Bigger Bankrolls

[shamhawks 0]

Just curious as to what some of you do with your money.I have built my Party br to just under 17k and really having a hard time deciding what to do to maximize money (other than playing poker) don't know if I'm just being paranoid, cuz I know party is stable (although the brief headline in I think bluff that said party closed up..worried me a little) a little background on me...Just resigned my position last week. I'm going to try and play for a living (but will look for a new career at the same time so I can have medical) I have about 18k in my bankroll (17k party and 1k full tilt) and about the same to live on while looking for JOB.I hate leaving so much in poker accounts as you never know what can happen in the future and don't want to lose a good sum of money, but the longer I leave money in, the longer I have to think about taxes. Another thing I consider is that I'm still a low-limit cash player and don't really need a big bankroll. I want to move up if I plan on playing for a living, but don't think I can handle the swings and don't want to change what has worked for me in the last few months. I never risk very much, but have had great returns..literally taken my account from about $100 to 17k+ in about 4 monthsOk this is starting to ramble on, so I will make it easy with my questions.should I take money out of party and at least let it build interest?Does netteller balance draw any interest? will check for myself but if anyone knows in the meantime.Now I don't want this thread to think I'm just talking about how well I have done, but really want some answers/advice from what others in a similar situation are doing. especially from some who are just playing poker for their sole sourse of income right now.by the way it was a great feeling to win 4.5k a few days after I resign from work B) and thanks again for those who railed/supported me a few nights ago.By the way, I just started a new blog...check it out...If you can handle my jumbled writing style Take care

[looshle 6]

I keep little money on the sites. If you have to cash some back in, so be it. I dont see any reason to keep your whole roll on the site. It's like going to the casino, you dont bring your entire roll with you, if you hit a bad run and bust you can go to the cage or atm. E-check and Neteller insta cash dont have a fee so you dont lose money if you are putting money in and taking it out a few times a week.There's always the small chance of a something happening to a site, not that it really affects my decision whether or not to keep $ in the site but it is something that is possible.Take some money out and buy a few CDs, gain some interest on it instead of letting 10+ thousand sit in someone elses hands probably having not been touched in a long time.

[shamhawks 0]

I keep little money on the sites. If you have to cash some back in, so be it. I dont see any reason to keep your whole roll on the site. It's like going to the casino, you dont bring your entire roll with you, if you hit a bad run and bust you can go to the cage or atm. E-check and Neteller insta cash dont have a fee so you dont lose money if you are putting money in and taking it out a few times a week.There's always the small chance of a something happening to a site, not that it really affects my decision whether or not to keep $ in the site but it is something that is possible.Take some money out and buy a few CDs, gain some interest on it instead of letting 10+ thousand sit in someone elses hands probably having not been touched in a long time.

thanks for the reply. also, what do you guys do about taxes? I know this can be a tricky subject. what do you guys think looks more suspicious. making alot of $800-1000 deposits to your bank, or making larger deposits say $9000. I know 10k is what a bank is usually required to report to the IRS...Not that I"m going to try and hide my winnings...just curious and don't want the IRS looking at every little thing for no reason or get audited. already this year I've made 5 deposits at $800 each....should I just take 8-9k out at once or continue my small deposits...

[econ_tim 0]

you should look into an ING internet savings accountyou can earn around 3% annually with not fees

[looshle 6]

thanks for the reply. also, what do you guys do about taxes? I know this can be a tricky subject. what do you guys think looks more suspicious. making alot of $800-1000 deposits to your bank, or making larger deposits say $9000. I know 10k is what a bank is usually required to report to the IRS...Not that I"m going to try and hide my winnings...just curious and don't want the IRS looking at every little thing for no reason or get audited. already this year I've made 5 deposits at $800 each....should I just take 8-9k out at once or continue my small deposits...

I try to keep my transactions around $1000, so I'll cash out $1000 3 times rather than $3000.Definately pay your taxes though, but like you said, getting audited sucks so stick to small deposits/cashouts.

[SunDrop 0]

Put it all on black!

[Nashtyone 0]

hookers and blow, lots of it

[socalpoker_j 1]

what limits did you start off with and what was the most substantial boost to your bankroll other than the tourney cash, sham?

[vonteego3 0]

you should look into an ING internet savings accountyou can earn around 3% annually with not fees

I think it's at 3.8% right now... and 4.75% for the year on any deposits made before April 15.Oh, and I don't think a big deposit in your account will trigger an IRS audit... remember, they're not in search of criminal activity or anything, they just want their cut. Keep detailed records, report it all at the end of the year, and you don't have anything to worry about.

[shamhawks 0]

what limits did you start off with and what was the most substantial boost to your bankroll other than the tourney cash, sham?

