0 to a million in 1 year playing online poker. part 6. Back to Basics

Well i just thought i would explain some basics of poker for you who don't know

TEXAS HOLDEM POKER.

Texas hold 'em (also known as Texas holdem, hold 'em, or holdem) is a variation of the standard card game of poker. Texas hold 'em consists of two cards (hole cards) being dealt face down to each player and then five community cards being placed face-up by the dealer—a series of three ("the flop") then an additional single card ("the turn" or "fourth") and another additional card ("the river" or "fifth street")—with players having the option to check, bet, raise or fold after each deal; i.e., betting may occur prior to the flop, "on the flop", "on the turn", and "on the river".

So what does all that mean? What's a flop? what is a turn?

Here we go i will break it down

1. Everyone at the table gets 2 cards face side down (that you do not show to anyone else).

2. The Button. 

This represents the person dealing.

3. Small blind/Big Blind. 

The person next The dealer is the small blind.
Now the reason for the name blind is he bets blind. Meaning he has to put some money in before the cards are even delt. And the big Blind must do the same but double the Small blind. And everyone else gets to look at their cards to see if they want to bet or not.

To make it simple. The small Blind will pay $1.00 and the Big blind will pay $2.00.

This can change, depending on the games you want to play.
This can be 1c and 2c blinds or $1000 $2000 blinds,
So we start off low and play at 1c and 2c blinds and then you get better you can go to games with bigger blinds.
Like
(5c 10c)
(10c 20c)
(25c 50c)
(50c $1.00)
($1.00 $2.00)
($2.00 $4.00)
($5 $10)
($10 $20)
($25 $50)
($50 $100). There are always plenty of games from play money to large amounts. You can always get regular games with $5000 $10000. per hand

What Level should i play?

Normally to play a game you want 100 x the big blind to play per game.

So you login and look for a game that is in your budget.
If it is 1c and 2c blinds.
You will need to bring in $2.00 to the game. (2c X 100 =$2.00).

And if the blinds were $1, and $2 you would want to bring in $200.

Just one more thing before i tell you about the rest of the game.
The above example of $2.00 a game means just that you will ned $2.00 to play that game.

So if your total bank balance is $2.00 you will get 1 game if you lose. So i work on having 100 x Buyin ($2.00) = $200 So you want

Example 1. 

Total bank Balance $200
Max bet per games $2.00
So look for 1c 2c blinds.
Total minimum games you can play 100

Example 2

total bank balance $1000
Max bet per game $10
5c 10c games.

So in my formular you will need $20,000 before betting on $1 2 blinds

= $200 So you want
Total bank Balance $20,000
Max bet per games $200
So look for $1 $2 blinds.

Ok back to the game.

The small and big blind automatically bet. And the big blind amount is now the minimum bet you can bet.

Then the cards are dealt. Everyone can look at their cards.

From here you decide two things.
I should i play   or i shouldnt i play.
We decide this on how good our hand is.
If you don't want to play you FOLD and you wait untill the next hand.

If you "want to play" you have 3 options.
You can Call
You can raise.


This means you put the same amount of money as the Big blind

SO the person to the left of the big blind is first he needs to put in  2 c. to play. Or he can bet more. It then goes around the table.

LEARN ALL HOW TO PLAY POKER HERE

Weekly target $3.80
Weekly actual $227.48Previous weekly total $154.23
Increase $73.25
Total Per hour $00.43c

Oh by the way whooo hoo we made it over $200

Online Financial Training Series Lesson 7 (Retirement Plan WEALTH BUCKET part 3)

Before filling up your wealth bucket.

We need to know why we want money and that it is a good thing to have an abundance.

Everything you want you can get. We can get food, shelter, water, cars, planes. Pretty much what ever you want. Below is a chart that shows you a hierarchy of needs. When you don't have one, all your energy is focused on that one thing. And will consume all your time.

First is oxygen.

Will you worry about cars and even what you are going to eat at dinner. If you don't have oxygen? No, your body will fight tooth and nail until that need is filled to survive.

