Turning Pro: My Dilemma

[billzfan86]

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With that being said, I am considering not renewing my contract this year and starting to play poker as my main source of income. If I do this I will also be going back to college full-time in the spring to study Business Admin or Entrepreneurship, which will take me ~ 2 years to complete.

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to me this ends all discussion because your not looking to do it for thew rest of your life and in fact I wouldnt even consider this being a pro in all honesty however I also play with poker as my main source of income while in college (im a junior not living at home so i have all the bills ect). IT sounds like uve had this business degree idea for a while so ide do it and play poker for 2 years while you get your degree, just make sure you put in the hrs necessary becuase to me thats harder then withstanding the variance

[jack frost]

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With that being said, I am considering not renewing my contract this year and starting to play poker as my main source of income. If I do this I will also be going back to college full-time in the spring to study Business Admin or Entrepreneurship, which will take me ~ 2 years to complete.

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to me this ends all discussion because your not looking to do it for thew rest of your life and in fact I wouldnt even consider this being a pro in all honesty however I also play with poker as my main source of income while in college (im a junior not living at home so i have all the bills ect). IT sounds like uve had this business degree idea for a while so ide do it and play poker for 2 years while you get your degree, just make sure you put in the hrs necessary becuase to me thats harder then withstanding the variance

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With all do repsect you don't have "ALL THE BILLS"

[Cry Me A River]

I turned pro a year and a half ago. I was working at a job that paid $10/hr. It did have some future potential to it, however it just seemed silly staying there when my heart wasn't really in it and I was making more per hour playing poker.

However, I really should have stuck with it another year and built bankroll and cash savings. I wasn't under-rolled, but running break even (or even worse, losing) for an extended period can really put you behind financially. Which can lead to an awful lot of stress. Particularly if a bunch of unexpected expenses come up (ie: trips, your wife decides to go back to school, etc)

If you're going pro, I'd strongly suggest you have 6 months expenses, cash, in the bank. Including rent, food, gas, clothing, entertainment, everything. And then your bankroll on top of that.

You may never run bad for an extended period, and I wouldn't wish it on anyone. But if you do that kind of cushion is a tremendous asset.

If you don't have this, then I would strongly suggest you keep working until you do and only then turn pro.

[vizer02]

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I have noticed allot of the people here who are making it are college students/younger people with no family mortgage 2 cars....ect

I have thought about it too but I just can't see giving up a 100k a year job to play 200nl. My insurance and benefits added to my yearly income would make it very hard to give up my job right now. I think pokerboy is about the only one I know of that is doing this with a mortgage /family so maybe you could talk with him a little and make sure you factor your benefits/promotions and any other perks before giving up your job. Health insurance can be very expensive when paying out of your pocket. Good luck on your decision!

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I am one of the lucky one's who has a mortgage, going on 2 years now, along with a new car payment. I don't have a family yet, but I would hope my wife to be brings in some income as well [img]/images/graemlins/smile.gif[/img] I also currently am subcontracted out at my job, which means I am already paying for cobra health insurance out of pocker for ~160/month, and am also paying self-employment taxes which I would assume would be the same amount I would pay on my poker earnings. Thanks for the comments though.

[vizer02]

Thanks for the advice CMAR, I was thinking about having money set aside as well, but wasn't sure how much. I think 6 months of income is probably a very good buffer. I was off to a good start on this until my freaking air conditioner caught fire last month and I had to replace it...and then my new roomie moves in who just happens to be a home interior decorating major who sparks the notion in me that I should paint and recarpet 75% of my house, then remodel the kitchen...oh the joys of being a homeowner!

[djh860]

Is your bankroll big enough to start out bad and keep paying your bills

[jack frost]

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I have noticed allot of the people here who are making it are college students/younger people with no family mortgage 2 cars....ect

I have thought about it too but I just can't see giving up a 100k a year job to play 200nl. My insurance and benefits added to my yearly income would make it very hard to give up my job right now. I think pokerboy is about the only one I know of that is doing this with a mortgage /family so maybe you could talk with him a little and make sure you factor your benefits/promotions and any other perks before giving up your job. Health insurance can be very expensive when paying out of your pocket. Good luck on your decision!

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I am one of the lucky one's who has a mortgage, going on 2 years now, along with a new car payment. I don't have a family yet, but I would hope my wife to be brings in some income as well [img]/images/graemlins/smile.gif[/img] I also currently am subcontracted out at my job, which means I am already paying for cobra health insurance out of pocker for ~160/month, and am also paying self-employment taxes which I would assume would be the same amount I would pay on my poker earnings. Thanks for the comments though.

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You are a woman maganet and will be married soon. They love "MADE" men.

gl to you it sounds like you already have most of this planned and well thought out. i really like the fact you will have 6 months stashed. Keep us updated

[threads13]

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I turned pro a year and a half ago. I was working at a job that paid $10/hr. It did have some future potential to it, however it just seemed silly staying there when my heart wasn't really in it and I was making more per hour playing poker.

However, I really should have stuck with it another year and built bankroll and cash savings. I wasn't under-rolled, but running break even (or even worse, losing) for an extended period can really put you behind financially. Which can lead to an awful lot of stress. Particularly if a bunch of unexpected expenses come up (ie: trips, your wife decides to go back to school, etc)

If you're going pro, I'd strongly suggest you have 6 months expenses, cash, in the bank. Including rent, food, gas, clothing, entertainment, everything. And then your bankroll on top of that.

You may never run bad for an extended period, and I wouldn't wish it on anyone. But if you do that kind of cushion is a tremendous asset.

If you don't have this, then I would strongly suggest you keep working until you do and only then turn pro.

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Would you suggest having a larger "playing bankroll" on top of your money set aside for expenses. Specifically, would you suggest a 40 buy-in bankroll on top of your 6 months of expenses?

[CazicT]

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If you're going pro, I'd strongly suggest you have 6 months expenses, cash, in the bank. Including rent, food, gas, clothing, entertainment, everything. And then your bankroll on top of that.


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You should have 6 months expenses in the bank even if you have a "steady" job anyway. I'm guessing a gambler, or really anyone that is starting out in a self employed scenario should have much more than that though since it is much more likely that they may go without + income for a short period, but I have no real experience with that so i'm just guessing.

[kidpokeher]

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I will also be going back to college full-time in the spring to study Business Admin or Entrepreneurship

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This caught my eye as well. I have a Business Admin degree. Now I play poker. This may seem like blasphemy to some but it has been my personal experience that generic degrees like business are just slightly above worthless.