[cmyr]

So this has blown up a little bit. There's some really neat stuff in here, much of it over my head, but it's interesting to hear the discussion. To get back to practicals a bit, I'm going to elaborate a bit on my current situation.

I'm in my early twenties, and poker is my main source of income. I'm a part-time student, and the rest of my income is derived from an RESP, a Canadian tax-sheltered education-specific investment plan.



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Some questions..
How often do find yourself depositing money into poker sites to replenish your onsite bankroll? and how much are you usually moving? In other words, have you allocated too much to readily available bankroll?

How much are you pulling out of poker in an avg month, and what are you doing with it? Are you just pulling out enough for expenses, or are you allocated some to your future? (you should be)

How much risk are you willing to accept with your money? When looking at this, you should also consider the risk you accept with in play poker funds.

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question one is really difficult to answer, because I will frequently go months without depositing and then deposit 10k in a few days. I play across a bunch of different sites, b/c of game availability, so I end up keeping 40+ buyins onilne in various places, since in the games I play it isn't uncommon to have 10 buyins on 4 tables at any time. If I have over 10 buyins on a site, I withdraw.

So far this year I've averaged about 14k a month, but I've moved up recently and am doing better then I was in January.

I have 5 months living expenses in the bank. Every winning month I pay myself my living expenses, and then divide the rest: 10% goes to discretionary spending (generally large unbudgeted things... trips, nice meals etc), 20% goes to long-term savings (in theory, at least, since I've been using this money lately to replenish my living-expenses-cushion) and the rest goes back into bankroll. My cash/savings and my bankroll are entirely distinct entities with their own bank accounts.

I'm hoping that within the next two months I'll meet my bankroll goal (100k) and that I will no longer be allocating so much money to bankroll growth, and can start developing a proper portfolio; when that happens I'm sure I will be back.


Anyway, my real concern now is with what I should be doing with my liquid bankroll; I think that's been fairly well answered, but I'd by no means want to dampen the discussion that's developed.




I guess a more pertinent question now would deal with my non-bankroll savings. Starting this month, I'd like to begin moving 20% of my net (earn-living expenses) income into long-term savings. My uninformed plan had been to simply dump this into my online brokerage monthly and buy vanguard products.... Can anyone suggest a better way of allocating these funds? I'd optimistically like to expect about 5k a month.