Then shelter.

If you live in extreme conditions. You could freeze or die from heat.

Then water.

We need water or toxins will build up and cause permanent damage or death.











Then sleep.


We all know how hard it is to focus or do anything when we are tired.







Then Food.

You can survive weeks without food, but some people cant do anything if they miss lunch.
All these, a basic necessities of life and you must get all these before you can think about doing anything else. Most people are so busy "surviving" they cant even focus on or aim higher. So first plan is to Fill your Physiological needs.

Next step

Need for safety and security.

Now the only way we can do all these things is through money. Or finding someone who has them.

Yes, we need money for Food, water, shelter, sleep. And to feel safe and secure.

Living in a cardboard box or in a bad neighbourhood does give you shelter.

But now we are in need of peace of mind. You want to live in a safe place. Where you have access and all your basic needs are met. You want a place and money coming in where for the rest of your life you will not have to worry about the basic necessitates again. Now this means if you have a job you need to know the job is secure and will keep the needs filled. Or a spouse or partner you feel safe with.

Now for the good news. After we make money and have that covered the rest is just icing on the cake. The rest of our needs can be free. Best things in life a free once you feel safe and have your needs met.

We need love. I hate to say money will buy you love but no money will not.

You don't need a lot of money. But if a partner sees you can provide all the basic needs . You can move forward. And do other things. Like build connections friend ships join clubs and make and spend time with family.

Next step

After you have
Nice family, friends loved ones,
Live in a nice secure, house and feel safe neighbourhood, country.
You have access to oxygen water food shelter sleep.
This is where you can now aim to do something with your life.
Become a better person. By studying or creating things you enjoy.
And then can for fill you wildest dreams and live and become the person you were meant to be.
Once your free from worrying and have time all those dreams you pushed down and ideas you have left can now blossom.

Why else do we need this thing called money? And how do live life and get these things.

Through exchanging and bartering. Now we used to barter all the time.

You may want a coconut, and in turn, you will have to exchange something he would want in equal value. The problems with this was,

1. Things are not equal. 

For example. You want to get a coconut. But you are a sheep herder. And all you can trade is sheep. But you just want 1 coconut. But the going rate is 12 coconuts per sheep.

You don't trade in parts of sheep. So you either have to buy the 12 coconuts or pass. This is the same as today. Perhaps you are a car dealer and you want some groceries. You cant go in a shop and trade your car for some meat and veges.

2. You need something of value or need to the person you are bartering with. 

You want to buy a computer. and you sell toys.

He may not want toys, So you will have see what he wants, and will have to aquire it to get  your computer.

Perhaps what he needs is legal advice. So you have to find a lawyer that wants toys. You say to the Lawyer  If  I give you this much in toys will you give this man legal advice. And when he agrees.
The lawyer gets the toys, the man gets legal advice, and you get your computer.

It was a complicated system. And barely worked if you had nothing anyone wanted.

So we decided  compare and value all products and services under one system.

And come up with an ingenious way to barter. We call money.

Everything is now valued in a currency in 1 cent increments (depending what country.) to unlimited. And how we value this is on supply and demand and rarity.

Everything will measured in this way. So coconuts are for example 100 cents. legal help may be   1000 c, toys might range from 10 c to 1500 c. You can now put a price on your product. And people will pay you this "money" for your products. And everyone will accept  and use this money system.

You can now just give him 100c for a coconut in turn he can buy what he needs.

With that 100 cents. He can buy what ever he wants. And will not be worrying what he has to trade is what the person  wants.  Instead of only being able to offer your sheep at 1200 cents and just get 12 coconuts . You can sell your sheep to others at 1200 c and you can use 100 c to buy a coconut. 100c for a beer, etc.

Money is what everyone needs, wants and uses.

So moral of the story. You need money and lots of it. Because like it or not everything you want will cost you.  Either time or money.

Lets talk about time. 

Just like bartering for products you barter and trade you time.

You offer 8 hours a day at your work and in exchange, they will give you say $100. So you have valued your time at $12.50 an hour... Is "literally" once in a lifetime hours worth that for doing something you hate?




