This blog deals with how to plan to play professional poker for a minimum of three to five years to earn a modest income of approximately fifty to one hundred thousand per year. Playing professional poker requires pre-planning and more certainty than playing games of chance. When operating to meet living experiences and financial goals, the time commitment, energy, and ability to navigate a comprehensive plan is necessary.
Because porker requires a consistent flow of funds, you will need two separate accounts to make sure your business experiences and living expenses are separate. If they are placed in one account, there is difficulty in keeping track with all of the money flow as well as some of the ups and downs or swings within expected poker earning plus the ups and downs with living requires such as if you required renovations on a home or something of that nature. Hence, separating the accounts is necessary.
While setting up an actual business account is generally unnecessary for playing professional poker in most countries, it is a careful option for a long term strategy. If you intentionally plan to play poker for the long term, then setting up as a business with the intention to report the income and pay regular taxes can support you in the long run in terms of flexibility and direction of the enterprise. Setting up a business allows for more diversification as well as access to business funding that individuals without proper documentation cannot access. Because poker, like any other business, requires a base funding that is always present in order to maintain operations, that is, it has basic overhead costs and costs of doing business, then setting up in this way promotes organization and intentionally finding ways to pay taxes can help avoid negatively impactful judicial decisions within one’s locale.
The flexibility and diversification potential of operating from a legal business standard, means that there are ways in which professional poker can be lawful. It is important to understand that if you want to be professional then the first requirement is to be lawful. If you are not lawful, then there is no actual professionalism and what you are simply a serious personality. Not everyone wants to enter into society in this manner, and playing poker allows for individuals to operate outside of the general marketplace. There are only a certain amount of lifestyles available for operating outside of the general marketplace, and many of those lifestyles, without any vision or focus on improvement of quality of life, do not lead to substantial long term happiness.
Serious poker playing is a hustle, not a profession. It is a profession if that can be proved on paper, in court. Because society is not perfect, sometimes hustles are the only options available to people. But the danger of a hustle is that the hustle can become life and a hustle by its very nature takes more sacrifice than it returns. They are effective as short term strategies, but over the long term they form closed systems or lifestyles in which flexibility, new directions, and simply choosing to do something different become difficult. That is why the business planning here is designed to turn a hustle into a business plan and to generate a consistent flow. However, the real plan is to understand or maintain awareness that it is a closed system that requires scalability through diversification of entrepreneurial interests and eventually investing or applying the skills of poker in more stable systems that give options, such as founding a poker company.