Thursday, May 21, 2009

Bankroll Management

Anyone remember playing poker with me recently? Man, I miss it. BBT4 is almost done and I've barely played any of them. Heck, I've even been skipping poker league. Thankfully Bourbonators is this Friday night. For the most part, I've played a few SNG's and just a little ring LHE on Full Tilt. I had a nice run of cashing 5 consectutive SNG's...almost made Super Hot status on Sharkscope...

Somewhere, deep inside this blog, is the story of me and my poker moneys. One reason OhCountess doesn't give me a lot of static about pokering it up has been that it costs the family budge approximately $0 (zero) / month for me to play poker. Those nice blogger gathering and other various pokering experiences has left me in the black, accountingwise.

About 3 years ago, I went through the trouble of setting up a bank account at a local credit union to keep the live bankroll. Me and the Mrs were running into some difficulty figuring out what money was poker money and what money was, say, Coach purse money. I think of poker as a business and anything spent are expenses. Lowering expenses is vital for long term survival of a business. Coach purses are crazy expenses (...geebus! $400 for a friggin' purse? I make my $15 wallet from JCPenny last about 5 years...) So to me, it was really important to document all of cash flows in poker.

So, I had this account. It's at a credit union which was getting me somewhere in the ballpark of .5 to 1% interest. Now, to my kids saving their allowance, no biggie. .5% of $10 is still dick, but if you been reading here for a little while, cashing in a blogger game is a bit more the $10. Remember, OhCaptain is cheap but greedy. I'm also incredibly uninterested in working my whole life. I fully expect my cash to pull it's own weight and make some money too.

I'm sure, at this point, a few people have turned this off cause poker money just comes and goes from the checking account. I take my dad job pretty damn seriously. I made a promise to myself (it's written here some where too...) when my bankroll runs dry, I will probably give this game up. I have no intentions of never playing poker again...so we need to keep this little pile safe and secure...and breeding like rabbits...umkay?


What I've really been wondering lately is what all you geniuses do with your bankroll? 

A year ago, I moved as sizable portion of it to an account at ING Direct. At the time, I was getting 2.75% interest on the money. Really not too shabby. I kept enough local in my credit union so I had quick access to it in times of great need, you know, when you get that text about a juicy home game that needs milking (I love those...really I do) or a trip to a local casino is order. Important things. I've kept enough behind for 3 buy-ins or one largish tournament, but the rest is off in the ether...now drawing a less exciting1.5%. Which is still better then the .25% my local branch of a national bank is offering (seriously, I only get slight better rate of return play War in the other casinos), but not the >4% I'd like for beating inflation. If you are interested in an ING account, let me know. They run promotions all the time...you get money, I get money, life is good.

So, really, any one have other strategies for holding their money? I've barely been playing lately, so I'd like to keep it growing...even when I'm not sitting in the 7 spot check raising some hippie farmer on an inside straight draw. Am I the only guy that keeps track any more? Is it incredibly rude of me to wonder? Where do you leave your bankroll when you aren't at the tables? Hopefully it's not in a paper bag on top of your car...

7 comments:

Predator314 said...

I keep mine on the table in the Ivey Thunderdome :)

In all seriousness. I use ING. It takes like 2 days for an ING deposit to hit my checking acct and then I can fund a pokersite via echeck instantly. Normally I cheat and depsoit via my real life money and then let the transfer make up those funds in a couple days if that make any sense.

OhCaptain said...

Makes perfect sense. I sometimes use the family money debit card to avoid the transaction fees and then move poker money back into the family money when I'm at home. The credit union I use doesn't have many ATM's and I hate paying fees. More damned expenses.

The 2-3 day transfer period is something you need to plan for. That's the main reason I've left a bit more in the CU for quicker access. Text messages can happen with moments to spare :)

Dan N. said...

Basically what you said, except "EmigrantDirect" instead of "ING". Basically the same thing from what I've heard.

BWoP said...

I invested all of mine in securities backed by sub-prime mortgages . . .

Oh wait, never mind.

lightning36 said...

I originally made a separate checking account at a different bank for poker use only. The bank's ATM card allows me to deposit on Tilt, Stars, and some other sites.

Over the past few years I have used my poker money to help pay household expenses, mortgage payments, etc. I guess I have never done a good job at keeping everything separate. I put the money to use.

The funny thing is that I made the checking account at a different bank so that I could be sure no problems would occur with my other accounts. However, I liked my new bank so much that I have financed and refinanced (and refinanced) my mortgages there. I opened the account there 'cause the bank was close and the checking account was free. As a result of their offer and their customer service, they now make thousands and thousands of dollars off me. And we're both happy.

APOSEC72 said...

Itry almost everything except replacing "ING" with "HSBC".

Stevie Treys said...

I keep the bulk of my bankroll in a savings account available online. I have a separate checking account that I use to transfer to and from the savings account separate from the household account. I maintain a small amount in the poker checking account in case it gets hacked into. This account is tied into paypal and the visa that I use online when making deposits. As they say, you can never be too careful out there.