Let’s face it, most players do not have a clue regarding how to make money playing poker……most are just happy as Larry spinning their respective wheels. But I am interested in making money and to me that means making it as effectively as possible. I had an e-mail the other day from someone who didn’t like the tone of how I write……I say it as it is. There is no glitz…..fancy videos or anything like that as I don’t believe in it. But the vast majority of people who come to me regarding trying to make money from online poker are simply not far enough along the poker evolutionary ladder.
This is why they get seduced into playing in the way that somebody else wants them to. Just because a strong player multi-tables six max doesn’t mean that you should. Six max no limit Texas Hold’em games are all the rage now but they are also far steeper in variance as well. You only have to look at some of the supposed top online players to see that many don’t have a plan. By “top” then I am referring to some high stakes players.
One minute they are up a million then they are down a million and with no backup plan in place or at least that is how it seems to me. But a plan in poker can take you an awful long way. In fact if you commit to a process for long enough then you can amass very significant wealth from something that is very mediocre in terms of earn rate. Let us look at a solid if unspectacular winning reg who wins at a rate of $50/hour.
If they play for say twenty hours per week on a site like www.pokerstars.co.uk then they will amass on average $1000 per week. This makes $50,000 per year but the real kicker behind this is in what you do with that money. If you save that money and invest it and it then makes you a safe 5% per annum then by the end of year two you have $100,000 in the bank and a 5% yield on the first $50k which is a further $2500. That is a full two and a half weeks wages for doing nothing. Add another year to that and you have $150,000 saved after year three and 5% on $102,500 which is $5125 in interest.
Actually these figures would be slightly higher as you clearly wouldn’t wait until the year end to invest the entire year’s earnings. Also if you were prepared to speculate on equity backed investments then you could return 10% or more on some good years with a percentage of your portfolio. You can only imagine just how this can compound over time and imagine keeping to this process for 20-30 years?
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