Check out our brand new Local Poker Communities! Get updates and interact with poker players in your area.
Visit the United States Poker Community | Visit the California Poker Community | Read more about the Launch of P5s Local

Interested to know how many top ranked players know what they are doing financially

Reply to Thread
Page 1 of 21 2
  1. ATD_3 ATD_3 is offline

    Columbus, OH
    United States

    Posts: 185
    Joined: Sep 07

    Jan 17th, 2008 (1/17/2008 1:06pm)

    I found myself thinking about how many top-ranked players have any idea what they are doing financially. I am curious to know what types of things the younger players making a lot of money are doing to ensure future financial security?

    P.S. It bothers me that 18-22 year olds making 350k+ per year are doing nothing but gambling with their money rather then safely investing it and basically ensuring a prosperous future.
  2. 4h8red 4h8red is offline

    London
    United Kingdom

    Posts: 222
    Joined: Oct 07

    Jan 17th, 2008 (1/17/2008 1:08pm) in reply to ATD_3

    Why do you care? I could'nt care less if they lost it all one night playing blackjack.
  3. ATD_3 ATD_3 is offline

    Columbus, OH
    United States

    Posts: 185
    Joined: Sep 07

    Jan 17th, 2008 (1/17/2008 1:14pm) in reply to 4h8red

    Chill out killer. I am just interested to know the kinds of things they are doing (if anything). With the amount of money they are making (proportional to their financial needs), I think a lot of players are unaware of the returns they could be getting on monthly or even annual deposits into a mutual fund or other interest-earning mechanisms.
    Thread Starter
  4. Admiral Admiral is offline

    Boulder, CO
    United States

    Posts: 8,251
    Joined: Feb 06

    Jan 17th, 2008 (1/17/2008 1:18pm) in reply to ATD_3

    thats what you get for thinking, are you just assuming none of them have any idea what to do financially?
  5. JKamikazeKid JKamikazeKid is offline

    Dayton, OH
    United States

    Posts: 1,178
    Joined: Sep 07

    Jan 17th, 2008 (1/17/2008 1:19pm) in reply to ATD_3

    Quite frankly, I really don't care what these kids are doing with their $$...nor does it bother me.

    Some kids do not yet know about financial responsibility so they probably wouldn't think that far ahead. Some may already be thinking that way.

    If I was in a fortunate position like that, I'd obviously think about it and invest the $$, but that's not necessarily what someone else would do.

    What they do with their $$ is really none of my business. I'd let them live their lives, make their mistakes, and learn. We all had to do that. We may as well let them do the same.
  6. jalman1 jalman1 is offline

    Posts: 6,451
    Joined: Jun 06

    Jan 17th, 2008 (1/17/2008 1:20pm) in reply to JKamikazeKid

    im no millonaire but i keep most of my money in the bank and wrapped up in CDs. If its sitting there it might as well make me money
    107 3
  7. ATD_3 ATD_3 is offline

    Columbus, OH
    United States

    Posts: 185
    Joined: Sep 07

    Jan 17th, 2008 (1/17/2008 1:20pm) in reply to ATD_3

    Why in god's name is everyone being hostile and basically flaming me? I am not making any assumptions about anyone.
    Thread Starter
  8. Believer82 Believer82 is offline

    Las Vegas, NV
    United States

    Posts: 2,971
    Joined: Aug 05

    Jan 17th, 2008 (1/17/2008 1:22pm) in reply to ATD_3

    I spent 400 k on hookers and blow last night... sob~~ and i tipped one hooker 50 k f me
    dsaldks;ldks;dsklkd
     
  9. Trent55 Trent55 is offline can i have a title now

    Posts: 8,510
    Joined: Oct 05

    Jan 17th, 2008 (1/17/2008 1:23pm) in reply to ATD_3

    these 18-22 year olds probably have their parents help them in one way or another! I would think anyway
  10. Cuthroat187 Cuthroat187 is offline

    Norwalk, CT
    United States

    Posts: 1,951
    Joined: Jun 06

    Jan 17th, 2008 (1/17/2008 1:27pm) in reply to Trent55

    OMG How dare you care about other people's future, wtf is wrong with you?!!!!!!!!!!!!!!!! LOUD NOISESSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS SSSSSSSSSS
  11. 4h8red 4h8red is offline

    London
    United Kingdom

    Posts: 222
    Joined: Oct 07

    Jan 17th, 2008 (1/17/2008 1:28pm) in reply to Trent55

    I wasn't trying to be hostile. I just think if a kid 10 years younger than me is making 10 times as much as me by playing poker, the last thing I'm "worried" about is their financial security.
  12. TiltinShoes TiltinShoes is offline

    Posts: 7,076
    Joined: Sep 07

    Jan 17th, 2008 (1/17/2008 1:29pm) in reply to Cuthroat187

    I DON'T KNOW WHAT WE'RE YELLING ABOUT!!!!!!!!!!!

