Online Poker as your part time job!!!

[mce86]

Many players want to earn money playing poker..some even want to be pros. What I am looking for are people who either are pros, or use their earnings to help pay bills/buy things...
It started out as me needing a part time job along with my full time job....like delivering pizzas or something like that....but I decided to play poker to see if i could do it.
So ive been doing it for 8 months or so and I earn normally around 1000 per month..i have had 0 months, and i have won 2000 or more, but on average its been 1000 per month.
How do you go about using parts of it? Do you withdraw a set % of your wins each month? Do you withdraw a certain amount? Or do you let it build for lets say 3 months and then withdraw a larger chunk!
Any ideas on budgeting these poker earnings would be great.

[Humbled]

As long as you keep 500BB (limit) for the level your playing you can withdrawl the profits and still play comfortably. I dont play NL but im guessing it's 50 buy ins to play comfortably, no? When you do withdrawl, just make sure you have enough money to play comfortably.

[_Towelie_]

Umm...

1. Determine how much money you need to be properly rolled for whatever stakes you play.

2. Withdraw the excess on a weekly, bi-weekly or monthly basis.

3. Repeat.

[Broderick C.]

50 buyins in quite a lot. If your playing 1/2nl thats 5K. Thats definitely more than you would need. I normally keep 25 buyins, and thats on the safe side. I cant imagine you being good player and losing 25 buyins, let alone 50.

[mce86]

Its usually 20 Buy ins for NL.
Anyone budget their earnings for the month...10% spending..60% bankroll...30% debt repayment?
ANy other budget ideas since it is a variable income and you always would like to build you bankroll and move up.

[Humbled]

ok thanks guys, like I said I dont play NL at all, only limit. I play using the 500BB rule. I am seeing around 20-25 buy-ins to be standard. learned something new today, thx [img]/images/graemlins/smile.gif[/img]

[numbnuts007]

Humbled,

Even 500bb for limit is an awful lot. 300bb is the rule of thumb. There's worse problems than being overrolled though.

OP,

Yeah, I did this for a while when I was looking for permanent work after law school. I just took it out as I needed it and tried to think a few weeks ahead to allow for for check lag. I actually wouldn't reccomend this but there were times that I was really in need of the money. I ended up playing way underrolled (like 125bb) but i'm a pretty consistent winner so I wasn't super worried. If you can afford it just set a number for your BR and take out any excess.

[Boredom]

[ QUOTE ]
50 buyins in quite a lot. If your playing 1/2nl thats 5K. Thats definitely more than you would need. I normally keep 25 buyins, and thats on the safe side. I cant imagine you being good player and losing 25 buyins, let alone 50.

[/ QUOTE ]

This is great.

[JavaNut]

If you are as you say in debts, then you should be even more carefull with your bankroll, as you can't as easily deposit more money, as you do not have a 'surplus' to deposit from.

One great risk here is if you are in any need to make money on poker just to get by. If your day job takes care of your rent, food and keeps up with the payments on your debts, then you might be ok trying to reduce your debts by winning money in poker. But if you need to win at least say $500 a month in poker just to get by, any major downswing could see you in the next Gamblers Anonymous meeting. In that case I would suggest trafficing pizzas, and taking up poker again when your back is not up against the wall financially.

[rubixxcube]

This is all well and good if you don't want to move up in stakes, theoretically you would want to move up in stakes, if you are good enough then moving up in stakes i spretty much like giving yourself a raise.

I would be more inclined to approach it like this. I am making these numbers up.

I have 10K in my poker roll we shall say my monthly expenses + spending money is 1k.

I would leave 1k in my checking/spending account. and like 3k in my savings account.

End of month we will assume the following:

Poker Roll =12.5K.
Checking account/spending money is $200
Savings is stillat 3k.

No we need to replenish checking/spending account, so we take $800 from poker and move to savings so start of next month we have:
Poker 11,700
checking/spending 1k
savings 3k.

This plan allows your poker roll to grow and afford higher stakes and you always start each month with same amount in savings and spending. Unforseen expense, such as $500 car repair would come from savings so next month replenish savings and spending from poker roll.

That would be my plan if i was to play full time, which i don't, i play recreationally part time and don't spend my poker money, just let it build up for later in life.

If i played full time i would leave 1 month bills/spending in 1 account and 6 months worth in a savings account. So numbers would change to 1k and 6k as no matter how good you are you will have some losing months i would imagine, this way you can always pay bills.
Just my 2 cents
Ruby