Re: November Low-Content Thread
 

They could have access to at least $1,000,000 without selling their home or having to borrow.

Re: November Low-Content Thread
 

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Quick Q for the Commerce regulars:

What % of 40-80 players do you think are millionaires outside of poker? I think it must be close to 50%, but someone else thought it was much lower.

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if you can afford to lose between several hundred and a few thousand almost every day, you better be a millionaire.

Re: November Low-Content Thread
 

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They could have access to at least $1,000,000 without selling their home or having to borrow.

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Not clear enough. Does that mean we have to include all money in 401k plans and every penny in the portfolio? How about equity in the house above and beyond what is owed. If it is just liquid cash I think it is a very small percentage. Not many have 1 million. Christ, I don't even have that much and I am way balla. [img]/images/graemlins/wink.gif[/img]

Re: November Low-Content Thread
 

[ QUOTE ]
Quick Q for the Commerce regulars:

What % of 40-80 players do you think are millionaires outside of poker? I think it must be close to 50%, but someone else thought it was much lower.

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a ton of them but probably less than 50%, not going to bother guessing some number.

Re: November Low-Content Thread
 

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They could have access to at least $1,000,000 without selling their home or having to borrow.

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Not clear enough. Does that mean we have to include all money in 401k plans and every penny in the portfolio? How about equity in the house above and beyond what is owed. If it is just liquid cash I think it is a very small percentage. Not many have 1 million. Christ, I don't even have that much and I am way balla. [img]/images/graemlins/wink.gif[/img]

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Don't be a nit, doc -- obviously the $1M can include stocks and stuff. I'm talking about everything excluding their primary residence.

Re: November Low-Content Thread
 

it's much less. it's one thing to have a couple hundred or more to your name, it's another thing entirely to have over a million.

Re: November Low-Content Thread
 

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They could have access to at least $1,000,000 without selling their home or having to borrow.

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Not clear enough. Does that mean we have to include all money in 401k plans and every penny in the portfolio? How about equity in the house above and beyond what is owed. If it is just liquid cash I think it is a very small percentage. Not many have 1 million. Christ, I don't even have that much and I am way balla. [img]/images/graemlins/wink.gif[/img]

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Don't be a nit, doc -- obviously the $1M can include stocks and stuff. I'm talking about everything excluding their primary residence.

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Not being a nit. I am just trying to figure out if I make it. I think the number is actually super low. Like 1-2%. If you look at all the "pros" the answer is none. Then you look at the kids under 30 and the answer is none. So basically you have the super rich Tommy Bahama wearing fishy types of which there aren't that many.

Re: November Low-Content Thread
 

I'm really surprised to hear that folks think the number is low -- I had always assumed that all of the Persians/Middle Easterners were, along with a good chunk of the Asian business community.

I know I really shouldn't think too much about this sort of thing, but it just boggles my mind that (as stinkypete pointed out) people can lose hundreds or thousands every day without going broke. But hey, bless 'em -- if it weren't for them, I'd probably have to go back to work.

Re: November Low-Content Thread
 

Surely, work must be more fun than this. And for you, almost as lucrative. Or at least lucrative enough to where it's a decent option.

-Michael

Re: November Low-Content Thread
 

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I'm really surprised to hear that folks think the number is low -- I had always assumed that all of the Persians/Middle Easterners were, along with a good chunk of the Asian business community.

I know I really shouldn't think too much about this sort of thing, but it just boggles my mind that (as stinkypete pointed out) people can lose hundreds or thousands every day without going broke. But hey, bless 'em -- if it weren't for them, I'd probably have to go back to work.

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Well the part about business is key. A TON of the players own their business or work in some other job where they have access to lots of cash. Some are truly wealthy. These are the ones you see losing year after year after year. Others are "temporary" millionaires....They make or have access to thousands at a time and will be Commerce regulars for a year or two.

Through playing the low level tournaments years ago, I ran into a number of people like these temporary millionaires. One guy owned about 18 or so burrito stands and played up to $300-600. Of course he lost it all with his wife getting like the last three stands at divorce. Another guy owned a auto shop. He played as high as $30-60 and was degenerate as heck. He also lost it all(and is now essentially homeless).

But lots of these guys are very successful and will always play. There is one guys who plays horrible, admits he plays horrible. He knows it. But he has more than enough money to fade 30-40K a year in losses. Another I knew about was a female dealer. Her husband was loaded. She loved to play $20-40 at Commerce. But she was horrible at poker. So her husband cut her off from gambling and she returned to dealing to fund her poker playing.