90% of the br is from mtt'sI still only play mostly $25, $50 and $100 NL cash gamesI kill in the $25...still up about 23bb/100 over 15000 hands...not much but it's steady money.for some reason I can't make anything at the $50 nland I'm making $172 per hour in the $100nl (only based on 6 hours of play...lol)

[chrozzo 19]

i bought a bigger bankroll

[SunDrop 0]

90% of the br is from mtt'sI still only play mostly $25, $50 and $100 NL cash gamesI kill in the $25...still up about 23bb/100 over 15000 hands...not much but it's steady money.for some reason I can't make anything at the $50 nland I'm making $172 per hour in the $100nl (only based on 6 hours of play...lol)

90% of your income is from MTTs and you're "going pro"? Eeek....You aren't going to make enough to live from $100 NL. Eventually the game is going to turn into a job for you and you will probably break even. Plus $17k really isn't enough to go pro on anyway. I would strongly advise against it...but then again, who am I?

[jayboogie 0]

You don't seem like much of a gambler at all. I don't think going pro is a good idea considering you're not even playing the higher limits. But anyways, you don't need 17k sitting in your poker account playing 100 NL, if you're going to stick with these games, take out like 10k and invest some of it.

[shamhawks 0]

90% of your income is from MTTs and you're "going pro"? Eeek....You aren't going to make enough to live from $100 NL. Eventually the game is going to turn into a job for you and you will probably break even. Plus $17k really isn't enough to go pro on anyway. I would strongly advise against it...but then again, who am I?

I agree completely and that's why I say I'm looking for a job while I try and build my confidence and move up in levels. I have 18k in the bank that's outside of my bankroll. so I definetly have time to get it. I think one of the things that contributes to my recent success is not being greedy. As far as it being work, i really enjoy playing and have played online for 5 years and it still is fun for me. Dang I still don't even multi-table cuz I would rather enjoy playing, than to just make a few extra bucks.

You don't seem like much of a gambler at all. I don't think going pro is a good idea considering you're not even playing the higher limits. But anyways, you don't need 17k sitting in your poker account playing 100 NL, if you're going to stick with these games, take out like 10k and invest some of it.

your right. I'm not much of a gambler, I'm a poker player...just kidding. I agree that 17k sitting in my account is not a good idea. that is the main reason why I posted. Just built the bankroll too quick....I mean I have already withdrawn $4k this year and still have the 18k in the 2 accounts. guess it's a good problem to have and I know it will not keep up, so thanks for the advice.

[Vogelb5 0]

Good luck to ya, but as you know, your probably gonna have to work yourself up the limits, and unfortunetly maybe faster then you normally would since you already quit. Hopefully you can find another job soon enough to suppliment your decision as you build your confidence.Also, especially if your only playing $100NL (I think you said) it might be required that you learn to multi table for the added money.

[jayboogie 0]

Any particular reason why you have 17k and don't want to play any higher than 100NL? If your not confident in your skill level enough to beat the higher games, it's going to be hard relying solely on poker for a living.

[shamhawks 0]

Good luck to ya, but as you know, your probably gonna have to work yourself up the limits, and unfortunetly maybe faster then you normally would since you already quit. Hopefully you can find another job soon enough to suppliment your decision as you build your confidence.Also, especially if your only playing $100NL (I think you said) it might be required that you learn to multi table for the added money.

Yeah with the limited confidence I have in cash games (can't expect the run I've had in mtt's to continue for ever) I agree with all the posts.The main reason I left my job was not necessarily to play profesional poker (although it is a goal..just not there yet) but cuz I was not happy at my job. IF I don't make one more cent in poker, I can live off my money for at least 12-18 months. for now, think I might just take like a $10/hour job with benefits maybe 30 hours a week...still gives me plenty of time for poker, but don't have to rely solely on it. It is weird how your mindset can change so quickly without a job. here it's my first week without a job. I've made 5 times more this week than i would of at my job, but yet I still don't want to buy a new set of golf clubs I've been looking at....crazy

Any particular reason why you have 17k and don't want to play any higher than 100NL? If your not confident in your skill level enough to beat the higher games, it's going to be hard relying solely on poker for a living.

mainly because most of the bankroll is from mtt's. I think I have figured it out for now to build my confidence in the cash games thanks to all the posts. I will cash out my account down to about 5k and play within that bankroll. move up when I should and move down if need be..maybe keep a side bankroll just for tournies.