Lets work something out
Average life expectancy 75 years X 365 days X 24 hours a day = 657450 hours
1/3 is sleeping 219150 hours

That leaves you 438300 hours

If you work for 8 hours for your life (includes school while your young)
that leaves you only 219150 hours left. (this is calculated at 7 days because the chores and jobs you have to do at home).

Now lets see what are we going to do with this 8 hours.
Well  well first of all what hours will these be. lets say you work 9-5

You get up at 6. So you have 3 hours before work and you go to bed 10pm so you have 5 hours in the evening. 8 hours in the dark or early morning with most shops shut and to dark to do anything.

Lets take off 1 hour for commute to work. 2 x 30 mins

Lets take off 1 hour for showers and getting dressed 2x 30 mins

1 hour for preparing and eating meals'

1 hour for exercise
.
leaves you 4 hours.

That is not 4 hours straight.It is  1 or 2 hours in the morning and 1 or 2 in the evening. So most people will just watch a tv show or relax or spend time with family.
And this does not include school pickups, helping with homework, and the millions of other things we have to do.

So to conclude you need money and you need time to enjoy life. Excesses wont necessarily make you happy. But enough of both will.

The reason I say this is to remind people they are not bad people to want to enjoy their life.

And people are not bad when they have lots of money.

Money DOES buy happiness. Because it buys you time, and it buys your dreams and things you want and need.

You need money to buy shelter water and food heat or cooling. After that everything is basically a want instead of a need.
You want a car so you don't have to walk 10 miles a day.

You are buying time. It may take you 3 hours each way to walk to work but in car it takes you half an hour. You are paying for a car to be free. You can go places, and experience and discover and try new things that are not in walking distance.

You don't need the Internet but you can talk and see people on the other side of the world for free. Have an access to unlimited information and people.

Phones..... .Oh i don't think mobile phones are valued enough. It makes my life so much easier.
It is a note pad, calculator, phone, gps, directory, a game console, diary, book shelf, music player a tv,a business one stop shop. It is endless at what it can do. I can turn on my air con on the way home. I can order food to my door for when I get home. Stay in contact with friends. Can run my business and home life on my phone. And can take my business anywhere in the world. So buying a phone buys me freedom to travel, connecting with people and best of all. It has quickly turned into one of the biggest money making industries in the history of the world. But the best thing about my smartphone,it has satellite navigation. I no longer fight with my Wife about directions.

I look at everything in its value to me.

Ferrari is not a value to me. The price does not offer a great value. It offers me nothing for the price. Speed cameras everywhere, means I cant drive fast anyway. It does not carry any thing I buy. , it does not carry my family. I don't care if people go whoaaaaa a Ferrari. I know just as many people will be going "rich prick". Peoples admiration or jealously of my possessions does not make me happy. I would buy a Ferrari for investment, or if it was cheaper. but the value of what it offers me is not right.

 Strip clubs. 

Men go to strip clubs and if you watch them they pay not for sex but for companionship. A beautiful lady spends time with them. To you paying ladies to like them may seem sad. But it makes them happy. I don't need strips clubs because I don't need a divorce lol. But you should not judge on what makes people happy.  look at the heirachy of needs. That sense of love companionship. Is highly needed. So a am who has lots of money but not many friends and no partner. To him this is money well spent. he has everything else he needs.

One good thing to you may be disgusting to another person.

I love a juicy steak . Yet someone might be a vegan.

You might enjoy running 5 miles a day. While i would rather eat rocks.

And some ladies like sitting their relaxing getting hair done for hours. But for me i get the shaver out and run it over my head. I could not spend 3 hours and hundreds of dollars on a hair cut. But my wife comes back feeling good and looking good. And it makes both us happy. So it is well worth it.

What makes you happy is up to you. Not anyone else. If you want to travel around the world, if you want to dedicate your life to charity, perhaps you want to gamble, you love to collect classic cars, you love to  drink and have sex with prostitutes. It's your money its your time. Do what you want to do.

