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Save 6mo worth of living expenses? Myth or Fact?

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MARSHALL28   United States. Jun 08 2012 03:19. Posts 1897
I originally posted this in my CR blog, but figured since I've started posting a bit more in this one that I should just post the same messages in both....

So since I started to take my life a little bit more seriously. I mean, considering it's very obvious that my ceiling is clearly not as high as I originally believed it might be regarding how much money I could potentially be able to make in the future as a poker pro, this is what I've come up with....

Here are my estimated monthly expenses:
HEALTH INSURANCE - 125/mo
CAR INSURANCE - 155/mo
STORAGE - 180/mo
RENT - 1000/mo
MEDICATION - 540/mo
FOOD/ALCOHOL - 700/mo
MISC - 1000/mo= 3700/mo

3700x6 months = $22,200

22k? If I'm just keeping that locked up, what am I supposed to use for a bankroll? Sometimes I play 5/10nl with less than this in my bankroll. Geez, all I need to do is double my hours weekly and I would be flush. I'm pushing 10-15 hours a week lately which is even worse than the previous few months, even after I said I need to up the hours I put in each week. Kinda sad to see I haven't made any progress, but such is life. I think it's mostly a matter of motivation. Hopefully being around another poker player with a much better work ethic than myself will push me to want to play more and earn more money. Being at the Rio today and watching Brian Hastings win the 10k HU shootout for 370k definitely helped to make me feel like I should put more effort into my poker. I'm really tired of seeing people who aren't as good as me making way more money--not saying this about Brian haha, he's >>>>>>>>>>>>me--I just am speaking in generalities.

I've been doing this for pretty much 6 years now for a living and I've never kept this kind of money as a backup. Sometimes my bankroll is less than that amount. And this is also with the consideration that I've played somewhere between 2.5-3 million hands (3/4 of that being at 400nl+). Nobody can know for sure at this point though because I've lost a lot of databases along the way, but ~600k hands a year my first 3 years and probably ~300k hands a year the following 3. This is the most accurate I can be, I mean, give or take 500k hands. Since January 08 I haven't been anywhere near close to bust.

If you play a super high variance style (or just PLO for that matter), I could see this being necessary, but even when I used to do that, I still never came close to needing this much money just sitting waiting in case something bad happened. If you watch my videos nowadays, you see I play a pretty low variance style, and I feel comfortable with just 5k as a backup.

If your lowest level as a regular isn't 400nl, then I think things might change a bit for you because, me, personally, if I for whatever reason just randomly lost 80% of everything I had, I could just get a loan from a friend for like 5k and grind .5/1nl and 1/2nl and come out and just rebuild everything I needed to live. If your highest game is lower than 400nl as a regular, then you would have a bigger problem, because you (likely) wouldn't be able to get as large enough of a loan, and you would have to start at much lower stakes to rebuild your bankroll (and your life), which will take a lot more time and probably force a lot more pressure.

What I'm deciding is that I need to probably keep somewhere between 5000-7500 for emergency expenses (obviously I can cut down on medications and alcohol expenses if it's a matter of living in the streets versus earning a wage), and now I need to start thinking about how I want to manage my online bankroll versus my live bankroll. Seems like a pretty good time to give my old coach Tommy Angelo a call and ask him his opinion regarding how I divy it up.

Never in the past have I even considered keeping both a live and an online bankroll since, well, for one I never have planned on playing live games for a living, and two, I always felt like any cash I had that was outside of an online poker website wasn't to be used for anything other than spending cash.

Times are changing and I have to adapt. I've been adapting in one form or another the past 6 years regarding online poker and if you've watched my videos you'd know just as much. This type of adaptation is a bit different, but it's obviously something I'm going to figure out. I always figure things out, despite all my terrible habits and self-destructiveness. But this whole idea of starting to play live as well as online is forcing me to re-think the way I've done things in the past. One thing I'm realizing is that I never really prepared myself to play live before since all I would do is withdraw a certain amount from my online roll and play way higher live than the amount I withdrew could handle. I don't want to do that anymore, so I need to make some changes.

I did attempt to make a change when I went to Arizona to coach that HS basketball team. And I actually had some pretty good success. I was pushing 210 pounds and ended up dropping down to 175 by the time I left. 35 pounds isn't something most people could let go of in 3 months, so I know when I put my mind to something I can come out with strong results. When I head up to NorCal, I want to drop another 15 pounds and get to my target body weight 160LB while also putting on some muscle this time. I don't really wanna be a beefcake dude or anything like that, but if I can get a little toned it'd definitely do nothing but increase my self-esteem. I guess that will be my goal when I head up there since my roommate and I are going to be hiring a trainer on full time to work with us in the gym and on our diet by preparing our food for us. It'll be expensive but I'm willing to work a little harder because of the potential benefits I see. He won't be able to do anything to stop my drinking, but when I was working out so much in Arizona my drinking actually receded considerably, so I do expect that to happen again. Only good things I see in the future. As long as I don't choose to be a bum.

