The Well: Snakekilla88

[MatthewRyan]

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Snake: great well so far, and you seem very "level-headed"

I have questions/comments about your investments and financial pictures since it is never to early to start planning and you said you were starting to research.

I think the first thing you should do is open a vanguard or fidelity account and max out your roth IRA for 2006 and 2007 ($8k contribution by april 07) which means tax free withdrawals on the back end, and this is obviously huge for many reasons especially the fact that your income tax bracket is obviously going to rise from where it is now.

Do you keep the entire $50k on stars, or in a high yield >5% savings?

I am not sure how much of your roll you are looking to invest, but do say so if you want more advice.

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I believe if poker is his only source of income, he cannot claim 'earned income' and put it into an IRA, someone can correct me if im wrong. Also, its a LOT smarter for him to grow his roll and move up than take 5% on say half of it (25k * .05 = only $1250 annual gain). However, once he finds a limit that he wants to stay at for a while it would than be smart to cash out for investment purposes.


- Snake, I assume your parents pay for school/boarding/food, does that make you feel guilty for letting them and also not telling them you could easily support urself with poker? (not sure that came out the best, just honestly curious)

Nice well,
Matt