Net Worth Update

Nice blog

Hi. Do you think auto loans are on ok part of a good financial strategy? I'm considering trading in my junker for something like a 05 Mazda 3 or having fun with a 350z. Obviously depends on income, other expenses, and net worth but what's your general take on it?

Good stuff

[ ] i know wh00sel's networth after reading blog
[x] still enjoyed awesome blog

On February 03 2014 01:45 hiems wrote: Hi. Do you think auto loans are on ok part of a good financial strategy? I'm considering trading in my junker for something like a 05 Mazda 3 or having fun with a 350z. Obviously depends on income, other expenses, and net worth but what's your general take on it?

I think auto loans are financial rape. I was in the awkward position where I was not very liquid. Money was tied up in retirement accounts and investments so instead of paying penalties to withdraw my funds from retirement accounts I sold both of our vehicles and got loans on cheaper models, using the cash difference for my roll. Basically got a loan to play poker without paying huge interest like a normal personal loan would cost.

Now that I can afford to I'm going to pay the loans off. I would try to avoid going into debt just to have a nicer car if I were you unless you have a very good reason to do so. If your budget is low, old manual carollas, camrys, accords can be a lot more fun to drive than you would think and can be had for under 5k from what I've seen.

30% boost to AUM in a month is massive.. what % of networth does AUM represent if ur happy to tell?
did it come from investment or poker rungood?

On February 03 2014 13:28 Romm3l wrote: 30% boost to AUM in a month is massive.. what % of networth does AUM represent if ur happy to tell? did it come from investment or poker rungood?

Not sure exactly how you're supposed to calculate that, but since I have some debt as well I'll just lay it out in this pretty pie chart



The boost was poker run good most definitely.

If you only owe 16k on car loans and 60k in student debt, why dont you just pay that off all at once? Why waste your time paying all that interest? Seems like you have the cash to do it.

On February 03 2014 21:55 NewbSaibot wrote: If you only owe 16k on car loans and 60k in student debt, why dont you just pay that off all at once? Why waste your time paying all that interest? Seems like you have the cash to do it.

Need a deep liquid BR to grind 5/10 10/20.

On February 03 2014 21:55 NewbSaibot wrote: If you only owe 16k on car loans and 60k in student debt, why dont you just pay that off all at once? Why waste your time paying all that interest? Seems like you have the cash to do it.

Seems like there's always a reason not to do it. Currently, it's bc i'm just barely feeling rolled for live 10/20nl. And with the summer right around the corner I feel like I can have greater than a 5% return on that money, which is about the avg interest rate. Even if it ends up just being a mental cushion it will allow me to play a few more MTTs and perhaps give me more confidence. Also there is a large difference in the hourly between live 5/10 and live 10/20 where the avg stack size quickly reaches 5-10k versus 1-4k. So there is a need for those funds to allow me to keep playing those stakes.

The good news is that 10/20 is the biggest regular running game in vegas so I don't need to grow my roll as frantically once I'm playing those games for a while. I'll be able to pay off loans/make investments without the risk of opportunity losses. I'll re evaluate after the summer and pay off the debt if I feel comfortably rolled. Definitely an exciting time in my career; this is the first time I've legitimately moved up to the biggest stakes through beating the games and not from tournament scores, hopefully it sticks. Hard work paying off a bit.

On February 03 2014 10:44 thewh00sel wrote: Show nested quote + On February 03 2014 01:45 hiems wrote: Hi. Do you think auto loans are on ok part of a good financial strategy? I'm considering trading in my junker for something like a 05 Mazda 3 or having fun with a 350z. Obviously depends on income, other expenses, and net worth but what's your general take on it? I think auto loans are financial rape. I was in the awkward position where I was not very liquid. Money was tied up in retirement accounts and investments so instead of paying penalties to withdraw my funds from retirement accounts I sold both of our vehicles and got loans on cheaper models, using the cash difference for my roll. Basically got a loan to play poker without paying huge interest like a normal personal loan would cost. Now that I can afford to I'm going to pay the loans off. I would try to avoid going into debt just to have a nicer car if I were you unless you have a very good reason to do so. If your budget is low, old manual carollas, camrys, accords can be a lot more fun to drive than you would think and can be had for under 5k from what I've seen.

I see. Well I have one of those old Camrys but I considered an upgrade because passing Las Vegas smog and getting new tires would be more than 40% of the trade in value of my car (its poorly maintained). Also, my rent went up from 1000 to 1500 so am looking for housing, still not sure what is smart to spend. So I am in the annoying situation of having to make two big decisions in a short time span. Lastly, it's difficult projecting my income as I have only been out here for 4 months.

