About 2 weeks ago, I was going to do a Vegas recap. Instead, work became really busy, Gus passed away, I went on tilt, and just basically, didn't allow me to recap Vegas. By the time it was all said and done, it seemed like it wasn't worth recapping. However, earlier this week, Don was at the table during the MATH or Skills or something (jeez, the whole BBT is making all the tourneys a blur) and asked if I had posted about the counterfeited straight flush. Admittedly, by then, my memory was kind of a blur so I told him all I remembered was that I had a straight flush but got counterfeited by the river and that I had a 7 card straight flush... But that got me to thinking... and then I look back at my notes of Vegas... and realized how bad I was running... This isn't a bad beat but it signifies how running bad and playing bad just combines the ill effects...
The said straight flush hand basically came like this. I had the Ah2h and I don't remember the preflop action but there were two of us that saw the flop at this loose, juicy 1-2NL (deep deep stacks) at the Venetian. Flop comes 3-4-5 all hearts. This is kind of a dream flop but also a tough one in the sense that first of all, I have a straight flush which is awesome. Except it's not the nut straight flush (6h7h has a better straight flush). I also have the Ah. So basically, I really can't make any money unless someone has trips and the board pairs. So, I check at which point, it gets checked around. The turn comes an interesting 7h, making the board 3h-4h-5h-7h. I check again, basically hating that card because now, even if someone held Kh, I'm not sure I get much action. River amazingly completes the straight flush on the board by putting 6h. Now I'm feeling sick because my hand is no good... fortunately, we both check and we chop the pot... As I show my 7 card straight flush...
That shoulda been the sign that it's not my week when you flop a straight flush and get counterfeited... sure, I coulda taken down the small pot by betting on the flop or even the turn but man... what are the odds!?
I will say this though. It was a lot of fun playing live poker and it was even more fun playing at the same table with Don. It was like call of the sirens when he kept asking me when I was gonna move to Vegas and take a shot at being pro. He said it best.
"You can play this [poker] all night long man, taking money off of tourists. Then you go home in the morning and wake up in time for the Mookie."
Priceless.
"But on Thursdays, you might have to set the alarm."
I laugh and we both say "cuz the Riverchasers start an hour early!"
I thought to myself, my god, THAT is the life!!!! (of a degenerate)
Now that the two Eurodonks I know have gone pro (well, the other is about to), I'm actually thinking it won't be too long (cuz I'm sooooooo jealous)... I have a number in mind that I have told some of you that I want to get to before I quit my job. Basically, I want my liquid assets to be $x before I quit. It's not really a secret and if anyone is curious, hit me up via girlychat or email and I'll be happy to tell you (it will prob also show how much of a bankroll nit I am). I just don't want to put it out here on the blog. But in the words of the great, I am de-schlubbing... And like Don always says, I can take a shot and if it doesn't work out, hell, I'm a CPA, I could get a job anywhere.
Showing posts with label Going Pro. Show all posts
Showing posts with label Going Pro. Show all posts
Thursday, April 24, 2008
Tuesday, February 5, 2008
Thoughts about going pro (Part 1)
I've been thinking about this post for a while... and debating whether I should post this or not. Now first off, this is NOT a "I'm going pro" post. So, for all you degenerates, curb your excitement. And to my parents, you can breathe a sigh of relief. But I'm not gonna lie. I definitely think/fantasize about that. When I was a teenager, I had a dream. No, it wasn't to be a professional poker player. I didn't even know poker back then. But I always wanted to be that guy who was not afraid to chase his dream. I didn't want to "settle" and grind out an unhappy living. Now that I have found something I can be truly passionate about, there is a part of me that wonders what could be...
I guess if you play poker seriously, then a lot of us have had this thought. Can I quit my job, play poker full time and grind out a living? Well, that is certainly a thought that I have. I've had that thought since last year. But I knew that my skills weren't where it needed to be in order for me to take such a risk. I'm not saying that my skills are there now. But I know I've come a long ways and I feel that it is certainly a possibility. But like anything else, I like to research and think things through and there are lots of factors that would go into determining whether going pro is a good option or not. Here are some of the questions that I would have to ask myself in order to consider going pro.
1) Do I love poker enough to make that my full time gig?
2) Do I have enough of a bankroll to sustain my current lifestyle even if things aren't going well?
3) How much would I have to make in order to sustain my current lifestyle?
4) What can I give up in order to give myself a financial cushion?
Generally speaking, I have been blessed financially. No, I'm not a financial tycoon or anything but aside from the mortgage, I am debt free (no credit card balances, no car loans, etc ie no exceptions). I have a good job that pays me very nicely and I've amassed a fair amount of short term savings (long term savings such as ROTH IRA and 401k doesn't apply here). And recently, I've really tried to curb my spending because I want to build a bank roll (not just poker bankroll but short term savings to cover my short term expenses). The recent drop in the stock market is not helping but I'm not too heavily invested with my short term stuff so it doesn't hurt quite as much (being fairly well diversified also helps).