    Obv invest 50k on a brand new company with an interesting product!
  13. jimmyk01 jimmyk01 is offline

    Posts: 154
    Joined: Jun 06

    Jan 17th, 2008 (1/17/2008 1:32pm) in reply to jalman1

    cd's? between taxes and inflation you are losing money. you might want to put the money to work for you if you are planning on saving it for the long term
  14. ATD_3 ATD_3 is offline

    Columbus, OH
    United States

    Posts: 185
    Joined: Sep 07

    Jan 17th, 2008 (1/17/2008 1:36pm) in reply to 4h8red

    You're misinterpreting what I was saying. I am not "worried" about what they are doing with their money, I said it bothers me if they are not aware of the potential compounding effect they could be getting by making a substantial income at a very young age.
    Thread Starter
  15. JKamikazeKid JKamikazeKid is offline

    Dayton, OH
    United States

    Posts: 1,178
    Joined: Sep 07

    Jan 17th, 2008 (1/17/2008 1:36pm) in reply to ATD_3

    I'm not intending to be hostile either. I'm just saying that its not my responsibility to teach these kids how to use their money.

    If they want to invest it, then that's fine. (personally i think that's wise, but that just my opinion)

    If they want to spend it wildly, that is fine as well....its their money.

    That was what my $0.02 was about.
  16. number1pen number1pen is offline

    Los Angeles, CA
    United States

    Posts: 3,884
    Joined: Feb 06

    Jan 17th, 2008 (1/17/2008 1:46pm) in reply to JKamikazeKid

    i dont know what im doing financially
     
  17. TiltinShoes TiltinShoes is offline

    Posts: 7,076
    Joined: Sep 07

    Jan 17th, 2008 (1/17/2008 1:47pm) in reply to ATD_3

    Actually, and I may be going out the limb here, I would expect that a lot of them do know what they are doing. My reasoning is this: while investing and saving is not taught in school, lets face it most of the young guns with money don't care much for school anyways. Also, part of the draw for these guys to poker is the money, so they are interested in how it works. Also most of these guys have had to study hard to become good poker players, wouldn't yuou assume they don't mind studying to figure out finances?
  18. mman_status mman_status is offline

    Tajikistan

    Posts: 254
    Joined: Dec 05

    Jan 17th, 2008 (1/17/2008 2:01pm) in reply to number1pen

    people responded that way bc theres always self righteous people on here claiming they could run everybody elses life better.
  19. ATD_3 ATD_3 is offline

    Columbus, OH
    United States

    Posts: 185
    Joined: Sep 07

    Jan 17th, 2008 (1/17/2008 2:08pm) in reply to mman_status

    ^^^ Fair enough. The point of this post was aimed at asking what kinds of things are high-income players doing. The intention was not to tell anyone what they should be doing or how to do it.
    Thread Starter
  20. number1pen number1pen is offline

    Los Angeles, CA
    United States

    Posts: 3,884
    Joined: Feb 06

    Jan 17th, 2008 (1/17/2008 2:16pm) in reply to ATD_3

    so your saying that losing 50k in a week in prop bets is not a good financial investment?
     
  21. ATD_3 ATD_3 is offline

    Columbus, OH
    United States

    Posts: 185
    Joined: Sep 07

    Jan 17th, 2008 (1/17/2008 2:31pm) in reply to number1pen

    LOL. It's questionable :/
    Thread Starter
  22. donkkkkk donkkkkk is offline

    Canada

    Posts: 546
    Joined: May 07

    Jan 17th, 2008 (1/17/2008 2:34pm) in reply to ATD_3

    if you ask me, on a financial perspective..im ballin...if you ask me where my money is going, im too ballin to answer that.
  23. Cuthroat187 Cuthroat187 is offline

    Norwalk, CT
    United States

    Posts: 1,951
    Joined: Jun 06

    Jan 17th, 2008 (1/17/2008 2:36pm) in reply to donkkkkk

    i put my monies in a jar under my bed
  24. CardXFactor CardXFactor is offline

    Posts: 606
    Joined: Aug 06

    Jan 17th, 2008 (1/17/2008 2:45pm) in reply to number1pen

    I won the Sunday million over a year ago and just with that win I started looking into investments. I learned a lot of things about what can be done to save on taxes and save for the future. It is actually quite astonishing how good of a position you can put yourself in for the future if you start saving anything you can. There are some really cool tax leveraged investments that can be done with poker winnings, etc.

