$$$$ - Lets Talk About Money - $$$$
Wanna Make It Rain?
We all want to be able to walk into a restaurant and/or bar and cover the tab for our friends or buy our parents a new home and still be sitting comfortable. You are a successful poker player who wins constantly! So where is your Lambo and that sweet ass bachelor pad? Oh, You are living with your parents still or you live in a studio apartment with a roommate. Your 1993 Honda Civic has a boot on it because you have so many unpaid parking tickets.
This probably sounds far-fetched but it happens. Professionals, grinders, and recreational players constantly go broke. They're not going broke because they are bad at poker or because The House is stealing from them. They are going broke because of the fact that they don't know how to manage their bankroll. Hold on! Before you leave this page stick around and see if it's something different that you've normally heard.
The reason why so many sites, why so many players and casinos constantly talk about bankroll management is because it is becoming a very common thing among poker players. "It can't happen to me." If you have that kind of mindset, you need to reprogram how you think because it can happen to anybody! Some of pokers greats have gone broke: Scotty Nguyen, Eric Lindgren, Archie Karas, Gavin Griffin, and Stu Ungar. Each one of them having their own vice that caused them to lose all their money and one of them their life.
Whether its alcohol, drugs, overspending, or gambling, these players and more have lost millions! The adrenaline rush you get when you win a tournament, the cash, the glory, the whole package is such an amazing feeling. That can continue if you manage your money properly and here are a few suggestions.
1.) Just because you won big cash, doesn't mean you have to play big games!
A number of players have won 100k+ tournaments and feel like they are Superman. They decide they are going to try games that are normally out of their price range. Without testing the waters and going through their basics that helped them win that cash, they let their ego take over and next thing you know, their starting stack is gone. Time to reload? They do because they just know they can win. Going up on the price of your game means playing a different style of players. This is not to say you're a bad player or you can't hang with them. Just like everything else, you have to do proper studying and prepreation before you jump into a high stakes game.
2.) If poker is your income, clear your bills, make sure your life is financially in order before you spend the dough.
You decided to make poker your career and you just got that massive raise you've always wanted! What are you going to do now? If you have any type of debt, that would probably be the smart thing to get rid of. No debt? Is rent/mortgage paid for? Food on the table? Kid clothed? The new zeros you see in your bank account doesn't mean you need to neglect your original responsibilites. Take care of your foundation and then go from there.
3.) Put some away for a rainy day!
Today, a million dollars doesn't seem as much as it did 20 years ago. Everywhere you look, some type of challenge, contest, puzzle, etc. is giving a million dollars At the same time, as quick as people are getting that one million dollars, they are back at Dollar General with their crap job because they didn't prepare for the worst. Your winnings will not last forever. Put some into a savings account or some type of account that acrudes interest, therefore, your money makes money for you.
4.)Separate bankroll and "Life Money".
This is more targeted to your recreational players. Some rec players will win a good amount and then blow it all......and their rent. This does go in with rule #2 but with a little bit more to it. When you ask professionals who used to grind it out, they would talk about how they would set a side of their winnings to use for their poker spends. The rest of go towards the essentials. As a recreational player, you will....I repeat.....you WILL fall into times where you have a string of bad luck, losing a majority of the times. You must look at your bankroll and make an agreement with yourself. When the bankroll hits lets say $300, you are going to take a break for awhile. Whether your break is 2 days or 2 months, take a break from the game and conserve your money. Some players ride the wave of bad luck and think that the wave is going to end soon. So what happens? They deplete their bankroll but still want to keep playing. They dip into their savings account or checking account. Then the electric bill is due but they can't pay it since they lost it all at the tables. Their mind hits a new rock bottom.
We understand to build a bankroll you have to initially start it using your own "Life Money". Once you start a bankroll make sure you first can afford to pull it out from your every day spending money. Then when you start building your bankroll, keep it separate!
We know that these may seem like typical things on bankroll management or they might seem new. Just like everything else, it doesn't hurt to have a refresher course on some things. We hope this was helpful. As always, make sure you like, share, and comment on this post, as well as all the other post. Follow us on our social media accounts for more Got "Em Poker stuff. Best of luck to you at the tables and in life.
Whether its alcohol, drugs, overspending, or gambling, these players and more have lost millions! The adrenaline rush you get when you win a tournament, the cash, the glory, the whole package is such an amazing feeling. That can continue if you manage your money properly and here are a few suggestions.
1.) Just because you won big cash, doesn't mean you have to play big games!
A number of players have won 100k+ tournaments and feel like they are Superman. They decide they are going to try games that are normally out of their price range. Without testing the waters and going through their basics that helped them win that cash, they let their ego take over and next thing you know, their starting stack is gone. Time to reload? They do because they just know they can win. Going up on the price of your game means playing a different style of players. This is not to say you're a bad player or you can't hang with them. Just like everything else, you have to do proper studying and prepreation before you jump into a high stakes game.
2.) If poker is your income, clear your bills, make sure your life is financially in order before you spend the dough.
You decided to make poker your career and you just got that massive raise you've always wanted! What are you going to do now? If you have any type of debt, that would probably be the smart thing to get rid of. No debt? Is rent/mortgage paid for? Food on the table? Kid clothed? The new zeros you see in your bank account doesn't mean you need to neglect your original responsibilites. Take care of your foundation and then go from there.
3.) Put some away for a rainy day!
Today, a million dollars doesn't seem as much as it did 20 years ago. Everywhere you look, some type of challenge, contest, puzzle, etc. is giving a million dollars At the same time, as quick as people are getting that one million dollars, they are back at Dollar General with their crap job because they didn't prepare for the worst. Your winnings will not last forever. Put some into a savings account or some type of account that acrudes interest, therefore, your money makes money for you.
4.)Separate bankroll and "Life Money".
This is more targeted to your recreational players. Some rec players will win a good amount and then blow it all......and their rent. This does go in with rule #2 but with a little bit more to it. When you ask professionals who used to grind it out, they would talk about how they would set a side of their winnings to use for their poker spends. The rest of go towards the essentials. As a recreational player, you will....I repeat.....you WILL fall into times where you have a string of bad luck, losing a majority of the times. You must look at your bankroll and make an agreement with yourself. When the bankroll hits lets say $300, you are going to take a break for awhile. Whether your break is 2 days or 2 months, take a break from the game and conserve your money. Some players ride the wave of bad luck and think that the wave is going to end soon. So what happens? They deplete their bankroll but still want to keep playing. They dip into their savings account or checking account. Then the electric bill is due but they can't pay it since they lost it all at the tables. Their mind hits a new rock bottom.
We understand to build a bankroll you have to initially start it using your own "Life Money". Once you start a bankroll make sure you first can afford to pull it out from your every day spending money. Then when you start building your bankroll, keep it separate!
We know that these may seem like typical things on bankroll management or they might seem new. Just like everything else, it doesn't hurt to have a refresher course on some things. We hope this was helpful. As always, make sure you like, share, and comment on this post, as well as all the other post. Follow us on our social media accounts for more Got "Em Poker stuff. Best of luck to you at the tables and in life.
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