No Poker Content
I usually don't make posts like this, but if Paul Phillips can decide on a new home for his family with help from his blog readers, this kind of groupthink is good enough for me. I would really like to hear what everyone has to say about this...
I'm seriously considering playing much less poker going forward. My results have been terrible for about six months now and poker is not fun at all for me right now. So, what the hell should I do with myself? I have enough money that I don't need to find an income right away, though I will have to find one at some point. I would love to start or invest in a business but I don't have a creative idea for one and opening a dry cleaner or a deli doesn't interest me.
Many people have suggested that I go back to school but I'm wary. Everyone I know who has gone back to school hates it. I'm lazy, never worked very hard in school, and grad school requires more and harder work than the school I'm used to. Grad school is expensive. I also feel like a lot of my peers have gone back to school simply because they don't know what to do with themselves. This does not seem a good reason to me. If I ever go back, it will be with a specific post-school career in mind, and I don't have one of those right now.
So what's out there for a smart 27 year-old with a college degree and not much work experience? I like numbers and games and competition and problem solving (...and puppies and rainbows, when did this turn into a personal ad?).
Or maybe I'll start playing PLO or NLH and realize I can beat those games....
I'm seriously considering playing much less poker going forward. My results have been terrible for about six months now and poker is not fun at all for me right now. So, what the hell should I do with myself? I have enough money that I don't need to find an income right away, though I will have to find one at some point. I would love to start or invest in a business but I don't have a creative idea for one and opening a dry cleaner or a deli doesn't interest me.
Many people have suggested that I go back to school but I'm wary. Everyone I know who has gone back to school hates it. I'm lazy, never worked very hard in school, and grad school requires more and harder work than the school I'm used to. Grad school is expensive. I also feel like a lot of my peers have gone back to school simply because they don't know what to do with themselves. This does not seem a good reason to me. If I ever go back, it will be with a specific post-school career in mind, and I don't have one of those right now.
So what's out there for a smart 27 year-old with a college degree and not much work experience? I like numbers and games and competition and problem solving (...and puppies and rainbows, when did this turn into a personal ad?).
Or maybe I'll start playing PLO or NLH and realize I can beat those games....
posted by Chris Fargis at 4:17 PM
21 Comments:
Well... what's your degree in?
And why the heck haven't you looked into NL already? FTP has some pretty active HU NL tables, you'd be surprised how much money you can make at what would seem like micro-stakes to you.
Volunteer as a tutor? Serial murder? Take up chess? Walk dogs?
I don't want to frighten you, but your interests make me think "trading desk."
you must spend a lot of time on the internet. having your own blog already suggests you are far ahead of the game. look into venture capital and the startup industry. there are always tons of jobs in the biz dev departments of nyc startups. www.nextny.org
Let's open a bar in Brooklyn. We'll call it Triple Draw.
Invest in some restuarant franchises or open a bar/grill like Dr. Pauly said...or you could do like I did and buy a local honky tonk....
restaurants can be very risky as they can be copied easily.
This comment has been removed by a blog administrator.
"restaurants can be very risky as they can be copied easily."
That's not why they're risky, and Pauly was suggesting a bar, which is far less risky.
I don't really see Chris thriving in the service industry, though, since it requires an owner's full time attention, tons of work, and success is based on the notion that "the customer is always right," which I imagine our boy would disagree with.
Bars have about the same failure rate as restaurants, and Chris is definitely not the bar type.
Restaurant franchises are a relatively low-risk way to make money, as you're using a proven business method. Startup costs can be pretty high though, it's a lot of work, and for a lot of the better franchises (Panera, Chipotle, etc) you're required to either have significant restaurant ownership experience or hire some people who do.
You could always get a dumpy Subway or something, but the return wouldn't be worth the time and effort most likely.
How about investing? It's a lot like poker. Stocks are like cash games where the long term rules. Options are like tournaments where you risk a small premium for a potentially large payback - with the same higher standard deviations of returns at play.
Take the Series 3 and 7 exams - they will take you about a month to study for. Hire on with a firm - you might even find something part time - until your own portfolio can float you.
You can even start a financial blog or a subscription newsletter.
And online investing did get a carve out from the UIGEA:)
Best
If you and Pauly open a bar called Triple Draw I am going to move to New York, and never leave. I'll probably end up putting your kids through college.
The problem with starting a business like a bar is taht it is very labor intensive. It's doubtful you would be working less than 60 hours per week. If you're heart is really in it, you'll be fine, but I somehow doubt that after your poker lifestyle you would be up for that long term.
Every guy I know who is wealthy got that way through property development. Turning farm land into residential neighborhoods or building strip malls and office buildings. I do the former.
