Bigbet-
Think it depends entirely on the individual themselves for the most part.
There are so many factors that come into play with your question.
One professional could be very content with making as little as 15,000 a year, while another would feel it not worth the trouble if not making at least 75k a year.
As with any profession, one must weigh all the criteria of pros and cons the job offers.
Think it depends entirely on the individual themselves for the most part.
There are so many factors that come into play with your question.
One professional could be very content with making as little as 15,000 a year, while another would feel it not worth the trouble if not making at least 75k a year.
As with any profession, one must weigh all the criteria of pros and cons the job offers.
True, 75+ K a year sounds like a decent living (esp. if you are doing something you love) but consider the baggage that comes with being a professional gambler (ie lost opportunty costs):HPark1 said:
1) You will derail any chance for a "conventional" career path if you are unable to make it as a pro gambler. Imagine having to explain to the interviewer what you have been doing for the past __ years and then calculate your odds of getting that job when there are hundreds of other applicants (esp. if it is a decent paying job).
2) You will have extreme difficulty getting a bank loan or a mortgage. Imagine trying to provide acceptable documentation of a steady income (which is what the banks look for when giving a loan).
3) You could put a lot of pressure on your health. All the stress, smoke, drinking and long hours add up to quite a toll. Also imagine the difficulty getting health insurance once you disclose you are a professional gambler with variable income.
4) You could put a lot of pressure on your family life (for those with wife and kids who depend on a steady income).
5) You could attract lots of attention from the IRS and local law enforcement, for the obvious reasons.
6)The tax burden (for those honest pro gamblers) is onerous. You have to pay self employment tax, double FICA, double social security tax, etc.
All-in-all, for those that are talented enough to "live the dream" and have the skills and bankroll to make it as a pro gambler, I SALUTE YOU. :aktion033
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-you cannot commit early on to becoming a pro gambler. You're right if you can't cut it, its a major setback to other opportunities. You have to be certain you are a winning player (detailing your records for at least a couple of years). If you are currently unsure, continue your regular job route while gambling on the side. You must be positive you can beat the system in all aspects. Picking winners is the foundation but you have to maintain discipline throughout the ups and downs.
-this is a given. However gambling creates a situation where you know other gamblers and if they get to know and trust your abilities they will be willing to help you out.
-this is true for many players. They get heavily involved in the games they bet on and follow play by play the outcomes. If you take it as a job you do not have to watch your games at all which will cut back on the stress. The swings are another issue. If you know you are a winning player it should not bother you, exercise daily. Set some guidelines to the hours where you will be doing your handicapping.
-its probable that your spouse will already know you are a gambler before the marriage. It would not be recommended to switch your career to gambling during a marriage. It definitely would pose problems.
-do not make large deposits into your bank. Spread out the times you deposit money. Its unlikely they will come after you unless you are making serious cash.
H Park 1
Thanks for your rebuttal points. I for one would like more than anything else to be able to make it as a pro gambler someday, but your points validate the conclusion I have already made: that it is best to continue on with my chosen "conventional" career slaving at my day job, paying all my taxes, and paying my mortgage and raising my family. Someday I will have enough to retire, no longer have a mortgage, and the children will be off to college. Then, I can start my "second career" as a pro gamber, live fast, and die not-so-young!:think:
Thanks for your rebuttal points. I for one would like more than anything else to be able to make it as a pro gambler someday, but your points validate the conclusion I have already made: that it is best to continue on with my chosen "conventional" career slaving at my day job, paying all my taxes, and paying my mortgage and raising my family. Someday I will have enough to retire, no longer have a mortgage, and the children will be off to college. Then, I can start my "second career" as a pro gamber, live fast, and die not-so-young!:think:
If you work for a company (who provides stability, benefits, etc) and you make 45,000 you should probably be able to make 75 gambling.
Personally I do both... I keep my job because it provides legit income, it makes my dad happy (I'm 25 and still care about what my dad thinks...sue me), and they provide great benefits
Personally I do both... I keep my job because it provides legit income, it makes my dad happy (I'm 25 and still care about what my dad thinks...sue me), and they provide great benefits
He would... I'm a grown man and I'm succesful... that's enough for him... I'm just saying it's a factor. He owns a very large business which I will eventually inherit... so one way or another I'm not going to be working my entire life anyway...I figure working a little now won't hurt me.bigbet1234 said:
