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

[pdoran10]

heh, kinda same here freelancer. i worked my roll up and dont touch it now. i use my job to pay for debauchery, food, and shelter.

[Sciolist]

I don't play professionally.

I was thinking about this last month, and I have decided that I will withdraw 10% of my bankroll each month, or $1,000, whichever is greater.

This is because I want to be able to get tangible rewards for playing poker, and I also want to put a little pressure on myself to play.

It also just so happens that the maximum tax-free savings you can take in the UK is £7k per annum (approx $14k) and that poker will cover that for me.

[kazana]

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

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

[/ QUOTE ]

These must be the wisest words in this thread.

I'd like to add as response to "leaving money in the BR as investment":
This will only lead you to your "peter principle" level faster without the benefits of paydays...

Having said that, I'm also guilty as charged. At least, I've been able to gradually cash out every penny I've ever invested into my starting BR, so I'm basically free-rolling.
I've set up a plan for this year, but if I continue to suck (or run, whichever one it is) so badly, I doubt I'll get much money out of it.

[Sciolist]

[ QUOTE ]
I've been able to gradually cash out every penny I've ever invested into my starting BR, so I'm basically free-rolling.

[/ QUOTE ]
I think that's probably a bad attitude to have. I lost $150 in $50 deposits before I started winning. Since then I've cashed out tens of thousands of dollars - it doesn't mean I'm on a freeroll, my time is worth money.

[kazana]

Our main difference probably is that I'm a part-time recreational player. I'm not good enough, yet, to make thousands of $$ every month.

So, while I'm learning and (hopefully) improving my game, the fact that I'm not going to lose money while enjoying this hobby makes me feel more at ease during bad stretches.

I'm in no hurry to rake in the cash in tons, either. If I've got what it takes, I'll get there eventually. Until then, all I need is the motivation to keep learning and solid BR management.

[Sciolist]

[ QUOTE ]
Our main difference probably is that I'm a part-time recreational player. I'm not good enough, yet, to make thousands of $$ every month.

So, while I'm learning and (hopefully) improving my game, the fact that I'm not going to lose money while enjoying this hobby makes me feel more at ease during bad stretches.

I'm in no hurry to rake in the cash in tons, either. If I've got what it takes, I'll get there eventually. Until then, all I need is the motivation to keep learning and solid BR management.

[/ QUOTE ]
Fair enough, but I still think it's a good idea to have a value on your time, even if it's not that high. That way, you can appreciate it when you do get to play poker - I don't get to play as much as I'd like to as I work too, and it's nice to know what I'm doing is worthwhile in my spare time.

[Elandriel]

Very nice post!

I have never cashed a penny since i'm playing exept for buying PT and using neteller once to transfer $50 to my bro and i'm planning on buying acehud.

I was planning on cashing out a bit soon, just for the reward purpose and i think the cashing RB is a good start. I like it better than cashing out a said % of winnings.

I'm not in need of any money and i'm not a big spender but i'll just make myself to buy something cool with the money.

I'm a NL100 player btw. just moved up to it in december.

[pokerpudii]

[ QUOTE ]
[ QUOTE ]


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.

[/ QUOTE ]

Change that 10k bank roll to a 20k bank roll and that's me. I consistently beat $200, but for some reason $400 scares the hell out of me.

I am one who has never withdrawn a penny, other than my initial $300 investment. This year I start to withdraw though...

[nowags]

To start: i dont play NEARLY as much as most of you guys do. not that i don't wish i could. I'm basically a rec. player, but take my game pretty seriously. i play online an hour or 2 a couple times a week, and try to play live once or twice a month, mostly home games or underground games (usually NL200 at these). The casinos here in colorado just have 1-5 limit holdem, and that game is a sloppy mess so i quit playing it a couple years ago.

BR management is my biggest leak. especially online. I have started with 50 bux 3 times. the first time was a couple years ago, and i just dinked around w/ sit n gos for fun. lost that 50 after a couple months. the next 2 times, more recently, i have ground it out at the micro's for a while, built up to a couple hundred bucks or so, then played outside my roll at nl100 or nl200, and got pwned by variance. when i lost my rolls, i had the best hand when the money went in. I know better but did it anyways. i play better at bigger stakes, and just wanted to speed the process along. some friends are going to vegas next month, and i wanted to tag along with other peoples money. no vegas just yet. So, im out a whopping $150 online, over a couple years. no biggie. I've won way more than that live anyways. I'll get back on in a couple weeks and I promise myself to actually use some discipline there. "and this time, i mean it"

Live, i try to keep 2 or 3 hundred bucks of other people's money sitting around. Usually I'll grab a few bucks out of it when i need cash, cuz we live a ways from a bank that won't hit me with ATM fees, and i'll replace it when i play, if needed. more often than not, i dont bother replacing it. The couple of times that the live roll got bigger, i got smoked by bad beats in vegas, rebuilt a bathroom (used about 500 or so for materials) and payed for several grocery runs when my wife was unemployed (3 or 4 hundred total). I'll also share money from good sessions with the wife, to be nice. so... overall i'm consistently a winning player and can't complain. Havent won tens of thousands, but im at least ahead of the game.

recently i promised myself i was gonna manage my rolls better, and this is a good thread to read. lots of you have really good strategies, so i thought i would give a post from someone that sucks at managing bankrolls [img]/images/graemlins/smile.gif[/img] Maybe with more disciprine, I'll eventually pay off the house or something cool. Or, at least the credit cards.

[F Paulsson]

My problem with cashing out "half of what I earned that week" is that my bankroll might actually lose size over the long run that way (although unlikely if I'm a solid winner), given that incomine in poker tends to be high variance.

My "scheme" to call it that, is simply that I set bars every $100 in my bankroll and cash out $100 whenever I reach a new bar. First time I reached $600, I cashed out $100. Then I kept playing until my bankroll (that now started out at $500) reached $700, at which point I cashed out another $100, etc. Whenever my bankroll reaches a new top, I take out $100. Some weeks I cash out lots, some weeks nothing. And after a mean downswing it may take me awhile to get back to where I was. I think the longest I've gone without cashing out is a month or so.

It works out nicely. It's essentially the same as "half my earnings" except over the long run.