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1. Taking Finances into Consideration before Turning Pro
Christian Chua
Has a life as a full-time poker player ever crossed your mind? If it has, and you think
you have what it takes to go pro, there are a lot of other things to consider aside from
how well you can play poker. One thing you have to always keep in mind is how
turning pro will affect your finances.
The popularity of poker has increased by leaps and bounds over the last ten years. The World
Series of Poker (WSOP) and World Poker Tour (WPT), as well as other televised
tournaments, have left an impression on millions of people that playing what may seem to be
a simple game can lead to thousands, and even millions, in profit. They see professional
players betting and winning large sums of money and think that they, too, can easily replicate
the feat.
Being a professional poker player is a lot harder than it looks, though. Out of the millions of
poker players out there today, only a fraction of them can really claim that playing poker is
their sole source of income. Those that do go on to become poker pros, though, get to live out
their dreams of making money while playing the game they love.
If you are serious about being a full-time professional poker player, there are a lot of factors
you need to consider. One thing to think about is how ready you are financially. If you do not
have a substantial amount of money set aside for poker alone, it will be hard to start a playing
career.
When analyzing your financial capability to play poker, there are many things to think about.
Can you even afford to make poker your main source of income? Do you have enough money
to start a career while having a large amount set aside to pay your bills and expenses? As a
general rule, you should at least set aside enough money for almost a year’s worth of
expenses. That way, you can focus on playing poker full-time without having to stress over
your mortgage, insurance, and other bills if you ever go broke on the felt.
Once you do start your journey as a pro, you have to have good bankroll management. The
stakes you play and the kinds of tournaments you enter should all be based on how much
money you have set aside for poker. Obviously, you should not be entering a WSOP main
event anytime soon when your total bankroll is only $20,000. In addition, you should not be
playing in high-stakes cash games with that same amount.
So how much money should you have set aside from tournaments and cash games? For
tournaments, you should have a minimum of 40-50 buy-ins for the type of events you want to
join. For cash games, you should always sit down at the table with at least 20-25 buy-ins for
the level you intend to play at. That way, you will be better equipped to handle all the
downswings and bad beats that come with playing the game.
Once you have taken the financial aspect of the equation into consideration, you will be one
big step closer towards your goal of being a professional poker player. After all, you cannot
start playing poker for money if you do not have enough to begin with.
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