I've never been one to state blatant lies or agree to something then go back on it, so I think I have a pretty good chance, and either way, I won't be lying about how well or how poorly I'm doing. So I guess it's just time to wait and see what happens.

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qwerty67890   New Zealand. Jun 08 2012 03:32. Posts 14026

how can you have worked as a coach for a highschool basketball team and need to hire a fucking full time personal trainer to babysit you at the gym and make you packed lunches?


MARSHALL28   United States. Jun 08 2012 03:45. Posts 1897

byrnesam,

So glad I have you sitting there waiting for me to post blogs in order to hear your responses literally seconds after I post.

Thanks for the support man.


Smuft   Canada. Jun 08 2012 03:49. Posts 633

More than keeping 6 months of living expenses I would consider investing a large portion of your winnings so that you aren't forced to grind when you are 50 years old. I also think that viewing money "that is not on a poker site as spending cash" as your #1 biggest problem right now as regardless of how much more you play, how much you make, how much you try to save, that base mindset will always just lead you to degening your money away.

byrnesam, you ever had a trainer vs working out yourself? Even if you know what you're doing your intensity level doubles by having one, you feel more obligated to go when you have already booked time, they make sure you're doing all the exercises correctly, etc etc. Very good investment imo.


qwerty67890   New Zealand. Jun 08 2012 03:55. Posts 14026


  On June 08 2012 02:49 Smuft wrote:
More than keeping 6 months of living expenses I would consider investing a large portion of your winnings so that you aren't forced to grind when you are 50 years old..



he invested in a porsche 911


Achoo   Canada. Jun 08 2012 04:32. Posts 1454

Just curious to know why you keep a blog on a site where probably 99% of the people hate you or at best, doesn't give a flying shit about you (I belong to the last category) ? If you cut the "I've changed" bullshit, what is the real motivation behind your come back ? i repeat it is plain curiosity ...

Odds are exactly 50%: it either happens or notLast edit: 08/06/2012 04:32

MARSHALL28   United States. Jun 08 2012 04:38. Posts 1897

Smuft,

Your points ring very true to me which is why I'm making an attempt to change my ways. I can't disagree with anything you've said. It's taken me til 28 years old to accept these things. I've been stubborn my whole life so this is a big jump in the right direction for me. Even if things aren't perfect by the end of this year, I'll have made efforts to improve them. If I keep making those efforts every year, things will slowly turn around. With the wisdom you've displayed, you should know that these things don't happen instantly. It's a process. I took one step in Arizona, now it's time to take my next step up in NorCal.


handbanana21   United States. Jun 08 2012 04:42. Posts 3037

I think byrnesam is my favorite poster in the world


MARSHALL28   United States. Jun 08 2012 04:46. Posts 1897

Achoo,

I don't really think 99% of people here hate me. Maybe 10-15% hate me, then 70% are indifferent, and the others appreciate my contributions. I have been contributing quite a bit to the MSNL and a bit to the HSNL strategy forums lately. I do have people constantly sending me private messages letting me know that I inspired them to push to play pro and that they were a part of LP back when I first started out on here. 99% is a huge exaggeration. Even when I was the biggest asshole on the forums I still had people looking up to me, and many were pushing me to live in a house with them over the summer in Vegas.

Also, I want to eventually develop my name into a brand, and as far as I'm concerned, the more people I can reach the better.

I think those who are smart will see the difference in my attitude and the way I treat people from my actions ~5 years ago when I was a young over-ambitious stupid kid. Anybody who has a smart mind will know that people change and mature over the years. I expect to be a perfect example of people who have made that change from this point on.

When I first started here, I was 22 years old. It's 6 years later now, I'm 28. People mature and people change.

Of course I didn't take offence to your question, but this is my answer.

---1 last thing. You guys here on LP. You respond to my blogs. On CR. I get 4x as many views but nobody responds. I like to hear what others think about what I'm saying. It gives me a forum to discuss things re: my own life which is non-existent on CR. I always liked the fact that LP posters always responded in droves to my posts, just like you guys are doing now.

Whether positive or negative. I appreciate all responses.

 Last edit: 08/06/2012 04:49

MARSHALL28   United States. Jun 08 2012 04:47. Posts 1897


  On June 08 2012 03:42 handbanana21 wrote:
I think byrnesam is my favorite poster in the world



He's making me feel more at home than he knows.


DustySwedeDude   Sweden. Jun 08 2012 05:11. Posts 8623

Dude, I'm grinding damn 0.5/1 PLO and I have more then ten times that saved up. Granted I used to play higher and I'm trying to get my shit together to build a future, but still.


RaiNKhAN    United States. Jun 08 2012 05:24. Posts 4080

One way to look at it is that even if you made it big and became extremely successful I sincerely believe nobody would give a shit. So, because of this truth in life I think you should view your goal of success as pressure-free and very attainable. People make it big everyday all over the world man. You can do it too. Keeping a blog like this is asking for flaming though since everyone reading it probably wants you to fail so they can bury you when you give up. Good luck.

