Money management for dummies...

[cata1yst]

I am cross posting this from Books/Publications since I can't get responses over there. Mods feel free to move this.

I tried searching this forum and found nothing on this topic.

I was just curious if there is a good book out there that offers ideas on how to take money out of your poker bankroll and manage it. For example: if you make X dollars in a given month (or week), Y dollars goes towards your poker bankroll while Z dollars goes to your personal account, spending, investing, or whatever you want. Or do people go along the lines of: you withdraw X amount of money for every Y amount you make? I was just curious because I am not sure the % I should use and I am almost positive that there are people that are methodical about this type of thing and I would like some insight. Or offer up your ideas on how you handle your bills.

Thanks in advance.

Bobby

[kolotoure]

Ace on the river probably has something on this

[cata1yst]

Really? Has anyone read "Ace on the River" and can provide an answer?

Question to anyone: What % do you go by? Is it monthly withdrawals? Weekly? Whenever you need money?

I am just curious because I want to do this better.

[gimmetheloot]

when i break the $2k mark im going to start taking out 50% after the end of every week (profits), half of that will go to some sort of investment, half will go for fun money.
just me though.

[Chaos_ult]

Very interested in how other people do this as well

[mudbuddha]

it depends on whether u wnana move up in limits.. if you wanan move up faster. i would leave my bankroll w/o any withdrawls..

ive been bankrolling and investing nearly 50% of my earnings from poker into mutual funds and beer and such and keep the rest for bankroll growth. and its been REALLY slow moving up.. but i used to keep a pretty deep roll too..


ive been at NL100 for about 1.5 years now and ive recently just had the hunger for higher limits reading more MSNL..

but ive looked back and realized i wish i had moved up in limits earlier.. people arent that much better at NL200 than NL50 IMO... just gotta find teh fish.

[cata1yst]

When do you withdraw that %50 profit? At the end of a session? Week?

I think I like this best. Not sure on what time scale I should withdraw on.

Your comment about 200NL...very true. Plus grinding at 50NL can be such a bitch and I am used to 200NL from playing live alot.

[mudbuddha]

i do it monthly

i keep excel files of all my poker balances and neteller etc.

fun money comes out as i spend it.. (from my books) then and at the 1st of each month i usually withdrawl stuff from my bank roll. depending on performance

if i dont make much during the month i may not even put any aside. (after expenditures) i have a mutual fund that i pay 250$ a month so thats the minimum i will have from my bank roll.

[cata1yst]

Awesome. Sounds like a plan to me. I am just going to use PT and Poker Patterns to determine monthly profit.

Overall, I think this is the best.

[prayformojo]

I would suggest setting a dollar amount, rather than a time frame, as a benchmark for withdrawals. If you're playing $50NL and your bankroll is $1K, you might want to wait until you have $250 or more profit before withdrawing.

FWIW, my online bankroll is $5K for $200NL and I don't withdraw until I hit at least $1500 profit. Anything more frequent, and I start to worry that my withdrawals will depend on nothing more than positive variance. If you withdraw every time you go up a couple of buy-ins, it can be a bit psychologically damaging to take the same sized hit when you go back to the tables. For me at least, withdrawing from online to my bank account gives me a real sense of accomplishment, and has a positive effect on my game. I wouldn't want that tarnished by losing equivalent amounts in a single session.