Poker Discussion
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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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One other point. If the Goodlatte bill were to pass, you'd be out of a job.
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Jupitert,
I'm all for you giving it a go for something you love. And I wish you the best in whatever decision you make. I have a full-time job that pays in the six figures. I have a wife and two kids. Last year, I managed to win playing poker more than my annual salary. This affords me some great luxuries and freedom that I normally would not partake without the extra income. My job is my safety net and I have no desire to let it go. While I love playing poker, I never have the urge after work to play because I "have" to play. As a full time player, you might feel the need to play because you have to. That's what my full-time job affords me, a means to keep poker as a hobby and a fun way to pass time. Like I said, best of luck whichever way you decide to go.
RedCowboy
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Americans are notorious for finding a loophole. If the Goodlatte bill passes do any of you really think that someone somewhere wont be able to find a way around the rules?
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take 2 or 3 weeks off... play poker like its your job. In that time you will at least get a feel for what it will be like.. and that might help you decide.
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LesW
(United States)
1,032
Posts.
Joined
02-14-2006.
03-22-2006 4:55 PM
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In reply to
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Good points all around nice thread.
Also I'd like to add don't quit and then turn pro, turn pro then quit. Meaning when you quit make sure your game is EXACTLY where it needs to be .... you have read all the books, got a healthy BR found a good mentor as well as are mentally and emotionally prepoared to make the leap.
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I wouldn't quit your job until you make MORE than your job's income as a part time player. The swings can be awful for a full time poker player.
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bananadwayne
(South Georgia and the South Sandwich Islands)
538
Posts.
Joined
04-01-2005.
03-22-2006 5:14 PM
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In reply to
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I would say that you dont know enough about your own game to make it......for instance you say
"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"
hmmm if u say so, but sngs can be very profitable. however, lets just say u have a 10% roi which is easily attained that still means you have to play 40 sngs a day to reach ur daily average......tournys are such high varianced beasts that you should have something else like sngs or cash games to rely on imo....so my advice would be to reevaluate ur game and know the numbers you are capable of
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Something else to think about that I did not see addressed is the level of competion might be a lot tougher during the day than in the evening....it has seemed to me over the past couple of years that winning at night when more players are online is an easier proposition than playing during the day.
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if your not making over 6 figures, it isnt worth it. benefits and such are all in it. i would not give up a day job if im only making from poker what i would make from the job. pointless to me
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ssydd
(United States)
298
Posts.
Joined
12-22-2005.
03-22-2006 8:35 PM
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In reply to
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I quit my job last May to play poker full time and I love it. I had about 6 months savings in the bank and an adequate bankroll for the cash games I was playing at the time and just went for it. I am by no means a top pro but have been making good $ (defintely over 45K annually) doing something I love and am still getting better and building my bankroll to move up levels. I think because of my family obligations I have had to be cautious and move up more slowly than I might have otherwise but it has been well worth it.
Before you decide make sure you love the game and are willing to work hard at it. Also think thru your finances and bankroll situation first to make sure you are prepared for stretches of running bad because they will come and were stressful even with a solid financial situation. Ultimately for me I just decided to go for it. Good luck in your decision.
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Imagine your worst week of work.
Then imagine that at the end of the week you had to go to your boss and pay them.
I would have several months living expenses in the bank and a HUGE bankroll before I tried this. Don't burn any bridges if you quit your job, if you know that you can get your job back with no problem then give it a try.
The reason I wanted to do it for a living was because I wanted an easy job. POKER IS NOT AN EASY JOB! It's fun when you are winning but when you are losing and you look over and see a stack of bills sitting there, it takes the fun right out of it.
Also, try going to the bank and financing something, no matter how good your credit is, and tell the banker you play poker for a living. Unless you got some monster collateral then you are gonna be up shit creek.
I know it sucks to hear it but I would just play on the side. Why are you quitting your job? Because you love poker so much or because you want an easy job? If you want an easy job poker is not the way to go. You can still make plenty of extra money and keep poker a great hobby.