YOU HAVE ONE LIFE TO LIVE.

So you need money. And remember you are not a bad person. if you need or want a little bit more to make you happy.

Now its time to make money money money money flow into you bank and keep flowing for ever.

We have got our expenses bucket
We have our investment bucket. Like a dam. Holds and builds up money and flows out the excess each month into your expenses bucket.

Now we build a tap to pour money into our wealth bucket and we need to do some plumbing and build a pipeline. We need to add some pipes from different sources to our main line. The more we have the more it will flow.

0 to a million in 1 year playing online poker. part 5 (arrrrrrgh)

This week we are hoping to hit the $200 mark.

So we can move up levels and start accumulating bigger. (Or losing bigger). But we will continue the same strategy. We are also building up a lot of player points. So we have decided to stick to the Plan and play cash games tables. If we want to use the points for tournaments, it is on our own time.

I won't be playing them. But the other guys are itching and have spare time on their hands. As long as it doesn't effect their game I don't care. We risk nothing and stand to gain a lot.

Day 22 $141.00 We actually have gone backward since last week.
Day 23 $144.13 Building back up
Day 24 $158.01 Back over where we started
Day 25 $156.23 Slipped a little
Day 26 S149.84 Slipped a Lot
Day 27 $152.67 Back over where we started
Day 28 $154.23 Small but much need moral booster.

Weekly target $2.90
Weekly actual $154.23
Previous weekly total $149.23
Increase $5.00
Total Per hour $00.02c

$5.00 only $5.00 for 168 hours work. 

Quite Shocked. We did nothing wrong. It was 

just one of those weeks. I won't lie it hurts but it was not a loss. So I can not complain. Just regroup during our weekly meeting and take it out (get $200) in the next few weeks.

LEARN ALL ABOUT POKER A WINNING STRATEGY

0 to a million in 1 year playing online poker. part 4. (TILT)

I feel better this week.

It is going well, but we are all itching to move up the levels. Including myself.

But I have warned the guys to stick to the plan.And we are not moving up until $200.

I think I am the one that wants to move up quicker and it is so hard not to. We are doing well and are ahead of schedule but for some reason it seems impossible to fight the urge to bet higher amounts.

 Day 15 Week started off good. We are feeling more confident with lots of money in the kitty for any bad swings. We can take more risks then the 1st and 2nd weeks, where we had to play real tight.

 Day 16 Have realised we are earning a lot of reward points by playing so much. That means we can buy in into tournaments with the points. For now we agreed to keep playing just tables.

Playing tournaments will mean we play for hours and wont earn any money unless we win a satellite and then win in the next tournament. It means for 1 session we would lose all income from playing tables.  For the risk of winning against 2000 other players in a tournament. We will re-look at it in a few weeks to see how best to use the points.

Day 17. During the game I went into what some people call "TILT".

Tilt is a poker term for a state of mental or emotional confusion or frustration in which a player adopts a less than optimal strategy, usually resulting in the player becoming over-aggressive. This term is closely associated with steam and some consider the terms equivalent, but 'steam' typically carries more anger and intensity.





For example i had a full house. I went all in.. he got one better.










I had a king high flush.  He went all in and i called him. He had an ace high flush.















I got a straight, he had nothing and i went all in and he called me. then two spades in a row come up to give him a flush.










This was in one 4 hour session.
Lucky i have a punching bag in the next room. Oh i smashed it.
And the next shift started and one of my partners calmed me down and just got me to walk away.
So you must learn to control TILT. And once you learn to control tilt you can learn to use it against others and recognise when they are in tilt. And even learn how to put them in tilt.

Day 18 I log in and we were on $101.36. I had to double check I thought "shit we are over a hundred dollars". I did start to play really tight thinking I did not want to fall under the $100 mark and did not play my best. Ended up not much higher at $104.34 but it was still growth.

Day 19 felt a bit more comfortable today not worrying as we were in the $120's and we finished down at $116.

