Champion of Poker

I think that I am ready to turn pro. I have been playing poker at least 20 hours a week or more now for over 2 years and have amassed a bankroll of over $100,000 primarily playing in cash games. The only real debt that I have is the house that my wife and I live in. I do not have any children. Currently, I work a job where I make around $55,000 a year. Based on my cash game play, I think that I could easily make that playing poker. What do you think?

Tom

Tom,

First, congratulations on building such a nice bankroll. You are currently averaging $50,000 a year at the poker tables. That is great. However, let’s take a look at a few things as you consider whether or not to turn pro.

First, do you have enough money put back in the event you went on a six month losing streak? While a six month losing streak seems unlikely or improbably, the possibility is still there. If you were to go on a two or three month losing streak, which is more likely, how would that affect your lifestyle?

Also, as a professional poker player, you are essentially self employed. As such, you are responsible for all taxes on your earnings. Let’s assume you make your goal of $55,000 a year. You will have to spend at least $15,000 in taxes or more. That leaves you with essentially $30,000 in the year for income. Can you live on $30,000 a year?

Also, are you going to play live poker or online? If you are considering playing in a casino town, you may want to evaluate how much the cost of living is in the places that you are planning on moving to.

From the sounds of things, it may be better if you keep your regular job for now and do some further evaluation on your situation. If nothing else, continue to build your bankroll and put money back until you are indeed comfortable enough to take on the professional poker lifestyle. Good luck.