pay cash

/thread

well, it's your life but I'll lecture briefly and then move along. The last thing you should be doing with your money in your situation is buying an expensive car. Wouldn't a bigger priority be saving enough money to buy yourself a condo or a townhome?

Plus your running hot now, but what happens if you go through a bad run. Just seems like buying a car shouldn't be your top priority. Ask Waco about how he did it. Man is smart, IMO

Well that's the thing....I'm going to be settled here for another few years until I get the whole poker/school thing sorted out, so I have 8 yrs until I'm 30 which hopefully that's when I'll work to start a family, etc etc. So I'm not really concerned since this is my ONLY part of my roll I'm using (my cash game winnings, not my mtt) so I have 14k in backup and play within my roll 99% of the time (aka take shots, but drop down if unsuccessful) So even if I went busto, I could still almost get the car with my part time job alone (maybe going to full time pay). I did not want to use any part of my current roll, take it out and pay part of the car...still want to be able to play 109s lol.

-live with girlfriend at her mom's house

-Don't have a steady full time job, 1k/ month steady income

-"Dabble" in 1/2, 2/4 (I used to 6-8 table 6 man 1/2 and 2/4, the swings are ridiculous, you cold make 10k in a week and then lose half of it)

=

Your running hot if your playing less than 1/2 cash to be making that not full time.

You have no steady source of income incase you hit a downswing.

You live with you girlfriend with her mom.

And where is the 38k?

With all this, I think a new expensive car is the last thing you need. I would invest in school and a way to make a steady living. If your not for that, then i would quit your part time and play 40 hours a week and wait till you have the cash on hand to pay it. Your finance rate will be a bitch without a steady job. Also, the last thing you want at 22 is going into debt because of some car you had to buy when your living with your girlfriend's mother. Please dont be one of those people who have an expensive car but can't afford to fill it up with gas/pay the registration/pay the insurance.

LOL...ok first off, I'm not living with her mother....she bought a house for us three to live in.

I have no living expenses, I have school loans yes but I'm debating going back in the fall for right now...poker is going well and I'm a mid stakes donk. How can I be running hot? I feel like I'm running badly in mtts. 1k is not a huge sample size but I think it's "somewhat" of an idicator of where ur headed as an mtt player.

Steady Income: The only reason I keep my part time job is because I work 6-11am thurs-monday and it's easy work and doesn't interfere with poker. I could easily play 40 hrs a week, but I have a gf and choose not to to do other things. The 1k is also my backup, in case of poker troubles. I HAVE 2 EXPENSES TOTALING 275 a month. Not to mention I already drive the car pictured in my profile (obv a brag post *roll*). I'm keeping this car which is alone worth 10-15k depending on where I sell. I have 30k in profit, and already taken 10k out for a car repair, rent past year, etc. Ur telling me I will have 100 buy in swing and wipe out my roll? I should be able to grind mtts and play .50/1 cash and be able to make 1500 a month capiche? Almost any avg player should be able to do that (seeing as how you run hot once a month or so). I'm always into bankroll management so I'm not bombarding 200-300-1k buyins without sattying in. I paid a 325/mo car pmt for 4 yrs on a 1k salary and had no issues besides not being able to eat out.

So aside from the drilling, my original question was, how do you deal with the bank when they probably view gambling as an unreliable hobby? Do you just need to put a good chunk down?

just bought a car put 50% down and ya they still wanted to know my job, we tried putting poker player for the loan from the bank and it got denied, so the ppl from the car dealership said wait lets try it again and put u down as manager of pokerstars and bink it went thru lol now im driving in style.

Expensive new car is the absolute worst investment you can make, especially at a young age. Buy a really nice used car if you feel that you "need" one, otherwise buy a cheap (but still nice) used car that does the job.

Also what is this shit about payments? Nothing in poker is guaranteed. If you have the money, pay in full in cash. If you don't have the money, don't buy it thinking "oh I can make the payments cause I'm making $x.xx now."

BTW, what kind of car are you thinking of buying, and how much?

 

Originally Posted by bef99hwk

The reason I don't want to pay cash is because there goes the poker roll

This is EXACTLY the reason why you shouldn't buy a 60k car. You do realize that you are trading your entire net worth for one object?

If (hopefully not) something goes terrible (you get hacked, you go on a large downswing, car crash, medical bills, student loans pile up, ANYTHING), you are royally fucked. I'm not going to try to convince you otherwise, because you already have your mind up, so I'll just say what I have to and hopefully you listen.

Don't spend your entire net worth (60K) on a car, using credit, when you have no guaranteed income and can lose money like crazy if you you go on a downswing or need to spend money elsewhere. It's a terrible idea, and you will likely end up in the same boat as ppl who bought houses that they couldn't afford because they will "pay for them later."

Anyways, hope it all works out, but I would suggest reading up on some smarter ways to spend your money in order to set yourself up for the future.

pm waco..

im talking about the fact that he drove a mediocre priced car for so long..

OP, I was kind of in the same situation myself a couple months ago. I had been saving online winnings and money from low paying jobs for a year and i decided i wanted a new car. At the time I decided to buy the car i didnt have a job but was on the look for a job.
I bought a car for 20k, paid 9K on a down payment, still had plenty of money saved up in the bank that I didnt want to spend cause it was savings for my college and I my parents agreed to Cosign on the loan b/c they trusted me and they knew I had the savings I needed and I was going to get a job w/in a month to guarantee money for the payment. W/ the big downpayment along w/ a cosign, I had the car bought in my name and wasnt questioned about my employment at all.

BTW, what kind of car are you getting that you would need 50K+ income. Didn't you say that you already are making all your monthly expenses w/ 1K a month?

Also, factor in the inflation of gas prices. Know how much you will be able to afford if gas prices reach 6-12$ a gallon sometime in the next 10 years.

A Corvette is not a sound investment unless it is from the 50's,60's, or early 70's(maybe). Even the classic ones cannot be really driven or they lose value.

Then you have insurance cost on top of your payment. Insurance for 2 sports cars....unless you plan on dropping insurance for your other ride...which would be stupid...

 

Originally Posted by R_U_Nuts

When I bought my daughters car last year they didnt even ask where I worked, just got my name and SS# and 2 mins later came back and said were all set.

A 50K car? Your 37 so I assume you have a credit history...We just bought a car (for my wife) as well. No $$ down...etc...But we are established.

From eberything you've told us, and I've read it all, YOU SHOULD NOT BE BUYING A 60K CAR (YOU SHOULDN'T BE BUYING A 30K CAR). GET YOUR SCHOOL LOANS PAID FIRST AND THEN SAVE AND BUY THE CAR NEXT SPRING IF YOU'RE ROLLING IN MONEY.

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