Trialbyfire Posted July 27, 2009 Posted July 27, 2009 Semantic arguments aside, the fact remains that poker is legal and other typical casino games are not. The main reason being the mathematics involved and who you're playing against.Not once have I stated that poker is illegal. I said that poker is classified as gambling, by the law. Two entirely different things.
Author kahn2154 Posted July 27, 2009 Author Posted July 27, 2009 So you're living at home. Once again, how long will $170K last you? Do you expect your parents to be around, for the rest of your life? Once again, you're saying this under the assumption that I will never make another dime from poker, which I will and am (maybe not in 5-10 years, but not many people know what they will be doing in 5-10 years) I could still probably live 3-4 years paying rent with that money. But no, I'm not set for life, no I am not set for life and never claimed to be set for life.
Trialbyfire Posted July 27, 2009 Posted July 27, 2009 He can buy a business with his savings if he wants. Not everyone is owned by the corporate machine.He'd rather live with mom and dad. As for buying a business, $170K isn't going to do squat for you, unless you want to buy the Dickie Dee Ice Cream bicycle. Your burn rate will kill, for any startups, since he can't afford anything much.
Author kahn2154 Posted July 27, 2009 Author Posted July 27, 2009 He can buy a business with his savings if he wants. Not everyone is owned by the corporate machine. This is kind of my plan, using my degree to work myself to death at a job 50-80 hours a week doesn't sound like too much fun at all. Don't want to devote my life to a job, that is how you become completely miserable.
Trialbyfire Posted July 27, 2009 Posted July 27, 2009 Once again, you're saying this under the assumption that I will never make another dime from poker, which I will and am (maybe not in 5-10 years, but not many people know what they will be doing in 5-10 years) I could still probably live 3-4 years paying rent with that money. But no, I'm not set for life, no I am not set for life and never claimed to be set for life.All I'm saying is to consider your options. For that matter, you could be working AND gambling, at the same time.
Citizen Drawn Posted July 27, 2009 Posted July 27, 2009 He'd rather live with mom and dad. As for buying a business, $170K isn't going to do squat for you, unless you want to buy the Dickie Dee Ice Cream bicycle. Your burn rate will kill, for any startups, since he can't afford anything much. Many businesses start out on much less than that. Personally, I think you've only ever come into contact with other trust fund kids and have little real world experience.
tanbark813 Posted July 27, 2009 Posted July 27, 2009 As for buying a business, $170K isn't going to do squat for you, unless you want to buy the Dickie Dee Ice Cream bicycle. Your burn rate will kill, for any startups, since he can't afford anything much. Also not true. My friends and I started a company 3 years ago that pays us all respectable incomes now. Our total initial investment up front was $1000. It took us about 2 years to build up revenue to the point of being able to pay ourselves but if we had $170K to start with we would have been sitting pretty from the get go.
Trialbyfire Posted July 27, 2009 Posted July 27, 2009 Many businesses start out on much less than that. Personally, I think you've only ever come into contact with other trust fund kids and have little real world experience.Look up burn rate, so you understand what I'm talking about. As for being a trust fund kid, I admit it but I've never needed to touch my trust fund.
tanbark813 Posted July 27, 2009 Posted July 27, 2009 Personally, I think you've only ever come into contact with other trust fund kids and have little real world experience. My thoughts exactly.
Trialbyfire Posted July 27, 2009 Posted July 27, 2009 Also not true. My friends and I started a company 3 years ago that pays us all respectable incomes now. Our total initial investment up front was $1000. It took us about 2 years to build up revenue to the point of being able to pay ourselves but if we had $170K to start with we would have been sitting pretty from the get go.More importantly, how much net income (not gross revenues), does it bring in?
39388 Posted July 27, 2009 Posted July 27, 2009 This is kind of my plan, using my degree to work myself to death at a job 50-80 hours a week doesn't sound like too much fun at all. Don't want to devote my life to a job, that is how you become completely miserable. Could you do a regular job for awhile if you had to since starting up a business takes both time and money?
Citizen Drawn Posted July 27, 2009 Posted July 27, 2009 Look up burn rate, so you understand what I'm talking about. As for being a trust fund kid, I admit it but I've never needed to touch my trust fund. I know exactly what you're talking about. I say again, many businesses have started on much less than that. This guy has a really good head on his shoulders, I'm sure he can do a lot with that sort of money.
