Had a really interesting dinner tonight with my Dad, brothers and a guy he invited round for dinner. This man has worked with my Dad for many years in the insurance industry and has been a family friend throughout that time. We all went to his wedding 5 or so years ago.
He was coming round because my dad wanted to celebrate his recent appointment by David Cameron on the cabinet for science and technology. He's basically a bit of a big dog in my Dads company and even more of a big dog now he works for the prime minister alongside 20 professors and Lords. Extremely charming, modest and down to earth, asked a ton of questions to my brothers and I about our lives (we've lost touch since he got married). He and my Dad deal a lot with Risk and he was fascinated by poker and I found him much more unbiased and rational to talk to about it than my Dad.
Dad spoke about my 35k win, and how he reckons I should put 5k into my poker roll and the rest something more safe and trustworthy like a bank or shares in Nestle or Tescos. I argued that I have no real knowledge of stocks and shares, and the money would be put to better use reinvesting in what I do know - poker - be it in staking people, or playing higher limits etc.
Rowan understood both points and suggested the best way to move forward would be to divide my wealth into 3 buckets. The first would contain my poker roll - capital for playing with, enough to cope with the biggest downswings I could expect at the level I want to play.
The second - liferoll - living expenses - to be topped up every month by earnings from bucket one.
The third - investments - untouchable savings put away in a savings account, government bonds, stocks, shares etc. Left to grow overtime. Added to if any more large binks happen to occur.
The proportions are the key thing. I'm thinking 20k poker roll, 10k life roll, and 10k investments.
There was a lot of food for consumption as well as thought - delicious steak and a plum crumble made with plums from the garden. Nice to be home
Cornwall on Saturday with my Mum, brothers and Hannah, should be fun times.