But for simplicity of calculation, let's say that I make $60,000 (the amount is fictional). That breaks down to $5,000 per month (I told you, it was for simplicity sake). Does that mean that if I make $5,000 per month playing poker, that would be good enough? It appears that way but there are other factors. Usually, your gross pay doesn't include any 401k contribution that your company might give you. Nor does it include the insurance premium portion that your company pays for you. So, take that into account and you are probably looking at maybe another $500-$1000 more per month. Quite frankly, at the level I'm playing now, I think I can sustain that kind of income level if I played enough. But I don't KNOW that. Maybe I can, maybe I can't. I just don't have the track record to prove it. Close. But not officially there.
Also, if I were to try this, how much of a cushion would I need? Do I need to have enough money to go a whole year without getting paid? Does that mean I need to have set aside $60k in order to go into this endeavor? I don't think I need quite that much. But I would think that maybe you should have enough in savings to go 6 months without getting paid. So would $30k be reasonable? Remember, you still have to pay bills, mortgage, etc and I don't want my poker sessions to be affected by those thoughts. In other words, if you have enough of a cushion, you're not dipping into your poker roll for your life expenses. Ideally, you want to build your short term roll with poker winnings but not be dependent on it.
Do I love poker enough to make this a full time gig? I sure love poker. I mean I have to right? I freakin blog about it, I play every night, I think about it all the time, etc. But I've mentioned this to some of you before. Poker could become such a grind. And because of the mentality I play, there are times I feel like it's my second job. I might not feel like playing but I play because I feel guilty about not playing. I grind it out day in and day out. So do I have what it takes in terms of determination and discipline? That, I think I do. I will treat it as my job and I will put certain numbers of hours in. The question is, do I really want to do that?
Another question that I touched on is insurance. Health insurance to be more specific. When you're part of a corporation, you're covered under their plan. However, if you're on your own, you'd have to find your own plan because the worst thing that can happen is that you quit your job, and assuming you were savvy enough to at least maintain COBRA payments, 18 months later, you're still covered. But let's say after that, you let your insurance coverage lapse. You get sick and you are uninsured. That's bad in itself but even worse is try getting insurance after that. And let's say your "sick" was actually a fairly serious condition. It becomes very unlikely that an insurance company will pick you up. So, it would be very important to have a plan to be covered under some health insurance plan from ahead of time.
You also have to consider the "missed opportunities" of not having any sort of retirement plan. You miss out on 401k which as we all know will potentially be a big, big loss (not having one, that is).
Now I just posted bunch of cons about going pro. But I don't mean to be so negative about it. I think these are all very reasonable points that you really need to think about if you are considering going pro. And that's just one part of the equation. I mean in the end, "going pro" is easy. Maintaining that lifestyle is the hard part. The quote "hard way to make an easy living" really seems to make sense. And I'm just on the outside looking in.
So after I posted all these negative thoughts, you might wonder why would I even consider it because I'm clearly anti-going-pro. However, I'm not. That's the practical side of me talking. I would love to have more time to study my plays. I want to watch so many more videos on PXF and join CR to watch those videos, etc. But life gets in the way. I have to go to work. I also like to work out. Those things take up most of the weekday. I want to spend more time at the tables but I can't because of other priorities. I'd love to be my own boss, set my own schedule, and make a living doing what I love. So, admittedly, I am curious to watch how Subzero, who recently decided to go pro, does. No offense, my man, but based on the blog posts I've read of yours, I didn't think you were ready. But you did it. At the very least, you obviously have more balls than I do. And now, you'd have more time to analyze your play, watch videos, post on forums, and basically do all the things that could make you a better player. For that, I am definitely jealous.
I am at a point where I think I'm a fairly decent player. But I am decent enough to know my weaknesses and I have some tremendous weaknesses that I think I need to plug. I don't know if it's something I can plug to be honest. At some point, I think I have to really tear down my game and build it back up. Unlike some people, I don't have the natural aggression or the "gamble" in me. And I think I need to inject that into my game a little more. I just don't know how and when I try it now, it seems that I do it at the worst times. In other words, I don't know that I have that "sixth sense" in poker. We shall see.
As for now, this is clearly a dream I'm not gonna give up on so easily. I'll just have to continue analyzing my game.
I guess if you play poker seriously, then a lot of us have had this thought. Can I quit my job, play poker full time and grind out a living? Well, that is certainly a thought that I have. I've had that thought since last year. But I knew that my skills weren't where it needed to be in order for me to take such a risk. I'm not saying that my skills are there now. But I know I've come a long ways and I feel that it is certainly a possibility. But like anything else, I like to research and think things through and there are lots of factors that would go into determining whether going pro is a good option or not. Here are some of the questions that I would have to ask myself in order to consider going pro.
1) Do I love poker enough to make that my full time gig?
2) Do I have enough of a bankroll to sustain my current lifestyle even if things aren't going well?
