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Server Time: 11/23/2008 5:34:32 AM PACIFIC |
 Great bankroll Idea from Mark Gregorich, Roy Cooke, 8. Nov 2003 07:22 | ||
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| Mark responded with this answer to a post that asked about how you handle the swings regarding bankroll and bills... I thought it was an excellent response (As all of Marks posts are) and wanted to create a heading so all would read. Roy Cooke I pay myself a monthly "salary" which covers stuff like the mortgage, bills, food, and entertainment. This salary doesn't change based upon how I did that month. Yes, I can withstand some losing months, largely because I play well within my bankroll. But, it would certainly hurt. I basically grow my bankroll by trying to play enough hours in games where my expectation is great enough that by the end of the month, my expected win is greater than my cost of living. I do most of my playing in Las Vegas, and in the year or so following the 9/11 attack this was a dicey proposition (very little tourism, plus the stock market crashed making many people feel as if they had little discretionary income). Now that we seem to have entered the "Golden Age of Poker", it hasn't been too much trouble. That year was rough, though - I'm just now getting back to where I was bankroll-wise a couple of years ago. Mark | ||
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| Re: Great bankroll Idea from Mark Gregorich, timmer, 8. Nov 2003 09:43 | ||
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| I wonder what he would do if , God forbid, he was severely harmed in some sort of auto or freak poker room accident. Or even experienced a long term losing streak. A few financial specialist recommend the you have 6 months worth of living expenses in a fairly liquid state should you face some sort of lay off or injury that keeps you from working. Before you become involved in any high risk / return ventures. and not to use any of this money earmarked for this pad. I know I have this much and a healthy BR lor the limits I play besides. I wonder how many people out there have even a modicum of long term financial security much less the recommended 6 months worth of living expenses in available liquid assets. | ||
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| Re: Great bankroll Idea from Mark Gregorich, Mark Barnett II, 10. Nov 2003 11:02 | ||
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| this is where that wonderful parent saying comes from pay yourself first! included in your salary needs to be money thats put into savings of some kind that is not poker related *IRA's stocks/bonds/realestate...* Rule #1 of Poker Circumstances alter cases Rule #2 NEVER forget rule #1 | ||
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