floatingflops
over 4 years ago
Jan 24, 2014 You are at: Blog » Older posts » 4. 4 Tips On Heads-Up Poker by Team partypoker Pro Scott Baumstein. By Dany Willis on January 24, 2014 0 Comments. Heads up poker is becoming a more and more popular medium and it is not only relevant when it comes down to the last two people standing in a tournament. Most pots even in full ring are heads. Team partypoker’s Patrick Leonard is taking over the partypoker Instagram account on Thursday 28th February, giving you the opportunity to ask him any questions you have about poker, or anything really. Head to the partypoker Instagram account between 20:00-21:30 CET on Thursday 28th February and get ready to pick the brains of one of poker’sRead More.
Although I agree that you have to treat poker as a business if you are going pro, let's paint a more realistic picture of what expenses really look life for those that don't have their own personal chef.
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Rent for a one bedroom in Las Vegas: $700
Utilities: elec, internet, etc. $300
Food: $400, less if you eat with your comps
Car + insurance + gas: $400
Total: $1800
If you make $20 hr x 2080 hrs (full work year) you get $41,600
Taxes are not 30% in this bracket but for sake of argument we will use it. Gross after taxes: about $29,000
Monthly income: about $2,400.
Income - nut = $800 disposable income every month.
Anyone working their tail off now at a job they hate have an extra $800 at the end of every month? Me neither.
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trentbridge
over 4 years ago
Except floating flops - if you worked at a regular job that pays $20/hr - you get a paycheck every two weeks - the income tax is already taken out and your employer pays half of your social security. (6.65%) Plus you might even get two weeks paid vacation to go to the WSOP in Las Vegas.
Self-employed as a pro poker player, you aren't guaranteed any income and you owe 15.3% self-employment tax in lieu of social security.
You can't reduce a decision like this to accounting - you have to be comfortable making your living in a skill/talent based business that has nine folks at your place of business who believe they are as talented/skilled as you are - all wanting to take your money. It's the same world faced by writers, actors, musicians, comedians, artists, and professional golfers. The rewards at the top are extreme but there are no guarantees that more than 2% will ever reach those heights. Even established players are eager to take on sponsors - write books / do commercials/ sell teaching videos etc to make some income away from the felt.
Replyskippy01
over 4 years ago
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$1,000 per month for food? And you are a vegan?
http://www.amazon.com/Eat-Vegan-4-00-Day-Conscious/dp/1570672571