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Author Topic: Prose from a Poshboy  (Read 2544020 times)
cambridgealex
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« Reply #17700 on: October 31, 2014, 03:31:39 PM »

The risk with employment - 99% of the time your never going to fulfill your true potential


And poker players do fulfill their potential?
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muckthenuts
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« Reply #17701 on: October 31, 2014, 04:20:22 PM »

I don't think it's an argument as to which side is better, but rather easier summed up as find something you're happy to pour your heart into and you'll probably be alright.
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Honeybadger
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« Reply #17702 on: October 31, 2014, 04:26:13 PM »

Alex, the one thing you have that is tough to put a value on is choice. Most people don't have that; they are - at least to some extent - trapped doing what they are doing. You presumably have a healthy amount saved up as a roll, that can be used to live on whilst you re-train if that is what you decide to do. Or whilst you grind your way up the job ladder, since you would probably have to start out near the bottom. You could also use this roll, or part of it, to invest in starting a business if you can think of anything you would like to do. You can, of course, still play poker on the side whilst you are grinding your way up the job ladder or trying to get a new business off the ground.

Or you could continue to play poker full-time, whilst keeping your eyes open for opportunities and ideas. You are in a great position to strike quickly and decisively once you find the right opportunity.

It does not have to be as simple as giving up poker on x date and getting a job/starting a business. You can do 50/50 for a while, or whatever % works best for you. You can also try ideas out, knowing that you can continue to play a bit of poker at the same time to keep you in food and rent, and can always go back to full-time poker for a while if the first thing you try does not work.

My own experience is that poker 'saved' me by allowing me to leave a job that was destroying me. If I had not found poker many years ago there is a good chance I would have gone under. I have a few other irons in the fire now, which may or may not work out. But I still love poker, both for what it is (a great game, lots of fun) and for what it did to my life. However, I have found it very difficult to be a good father and good husband whilst playing poker, and this is something that I still struggle to get right. I know that my wife would rather I gave up poker and got a real job, even if our standard of living came down. Such considerations probably do not seem real or relevant to you now, since you are still young and presumably not thinking of getting married or having kids yet. But when you do choose to start a family it will be tough if you are still playing poker for a living.

On the other hand, you are very good at poker and there is still a lot of money to be made in the game. If you continue playing poker professionally for a few more years there is a semi-reasonable chance that you are set up for life by the time you decide to settle down and start a family. Obviously this would likely require a big tournament result... but you are pretty damn goulden, so why not?

Extending this point, if you do win a lot of money in a tournament, or just run really good in cash games and win a ton... buy yourself a house. I cannot stress enough how important this is. Owning your own house outright means you have won the game, no matter what happens in the future. Because your kids are never going to be on the streets. And you can live on a lot less every month if you have no mortgage payment to make. My dream is to get rid of my mortgage, so that I know my kids have security. If you ever get the chance to buy a house in cash then do so.
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Woodsey
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« Reply #17703 on: October 31, 2014, 04:29:08 PM »

I don't think it's an argument as to which side is better, but rather easier summed up as find something you're happy to pour your heart into and you'll probably be alright.

I guess that's true.

But I would also say that most people aren't in jobs they really like and enjoy. I think If you find something you are content to do for the $$$ and it's mostly ok and doesn't piss you off too much or cause you too much stress then that is a reasonable expectation. People that really enjoy their jobs and love doing it are fairly small in number for the most part. I'm guessing that will be higher for people who have their own businesses, but I dunno I've always been an employee....
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cambridgealex
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« Reply #17704 on: October 31, 2014, 05:04:55 PM »

How do you know where to buy though?!

I wanna own my house house outright in 12 months time but just don't know where!

