Saturday, April 27, 2013

Why play poker? - part 2

In my last post I talked about why I play poker for a source of income, pretty much a no brainer, especially as a side income.  In this post I will explain why I am planning to take a shot at playing poker full time.  As a disclaimer I will say that I am working on other things concurrently and poker would not be my only source of income, but it will be my main focus.  The plan is to move to Las Vegas in two weeks, grind live at least 40hrs/week, and try to build my bankroll.

Why take a shot at playing poker now?

There are plenty of people who would tell you what a bad idea this is.  From my frequenting forums like Las Vegas Lifestyle on two plus two forums I put together a list:

1. Most people fail.
2. You won't like poker as much once you start to play all the time.
3. You don't get health insurance.
4. It isn't worth it if you aren't playing high stakes and bringing in $200K a year.
5. You have to spend your days rubbing elbows with undesirables and degenerates.
6. In 5 years you won't want to do it anymore and will have nothing put away for retirement.
7. It will hurt you later because potential employers won't like your employment gaps.

These are all valid arguments and each deserves a closer look.  In my first post I mentioned that the point of this blog was not to justify my decision to try this, more of a way to keep me honest in future decisions, so this is really just my thought process for my situation, by no means am I saying this would apply to anyone else's situation.

1. Most people fail - This is absolutely true and cannot be disputed.  Human nature seems to make everyone who plays this game think they are somehow better than they actually are.  In my outlook this a win win kind of situation though, if I can't make it playing decent volume then it was not meant to be and I can move on.  If I can make it it will give me freedom to explore other options while I make enough money to pay bills.  I will also get piece of mind because I have invested a lot of time playing poker and will know for sure whether playing full time is for me.

2. You won't like poker as much once you start to play all the time - This is true of anything that I have ever done, and having known people who play for a living I realize this will probably happen.  Poker is a grind, a long game with ups and downs, but the job I have been doing for the last year and a half is also a grind and there is no conceivable way this will change.

3. You don't get health insurance - I don't have health insurance now and have only ever had it in 2 or 3 jobs I have worked long term at.  I see the importance of having health insurance, but the reality is the jobs I am qualified to walk in and get don't usually offer it.

4. It isn't worth it if you aren't playing high stakes and bringing in $200K a year - This one just doesn't add up for me.  I fear I may have missed the boat as far as getting the kind of job where one makes anywhere near that kind of money.  Can't really say much more about this besides I want to live in the world where people who say this feel certain that making good money is something they are entitled to, and feel confident it will happen for them.

5. You have to spend your days rubbing elbows with undesirables and degenerates - I don't really think about this.  On some level all people are interesting to me and annoying at the same time.

6. In 5 years you won't want to do it anymore and will have nothing put away for retirement - Sounds like my last 5 years.  This makes sense but seems a little short sighted to think that if you are looking for other opportunities that nothing else could come up in that amount of time.

7. It will hurt you later because potential employers won't like your employment gaps - If you read my Invisible Mountain post this is the kind of thing I am dealing with already. This is why I am also giving myself 3 months to see if this is a workable plan.  Also I will be doing other work so I won't have a complete gap.

There are many other reasons why palying poker full time would be a bad choice for many people.  I am going into it with my eyes open.  I have to roll to play and have 3 months rent set aside, so to me it seems like as good a time as any to take a shot.

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