Poker Discussion
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Full Tilt · PokerStars · Ultimate Bet · Players Only · Bodog
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I am considering quitting my day job where I am compensated with a $45K a year salary so that I can stay home and make a living playing online poker.
In order for this transition to work I would need to make in winnings what I made in salary, $45k, which equates to an average net profit of $126.
I would love to hear from anyone who has or knows someone who has tried to make this move. Do you think $45K is a reasonable goal for someone who plays solid poker, but by no means is a tournament pro? I usually play $30+3 SNG’s and it is not unusual for me to take down 3 in a row, but then again sometimes I won’t cash 3 in a row. I have had some tournament success in the last year, winning $4500, $1800, and $1800 in a span of 3 weeks playing PP steps where I started each time on step 1. Also I won $3k (poker stars 150+12) and $1k (FCP 30+3) in MTT’s as well. So my hope is that by sustaining a healthy daily average net profit, infused with the occasional larger tournament win I can make this work.
Right now I only play when I have free time, which is usually after 9 pm after working all day and feeling kind of run down. I am hoping that if I can play during the day, I can play with more focus and alertness which will lead to greater success.
Any feedback is greatly appreciated.
Thanks
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As the age old saying goes, "Don't quit your day job".
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Don't know what line of work you're in, but won't your salary continue to rise as you work there? Plus, you have to make much more than $45K to break even, considering that you are giving up health and retirement benefits. You need to make $55 to $60K. And after a few years of poker playing, it might be tougher to return to the workforce. How are you going to explain your time off in interviews? I'm not saying that you can't succeed playing poker, I'm just saying it ain't gonna be easy and there are too many negative things that could result.
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By
Nato76
on
03-22-2006 1:17 PM
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I have thought about this before. If I were you I would have at least 6 months of living expenses on top of your bankroll. I would probably need around $40-50k in order to quit my job.
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Salary will continue to rise, but the average merit increase each year is 3%, so without a promotion, the increase isnt much to look forward too. I can get heath benefits thru my wife's job, but I have considered the retirement benefit loss and I guess that is something I couldnt do anything about.
I hear ya about returning to the workforce after being out a few years, but I was thinking if the poker wasnt working out, I would probably realize that sooner than later and be back in the workforce within a year.
What really intrigues me about playing poker for a living is that I truly believ if you work doing a job you love, than you will never work a day in your life. I really hate working for the man.
Thanks for the reply, definetly good food for thought.
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Cowboy is right....also you could get a cold run of cards for a month or two and you would be done....also the $126 per day would be nice but your not going to play everyday..there could be a family emergency...Christmas and other Holidays....your site could also be down..."GOOD OLD UB" screwed me outta money for a couple of days until i changed to PokerStars....I would stick to it as a hobby and passion....it is a tuff life as a GRINDER....and also
http://arstechnica.com/news.ars/post/20060217-6204.html I read this today and it was posted : 2/17/2006 11:58:10 AM, by Nate Anderson i dunno bout this but it is def something to look at...if this happened there would be more people working for the good old government rather than being poker entrupenuers
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I'm not very well versed on the topic but aren't the taxes on income from gambling than normal?
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yes i think you have to pay back 25% of your winnings....my roomate just recently made a lot of money in a short period of time and I think that is how much he said he had to pay back....so your now looking at around $180-$200 a day.......this is obviously not that much more but high stakes = higher skill
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read barry greensteins book
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i suggest to almost everyone to keep your job.
For me personally, I can handle a losing week or month, becuase I have no bills or expenses, but if I had a family to support and bills to pay, this would really wear on me, and I dont know if I would be able to play my same style of wreckless poker.
Unless you are an ELITE player I really dont think that you should be doing this full time.
However, I'm sure when bax and sheets and the rest of those studs quit their day jobs, they were faced with scrutiny and criticism as well so who knows.
You really gotta have faith in your game and know that you have the skill to pull it off, thats for sure.
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By
floppc
on
03-22-2006 1:44 PM
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A good rule of thumb is to have 6 months of living expenses set aside in addition to your BR. It is not uncommon for top rated players to have 2-3 month dry spells. You should also have 40-50 buy-in size BR for SnGs . You should track your profits and losses for a solid 6 months and keep detailed records of all of your expenses for the same time frame and then you will be able to make an educated decision based on facts.
GL
Flop
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Flop said it all perfectly about setting yourself up to play....but the
first guy might have put it even better.... "Don't quit your day job".
One big problem that hasn't been mention but you alluded to is "If you
do something you love, you don't work a day in your life."
Well here's the problem. Most people love poker 10-20-30 hours a week.
When you HAVE to get up in the AM and play, or are stuck $500 over the
past few days, trust me, you aren't loving playing poker.
Its called grinding for a reason. And there is nothing worse in the
world than taking an enjoyable and perhaps profitable hobby (ie. cards,
stamp collecting, antiquing, sports betting, golfing, etc) and turning
it into a job and then losing your passion for it.
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Bankroll+Discipline+Ability=Success(maybe)
You will need to easily earn twice what your current job pays. You will have to pay the full burden of SSI and Medicare plus your fed taxes. You will be purchasing your Health care out of pocket as well.
Simple expectations:
18% for Social Security and Medicare (roughly)
15-25% for Fed Taxes depends on your deductions and any other sources of income
Expect $600-$1,200 for Health Insurance that is likely comparable to what you have now ($600 would be bare bones)
Have 6 months of Living Expenses saved (preferably 1 yr)
Assuming that you are the sole income and are living on 45k now, you will need to have put away 20k in savings that is not to be touched, plus have a starting poker bankroll of 10k min and preferably 4-5 times that imo.
Again, IMO, you would need to earn 8k per month playing poker and this would net you $3,960 after paying your taxes and bare bones health insurance. Basically working 20 days a month and averaging $400 net per day would be optimal. This is quite doable playing sngs in the $30-$100 range.
Discipline and skill would be the next considerations after you have the proper BR and savings.
Bottom line- pay Fox or Seal or another reputable Pro to help analyze your game and give you honest feedback before making the big move.
Good Luck!
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I would think waiting to have a little more success would be the best choice. But I'm all for someone taking a shot at something they love.
I have two kids, 6 and 3, a wife, various pets, house, private school tuitions, etc. I manage to pay for all that playing poker and them some, but I would find it extremely difficult to do so just playing online. I'm mostly a live game cash player. I also have extensive assets and income from my prior occupation that provide a large safety net. (Though, to date, I haven't used it, my wife says I can whenever I might need to. That's a huge comfort.)
I'm telling you this so you can know it's possible, and that you probably won't succeed. So what? Lot's of things worth doing are hard. I say if you love it and think you can do it. Go for it.
I would never go back to the corporate world.
Hope to see you ranked real soon.
Blue.
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Thanks Blue, and everyone else for your mature and insightful replies.
I have somewhat of a "safety net" to catch me if i were to fall (or fail), and if I need to go back to the corporate world, I dont forsee obtaining a position like I currently have being difficult.
All of you bring up great points, although it would be nice to hear some more success stories like Blues.
Who knows, I might try it, and in the small chance it works out then so be it.
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