I think somewhere within an hour from London probably. Where I grew up is ideal tbh.
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Woodsey
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« Reply #17705 on: October 31, 2014, 07:22:06 PM »

Nothing to say you have to live in it right now, house prices are on the up again currently and will probably keep going as the economy improves. Probably worth getting on the ladder just so you get most for your money right now, you can easily move again when you finally decide where you want to settle in a few years.
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« Reply #17706 on: October 31, 2014, 07:29:19 PM »

Ultimately you can get advice here but almost everyone will be at a different point in their life and have a different experience than you and really only you can know whether you can commute daily, how important security is to you and how important money is.  If your number one priority is money then I would guess, on balance, remaining as a poker player will probably be your best bet for the next 8-10 years.  Beyond that it is close assuming you are successful and able to drink the cool aid.  I would echo what Stu said about buying a house but if you are going to play poker for a living don't make the mistake I did and put too much of your roll into it.  It has caused me untold sleepless nights over the past 18 months but I wouldn't change it because I have a child to look after and my daughter along with the need to pay the mortgage is a huge motivating factor for me and gets me out of bed every single day when five years ago I would have taken a lot of days off and partied a lot more.  Incidentally, I don't think it really matters where you buy in the long run.  The important thing is to just get yourself something.  I would imagine for you anywhere from the outskirts of London up to Nottingham would be fine.  Just make it somewhere you like.  I bought my place in Florida and I have literally no idea whether I will live there long term but I will keep the house irrespective.
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« Reply #17707 on: October 31, 2014, 09:10:44 PM »

It was on the local news about building on the green belt around Cambridge to cope with the housing shortage which is causing prices to rise by a grand a week or month
As Cambridge prices are unrealistic the value lies in a 20/30 mile radius of Cambridge places like Camborne pap worth even as far away as Yaxley where I live prices are high ,on my estate houses are sold within a week or so and the prices are more affordable it's 40 mins to Cambridge too with the guided bus way helping too opening up villages on the outskirts
With Pfizer ? Creating 3 k jobs at their new research centre in the next 1/2 years prices will continue to rise with good rental returns too
There's a lot going on in Cambridge in the future too we have carried out quite a few contracts there recently for foundation design
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« Reply #17708 on: October 31, 2014, 09:33:59 PM »

I can testify to putting way too much cash flow into a house and other investments. I am shit at poker though so may have been a good thing but has left me cash poor a few times even though long term i feel well set up and it keeps the harmony at home. You should definitely buy a property if you have a decent chunk behind you.
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« Reply #17709 on: November 01, 2014, 07:48:07 PM »

one thing on the house buying front though...

The return on your money buying a house is about the lowest on any type of investment, like 3 - 4% usually (if you count the yield as money saved on rent) so if you have a total net worth of £300k and you decide to spend £300k on a house then if you're a smart guy, to me at least, that is literally THROWING money away.

For me, house purchases should be done with "spare" money, as tucking up money that is not really actively or aggressively earning you money  in an extremely secure long term investment is a very shrewd idea. It's better than the banks rates after all. But massively stiffing your earning potential all to acquire security that, at your age you dont desperately need is a very bad business decision IMO.

Obviously the value of this security might be very high for some people, in which case obviously that's a call of individual judgement and no-one's place to say right/wrong.
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« Reply #17710 on: November 01, 2014, 08:11:38 PM »

one thing on the house buying front though...

The return on your money buying a house is about the lowest on any type of investment, like 3 - 4% usually (if you count the yield as money saved on rent) so if you have a total net worth of £300k and you decide to spend £300k on a house then if you're a smart guy, to me at least, that is literally THROWING money away.

For me, house purchases should be done with "spare" money, as tucking up money that is not really actively or aggressively earning you money  in an extremely secure long term investment is a very shrewd idea. It's better than the banks rates after all. But massively stiffing your earning potential all to acquire security that, at your age you dont desperately need is a very bad business decision IMO.

Obviously the value of this security might be very high for some people, in which case obviously that's a call of individual judgement and no-one's place to say right/wrong.

Disagree totally. A mortgage is the biggest expense most of us grinding normal jobs have by far, most of are stuck paying a big lump every month for at least of our working lives. Anybody starting out with little or no mortgage in their mid twenties has got is made imo. It's not all about returns either, we all need a place to live.
« Last Edit: November 01, 2014, 08:24:00 PM by Woodsey » Logged
leethefish
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« Reply #17711 on: November 02, 2014, 10:23:49 AM »

one thing on the house buying front though...

