Now that I've boosted my bankroll over $10k and have had two WSOP cashes, I think it's time to revisit the topic of what role poker plays in my life and where I want to take it.
For the last 5 years poker has been a hobby and a vehicle for me to become good at a skill. The following is from a blog post in November of 2006 about how I got started playing poker (http://poker-reads.blogspot.com/2006/11/how-i-got-started-in-poker.html).
"As I started playing poker, I realized that it could be something that I did for myself and that I could use it as a way to realize my full potential in something that I was passionate about. So now, I have made it my mission to become one of the best. I know that it won't happen over night, but the great thing about poker is that I can play it the rest of my life. "
This statement is still very true and I strive to improve my skills every day. But now that I've finally reached a higher bankroll level, I can start playing at higher stakes than I have been.
Now I realize that winning $15K isn't life changing money or that now I'm rich and can play any tournament I want. In fact that is far from the truth. But this was a major milestone that I've been shooting for for a while and it now enables me to play consistently at higher levels. It is a catalyst that will catapult me to more significant bankroll gains. But even more significantly, cashing twice at the WSOP in pretty tough fields has given me the confidence that I am on the path to reach the levels I am shooting for.
But let's keep things in perspective. My new bankroll isn't even close to "high stakes" or anything like that. But what it means is that it will afford me the ability to change the role poker plays in my life. I will use this to go from "casual part-time low stakes hobby player" to "mid-stakes local player and part-time tournament circuit player". I can now go to the juicy local $2/$5 games if I chose or not feel like I'm playing outside of my bankroll when I get invited to a $200 or $300 local tournament. With proven results at the WSOP, I can also start hitting up 2-3 WSOP Circuit or WPT events each year and play a handful of preliminary events (not just one), feeling confident that will be one of the best players there.
From a financial perspective, I can start using poker as a way to supplement my family's income. I was on that path a couple of years ago when I decided to leave my job and become a partner in X3 Sports. I cashed out all but $250 in Poker Stars and any money I won live was used to pay for groceries while finances were tight. Now, however, X3 Sports is doing well and my monthly paycheck is a little more stable. My plan is to now take a percentage of my poker winnings and use it for semi-regular side income that can be used for extra spending cash, a family trip, etc. Ideally, I would like to use it for fun things that we can do as a family. At the same time, however, my bankroll is not at the point where it needs to be to allow me regularly play the tournament circut and to accomplish my ultimate goal...a WSOP Bracelet. So the majority of my winnings will still go back into my bankroll so that I can continue on the path upward.
So far, my progress has been relatively slow if you compare it to the majority of successful 20-something year old online pros. I simply don't have the time to play 20 tournaments a day. The bankroll gains that they might see in a month will take me over a year. That being said, I know that it will still take some time to reach the $20K & $30K mark. I also know that I will see bigger swings now, but I'm prepared for that. I've always been good about managing my money and I've been playing long enough now that I am mentally prepared for dips. Again, it's not like I'm going to start playing $500 online tournaments or anything. But I can start consistently playing ones like the nightly $150 on Stars where the payouts are much better. I no longer have to subject myself to the $3 rebuy or $27 - 45 man turbo sngs. From a live perspective, I will make more of an effort to regularly play the local tournaments (Tuesday/Thurs night, Bentwater, etc.) and possibly the $2/$5 cash games (although I still enjoy tournaments more).
From a commitment standpoint I also plan to start playing more, both live and online. Whether I needed to or not, cashing in my 2nd consecutive WSOP has proven that I am good enough to use poker as a way to make money for the family. I know my wife has never doubted my abilities, but coming home with cash certainly helps the next time I want to take time away from my family to go play poker. If anything, I think it helps me fee less guilty about it.
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