What is good BRM? Savings?

[SuuPRlim]

Going to sound stupid but I don't believe in savings, and I don't really believe in BRM (obviously that's not exactly true as I will explain)

I believe in financial utility, money in the bank is money being wasted, all your money should be working for you all the time, bankroll is just a tool and leaving some of it un-used is inefficient. I work with two things in mind 1) future utility, using money to help secure future (i.e I don't have to do much work at all in ten years time) and 2) short term utility, ensuring I have enough money to make a living/pay bills in the short term. it's my goal that whatever risks I take for 1) doesn't damage 2) this isn't always the case but providing you can stay self supported I'm happy to take big(ish) risks for what I think are acceptable future rewards.

This being said I'm quite happy not having much liquid money it doesn't stress/worry me etc if im temp liquid busto, not true for everyone tho.

Not said it yet but gratz on the score and all the money you have now

[rfgqqabc]

Basically you need like 1k buyins for online mtts as 600bi downswings will happen with an ABI of $100. Shaun Deeb has had a 1500bi downswing. I mean, what the fuck. Poker isn't about printing money any more. Online swings are beyond sick, especially in mtts. Kjemmy mentioned he had a 200k downswing @ 10/20-25/50 HU, and thats probably only close to running as nut low as possible.

[Cf]

I only play recreationally but if I was doing it for a living i'd do it something like this:

3 accounts: bankroll, living, saving

Every month transfer from bankroll to living and saving. Living is for rent, food, nights out, etc. Saving is for the future, holidays, backup, etc.

So something like £1,000 per month into living, and £200 into saving.

Assuming a 40 hour week, and 5 weeks off needs an hourly rate of £7.60ish.

If the bankroll is rising faster than that then either move up stakes/put more into savings account. I'd want about 50 buyins myself to be comfortable at any given stake.

Seems about right for something i've just thought of now

[Cf]

Think the numbers i've chosen there don't give the best example as I imagine most would want a higher wage than that. But the basic idea is to make living costs/savings as a constant (static and predictable) drain to the bankroll - this makes it harder to move up stakes but keeps you safely winning at a game you are beating, whilst still allowing the opportunity to move up if you are beating it faster than you take a wage.

[Free_Rollin]

I think the general rule I've tried to use is around 50bi. By bi, I mean 100 big blinds. Say, if I'm playing a £1-£2 game, I'll probably buy in for £400-£500, so this will be 2bis-2.5bis. I only really play live, so I expect the games to be much softer than online. Also, live players generally don't keep in mind pot sizes, so their bets will usually be smaller on turns/rivers, and you rarely see any over bets.

Another thing I generally disagree with is when people say, I need x number of buyins to take a shot. Well, unless you're planning to play this bigger game till you have £0, then why do you need x number of buyins? If you do keep playing this game till you have nothing, then you're not really taking a shot then are you? I'd say as long as the shot isn't detrimental to your usual game, then it's fine to take a shot with much less than people generally think.

[Junior Senior]

Money working for you at all times is key. Only put some away if yu plan to use it very soon (ie house deposit) otherwise get it workng for you. Paying off any loans or debts where you are paying interest should be priority.

[pleno1]

more cliffs/example on money working?

[Fenix35]

for example

http://www.thepokerbank.com/strategy/basic/bankroll-management/

20 :O I think I would have a heart attack with this brm, everything I see says 20-40 but I'm sure others must have some different opinions?

No, that is correct. YOU MUST FOLLOW THOSE INSTRUCTIONS, THEY ARE WRITTEN ON THE INTERNET. DO NOT THINK FOR YOURSELF.

haha thats why i ask.

rupert made a very very good video on mtts which is totally perfect, made me decide not to play high stakes mtts again for a long time and just question about cash brm.

link to ruperts vid?

No harm in using 200 buyins for MTTs for your max-buyin (your abi will be much lower) as long as you are willing to keep updating your records and move up/down stakes as your bankroll fluctuates

[Junior Senior]

more cliffs/example on money working?

There are loads. i am specifically talking about buying property as both a life decision in terms of where to settle down but also buying property to rent out and gain an income and to provide a pension for the future rather than relying on more traditional savings and pension options. Having a buy to let and getting someone to pay off your mortgage for you for example whilst you gain off the rising price long term and the income from the rent.

Its probably a subject better tackled by someone like Eso or worth talking to a proper independent financial advisor.  You may not have the time or inclination to go down this route though and actually you may also feel the utility of your money would make more by moving up stakes and crushing higher games.  Yu could tryother investments such as stocks and shares, just dont go to Zimbler for advice. A word of warning though which may be relevant to gamblers and pokerplayers.. If you have money tied up in more safe investments and you cant get hold of it you could find yourself short rolled for games you wanna play.  However, on the plus side by having it tied up you cant spew the lot off.

[aaron1867]

This is a question that haunts me. I have no BRM for cash for sure, I just keep using a bank card or something, when needed. Then analyse after.

For tournaments I always stick to buy-in @ 3-5% of roll.

BRM is something I have got to look at personally.

[AndrewT]

Just keep flicking it in till the bank phones you up.

[SuuPRlim]

Just keep flicking it in till the bank phones you up.

The old CALL OF SHAME EH, I know this one...

"Just want to ask you about some debit card transactions Mr nicholson...

9.21pm £51.60 at Jake's bar, Leeds

Yup, that;s me

11.04pm £85.46 at Oporto, Leeds

Yup, Me

2.21am £1,000 Gala Casino, Leeds

Oh god, yes me.

2.43am £56.80 Red Carpet Leisure

...yeah...me

3.00am £118.20 Red Carpet Leisure

YES, STILL ME!

3.35am £188.45 Red Carpet Leisure

OK OK THEY'RE ALL ME OK just unblock my fucking card."

[rfgqqabc]

Just keep flicking it in till the bank phones you up.

The old CALL OF SHAME EH, I know this one...

"Just want to ask you about some debit card transactions Mr nicholson...

9.21pm £51.60 at Jake's bar, Leeds

Yup, that;s me

11.04pm £85.46 at Oporto, Leeds

Yup, Me

2.21am £1,000 Gala Casino, Leeds

Oh god, yes me.

2.43am £56.80 Red Carpet Leisure

...yeah...me

3.00am £118.20 Red Carpet Leisure

YES, STILL ME!

3.35am £188.45 Red Carpet Leisure

OK OK THEY'RE ALL ME OK just unblock my fucking card."

Just had my card declined...

[Dubai]

Just keep flicking it in till the bank phones you up.

The old CALL OF SHAME EH, I know this one...

"Just want to ask you about some debit card transactions Mr nicholson...

9.21pm £51.60 at Jake's bar, Leeds

Yup, that;s me

11.04pm £85.46 at Oporto, Leeds

Yup, Me

2.21am £1,000 Gala Casino, Leeds

Oh god, yes me.

2.43am £56.80 Red Carpet Leisure

...yeah...me

3.00am £118.20 Red Carpet Leisure

YES, STILL ME!

3.35am £188.45 Red Carpet Leisure

OK OK THEY'RE ALL ME OK just unblock my fucking card."

Put some zeros on the end if Red Carpet was called Rhino

[Marky147]

Artistic licence and altered the bag from Red Carpet to Gala obv....