Day 20 Wow the guys did great and I come through I cant remember the exact amount we ended on but i will keep the surprise for tomorrow.

Day 21. $149.23 Everything is going great.

Weekly target $2.20
Weekly actual $149.23
Previous weekly total $77.14
Increase $72.09
Total Per hour $00.42c

 Now i am in two minds.

One says we are over $147 a head of schedule. While the other voice in my head said you have made $50 bucks in 3 weeks and  earn 14 cents an hour. Just questioning the this plan. It seems all good but i make a lot more money from other avenues that i dont have to do anything. I wonder if I want to work an 8 hour day job i could be earning $1000 a week instead of this measly amount.

I will keep cracking along. What can i say i have a plan and i will follow it through. I
 am excited as we get closer to the $200 mark to play higher stakes.
It will still be fairly low stakes.  I have played and beaten  this next level before in my poker days. And actually I prefer the next level as they play a little smarter but more predictable. They don't do as stupid things and they are easy to read.

Need help playing poker? Click Here! Full 1 stop shop. Keep you on your target.

Click here for week 3
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Online Financial Training Series Lesson 7 (Retirement Plan WEALTH BUCKET part 2)

There are a few levels of this wealth bucket.

1. Protection BUCKET

If you haven't done your budget do that now.

Have you done that now? Good. What we are trying to figure out is how much you need minimum a year to survive. Not movies not holidays or eating out. Just your rent, food, basic necessity. And figure that total out.
Lets say you are spending 2000 a month. So we times that by 12 months = $24000.

 So you need $24000.

That is $24000 liquid cash. So if you lose your job or get sick you can survive a year  without losing everything. And best of all you get a peace of mind.

So workout that number.

Monthly Expenses X 12 to get year Amount.

Example. $24000




Your First Bucket Will be full when you have (Example $24,000) 1 year of basic needs covered in cash available to you. In either a bank account or in equity in your home.

2.  Security BUCKET

The next stage is exactly the same. What ever your amount in the protection is.  Write down that number again.
So for the example of $24,000 we right down $24,000 again.
The difference this time is.  We want this number return every year. So we want investments earning and bringing in $24,000 a year.
If your protection number was $24,000 this will be $24,000 a year

So we add an investment bucket. This new bucket will be putting our savings and investment bucket. And will flow out into your original bucket (your expenses bucket).

So we have a pool of money, business, royalties, stocks realestate. All these assets will give us dividends, rent interests etc. So we want all these returns from these investments to cover our basic needs.

So we want a number that will give us a  $24,000 a year return.

So to make it easy on us. To find out what amount you need to give us $24,000 Per Annum. An easy way to work this out, would be to times $24000 X 10. or add a zero on the end.

So $24,000 becomes $240,000. What we have done, is found a number that will give us that a return at 10%. If you are confused that is ok.

What we are looking for is to earn $24,000 for the rest of our lives. So the best way to do that with investing, is have a lump sum and earn interest off it. We are assuming a 10% return on any money invested on average. So we are figuring out what number with a 10% return will give us $24,000 and for this amount it will be $240,000 X 10% = $24,000
Another example would be. If your protection amount is $30,000. we just add a zero on to make it $300,000
If your protection amount is $36,500 just add a zero on $365,000
What ever you had in your first bucket just add a zero

So now we draw 2 buckets

Example $240,000 X 10% = $24000

The top bucket has your total amount of investments (our example of $240,000).
The 2nd bucket is receiving a return of $24,000 a year from the investments. So each year, your Protection bucket will be filled up. For the rest of your life.

3. Comfortable Independent. 

This level is trying to afford to keep your current lifestyle.

 Lets say you are on $50,000 a year. It covers all your expenses and you are comfortable. This is what you want to write down.

Add everything in your budget. And put the yearly amount down that you want to live on.
Now if you are earning more then you spend,  and you save a lot. You can lower this amount.

Or if you are behind and really struggling  and you are earning less then you spend, you can lift this amount to what you need.

So we work it out the same as above $50,000 x 10 (or just add a 0) = $500,000



Example $500,000 X 10% = $50,000 a year return.


