Poker Ponderings of a Chip-Magnet

A chronicle of poker experiences

  1. 2008-07-03 19:26:07

    Entry #1 - The big news....

    Well it's pretty much official. This week I declared my intention of being a full-time pro by January 1, 2009 - or sooner if possible. I've arranged to transition my duties as a Real Estate Appraiser over to my business partner of 5 years during the remaining 6 months of 2008.

    My plan is to continue on the path of accumulating 4-6 months of living expenses through poker in addition to my playing bankroll. I'm currently playing $1/$2 and $2/$4 cash games online and have been logging wins of anywhere from $400/day to $1,300/day. In all honesty, I don't see much opportunity to make a living from tourneys - though I'll still play them occasionally in order to mix things up and offer a myself a challenge.

    The bankroll is building rapidly and steadily at this point and I'm beginning the process of setting myself up as a business, getting a separate checking account, and investigating proper handling of my poker income and deductions for tax purposes. The 6-month window between now and Jan 1st, 2009 should give me plenty of time to get used to the "business" part of this endeavor. It'll be much more than tracking $/hr and ROI and hitting the "Withdraw" button on FullTilt - and there's no denying that it will be imperative that I maintain detailed records of everything from how long I play, how much I win, how much I lose, tourney entry fees, rakes, and any travel expenses if I happen to go to Vegas or something as part of conducting my "business".

    As time goes on and as success permits, I have ideas and hopes of branching out and offering consulting services to the growing poker market. Perhaps providing a service of some kind to groups or organizations that have an interest in a poker themed learning/bonding experience.

    Anyway - for a glimpse of what's been happening with me most recently, see


    Posted by Ken at 2008-07-03 19:26:07 | permalink | Discuss (13 comments)