Professional Poker Tips: You have to be good with more than just cards to compete

Poker Professional Gus Hansen announced he was part card player, part businessman and part degenerate gambler – about 60/30/10. In this blog posting, Paul Waskica reckons this resonates with him, right down to the percentages…

 

Paul Wasicka Professional Poker Player and member of Team FullTilt

Competing as a poker professional - more than just cards

 

Unlike athletes and celebrities, poker players have to risk their own money to make money. In cash games they can only win what they put out there.

 

 

It’s a little different with tournaments, but tournaments require a lot more luck since one misstep and their run can be done. This high degree of risk makes diversifying really important, if they can swing it. I know my primary job, the thing I’m best at, is playing poker. But I have other interests that help balance out the emotional and financial swings inherent in the game.

I’ve locked most of my money up, where even I can’t get to it. But I’ve also put energy, and in some cases money, into an endorsement deal, a poker school, a book project, real estate, the stock market and, yes, a little sports betting.

As I’ve branched out, I’ve spent a lot of time thinking about how to make sure I’m part of that first group, the group that invested wisely, not the group that fell from grace in extraordinary fashion.

The hard part is knowing when to keep a hands on approach and when to let professionals handle some of it. In general I believe you should know as much as possible about what you’re getting into. The more you know about taxes, the better conversation you can have in April.

I also believe the absolute most important thing you can do is surround yourself with good people, people you absolutely trust. In addition to trusted family members and friends, it’s crucial to have a good lawyer, accountant and financial adviser. Scrimp on these and your decision might bite you hand. Just ask Martha Stewart.

The other thing that’s held me in good stead is instinct. I’ve made some mistakes, but generally when something feels like a bad idea, even if you can’t pinpoint exactly what the concern is. You should probably walk away. I’ve had guys come to me with deals that have to be done immediately or the “opportunity” would disappear. I decided a long time ago never to allow myself to be pressured into making a financial move, and that has saved me money more times than I care to count.

As for the degenerate gambler part, I’ll never get the feeling of wanting that rush completely out of my system. The key is to keep it under control. But as my life changes, I don’t ever want to lose that 10%. After all, that’s what got me here in the first place.

Paul Wasicka

a5_wFor other poker tips and advice, including more from Paul Wasicka, check out the PokerLabRat.com archive of Tips from Professional Poker Players

2h_wIf you’re USA-based, like Paul, play and chat with top professionals online at Bookmaker Poker or BetOnline Poker.

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