On 'Salary' Strategies (Off Topic, PB-ish)

[DanoMak]

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I think I'm use some of your suggestions and start a pyramid scheme:

1) Start with a buy-in for NL100
2) (Hopefully) build it up to six buy-ins
3) Take 1/3 and put it away, and take another 1/3 for a shot at 200

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I dont get this scheme. Confusing.


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Sorry for the confusion- I'll give it another shot.

Start with $100
Build up to $600 on NL100

Withdraw $200 as "salary", use $200 for a shot at NL200, and use the remaining $200 to build up again if I bust out at NL200.

[Crosby]

Interesting post. I'm not sure there's a right or wrong solution to this, but I've certainly doubted my system many times. I'm a professional player fwiw in evaluating my course.

I'll keep x $ in my account where x is the minimum I need to be able to play y stakes, where y is the highest I have played for a large # of hands successfully. Obv "large" and "successfully" are both very subjective. Each month I will withdraw enough money to make my budget (if possible, if not I still have $ elsewhere). If I can't make my budget, I will refuel whichever source I have to take $ out of ASAP. My monthly budget includes investments, and one of my investments is refueling my poker bankroll so that I can move up stakes. This works out well, because naturally if I do awesome for a while my bankroll gets extra padding, and if I do poorly, then for a while I'm just losing that investment $ rather than cutting into x, since I still have enough in the account to withdraw for my life budget. Note that this isn't necessarily done by literal transfers, more of a mental sectioning off of funds for different purposes (ie obv I dont withdraw $ for my budget and then put it back in to reinvest in poker). I also love this system because when I am doing well I naturally play higher stakes, and when I am doing really poorly I play even lower stakes than those which I have proven over hundreds of thousands of hands I can beat.

Any thoughts on this system? Seems like the pros are it's really hard to go bust and admits that I will play worse when running badly. Cons are it's super conservative, and I'm oftentimes playing lower/making less $ than I conceivably could.

[gimmetheloot]

Im kind of in here with Carnival...I am 18, Freshman in college, with fairly wealthy guardians who support me 100%. I am very, very fortunate in that regard.

My bankroll right now, is $1635....I had it up to ~10k at one point from owning 200NL so hard its not funny, but decided to withdraw a bunch of it. I had originally gone with taking out 1/2 of gains per week, 1/2 of what was taken out to put in some fund/investment, and 1/2 of it for my own spending.

That went on for a while, but since I am very very el cheapo, and never bought anything (besides a sick longboard-awesome purchase-) I just took all of my money out and decided I would take January and go from 100NL to as high as I could with a very aggro BR strat. Unfortunately, I havent played much this month, and have made some bad calls for stacks and str8 up been coolered/not won coinflips at all, and am down a few hundo on the month.

So now I have ~17k sitting in neteller and a bank account, probably 15k of which will go into some investment, and 2k or so will go to my spending, if I ever get around to it.

Ill have to look into this roth thing.

[FletchJr.]

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The most depressing thing that can happen, and its happened to me, is to continually move up in stakes not taking out any winnings from the previous level, and then get dominated in the higher stakes and lose weeks worth of building with nothing to show for it.

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Your not alone on that one, I've attempted to jump up to 1/2 three times now, and every time has ended up losing 1k, thats 15BI's at 200 a piece. /cry.

I'm also getting in a habit of cashing out regularly. The only thing i need to work on as far as money mangement goes is, SPENDING!!.... i waste money, my mother would cry if she saw my spending habits.

[tufat23]

some of you dont realise, that leaving money in the BR is an 'investment' itself

[MyTurn2Raise]

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I'm so glad i play for poker just a hobby.

Soon as I hit 20 buyins for 200NL, back to 100nl and half my roth ira contribution is sitting there. What a nice hobby, donating to a roth.

P.S. i recommend the roth to all poker players, especially when they are young. Tax on the way in and not on the way out. Use this little hobby to help populate that account, and you can't go wrong.

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Is a roth better than investing money in a CD or mutual fund?

EDIT: Roth is earned income only, right?

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If you are professional, file as self-employed and the Roth IRA benefits are awesome. A good guide to all of this stuff is JK Lasser's your income tax.

[ImsaKidd]

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some of you dont realise, that leaving money in the BR is an 'investment' itself

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Yes.

But if someone does not have the skills (yet) to utilize the increased bankroll, its useless.

Like a 200 player with a 10k roll does not gain from having a 30k roll, unless they plan on moving up to 400 and have the skill to beat it.

[Grunch]

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some of you dont realise, that leaving money in the BR is an 'investment' itself

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Just like with any job, its unwise to have all your eggs in one basket.

[Bookworm]

Nice post Grunch!

I withdraw 20.000 from my bankroll for living expenses in 2007. Taking a year of from work and try the pro life.

Im going to withdraw ~3000$ a month to have living expenses covered for 2008.

Im not going to buy stuff before i have withdrawn like 30K.

Maybe i won't make it, but its pretty nice to know that you can loose loose and loose and it won't matter much.

[Freelancer]

I guess I'm a bit of a exception around here.

I worked my 50$ up to around 4k now and only spend money from that on poker stuff (PT/CR membership and coaching total about 700 or so I guess), I am planning to take a bit out in the near future though (meh need some cash).