If you won....
 

Say you win the Sunday Million for ~200K.

How much would you keep as your poker bankroll?

What would you do with the rest?

I had this conversation with a friend and he was astonished when I said I'd keep 30k for my poker bankroll. Does anyone else think this is too much?

Figured this might spark an interesting discussion.

30k is wayyyyy to much thats enough to be properly rolled for 5/10 which most of us by any means aren't ready to play.
I think 10-15k would be plenty to play 2/4 but I think starting from .5/1 and 1/2 and moving up once you feel comfortable at each level would be better.

As for the rest. House.

I'd go to 25/50 then likely lose most of it and cash out my remaining roll.

After putting away $80k to cover taxes, I'd maybe leave $10k online, open a separate bank account of maybe $15k to roll me for 20/40 LHE at Foxwoods (well, Mohegan once they re-introduce poker in Sept.)

That'd leave $95k to pay all my debts, get one new car and save the rest for whatever.

As for the rest. House.

Bad investment right now. Low interest rates + high prices = bad use of money (no wiggle room). Well, owning > renting, but I'd buy the smallest, chespest house you can live with.

Trust me, housing is still maybe 15-20% overpriced right now.

The fed under the past two administrations has over-controlled the market to a fair-thee-well. There's still a price collapse out there poised to happen and it will not be pretty.

Is "blowing it all playing a ton of poker well above my skill level and then taking a trip to Greece followed by being an odd relationship with some chick I met and then finishing with a nice scam of family members" already taken?

Three words:

Hookers and Blow.

Okay seriously - $200K? I'd pull it all off except maybe $5K. The remaining $195K would pay off our debts, our current mortgage, which we would then turn around and sell this house and buy a new one (slightly bigger and in a slightly better neighbourhood).

I'd use maybe $3-$5K of the 195 to buy a couple nice poker tables and a really nice custom clay chip set for the poker room.

15K i'd keep online. The rest comes off and goes into the savings account

~80K = taxes
10K = School loans
5K = Car
5K = Bank account
0K = Poker Bankroll
100K = Savings + Investing

I this is seriously how I would spend it. I'm so boring.

I think I would put it all on red.

Dangerous imo

3k online. 2k live BR.

The rest is paying off my house, and setting up education funds for the kids. If there was anything left over, home renovations and a cruise.

200k, really isn't so much to be worked up about.

80k taxes

35-40k student loans
50k brokerage account
30k fun money (trip to vegas, trip to europe, yadda yadda)

30k remains at poker stars.
cashout 170k
40k on Red.
50k for a new car.
Throw one big party and invite all my friends ;).
Put the rest of it in a bank.

I already cash out from my online roll somewhat regularly, so that must mean what I have online now is adequate, right? So, I don't think I'd keep any of it online... I dunno, I might keep 5 or 10k (over and above my current roll) to specifically take some shots with, play for trip sattys, etc. Money that I wouldn't stress about losing.

I'd take another chunk - not sure how much though - and set it aside for a live roll. Fund a trip to the WSOP and play in a bunch of the preliminary events for a year or two. $20k should cover that, as I don't see myself buying in to any $10k event anywhere anytime soon, regardless of what I have in the bank.

I'd probably buy myself something nice, but I have no idea what. I'm pretty fortunate in that I already have everything I "need" and most everything I want. Maybe I'd take a nice trip or two or three, specifically earmarking money from this hit to cover the costs.

I guess I could pay off or pay down my house.

But most of it would just get invested.

Apparently someone didn't like me saying 200k wasn't that much to get worked up about. I guess I should have been more clear.

After taxes, you're looking at two-four year's pay from winning a poker tournament (for most people with a decent job). A lot people aren't calculating the implication that you'll be adjusted into the alternative minimum tax (which screws up all sorts of tax cuts/benefits).

IMHO 200k isn't enough to freak out about. Is it enough for someone to quit a decent job, probably not. Is it enough to retire on for the rest of your life, probably not (unless you were to move to a third world country and live poor the rest of your life). It's a nice chunk of change that will help alleviate a lot of short term problems for many people. It may give some the flexibility to make life altering changes for most they will pay off debt, blow some of it, and invest the rest of it. I guess someone could always pull an eejit and blow all of it online.

There was actually an article really similar to this in money magazine. What to do if you inherited 100k today.

As far as how much to keep online, 5k tops. I have no intention of trying to play stakes that are that far above my skill level.

Money Magazine Article
 

The article appeared in the March 2008 issue under the heading, seven ways to invest a windfall.

Edit: I guess it was SmartMoney Magazine. Here's a link to the article:

It was me that thought your post was dumb, and I'm pretty sure I am more financially sound than like 99% of this forum. Even 200k to me is still a shitload of money.

I'd have a lot of uses for that much cash. It's funny, the more you make the more you spend. I make a ton more now then I did 15 years ago but I don't really feel like I have more discretionary money than I did back then, feels like less. Of course, at this point, I would probably take it and stash it away for my boys college funds, so I wouldn't see much of it. :rolleyes:

I guess I would put it on black then.

even though i cash out regularly I would keep probably 15k online for taking shots and what not.

the remaining 105K (after taxes) would go for family shit

Other than the poker tables, although, if I did win, I'm sure Rob would talk me into getting them, I would want to do the exact same thing. And Rob and I didn't even discuss this before he posted. I'm glad we think alike on this.

That is so cool that you like hookers.

Rob is a lucky man.

im in the UK and 200k is 100k or a little less in english pounds, we dont pay taxes on gambling winnings so I would get it all.

It really isnt that much althou I would deff not turn my nose up at it.

At our current property prices I couldn't even buy a decent 1 bedroom flat/apartment for that so property is off my to buy list.

I read somewhere (dunno where and dunno if it right) but the top MTT'ers have roughly 10k-15k online so maybe keep that and take the rest off.

Hookers and blow sound good but again they twice as expensive in england so maybe a trip to amsterdam would be on the cards (see what i did there lol).

If a low limit donk like me got lucky enough to go throu 7000+ players in the sunday million then a shot at the WSOP has gotta happen.

thadeas

lots of good responses so far.

now after giving it more thought i would do this with the 120k (after taxes):

15k online bankroll
10k live bankroll
60k: bank/invest
20k: home improvement
15k: travel