Paying yourself from online winnings

[automaton_22]

Hi there.
Looking for some advice about how best to pay yourself from poker winnings, while maintaining the BR.
I am 3 tabling 6max NL25, and it looks like I am finally beginning to turn a profit [please don't barrage me with flaming about how easy it is to beat NL25, I only play 1-2 hours a day OK?].
I am fully rolled - $522.
I am not at this point looking to move up stakes, I want to grind out NL25 and build a lot of experience first.

So how do you recommend 'paying yourself out,' when you just need a 20buy-in BR?

Am guessing cashing out $100 by check when BR hits 20buyin + $100 is one way to go?

I play at party, have access to Neteller, and live in NZ.

Any comments about bankroll / currency conversion issues / speed of payment / fees I might not know about etc very welcome.

[Oliver Nipples]

Some questions/observations in no order:

1. Do you need the money?
2. 20 buyins is not even close to enough to 3-table 6 handed NL.
3. From my experience and what I have read from some good players, $375-$1000 for NL25 FULL RING.
4. If you really need the money for whatever reason, even if it's just to see some fruit of your labor, determine a frequency of your withdrawals (once a week, twice a month etc.) and give yourself a set % of profit during this time. If you want to pay yourself weekly, start on a Sunday and end on Sunday and withdraw 40% of weekly profits.
5. If you don't need the money, just build your roll.

[PunterSThompson]

Hi,

Cashing out $100 by check will really gouge into your profits. You'll probably have to pay $15 or so to cash that cheque (because its an interenational cheque). Wire transfers also attract a similar fee. So your best plan is to minimise the number of transactions you make. Just let your roll build up and make a big cash out once in a while.

If you move up and start having lots of money online, I think it's wise to be slightly underolled because of the diving US economy. You don't want 20k in US currency sitting at a site, when worst comes to the worst you bust a smaller online bankroll you can just ship more back.

Regards, Punter

[DDBeast]

[ QUOTE ]
Hi,

Cashing out $100 by check will really gouge into your profits. You'll probably have to pay $15 or so to cash that cheque (because its an interenational cheque).

[/ QUOTE ]

This is wrong. The check you are sent is mailed from within the US, no extra fee.

[William]

[ QUOTE ]
[ QUOTE ]
Hi,

Cashing out $100 by check will really gouge into your profits. You'll probably have to pay $15 or so to cash that cheque (because its an interenational cheque).

[/ QUOTE ]

This is wrong. The check you are sent is mailed from within the US, no extra fee.

[/ QUOTE ]

And how is a US check NOT an international check in New Zeeland? [img]/images/graemlins/grin.gif[/img]

Some times you wonder......

[automaton_22]

Thanks all, very interesting responses.
Am thinking will build my basic roll to $750, then when I crack $1000 do a cash out of $250.
But then I will be sorely tempted to try my hand at NL50...

[Dave Coulier]

[ QUOTE ]
Thanks all, very interesting responses.
Am thinking will build my basic roll to $750, then when I crack $1000 do a cash out of $250.
But then I will be sorely tempted to try my hand at NL50...

[/ QUOTE ]

If you really want to try NL50 just play one table of it, and two of your normal tables. Just make sure to set a stop loss for the NL50 if things go badly, but hopefully things will go well and you can move up quicker.

[OziBattler]

auto, have you heard of Gary Bensons cashout/deposit service? He is an Aussie helps Aussies and NZers (well at least Im pretty sure he supports NZer (95% sure his service is for kiwis) cashin and out of pokersites. I have a link on my PC at home that I can send you. It is a great service and whilst I was sceptical at first it is all legit. Myself and other aussies on the forum have used him.

you can also google "Gary Benson Intercash"

he doesnt charge a fee (eg pokerstars pay a small comission to him) and it seems there are various ways to get the money into his account so he can deposit into your NZ/aussie bank account. I cant remember if he provides this service for party but you could always withdraw to neteller, deposit to stars, play a bit then withdraw.

if you want a direct link to his homepage then PM me as a reminder to send it once I get home from work.

as far as cashing out from Party, Ive used their Bpay service but I dont know if that will work for kiwis

goodluck

[mappedout]

[ QUOTE ]
I think it's wise to be slightly underolled because of the diving US economy

[/ QUOTE ]
^^this is good advice for non US players right now. i'm from the US...

ok if you mean NL25 as $25 BI, and you plan to 3 table to start your sessions then you should figure atleast $25*3tables*10BIs=$750+ to be an absolute BR nit, which is where you should start to cashout. So $522 might be alittle under, think about it this way $75 ($25*3) is 15% of $522. Couple bad days will ruin you.

Oh and if you need the money... you need the money, nothin you can do. Bills must get paid!

[Pov]

[ QUOTE ]
. . . because of the diving US economy . . .

[/ QUOTE ]

Currency exchange rates are not the same as the economy. Real GDP has climbed continuously in the U.S. and continues to. I believe the current estimate for Q2 is an annual increase of 3.4% and it hasn't been lower than Q1's .6% in years. Not exactly great, but in no way describable as "diving".