[Jordan 1]

wow, you've made 90% of your bankroll from mtts..and it's 17k plus...i'd def. recommend getting into a habit of grinding out cash games, limit or nlwhatever you are better at...cause the mtts will slow down and you'll be relying on cash games to pay bills.get that experience now, and then move up...your bankroll is so huge to be playing $100 nl...but since you dont have as much cash game experience, i'd stay at the $200 to $400 NL level until you are beating the game consistently enough to move up.and if you are still playing $25 or $50 nl with taht kinda bankroll you are basically 'losing' money.just my thoughts.gl- Jordan

[ivegottadollar13 0]

on the tax issue..i had a customer win 75000 dollars from the lotto here in california and he ended up paying like 25000 in taxes, but hes getting it all backSHOW GAMBLING LOSSES!!!!!!!he went around to all the stores for a few months and collected old lottery tickets to the point that he had $25000 in losing lottery tickets and he claimed that on his taxes, when and if they audit him he has representation that he lost nearly $25000 on the lotto....this is completely legit

[econ_tim 0]

on the tax issue..i had a customer win 75000 dollars from the lotto here in california and he ended up paying like 25000 in taxes, but hes getting it all backSHOW GAMBLING LOSSES!!!!!!!he went around to all the stores for a few months and collected old lottery tickets to the point that he had $25000 in losing lottery tickets and he claimed that on his taxes, when and if they audit him he has representation that he lost nearly $25000 on the lotto....this is completely legit

First of all, $25,000 in lotto losses = lotto fish.Second, he would have to claim $75,000 in losses to pay no taxes on his winnings. With only $25,000 in losses, he still has to pay taxes on the $50,000 net winnings.

[mrdannyg 274]

First of all, $25,000 in lotto losses = lotto fish.Second, he would have to claim $75,000 in losses to pay no taxes on his winnings. With only $25,000 in losses, he still has to pay taxes on the $50,000 net winnings.

correct, but the guy said the guy just collected losing tickets, not necessarily bought them. so he didn't necessarily lose $25000.

[playingtowin 0]

I hear you about the golf clubs...that is right. With poker as a sole means of income, any spending is a negative to the poker bankroll. It is always good to have other sources of income besides poker. If nothing else, it creates a better mindset when playing.

[SPADES21 0]

I'm not sure if this is a completely donk comment and please flame if im stupid.But everyone is talking about you playing $100 NL on a $17k bankroll.They are also saying that $17k is way to big of a bankroll for these limits that you should move up or cash out.From my expierence of bankroll management I like to have 10 times the amount I buy in for in my bankroll. i.e. $1 NL I would buy in for $100 so i would want to have $1k in my bankroll. To make sure I can handle variance.So with $17k in your bank roll playing at $100 NL you would have to buy in at least at $2k and that only leaves you at 20x the bb. To me i would want my bankroll to be atleast $20k to be playing these limits regularly. So either im really confused or your math is wrong. Please let me know.

[Kaedin 0]

I'm not sure if this is a completely donk comment and please flame if im stupid.But everyone is talking about you playing $100 NL on a $17k bankroll.They are also saying that $17k is way to big of a bankroll for these limits that you should move up or cash out.From my expierence of bankroll management I like to have 10 times the amount I buy in for in my bankroll. i.e. $1 NL I would buy in for $100 so i would want to have $1k in my bankroll. To make sure I can handle variance.So with $17k in your bank roll playing at $100 NL you would have to buy in at least at $2k and that only leaves you at 20x the bb. To me i would want my bankroll to be atleast $20k to be playing these limits regularly. So either im really confused or your math is wrong. Please let me know.

$17,000 would be 10x buy in for a $1700(?) NL game:( $100 NL is generally 50cents - $1 blinds? Way too small for that size roll. In my experience, which is only on UB, the $200 ($1-$2 NL) and $400 ($2-$4) games aren't much harder to beat than the lower stake games. Only slight difference is most people are tigher preflop, but you still get people making donkish plays at those levels. I think the only way to get confidence at those levels is to sit down and play. Once you play your first hour and you didnt end up on the street corner giving hand jobs for crack, you'll realize that you're not out of your league.

[pokerplayer24 0]

I'm not sure if this is a completely donk comment and please flame if im stupid.But everyone is talking about you playing $100 NL on a $17k bankroll.They are also saying that $17k is way to big of a bankroll for these limits that you should move up or cash out.From my expierence of bankroll management I like to have 10 times the amount I buy in for in my bankroll. i.e. $1 NL I would buy in for $100 so i would want to have $1k in my bankroll. To make sure I can handle variance.So with $17k in your bank roll playing at $100 NL you would have to buy in at least at $2k and that only leaves you at 20x the bb. To me i would want my bankroll to be atleast $20k to be playing these limits regularly. So either im really confused or your math is wrong. Please let me know.

While you will most likely get flamed by some people i'll give you a decent response.100 nl = .50/1$ blinds. It is called 100 nl because that is the max buy in. So his bankroll is much larger then is necessary for playing 100 nl.To the OP. Leave 5-10k on and take the rest and deposit it in a bank account for if you ever go on a bad run.