6 months expenses - outdated?

[Leonardo]

For Example:

Age: The younger you are, the less of a risk it is and hence less money you need.

Quality of Play: If you are very very good, you need less money.

Backup: Lets say you are 25 years old and if you were to go broke you could move into your parents house and find a job, you need a lot less money

Responsibilities: If it is just you, you need a lot less money, if you have a family, you need to go see a psychiatrist for even thinking about it.

Other Opportunities: If you are currently working in a great job, or have been offered a great job, you better have more money to quit it, because if you cant make it finding another great job will take time. If you work at Wal-Mart, dont worry so much. In saying that though, I think that the more intelligent and hard working a person is, the more likely they are to have a good job, and a good shot at making it as a pro.

In general, lets say you are 23, single, and have a good relationship with your parents. If you have 300BB, go for it. You can always get a job in 6 months time (or 2!) if it doesnt work out.

[Barry_G]

[ QUOTE ]
i've seen it recommended that a player considering going "pro" should have 6 months of expenses set aside in addition to their bankroll as a safety net. I'm wondering if this advice wasn't based on live play rather than internet. A true downswing will only happen over a limited number of hands... if someone is losing over 100k hands, it's not a downswing, they're a losing player.

I would guess a run of bad luck significant enough to keep you from paying your bills would almost never run more than 40,000 hands (certainly argueable). 40k hands represents about 6 months of live play, but only 2-4 weeks online, for some players even less than that.

So i'm wondering if 1-2 months expenses isn't a more realistic number for an aspiring online pro to have in reserve (on top of their bankroll).


[/ QUOTE ]

If your are asking this question you probably aren't disciplined or mature enough to make it as a pro. It seems from the tone of your post and replies that you have already decided what you want to do and are now looking for validation.

As said before everyone needs enough money to cover their living expenses for 6-8 months even if their job provides a steady weekly or monthly check. Living check to check is a sure way to disaster. Why would you need less when poker may or may not provide you with a regular payday?

If your young and have no responsibilities other than yourself then by all means go for it. However, the poker economy is not going to dry up in 2-3 months. Save your money, make a good detailed plan, give yourself the best chance you can to be able to support yourself with poker if thats what you want to do.

[ QUOTE ]
What could conceivably happen to you that would prevent you from being able to click a mouse? Carpal tunnel syndrome?


[/ QUOTE ]

I hope this is a joke and my sarcasm detector is malfuctioning.

Otherwise this maybe the most ignorant thing i've ever read outside of OOT. Just incredibly naive and stupid.

[teamdonkey]

[ QUOTE ]
If your are asking this question you probably aren't disciplined or mature enough to make it as a pro. It seems from the tone of your post and replies that you have already decided what you want to do and are now looking for validation.

[/ QUOTE ]

Yes, I have made my decision. No, i'm not looking for validation. As my wife makes enough money to pay for our expenses by herself the subject really doesn't apply to me. I was mostly just interested in the question itself.

[ QUOTE ]
As said before everyone needs enough money to cover their living expenses for 6-8 months even if their job provides a steady weekly or monthly check. Living check to check is a sure way to disaster.

[/ QUOTE ]

not saying you're wrong, but 99% of Americans are unable financially to live this way. The fact that outside of retirement funds i don't have $30,000 saved away for a rainy day shouldn't affect my decision to change jobs.

[ QUOTE ]
However, the poker economy is not going to dry up in 2-3 months. Save your money, make a good detailed plan, give yourself the best chance you can to be able to support yourself with poker if thats what you want to do.

[/ QUOTE ]

Again, this seems counterintuitive to me. I'd bet most people who decide to play poker full time do so because they think they make money faster than at their old job. Thus the sooner they go pro, the sooner they would be able to build your 6 month expense buffer. Obviously because there is variance in poker you need to have some cash behind you to guard against downswings, I'm simply asking how much. If it was 6 months for live players, i'm suggesting it may be much less for the online pro.

[Thremp]

Not really. You need 6-8 months expenses whether you're investment banker or a trash man. Whether you play live or online.

Hell I'm in college and have bills of 150-300 a month and I still have 6-8 months of a buffer saved and I can phone home and bum cash from Dad.

Save some money with your wife if you really want to change jobs.

And yes most financially sound Americans have 6-8 months saved up in a fairly liquid medium (Money Market + stock account) that they can spend during a rainy day or most of a year.

[VORP]

[ QUOTE ]

Again, this seems counterintuitive to me. I'd bet most people who decide to play poker full time do so because they think they make money faster than at their old job. Thus the sooner they go pro, the sooner they would be able to build your 6 month expense buffer. Obviously because there is variance in poker you need to have some cash behind you to guard against downswings, I'm simply asking how much. If it was 6 months for live players, i'm suggesting it may be much less for the online pro.

[/ QUOTE ]

I think this is a huge misconception. Most of the people with the requisite skills to be a long term pro could make significantly more money doing something else. The reasons to go pro are
1. It’s fun/unique/interesting/etc.
2. Personal freedom.
3. Easy access.

Ok, the third point sort of contradicts what I said at first but that mostly applies to very young players.