So now you have $500,000 in your top bucket of investments and the return pouring out is $50,000 a year into your everyday bucket, every year for the rest of your life.

4. Lifestyle BUCKET

So this one it is time to have little fun and re adjust your budget.

We don't want to just "get by" in retirement. We will want a few toys. So in your budget tweek it a little. We just don't want to live " comfortable" we want to enjoy ourselves.

Add a holiday a year in there. Say $8,000 a year. You want a boat $20,000. Spoil the grand kids, eating out a few times a week. You can add what ever you want. Now don't forget we are not paying cash for things. If you Buy a new car for $30,000. You work out what that will cost you. You will use a line of credit or a loan. Which you pay yearly. Just put down  10% of the total a year. To make it easy. So it will cost you about $3000 a year to pay off your car. $1500 interest $1500 principle.You can get exact numbers anywhere.

Added to budget
Holiday ($8000) a year
Boat $20,000 ($2000) a year
Eating out extra (10,000) a year
Paying kids education fees $10,000) a year
Few extras ($10,000) a year
Total $40,000

Last budget $50,000 + $40,000


$90,000 X 10 = $900,000



Example $900,000 X 10% $90,000 a year return.
This one will be fun for you. Just go onto you budget. And add your items. Time to find out and plan for retirement. Once we know the lifestyle we want. We can start preparing for it.

5. Absolute Dream Bucket

Go crazy all your dreams.

Donate to my Charity $10,000
Buy houses in 2 different countries
$600,000 ($60,000) a year
Lamborghini $200,000  ($20,000) a year
Party's $20,000 a year

Previous amount $90,000
New amount $110,000
$90,000 + $110,000
= $200,000

$200,000 x 10 = $2,000,000

$2,000,000 x 10% = $200,000 a year


This is the life style you always wanted. How about a castle. They are fairly cheap right now. How about Funding a charity? Ferrari? I seen an island for $2.2 million so repayments would be $220,000 a year.(At paying it off pretty quicky. And it comes with a charter business that net returns (after expenses) $190,000 a year. So it will cost you $30,000 a year for an Island.
How about you want to cure cancer. And you need $200,000 for research. This Dream Bucket amount for some people can be in the $10s of Millions. Bust for most people it will be under $10,000,000. Some will be happy filling up there independent bucket.


















I personally don't have a flashy car.

I have a nice Ute. And SUV for the family.

I needed more seats and room for toys and bags and kids. And I use my Ute all the time.

A two seater Ferrari does not entice me at all. Oh they are fun to drive. But I would just lose my licence anyway.

Also i would worry about dints and spilling my coffee. There is also really not any room.

Boats are good. But they do eat your money. But i love it. You can buy designer clothes. I find  you spend less on clothes in retirement.
You don't need suits for work. Just need shorts jeans and a few nice shirts. And one nice Suit.

So put everything you want. But i'm sure you will find you will not need it to be happy. It will for a while though ;). So aim high for your dreams and enjoy it. And as you get older you may not want to fly to Ibiza every weekend for a party, but you may want to pay the kids mortgage off . Perhaps the money will give you precious time. Instead of working all day everyday for 60 years. You can spend that time with family, following your dreams, writing, painting, or doing something you love.

And the extra time you get from not getting ready for work, driving to work, being at work, will make you happier then ever. But you do want some money to make sure you can go out and not just sit around until you die. My money is on everyone setting up their buckets will have an early, long and fulfilling retirement free from stress and lack of funds. Will be able to travel and go out.

Buckets


Absolute

$2000,000

Freedom

$900,000

Independence

$500000

Security

$240000

Protection

$24000

So go on. Draw a bucket with holes in there and start from there.


Next week we will show you how to fill these buckets up.

We will show you what your bucket look like.  And what it will look like.
By building pipelines to you tap. And no more pouring money in each week. We will put in the effort to build long term pipelines that will pay of for ever.

Shovel for 60 years or build for a few years, and reap the benefits for perpetuity?