Saturday, October 27, 2007

turning pro, some thoughts

This is a reply to a guy who is considering turning pro. He has a good job (60k/yr) with the salary growing SIGNIFICANTLY from there.

The dream of being a professional poker player is glamorous for actually quite few. It is hard work and a downswing can mean that you have to sell your car (or worse). To their credit, a few people have made that lifestyle and done very well. With a conundrum of having a well-paying job that is secure, I give some advice.
You said that in a couple of years, you will be earning solidly 6 digits. I say, keep your job. But don't stop there. Work hard for a couple/few years (day job AND poker) and build some good, sound investments so that you have a passive income. A passive income is money that you get without doing any active work for it. Once you have a comfortable income that you can pay your daily bills from, retire! Become a retiree that plays poker.
So if you take a turn for the worse in poker and decide that it isn't for you, you still have some money to ride you through it and some good experience to get a good job back. Then you can find what you want in life. And srsly, being 23 and making all of those decisions now is not something that you really have to worry a lot about. Take life in stride. Take your lumps. Have a good time. Cheers.

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