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Poker as my profession - Bankroll Management

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Posted by posted in Mid Stakes

Poker as my profession - Bankroll Management

Hi everyone,

I am looking to move to Nevada (near Las Vegas) and start a poker career, but had some questions about my bankroll. I currently have $50,000 in the bank saved up, but here are my questions.

  1. Is WSOP and/or Ignition a good place for Online play?
  2. What stakes should I be playing with a bankroll of $50,000?
  3. Should I typically be sticking to the 200-300 buy-in rule? (example: $50,000 / 300 = $160 tournaments / Cash Game buyins)
  4. How does reporting tax work when winning and losing in poker (live vs online?)
  5. Should I have a 6-month reserve for living expenses? For instance, my mortgage will be $1,200 + food + internet + etc... = $2,000+/Month. Should I take $12,000 of that $50,000 and put it aside for 6-months of living? And then use $38,000 for my roll?

Sorry for all the questions, but I want to look at every aspect before diving into this profession. Thanks!

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