On February 04 2014 17:58 hiems wrote: Show nested quote + On February 03 2014 10:44 thewh00sel wrote:   On February 03 2014 01:45 hiems wrote: Hi. Do you think auto loans are on ok part of a good financial strategy? I'm considering trading in my junker for something like a 05 Mazda 3 or having fun with a 350z. Obviously depends on income, other expenses, and net worth but what's your general take on it? I think auto loans are financial rape. I was in the awkward position where I was not very liquid. Money was tied up in retirement accounts and investments so instead of paying penalties to withdraw my funds from retirement accounts I sold both of our vehicles and got loans on cheaper models, using the cash difference for my roll. Basically got a loan to play poker without paying huge interest like a normal personal loan would cost. Now that I can afford to I'm going to pay the loans off. I would try to avoid going into debt just to have a nicer car if I were you unless you have a very good reason to do so. If your budget is low, old manual carollas, camrys, accords can be a lot more fun to drive than you would think and can be had for under 5k from what I've seen. I see. Well I have one of those old Camrys but I considered an upgrade because passing Las Vegas smog and getting new tires would be more than 40% of the trade in value of my car (its poorly maintained). Also, my rent went up from 1000 to 1500 so am looking for housing, still not sure what is smart to spend. So I am in the annoying situation of having to make two big decisions in a short time span. Lastly, it's difficult projecting my income as I have only been out here for 4 months.

Are you single? I saw your blog post about how much to pay for rent, and if you're in the process of moving i would look for a cheap place 1bdrm or so where you might not need a car at all. There are some condos near the strip if youre grinding live poker still where you could get by with one of those cheap 1k scooters or just a bicycle. Might sound shitty with vegas heat but if i were single id consider it. I know a Euro poker couple who own a condo and live 6mos a year in vegas and just walk to bellagio from there every day with no issues. Would save a ton of money and is good for your health. something to think about.

On February 03 2014 15:00 thewh00sel wrote: Show nested quote + On February 03 2014 13:28 Romm3l wrote: 30% boost to AUM in a month is massive.. what % of networth does AUM represent if ur happy to tell? did it come from investment or poker rungood? Not sure exactly how you're supposed to calculate that, but since I have some debt as well I'll just lay it out in this pretty pie chart The boost was poker run good most definitely.

nice, grats

btw networth is simply assets - liabilities (debts/mortgage/etc being a liability). You can count expensive possessions as assets at current valuations (e.g. house, car, watch).

Since ur using leverage (cash for poker/investments financed by debt) ur bankroll-at-risk to Networth ratio is likely bigger than the avg poker player making the 30% gain that much sweeter.

On February 04 2014 19:53 thewh00sel wrote: Show nested quote + On February 04 2014 17:58 hiems wrote:   On February 03 2014 10:44 thewh00sel wrote:   On February 03 2014 01:45 hiems wrote: Hi. Do you think auto loans are on ok part of a good financial strategy? I'm considering trading in my junker for something like a 05 Mazda 3 or having fun with a 350z. Obviously depends on income, other expenses, and net worth but what's your general take on it? I think auto loans are financial rape. I was in the awkward position where I was not very liquid. Money was tied up in retirement accounts and investments so instead of paying penalties to withdraw my funds from retirement accounts I sold both of our vehicles and got loans on cheaper models, using the cash difference for my roll. Basically got a loan to play poker without paying huge interest like a normal personal loan would cost. Now that I can afford to I'm going to pay the loans off. I would try to avoid going into debt just to have a nicer car if I were you unless you have a very good reason to do so. If your budget is low, old manual carollas, camrys, accords can be a lot more fun to drive than you would think and can be had for under 5k from what I've seen. I see. Well I have one of those old Camrys but I considered an upgrade because passing Las Vegas smog and getting new tires would be more than 40% of the trade in value of my car (its poorly maintained). Also, my rent went up from 1000 to 1500 so am looking for housing, still not sure what is smart to spend. So I am in the annoying situation of having to make two big decisions in a short time span. Lastly, it's difficult projecting my income as I have only been out here for 4 months. Are you single? I saw your blog post about how much to pay for rent, and if you're in the process of moving i would look for a cheap place 1bdrm or so where you might not need a car at all. There are some condos near the strip if youre grinding live poker still where you could get by with one of those cheap 1k scooters or just a bicycle. Might sound shitty with vegas heat but if i were single id consider it. I know a Euro poker couple who own a condo and live 6mos a year in vegas and just walk to bellagio from there every day with no issues. Would save a ton of money and is good for your health. something to think about.

Yeah single, so I considered the scooter option and it's still on my mind. Hard not to notice with people riding in those things without helmets. I like how liberal it is here, but perhaps that is taking it bit too far, lol. Anyway, will probably depend on where I stay. Thanks.

show us how it's done. gl

worst blog post ive seen on liquid poker from an interesting person. Like its a horrible idea to post your financials online and you dont rly even show it. Also its boring =[