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Old 06-20-2007, 11:10 PM
Jurollo Jurollo is offline
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Join Date: Mar 2004
Posts: 13,764
Default WSOP Windfall... What am I to do?

Hey all,
I recently posted this in the El Diablo forum and was told to repost here. So here I go. If you need any more information then please ask as I don't know exactly what info you folks will need. I want to learn about this stuff so I can do it on my own and am fairly zealous about the process so I look forward to book recommendations as well.

I am a 23 yr old college grad who currently is renting a 1BR in Boston till Sept 1. After that I don't really have a problem renting for a little while longer, I enjoy the city and dont have any real need to buy a house immediately. I have $19,000 in college loans left sitting @ 4.75% interest and besides that am totally debt free.

Along with the $244k I won at the WSOP I have another $100k+ in winnings this year so I looking at around $380k or so net income before taxes. My main goal right now would be to knock that number down a bit with some tax deferred accounts, but unfortunately I think I might make too much for some of the options out there.

I plan on investing approximately $150k-$200k of my winnings right now and would like to use it for the future rather then the here and now. I am employed right now part time as well and make about 30k outside of poker, which I file as income from my own business (as it is contracted work). That pays for bills for the most part and I use my poker money for savings. My main goals here are to:
A) Decrease my tax liability
B) Build for early retirement
C) Increase my attractiveness for a mortgage (As a self-employed poker playing 23 yr old I am not candidate #1 on mortgage company's lists)

Also I have a credit score in the high 600s if that makes any different. Thanks.
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