Unprecedented Time: Teenagers and Poker
 

I think another questions that can be asked is if the success is sustainable.

Re: An Unprecedented Time: Teenagers and Poker
 

You missed the dot com boom.

Edit: The thing I've learned about money is that if it's easy come, then it's easy go. It might be different with other young adults but I doubt it. It is also hard for them to use that money to create opportunities for more moneys. The reason is simple. Most of them want baller status by shopping for expensive items. Now, there's nothing wrong w/ spending lavishly. It's your money; you can do whatever you want with them. You can even light your cigars with them and post in BBV. More props to you.

Obviously there are those out there that will take their poker winnings and rape the world but this group is small. Again, the reason is simple. Most do not recognize that to create wealth, one must use other means beside self as a vehicle to accumulate income. As a poker player, you can only do so much.

Re: An Unprecedented Time: Teenagers and Poker
 

[ QUOTE ]
You missed the dot com boom.

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The difference is that the ability to be able to grind up $20-$50 into hundreds of thousands was much more of a struggle when investing in dot coms then it is in the online poker boom.

Re: An Unprecedented Time: Teenagers and Poker
 

[ QUOTE ]
[ QUOTE ]
You missed the dot com boom.

[/ QUOTE ]
The difference there is that to be able to grind up $20-$50 into hundreds of thousands was much more of a struggle, inability in that then it has been in the online poker boom.

[/ QUOTE ]
Can you rephrase the sentence?

Re: An Unprecedented Time: Teenagers and Poker
 

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
You missed the dot com boom.

[/ QUOTE ]
The difference is that the ability to be able to grind up $20-$50 into hundreds of thousands was much more of a struggle when investing in dot coms then it is in the online poker boom.

[/ QUOTE ]
Can you rephrase the sentence?

[/ QUOTE ]
Haha wow. I am super tired sorry for that.

Re: An Unprecedented Time: Teenagers and Poker
 

My uncle made it rich trading commodities back in the momentum days, he was 19 when he made his first $100 000.

Athletes in sport also do pretty well.

Re: An Unprecedented Time: Teenagers and Poker
 

Prostitution?

Re: An Unprecedented Time: Teenagers and Poker
 

[ QUOTE ]
My uncle made it rich trading commodities back in the momentum days, he was 19 when he made his first $100 000.

Athletes in sport also do pretty well.

[/ QUOTE ]Do you know how much money he had to start with?

OP,
If you were wondering how this will impact "the generation," I believe the answer is almost not at all. How many people will end up with lasting and deep impacting implications from poker? Well, very few play at any kind of volume or seriousness. It will impact fewer still as only a percentage of the above group will A)continue, or leverage their new money so that they don't rely on a traditional path or B)learn and apply lessons learned from a poker past significantly.

Re: An Unprecedented Time: Teenagers and Poker
 

[ QUOTE ]
My uncle made it rich trading commodities back in the momentum days, he was 19 when he made his first $100 000.

Athletes in sport also do pretty well.

[/ QUOTE ]

QFT

In my opinion, trading is almost exactly like poker, whereas the others suggested (athletes, dotcom) have some major differences. I can see how at first glance trading might not seem like it's the same thing as online poker, but as someone in the industry, trust me, it is:

1. Requires no degrees or any formal education - just your own smarts and figuring stuff out.

2. Very, very much a "start with $50, and if you're good/lucky enough, you can be worth 5m+ in 3 years"

3. Just as accessible as online poker, if not more so. If anything, you could say it is more accessible, b/c there is (like a million times) more money flowing around in the trading world.

4. You can go to work on any given day and lose a bunch of money (unlike pro athletes); also, the market/game could change at any given time such that what you're doing now is no longer profitable (but if you're a good trader/poker player, you'll be able to adapt)


That's all I can think of offhand. Oh and just to attach an amusing example to these points: one of the most successful traders at my firm was a high school dropout who started trading when he was like 18, made a boatload of money (well into 8 figures) in a couple years, and then quit. I have no idea what he's up to now. Talk about teenagers and money!

-bigbootch