    I'm now a Financial Representative because of all this. I truely feel that the most important thing you can do with poker winnings is A) Save as much money on taxes as you legally can B)Invest as much as you can comfortably so that you can get your money growing. As a poker player myself, I catagorize playing as a "high risk - short-term investment" that will have a positive roi in the long run. In the short-term (even 6-12 months), anything can happen when you play poker and the swings can be enormous.

    Since poker players are already involved in "high-risk" investments while actually playing, it's a really good idea to put as much away into some "conservative" investments to diversify "yourself". You will be more comfortable knowing that you have money safe and growing, which will help you deal with variance and allow you to only worry about playing good poker - not about money.

    I'm already in the middle of trying to help the fullback of the Miami Dolphins, Reagan Mauia. He just signed a $2.6 million contract and has already started spending like crazy. While its ok to go out and buy things when you come up on a lot of money, someone like Reagan needs to use his new found wealth to his advantage and start thinking about saving on taxes, future family expenses, and retirement. It wasn't to pleasant for him to hear that 82% of all football players are completely broke after 5 years out of the league due to over-spending and under-saving.

    I think a lot of younger poker players who win a lot of money might fall into the same catagory as these football players....

    CardX
  25. ATD_3 ATD_3 is offline

    Columbus, OH
    United States

    Posts: 185
    Joined: Sep 07

    Jan 17th, 2008 (1/17/2008 2:50pm) in reply to CardXFactor

    ^^^ Great read. I agree with nearly everything you said.
    Thread Starter
  26. misterizx misterizx is offline

    Woodlake, CA
    United States

    Posts: 2,345
    Joined: Aug 05

    Jan 17th, 2008 (1/17/2008 2:51pm) in reply to Cuthroat187

    ADT, I think about how many people make so much money and end up bankrupt. Athletes are a prime example. You see so many players making millions a year and are dead broke and selling drugs in 2 years.

    Frankly almost everyone has no idea how to manage money. In every day life most people live from pay check to pay check and if not they live above their means. People do not understand that if you make $1000 a week you are not required to spend $1000 a week. It is really not a problem how much players or anyone saves or spends. The problem comes when their cash cow dies and they are forced to live off regular wages. Can they adjust? They will be forced to adjust.

    I have a feeling a higher % of winning pokerplayers will know how to manage their money better than athletes and every day citizens.. Excluding the degenerate gamblers.
  27. jtown1010 jtown1010 is offline

    United States

    Posts: 23,112
    Joined: Jan 06

    Jan 17th, 2008 (1/17/2008 3:39pm) in reply to misterizx

    Do you even realise how expensive it is to insure a Ferrari? Have you any idea what kind of property taxes you pay on a $1.2 million home? All of that plus an entourage and you barely have enough to buy all the weed and all the chicken.
  28. Paul Ordeeb Paul Ordeeb is offline

    Cincinnati, OH
    United States

    Posts: 907
    Joined: Dec 05

    Jan 17th, 2008 (1/17/2008 3:48pm) in reply to ATD_3

    " Yea, all you young kids better start thinking about your future!!! "

    - Sam Grizzle
  29. Cabo Cabo is offline

    Cumming, GA
    United States

    Posts: 2,027
    Joined: Feb 05

    Jan 17th, 2008 (1/17/2008 4:12pm) in reply to Paul Ordeeb

    Some of you are surprised by the hostility in this thread? LOL

    Must be your 1st day on P5s.

    If it wasn't for hostile responses most threads here would get no response at all.
  30. AJKHoosier1 AJKHoosier1 is offline

    Los Angeles, CA
    United States

    Posts: 2,589
    Joined: Jul 06

    Jan 17th, 2008 (1/17/2008 4:13pm) in reply to ATD_3

    i just spent $85k on a doghouse and i don't even own a dog.
    131
Reply to Thread
Page 1 of 21 2