21 year old college student with $2m in assets and a "steady" income

[Milton]

Quote:

Originally Posted by Alan If you really don't like reading, I can see why you don't like majoring in Philosophy - I expect that involves lots of reading.

Even at Texas A&M.

[Texas Proud]

From my observations and (lack of) knowledge....

The 'money' games are a lot different than the non-money games... there are a lot of stupid people that play the non-money because it is not skin in losing ... all you do is go back and 'get more'... like from Papy...

So, you might 'win' in the one, but lose big time when cash is involved...

Also, being someone who wins online is far from going to the casinos and winning... you do not see faces etc. and can not read the player on bluffing etc... there are also more distractions in the casinos... If you are making $10K per month there... I am impressed..

Last thought..... if it is 'illegal' (and I think there is a federal law about transferring money).... THEN HOW DO YOU GET PAID?

I would not want to build up a balance online and have someone 'promise' to pay me... I want it in MY bank under MY control (yea yea... banks are crooks and it is not under your control.. blah... just to stop those comments)...

[xSoup]

Quote:

Originally Posted by Texas Proud Last thought..... if it is 'illegal' (and I think there is a federal law about transferring money).... THEN HOW DO YOU GET PAID?

The credit card companies aren't allowed to process the deposits anymore (although some people I know still don't have problems depositing for some reason) but the sites can still send you checks when you withdraw. It shows up as a standard check in the mail and doesn't say anything about poker.

[TromboneAl]

If I'm interpreting your graphs correctly, for the games represented in the first graph, you made an average of $14.50 per game ($10,500/725 games). For the second and third graphs, $4.16 and $20.00 respectively. Average for all: about $14/game.

Does that sound right? How long does a game typically last, and how many games can you play per week?

[xSoup]

Quote:

Originally Posted by TromboneAl If I'm interpreting your graphs correctly, for the games represented in the first graph, you made an average of $14.50 per game ($10,500/725 games). For the second and third graphs, $4.16 and $20.00 respectively. Average for all: about $14/game. Does that sound right? How long does a game typically last, and how many games can you play per week?

The first games were probably 40 minutes each. The games in the second and 3rd graph take about 8 minutes a piece. I can play 2-3 tables of them at a time, but I try to pick out crappy opponents so I can't just play 3 tables at a time for an hour straight.

It probably works out to ~$150/hr or so while playing but it is too stressful to do for more than 3-4 hours a day unless I'm not doing anything else.

I'm also getting ~$3/game in rakeback (in a nutshell, it is $3/game regardless of if I win or lose).

[Abreutime]

Sup bro. Welcome to the forums. A lot of good advice about reading material and the need to diversify, so I won't burden you with more.

[RE-Fin-54321]

Deja Vu. I thought I was losing my mind seeing this thread here and on 2p2. This is a great forum with lots of useful information (I've recommended it a few times in BFI as well). I don't really have anything to add, but if you follow the advice here and do your homework you will be a personal finance guru in no time. Good Luck.

[xSoup]

Quote:

Originally Posted by TDCumm16 Deja Vu. I thought I was losing my mind seeing this thread here and on 2p2. This is a great forum with lots of useful information (I've recommended it a few times in BFI as well). I don't really have anything to add, but if you follow the advice here and do your homework you will be a personal finance guru in no time. Good Luck.

Thanks, I feel pretty clueless right now but I have been too busy with other stuff to really get into my reading.