An Unprecedented Time: Teenagers and Poker - Page 6

ZeeJustin · #51 10-05-2007, 03:37 PM

[ QUOTE ]
[ QUOTE ]
I think a lot of people will have amazing stories to tell ten years from now, and not much else - many professional poker players included.

A lot of players will have debts and drug addictions that will take years to recover from.

Very few will be able to sustain the comfortable living that they are enjoying now.

It is possible that the success will be prolonged with legislation, or legalization in Asian countries, but even then, the games will dry up again.

[/ QUOTE ]

Zee, I seriously disagree that poker will be "dried up" in 10 years. I believe that we are barely scratching the surface of the scratch. Many people thought that Amway would be dead 10 yrs ago and its still a pretty viable company.

Please do explain. Lots of guys were making HUGE bank long before the moneymaker boom, and sure, it may slow down a little, but I cannot see this poker phenomenon drying up anytime soon.

Indy

[/ QUOTE ]

Poker will probably never "dry up" to the point where it is less popular than it was 7 years ago.

However, high stakes games of equal stakes are much tougher now than they were 7 years ago.

Also, online poker will get tougher at a MUCH faster rate than live poker, but very few of the online pros will be willing to make the switch to live poker, or even know that the switch is necessary before it is too late.

ZeeJustin · #52 10-05-2007, 03:40 PM

[ QUOTE ]
so could we agree that it will always be doable to make, say, 100K/yr, but that making a lot more than that will get harder and harder as time progresses?

[/ QUOTE ]

Yes, but I don't think Jurollo was talking about the best of the best.

The majority of the self-proclaimed pros today couldn't even make 100k a year back when Party was a gold mine. If they couldn't then, they certainly can't now. And if they can't now, they will be completely screwed 5 years from now (barring a 2nd explosion from Asia or something).

stinkypete · #53 10-05-2007, 03:41 PM

[ QUOTE ]

The timeframe is sooo crucial, obviously the number is way higher if you go back to PP days.

[/ QUOTE ]

i seriously doubt that. it woulnd't surprise me if the number was higher now than ever before. obviously it's not nearly as easy now, but there's more people who are decent at poker trying.

Indiana · #54 10-05-2007, 03:56 PM

[ QUOTE ]
[ QUOTE ]
so could we agree that it will always be doable to make, say, 100K/yr, but that making a lot more than that will get harder and harder as time progresses?

[/ QUOTE ]

Yes, but I don't think Jurollo was talking about the best of the best.

The majority of the self-proclaimed pros today couldn't even make 100k a year back when Party was a gold mine. If they couldn't then, they certainly can't now. And if they can't now, they will be completely screwed 5 years from now (barring a 2nd explosion from Asia or something).

[/ QUOTE ]

fair enough Zee....and for what its worth I'm making more this year than I did in the golden days of party poker....I'll easily clear over 50K in 2008, and im only playing part time (15 hrs/week) in addition to my real job.

Also, glad to see u posting out here...i always thought u were legit and the truth poker-wise.

Indy

Slappz · #55 10-06-2007, 02:08 AM

The poker players who are gonna be wealthy/rich 10-15 years from now would probably end up that way regardless of their winnings over the past few years. If your bad with money then it wont matter how much you make, and if your smart you'll find opportunities whether you started with 100k or 1k.

housenuts · #56 10-06-2007, 02:27 AM

when i was 17 i had an online porn advertising site. although nowhere near the 100k+ guys are making these days I made about 15k and felt pretty baller.

CalledDownLight · #57 10-06-2007, 03:27 AM

This really makes me wish I started playing on Party and not stars when I was 18. I didn't know anything except that Stars had better software and support at the time. What a mistake I made.

Indiana · #58 10-06-2007, 01:30 PM

[ QUOTE ]
The poker players who are gonna be wealthy/rich 10-15 years from now would probably end up that way regardless of their winnings over the past few years. If your bad with money then it wont matter how much you make, and if your smart you'll find opportunities whether you started with 100k or 1k.

[/ QUOTE ]

I agree 100%. I'm super responsible with my money and i bought a very valuable house in northern california that I pour most of my poker winnings into. I also put some of it into my 401k and vanguard mutual funds. If online poker continues " as is" for another 10 years I could retire comfortably and be a solid millionare for life.

There are lots of hot heads on 2+2, however, that are not careful and/or smart with money like I am and they will no doubt still be grinding their last buck in 10 yrs while I am retired in the caymans.

Indy

JSchnett · #59 10-06-2007, 02:32 PM

Somebody tell me what I should do as one of these teenagers...

Jurollo · #60 10-06-2007, 03:23 PM

Invest, invest, invest. If some of the younger people here could set aside the 45k/yr for a SEP IRA and file as a pro for say 3 years, that would turn into $3.3mill with a 7% yield when you are 65. It wont be as much as it sounds now due to inflation but its still decent. My basic goal is to get 3-4 properties with no mortgages and rent them out which will give me 70-80k/year income and the flexibility to pursue other endeavors. I think just investing in something and forgetting about it is generally a mistake for poker players as we require a more hands on investment and challenge. Which is why I am taking on real estate now, its a new challenge and is something that will keep me somewhat busy away from poker. Essentially the best advice I can give is start planning now while the getting is good, rather then scrambling around when the games get harder and the money gets worse. This could not happen for 10 years and if it doesn't it just means you will be even more set up for your post poker life then if it happened in 2.