Handcrawler's Financial Guide
Hi - I'm z28dreams from 2p2. I wrote this guide because I've seen a lot of questions on the forums from the young guys that don't know what to do with their money, insurance, etc.
I'm not saying you should be saving every dime - you certainly should be enjoying some of that hard earned money. However, there are certain things you can do to set yourself up to retire early, have a nice house, etc.
For example. Suppose you have $300,000 right now that you've made from poker. (Ok, maybe a lot less, maybe a lot more). If you don't think it's a big deal, take a look at this example:
Current Age: 25
Target Age: 50
$300,000 invested at 8% annually will be worth around 1.9 million by age 50.
HOWEVER, if you wait to invest this at age 26 - that 1.9 million will only be worth 1.76 million at age 50.
You just lost $140,000 because you were a lazy sack and waited an extra year to invest your money.
As a poker player, you're constantly aware of managing your bankroll, taking shots, and growing your money.
Are you wasting money by not getting investments started now? A few questions to ask yourself:
- Did you max out your Roth IRA last year?
- Did you max out your 401k if you are employed?
- Did you deduct your cell phone expenses last year?
- How soon can you retire? In your mid-twenties, to live off around $100k a year, you need around $5 million
DISCLAIMER: I am not a certified financial planner, nor do I hold any other financial certificates. Use this advice at your own risk.
Here are a few of the main articles I think you should take a look at:
This guide describes a passive investing strategy to help you retire. It covers IRA's, 401k's, mutual funds, and finding a financial advisor.
Need a Financial Planner?
How big is the portfolio you need managed?
This guide discusses health insurance for self-employed people. HSA's, high deductible plans, and more.
This guide will discuss tax strategy for poker players - deductions, incorporation, and more.
This guide will talk about the basics of trading - covering stocks, FOREX, and more.
This guide will talk about the basics of real estate - mortages, insurance, rental properties, and more.