all you college drop outs...

[xxThe_Lebowskixx]

if at this moment, you were unable to play poker anymore what would your next course of action be?

become a live pro?

go back to school?

open a business?

live off interest?

All you guys mention that you are going to go into other forms of investment business if poker dies off, but nobody gives many details. Alot of businesses fail, and they require very large start up costs, and do not return that much in revenue.

i suspect that many of you will just dodge this question, because you really have no idea what you are going to do...

my plan, is to basically just play poker as long as I can online. Once I hit the 1.5/2m after taxes range, which will hopefully be in the next 18 months since I'm going to try and play a ton of hours, I feel like I can basically live off of the interest and think about opening some kind of business if i find something that interests me/looks profitable.

[ML4L]

[ QUOTE ]
Once I hit the 1.5/2m after taxes range, which will hopefully be in the next 18 months since I'm going to try and play a ton of hours, I feel like I can basically live off of the interest

[/ QUOTE ]

Depending on the specifics, you do realize how small your annual income is probably going to be, right?

Assuming that you mean interest in the "money market account" sense, your real return is probably going to be about 2% per year, or $40,000.

ML4L

[Boosted J]

I'm an 18 year old college drop out. I'll be doing some business which honestly I really cannot go into, but I definitely know what I'm doing. That, along with becoming a live pro at the card clubs here in Orlando will be my new form of income which should yield me $250k+/year

[Yeti]

I feel like KKF has little interest in returning to the US, so that $40k can go a long way.

[Kilillan]

cash out my BR and live like a god in a third world country for the next 15 years.

[SlowHabit]

I recently graduated college so this might not apply to me as much. But for those who wishes to be in "business," you have a tough road ahead. Yes, probably tougher than beating high stakes online poker. The main reason is almost every other small business idea has been done to death. Moreover, with corporations such as Wal-mart, Starbucks, McDonalds, it is almost impossible for one to start out and expect to break even in the first few years, let alone gain profits. The way poker numb us from 5 to 6 figure losses doesn't help either (though this might be a positive for some of us :-).

As for my plan, I've been trying to open up a business and have found none despite looking around everywhere I go in the city; and all the good locations are taken. The only other activity I find close to poker is investing. For a person that has 1-2 million, passive investing via index funds that theorically compound at 8-10% annually is probably more than enough to live off while you grind out live. Yes, live.

And I would probably go to Law School; Mike McDermont style haha.

[xxThe_Lebowskixx]

[ QUOTE ]
[ QUOTE ]
Once I hit the 1.5/2m after taxes range, which will hopefully be in the next 18 months since I'm going to try and play a ton of hours, I feel like I can basically live off of the interest

[/ QUOTE ]

Depending on the specifics, you do realize how small your annual income is probably going to be, right?

Assuming that you mean interest in the "money market account" sense, your real return is probably going to be about 2% per year, or $40,000.

ML4L

[/ QUOTE ]

Your model would have me dying without spending the inital $2m.

[greg nice]

trading stock/futures markets

[xxThe_Lebowskixx]

[ QUOTE ]
I'm an 18 year old college drop out. I'll be doing some business which honestly I really cannot go into, but I definitely know what I'm doing. That, along with becoming a live pro at the card clubs here in Orlando will be my new form of income which should yield me $250k+/year

[/ QUOTE ]

Underground cardrooms?

And can you be 18 years old and "know what you are doing in running a business". Did you learn from your parents?

Regardless, like Slow mentioned, unless you are in a niche market, you are going to have tons of competition.

If you just look at businesses being sold in a newspaper, you will see advertisements that will have ranges such as $400K to own, $50K in yearly revenues. Not exactly glamorous.

Also, $250K+/yr playing live poker is a bit ambitious since you get 30 hands/hour. I have no idea what live pros make in Vegas??

[G-Diddy20]

None of you guys are interested in real estate investing? That's my plan if i ever get as much money as some of you guys...research and invest in real estate. I heard this guy was fairly successful at it.



Investing in stocks successfully which other people have mentioned is also a goal of mine.