The biggest Rockets, Sixers, and Grizzlies fan you will ever meet! 

RiKD    United States. Jun 08 2012 07:14. Posts 8899

maybe i just eat and drink a lot but 700$/month for food/alcohol seems low. i know ppl on scarce fast food, cheap mexican food and ramen diets though so i guess anything is possible. if you are a bit of a spendthrift which it sounds like you are, misc. at 1,000$/month seems a bit low too. health insurance and medication seem high too but that is definitely subjectively more sensitive.

motivation is a double edged sword. spending based in reality and scaling up your quality of life will pretty much always lead to motivation. buying a porsche 911 and having to sit in your house and grind all day and not being able to drive the porsche 911 to the max or to the club to pop bottles in prada and take home dime breezies to fuck in your penthouse condo sounds like the opposite of fun/motivation.


FvL   Netherlands. Jun 08 2012 07:27. Posts 28

I'd say, cut down expenses and save a little more

Js9s 

MiPwnYa    Brasil. Jun 08 2012 08:28. Posts 5230

$700 monthly on food/alcohol is just NUTS
$700 is the price of a good meal nowadays


Loco   Canada. Jun 08 2012 09:07. Posts 20967

So, I never read anyone's blog on here because blogging is gay and Rekrul was always right, but the title intrigued me and LOL this is too awesome. A+ post and responses.

My favorite part:

"Also, I want to eventually develop my name into a brand, and as far as I'm concerned, the more people I can reach the better.

I think those who are smart will see the difference in my attitude and the way I treat people from my actions ~5 years ago when I was a young over-ambitious stupid kid."

roflmao, you are still exactly that and you watched too much Entourage. Though, at least Turtle had a rich friend to save him when things went to shit and also to use his face to market his product.

fuck I should just sell some of my Pokemon cards, if no one stakes that is what I will have to do - lostaccountLast edit: 08/06/2012 09:10

Xervean   United States. Jun 08 2012 10:46. Posts 682


  On June 08 2012 07:28 MiPwnYa wrote:
$700 monthly on food/alcohol is just NUTS
$700 is the price of a good meal nowadays



I dunno you can get 3 bags of chicken breasts and a bucket of wings for under $40 at Walmart! That would last me a week! Lots of protein!! Of course I only drink like once or twice a year so I dont have that expense.


Oly   United Kingdom. Jun 08 2012 11:17. Posts 3585


  On June 08 2012 08:07 Loco wrote:
So, I never read anyone's blog on here because blogging is gay and Rekrul was always right, but the title intrigued me and LOL this is too awesome. A+ post and responses.

My favorite part:

"Also, I want to eventually develop my name into a brand, and as far as I'm concerned, the more people I can reach the better.

I think those who are smart will see the difference in my attitude and the way I treat people from my actions ~5 years ago when I was a young over-ambitious stupid kid."

roflmao, you are still exactly that and you watched too much Entourage. Though, at least Turtle had a rich friend to save him when things went to shit and also to use his face to market his product.



lol I laughed at those things too, sounded just like pitf doing his hole digging on 2p2 recently. Who was another abrasive character that I quite liked. I even asked him for coaching years ago. I'm not portuguese. gl marshall...

edit: I think another reason to have 6 months worth saved up is not as an insurance against a 100bi downswing, but that for many people not having any financial pressure whatsoever when playing can result in much better, sicker, more creative play and experimentation/learning. So even though you don't 'need' those expenses in relation to the variance you undergo, having such an awesome safety net can really free up your game, and also your life because when you do hit a 30bi downswing you won't be sweating away from the table and can enjoy life.

Researchers used brain scans to show that when straight men looked at pictures of women in bikinis, areas of the brain that normally light up in anticipation of using tools, like spanners and screwdrivers, were activated.Last edit: 08/06/2012 11:21

MiPwnYa    Brasil. Jun 08 2012 11:41. Posts 5230


  On June 08 2012 09:46 Xervean wrote:
Show nested quote +



I dunno you can get 3 bags of chicken breasts and a bucket of wings for under $40 at Walmart! That would last me a week! Lots of protein!! Of course I only drink like once or twice a year so I dont have that expense.

obv exagerating but if you enjoy dining out a bit / drinkin good wine / cooking the occasional duck/lamb/deer or eating foie gras/smoked salmon and such things at home it gets >>> $700/month but then again not everybody enjoys food that much. If you live in asia you can prob delight yourself every day, have a balanced diet and still spend even less than that i guess : )


Xervean   United States. Jun 08 2012 12:29. Posts 682

I ate duck at Christmas 1.5 years ago and it sooooo good. I have always wanted to try lamb. Maybe I will grab some in Vegas. I had deer when I was very young but I can't recall what it tasted like. I have heard it's tough. Do you like it pretty well?


 
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