I got laid off from my job back in February so I've playing professionally since then. I was receiving unemployment and severance until July so now I'm on my own. I have around 70k on poker sites, and another 20k or so in the bank to pay off bills. My plan so far has been to cash out 3k a week no matter wins or losses. I play plo and nl up to 5 10 but Mainly 2 5 and I prefer hu.
My monthly nut is high as I have a mortgage and a few girlfriends lol. I budgeted around 700 a month for dates, 600 a month for travel, 500 a month for random things, so with this Monthly nut is around 5k a month, but I also took out a personal loan which I owe 26k on at 8% interest for 7 yrs at 450 a month, and another with 14k balance which I owe 2% on for 2 more years which is 630 a month These 2 loans add about 1.1k a month to my monthly nut so the total is around 6k
I've been thinking about paying these 2 loans off or at least the higher interest one to reduce my monthly nut. Would this be a smart thing or am I better off holding on to the 26k or 40k for now to build my career. I took the loans out to Jumpstart my career which I was able to do. Also I withdrew my 401k for about t 75k so I will owe penalties and tax on this in April, and I have to pay tax on 18k of unemployment.