The return on your money buying a house is about the lowest on any type of investment, like 3 - 4% usually (if you count the yield as money saved on rent) so if you have a total net worth of £300k and you decide to spend £300k on a house then if you're a smart guy, to me at least, that is literally THROWING money away.

For me, house purchases should be done with "spare" money, as tucking up money that is not really actively or aggressively earning you money  in an extremely secure long term investment is a very shrewd idea. It's better than the banks rates after all. But massively stiffing your earning potential all to acquire security that, at your age you dont desperately need is a very bad business decision IMO.

Obviously the value of this security might be very high for some people, in which case obviously that's a call of individual judgement and no-one's place to say right/wrong.

Disagree totally. A mortgage is the biggest expense most of us grinding normal jobs have by far, most of are stuck paying a big lump every month for at least of our working lives. Anybody starting out with little or no mortgage in their mid twenties has got is made imo. It's not all about returns either, we all need a place to live.
And something to leave to the kids
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« Reply #17712 on: November 02, 2014, 11:48:13 AM »

Mortgage/rent is not an expense at all if you invest circa of your £150k bankroll (which it would cost to buy you a house cash in the midlands) into profitable poker/sports betting etc and make a much bigger return than it costs to rent an identical house (even after value appreciation is factored in as well)

I have never owned a house (and i probably won't until i have a sufficient roll to buy a house cash and still continue to have a suitably large betting roll to continue operating at the same level as i do now.  If i put my roll into buying one like little dave says i would save £6k a year in rent and maybe £5k a year in increased value of the house but the returns i make with my £150k investment are so much higher sports betting with it.   At the same time i have none of the hassle/fees/overheads associated with owning a house to maintain/upkeep a house.  If you can rent for 10/15 years and use the money to make higher returns to then pay cash for a house i am literally 100% certain someone in my shoes will be financially better off.

Other factors to include are using my roll in this manner rather than buying a house allows me to live a lifestyle i want to away from paid employment which would be impossible if i tied my whole roll up in a house (unless i have surplus cash on top of that to replace my roll).  It allows me to never have to sell action etc unless i choose to because i am not suitably rolled.  I can choose to move around should an opportunity arise elsewhere and have nothing to tie me to the area (house left to rent/sell etc etc) and could literally leave the next day and move on with zero hassle.  A lot of these factors are not important to most 'normal' people who have a steady job and prefer to be settled/have kids (also the DM snob factor of owning your own house is such an English thing and certain parts of society really look down their nose at people who don't own their own house etc) but for someone like Alex i wouldn't recommend sticking all his cash into a house at all at his age.  It's possibly the worse thing he could actually do imo both from an investment angle and a lifestyle angle in the medium/long term unless he is 100% committed to having a lifestyle of paid work/secure job for life and he will never have to use that money to invest in businesses/generate an income for himself in the future.
« Last Edit: November 02, 2014, 12:18:37 PM by arbboy » Logged
arbboy
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« Reply #17713 on: November 02, 2014, 11:54:56 AM »

one thing on the house buying front though...

The return on your money buying a house is about the lowest on any type of investment, like 3 - 4% usually (if you count the yield as money saved on rent) so if you have a total net worth of £300k and you decide to spend £300k on a house then if you're a smart guy, to me at least, that is literally THROWING money away.

For me, house purchases should be done with "spare" money, as tucking up money that is not really actively or aggressively earning you money  in an extremely secure long term investment is a very shrewd idea. It's better than the banks rates after all. But massively stiffing your earning potential all to acquire security that, at your age you dont desperately need is a very bad business decision IMO.

Obviously the value of this security might be very high for some people, in which case obviously that's a call of individual judgement and no-one's place to say right/wrong.

Disagree totally. A mortgage is the biggest expense most of us grinding normal jobs have by far, most of are stuck paying a big lump every month for at least of our working lives. Anybody starting out with little or no mortgage in their mid twenties has got is made imo. It's not all about returns either, we all need a place to live.

You can easily have a place to live without owning it if financially it makes more sense.
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Woodsey
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« Reply #17714 on: November 02, 2014, 11:59:10 AM »

Yeah but what if you lose Arb?  

Funny hearing the degens viewpoint, I can't relate to it at all  Cheesy
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