While it's challenging, it's not really time intensive. Mainly it's cash intensive.
The tough part is learning the ropes. You really need to find someone who is willing to be a mentor.
Amy,
I have worked in the investment business. While I do not doubt Chris' intelligence, getting a few NASD licenses would in no way qualify him to become a professional investor. It would take much, much more effort that that. Probably the CFA certification or an MBA/MSF would be the base-line.
Chris, as someone who is not a poker pro and does not aspire to be, perhaps moving down to lower level games would make things more fun by actually leading to some positive earnings?
Poker always seems more enjoyable to me when I am winning, or at the least making very solid decisions and simply losing due to bad cards. It is when I know I am unfocused and making bad decisions that I do not enjoy playing
I also have done a few internships in VC, that is a VERY hard industry to crack unless you have excellent educational pedigree AND know people who can get you in.
I have no idea whether or not this is the case for you, but as this is sort of a brainstorming session for you, I wanted to throw it out there.
One of my good friends runs a great bar outside of Boston, and he almost ives there. It does indeed require a huge time commitment, although he would tell you it has rewards that equal the commitment.
Go work for Bodog or whatever and figure out how to capture the Chinese market. Or move to Macau or Singapore and try to run the poker room for one of those casinos out there. (Not sure if live poker is legalized). WPT is airing soon in Asia, right? It may be huge. Poker is what you know (and probably still love if you can't imagine life without it--I notice you say "play less" rather than quit).
You obviously don't want to go back to school so don't do that, it's a waste of money if you're not interested.
If you still enjoy poker, move down some limits or switch to a game you can beat and start working your way back up. Isn't that what good players do when they are running bad?
- schneid
Chris,
you are an smart, easy going, likable fellow. Poker can be that an attractive lifestyle but for the most part, it's mentally barren once you reach a certain amount of experience and expertise.
However, in the end, you need to ask yourself what will give you a sense of accomplishment when looking back 30 years from now. Once you sort out what that elusive "thing" might be, you can map out a road map of how to get there.
In the meantime, you can easily cover your expenses playing this game (albeit, lower stakes perhaps)and have the luxury to explore suggested options. i.e. if you want a restaurant, go spend some time with someone that owns one, etc.
Good luck Chris and enjoy the journey.
This bar idea could actually work, as long as it doubles as a performance space. You'll need a partner to run the bar while you research up-and-coming local bands.
I know an ex-acoustic engineer that will help you with soundproofing and microphone selection.
Whatever you decide, my advice would be to focus on something you are passionate about if possible. I spent the first 7 years of my career as an engineer and pretty much dreaded going to work every day. I went back to grad school, got an MBA and did two successful tech startups and now have been doing a couple years at an internet company in a space that I'm really passionate about. Work is still work but its a lot better when you like it a lot.
Personally, I like to play poker, but there is NO WAY I'd want to do it for a living (even if I could). End of the day, its pretty boring and nobody would miss you if you were gone. Could be that many young guys are going to burn out on that grind.
The world definitely doesn't need another guy turning farmland into tract homes and stripmalls. No offense meant, but you seem too bright for that.
One thing you have going for you is that you live in NYC. You have a lot of options.
Not sure what your leanings are, but there are a lot of long term opportunities with companies that investing in green technology and sustainable development. Like it or not, the human race is in for a pretty rude awakening over the next few decades, and history shows that where there are shortages, there are profits. Be the guy that figures out how to turn tract homes back into farmland.
Good luck.
My impression is that you've mostly been playing shorthanded limit poker. With your poker smarts, I'm certain you could be making your hourly rate goal at lower stakes for less variance playing full-ring or even 6-max NL. The worst poker minds in the world play NL. You should too. :D
Maybe taking up a hobby could help break up the daily grind. NYC could always use another drummer or bass player. One of my lawyer friends had a blast with acting classes.
Numbers, games, competition, problem solving... What about game design ? I have some friends in that field and they love it. They always mention what a creative challenge it is.
Contrary to what many have said, I would recommend steering away from poker for awhile. I know when I don't take a long enough break as soon as I sit back down at the table, the first beat that comes up gets under my skin. So take a solid break of no poker for awhile and clear your head, that's the best way you're really going to find what you're looking for.
Your posts have always been inspirational while I was learning new poker games, thank you. Keep us informed and best of luck.
Keith
Have you ever considered trying to start a web content business? I make a living simply by publishing websites (on a variety of topics that interest me). Currently I own over 30 websites and simply by selling ads make over $3000/month. I know it's not great, but I've only been doing it for about 13 months now.
Post a Comment
<< Home