3) How much would I have to make in order to sustain my current lifestyle?
4) What can I give up in order to give myself a financial cushion?
Generally speaking, I have been blessed financially. No, I'm not a financial tycoon or anything but aside from the mortgage, I am debt free (no credit card balances, no car loans, etc ie no exceptions). I have a good job that pays me very nicely and I've amassed a fair amount of short term savings (long term savings such as ROTH IRA and 401k doesn't apply here). And recently, I've really tried to curb my spending because I want to build a bank roll (not just poker bankroll but short term savings to cover my short term expenses). The recent drop in the stock market is not helping but I'm not too heavily invested with my short term stuff so it doesn't hurt quite as much (being fairly well diversified also helps).
But for simplicity of calculation, let's say that I make $60,000 (the amount is fictional). That breaks down to $5,000 per month (I told you, it was for simplicity sake). Does that mean that if I make $5,000 per month playing poker, that would be good enough? It appears that way but there are other factors. Usually, your gross pay doesn't include any 401k contribution that your company might give you. Nor does it include the insurance premium portion that your company pays for you. So, take that into account and you are probably looking at maybe another $500-$1000 more per month. Quite frankly, at the level I'm playing now, I think I can sustain that kind of income level if I played enough. But I don't KNOW that. Maybe I can, maybe I can't. I just don't have the track record to prove it. Close. But not officially there.
Also, if I were to try this, how much of a cushion would I need? Do I need to have enough money to go a whole year without getting paid? Does that mean I need to have set aside $60k in order to go into this endeavor? I don't think I need quite that much. But I would think that maybe you should have enough in savings to go 6 months without getting paid. So would $30k be reasonable? Remember, you still have to pay bills, mortgage, etc and I don't want my poker sessions to be affected by those thoughts. In other words, if you have enough of a cushion, you're not dipping into your poker roll for your life expenses. Ideally, you want to build your short term roll with poker winnings but not be dependent on it.
Do I love poker enough to make this a full time gig? I sure love poker. I mean I have to right? I freakin blog about it, I play every night, I think about it all the time, etc. But I've mentioned this to some of you before. Poker could become such a grind. And because of the mentality I play, there are times I feel like it's my second job. I might not feel like playing but I play because I feel guilty about not playing. I grind it out day in and day out. So do I have what it takes in terms of determination and discipline? That, I think I do. I will treat it as my job and I will put certain numbers of hours in. The question is, do I really want to do that?
Another question that I touched on is insurance. Health insurance to be more specific. When you're part of a corporation, you're covered under their plan. However, if you're on your own, you'd have to find your own plan because the worst thing that can happen is that you quit your job, and assuming you were savvy enough to at least maintain COBRA payments, 18 months later, you're still covered. But let's say after that, you let your insurance coverage lapse. You get sick and you are uninsured. That's bad in itself but even worse is try getting insurance after that. And let's say your "sick" was actually a fairly serious condition. It becomes very unlikely that an insurance company will pick you up. So, it would be very important to have a plan to be covered under some health insurance plan from ahead of time.
You also have to consider the "missed opportunities" of not having any sort of retirement plan. You miss out on 401k which as we all know will potentially be a big, big loss (not having one, that is).
Now I just posted bunch of cons about going pro. But I don't mean to be so negative about it. I think these are all very reasonable points that you really need to think about if you are considering going pro. And that's just one part of the equation. I mean in the end, "going pro" is easy. Maintaining that lifestyle is the hard part. The quote "hard way to make an easy living" really seems to make sense. And I'm just on the outside looking in.
So after I posted all these negative thoughts, you might wonder why would I even consider it because I'm clearly anti-going-pro. However, I'm not. That's the practical side of me talking. I would love to have more time to study my plays. I want to watch so many more videos on PXF and join CR to watch those videos, etc. But life gets in the way. I have to go to work. I also like to work out. Those things take up most of the weekday. I want to spend more time at the tables but I can't because of other priorities. I'd love to be my own boss, set my own schedule, and make a living doing what I love. So, admittedly, I am curious to watch how Subzero, who recently decided to go pro, does. No offense, my man, but based on the blog posts I've read of yours, I didn't think you were ready. But you did it. At the very least, you obviously have more balls than I do. And now, you'd have more time to analyze your play, watch videos, post on forums, and basically do all the things that could make you a better player. For that, I am definitely jealous.
I am at a point where I think I'm a fairly decent player. But I am decent enough to know my weaknesses and I have some tremendous weaknesses that I think I need to plug. I don't know if it's something I can plug to be honest. At some point, I think I have to really tear down my game and build it back up. Unlike some people, I don't have the natural aggression or the "gamble" in me. And I think I need to inject that into my game a little more. I just don't know how and when I try it now, it seems that I do it at the worst times. In other words, I don't know that I have that "sixth sense" in poker. We shall see.
As for now, this is clearly a dream I'm not gonna give up on so easily. I'll just have to continue analyzing my game.
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