Ultimately it's up to you. Know what you are getting into, think of all the consequences. If you still think it's the right decision, good luck! I have been playing for a living but I can tell you, when I get my degree poker is just going to be a hobby......
maybe
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Mtts have too much variance. It doesnt seem like you are really
on the level of top tournament pros, and lol at your sng statement..no
offense. I think you have just been on a good run. People
who are beating the 215s on party are looked down upon for quitting
school/job. Those guys pull 6 figures a year, easy. You are
playing 30$ sngs, and I highly doubt you are as good as you think you
are. I am just trying to be honest. Like someone mentioned,
have someone like seal evaluate your game and see where you are, but I
would suggest checking twoplustwo.com. There was recently a post
about a similar topic(the topic was actually about finding a place to
live, but it dealt with the kid dropping out of school) Some
great posters there gave some amazing insight on what you need to know
about going "Pro", and not having a stable salary. You will not
have the same benefits of your job, so you will need to invest for the
future, and you will have to pay health insurance. Not to mention
the taxes you have to pay on your earnings. I am currently in my
first month as what I consider a semi-professional poker player.
I 4-8 table the 22 speeds on party, and my goals are to bring in around
4k a month, with a 25$ hourly. I will be moving my way up, and
once I am making over 7.5k a month consistently in sngs, I will
consider myself a professional. These are my goals, and this is
to give you an idea what I am doing. It seems as if you are still
playing "for fun". I would first try to take the game very
seriously, and base the majority of your play around sngs, as there is
less variance in them, than mtts. You can obviously mix it up
with mtts, but make sure you are well versed in sng play as that can be
a great source of steady income. You really have to be prepared
for the swings. Poker is an f*in brutal game, and I mean
that. Ask anyone here, they will tell you. It doesnt seem
like you have really experienced any major downswings yet. Wait
until you do, and you will understand. Anyways, I dont mean to be
a dick. I am trying to open your eyes up to what you are in for,
and what you need to be aware of. I could be way off base about
your game, and if I am, I am sorry. I would recommend keeping
your job for some time, and play as much as you can in your free
time. Really focus on the game, and learn. Once again, I
recommend the 2+2 forums, it has helped my game immensely. Once
you have played, and won a certain amount every month(an amount that
will support all your needs), then by all means, quit your job and go
for it. But until then... good luck man
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true you might be able to make as much or more..but online poker is
super stressful...as well as awful for your overall health (i.e.
playing insanely weird hours...fucks up what you eat..when/how often u
sleep...ur posture...skin.....energy levels...all that shit.)...
plus
it gets tough juggling the obligation..and itd become an obligation..of
grinding out the (sngs) or mtts day in and day out.. because if u dont
play...u have no source of income....
just a few things to
think about before you quit ur job....only factor leaning towards that
for me is that u said that you get home exhausted every night at
9...now if u start work in the morning...then that's no way to live
either..esp if u have a family..
gl to u..and if u do play..fucking own that shit and make a ton :)'
Pet M
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Numan
(United States Minor Outlying Islands)
1,006
Posts.
Joined
02-07-2006.
03-23-2006 1:00 PM
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In reply to
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What do you guys think if he was able to keep half his salary and benefits by working part-time and then would have half the amount of time to work on the poker?
Is the half and half approach unrealistic or not a good way to try it?
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Some Pros:
- You get to earn your income through your favorite hobby.
- You dictate when/where you play and for how long.
- You can make a whole years salary in one day.
- You are your own boss.
Some cons:
- Going days, weeks, or months as a losing player is VERY stressful.
- Wild swings in bankroll. (This can obv be good too)
- Legislation could prohibit online gambling (although I do not see how this could be enforced)
- Some health issues that Pet Monster brought up.
- Professional gambler taxes can top 40% if you make six figures (15% self-employment is main cause)
I personally love what I do... and thats play poker. The idea of sitting in a cubicle 40 hours a week until I'm 65 gives me nightmares. Either way you chose, you are gonna run into new pros and cons.
Good Luck.
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