Alan Schoonmaker is a popular PhD psychologist who, a few years ago, became interested in the mental hurdle of the game of poker.
He has written 14 poker books, including four related to the psychology of poker, and several hundred columns in poker publications, videos and podcasts. Without a doubt, he is the world’s largest contributor to the psychology of poker.
In the 27 February 2019 issue of Card Player, he offers the first in a series of columns to answer a potentially important question: “Why Do So Many Poker Pros Die Broke?”
His advice is important if you want to avoid such a tomorrow. Also, it can be applied to picnic poker players to a specific extent.
Let’s assume you’re already a picnic player and playing pretty well at the poker table – underestimating the cost of playing. You have all the skills necessary for success. So right now you are thinking of becoming a pro. The money you can earn will allow you and your family to live a pleasant and comfortable life – without the hassle of keeping a job still. The thought of being your own boss is attractive to you.
Schoonmaker offers good facts to reconsider the idea. For example, he wrote if as well as some of the top pros end up going bankrupt. Notable examples are poker celebrities visiting online domino poker KudaQQ, Johnny Moss (who, at the start of his poker career, gained popularity after winning the first two World Series of Poker competition championships) and Stu Ungar (considered by some to be the greatest poker player ever, his addiction to drugs resulted in him going bankrupt and dying at the age of 45).
Why is that happening? There are several facts why a poker player can go bankrupt. Schoonmaker cautions that variations (I say “fluctuate”) cannot be shunned. If a pro doesn’t spare some of his winnings, he is in danger of not having enough money for the next competition he is targeting to enter, or for final retirement.
Some pros use their winnings to bet on other games – unbeaten – like craps. The end result: They went bankrupt. Someone is likely to place their winnings on a bad investment. They should get the opinion of an expert investment careerist. And they forget to put their winnings into a retirement savings account, where they can earn interest, dividends, and other tax-free benefits until they are ready to retire.
Some pros cheat on their taxes, or may not even provide tax returns. Result: They pay more social collateral (forced savings for retirement), receive fewer living benefits, and are less likely to meet the requirements for Medicare.
A large number of this is due to pro conceit (“I don’t need it” syndrome). Likewise, he may fail to account for health insurance. (“I will be healthy,” he gave himself confidence.) Furthermore, career-minded poker players may really bother learning the skills and playing poker, so that they don’t manage to recognize if it’s a game that moves a little. There is little physical exercise that gets stuck while sitting at the table.
Dr. Schoonmaker explains that “Poor health has a far greater impact on the earnings of a poker player than some other personal careers.”
For information, he writes, if you can make a living for your average salesperson, teacher or lawyer, but you don’t stick for the poker pros unless you are among the best.
“If you underestimate your health, you will have higher clinical costs, and you will not play well enough to pay for it. You are likely not dead bankrupt. You will die fast. “
For this, I’m going to provide an unavoidable fee-to-play (which I often write about), be it cash games or competitions. Handling this return home fare is a hurdle for all players – careeronal and picnic.
In the columns that follow, Dr. Schoonmaker will examine other triggers of death. More importantly, he promises to tell us how to retire safely.
Play poker but don’t go bankrupt. If you are contemplating moving from picnic to poker pro, think again before you take that big step.