Trialbyfire Posted July 27, 2009 Posted July 27, 2009 I know exactly what you're talking about. I say again, many businesses have started on much less than that. This guy has a really good head on his shoulders, I'm sure he can do a lot with that sort of money.Do you? Do you really? Do you understand market depth? The tech boom days are long gone. Startups take time, money, blood, sweat and tears to get going to the pace that's going to get you financial security. While I'm not going to knock anyone who can get a startup going, you'd better believe that gambling until he's 40 years old, WILL NOT help his cause. Anyways, ultimately, the OP has to decide what he wants to do.
tanbark813 Posted July 27, 2009 Posted July 27, 2009 More importantly, how much net income (not gross revenues), does it bring in? I'm not going to go into details on a public forum but enough that we each make well above the national average salary while operating at about a 40% profit margin. But the point is that it doesn't necessarily take a large sum of money to start a business. It varies greatly by business and industry.
Citizen Drawn Posted July 27, 2009 Posted July 27, 2009 Do you? Do you really? Do you understand market depth? The tech boom days are long gone. Startups take time, money, blood, sweat and tears to get going to the pace that's going to get you financial security. While I'm not going to knock anyone who can get a startup going, you'd better believe that gambling until he's 40 years old, WILL NOT help his cause. Anyways, ultimately, the OP has to decide what he wants to do. Do you even know how much $170K is, or what sort of things you can do with that sort of money? I'm not even sure I'll ever save that sort of money being a lowly lab scientist It's really scary how someone can totally lose sight of the value of money.
Trialbyfire Posted July 27, 2009 Posted July 27, 2009 I'm not going to go into details on a public forum but enough that we each make well above the national average salary while operating at about a 40% profit margin.So you put some money into fueling a start up. But are you one of the drivers, as in top tier management/control block shareholders? Or are you an employee they pulled in who was allowed to invest, to a small degree? What's your annual burn rate? But the point is that it doesn't necessarily take a large sum of money to start a business. It varies greatly by business and industry.Only if you can make enough each year, to stop from burning through the initial capital raised, unless your shareholders are willing to continue bucking up, on an annual basis.
Trialbyfire Posted July 27, 2009 Posted July 27, 2009 Do you even know how much $170K is, or what sort of things you can do with that sort of money? I'm not even sure I'll ever save that sort of money being a lowly lab scientist It's really scary how someone can totally lose sight of the value of money.Yes, I do know how much $170K is, and if you haven't saved a hella lot more than that by the time you've retired, your retirement will be exceedingly...unpleasant...
Citizen Drawn Posted July 27, 2009 Posted July 27, 2009 Yes, I do know how much $170K is, and if you haven't saved a hella lot more than that by the time you've retired, your retirement will be exceedingly...unpleasant... Maybe so, but at least I'll have done something with my life.
Trialbyfire Posted July 27, 2009 Posted July 27, 2009 Maybe so, but at least I'll have done something with my life. Umm...okay, do you mean like enabling someone on an online forum to remain a gambler? Give me a break as to who knows reality and who doesn't...
39388 Posted July 27, 2009 Posted July 27, 2009 Yes, I do know how much $170K is, and if you haven't saved a hella lot more than that by the time you've retired, your retirement will be exceedingly...unpleasant... Not necessarily unpleasant. You will have to work during your retirement years, but that's not necessarily a bad thing.
Citizen Drawn Posted July 27, 2009 Posted July 27, 2009 Umm...okay, do you mean like enabling someone on an online forum to remain a gambler? Give me a break as to who knows reality and who doesn't... We've already been through this re: the gambling thing. As I've pointed out to you several times with several facts and sources, its as much gambling as golf is, and if a semantic term is the only thing you can say in response to that then I think it's clear to the OP what he's doing. Not only that it's categorically not an addiction. In fact, I think running off for counseling every time you stub your toe is much more addictive and destructive behavior.
Author kahn2154 Posted July 27, 2009 Author Posted July 27, 2009 Yes, I do know how much $170K is, and if you haven't saved a hella lot more than that by the time you've retired, your retirement will be exceedingly...unpleasant... Um, I'm 23, I'm a long ways from retirement... You're acting like I'll never make another penny in my life
Trialbyfire Posted July 27, 2009 Posted July 27, 2009 Not necessarily unpleasant. You will have to work during your retirement years, but that's not necessarily a bad thing.Without any job skills, nothing to put on your CV and only gambling skills with who knows what kind of edge and competition you're going to get and for that matter, how gaming commissions will be reacting in future, for or against, how will you get a job? Working at a convenience store when you're 85 years old, if you're lucky?
tanbark813 Posted July 27, 2009 Posted July 27, 2009 So you put some money into fueling a start up. But are you one of the drivers, as in top tier management/control block shareholders? Or are you an employee they pulled in who was allowed to invest, to a small degree? I'm the CTO and part owner. What's your annual burn rate? Right now it's about $400K. It wasn't near that when we started.
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