100k in ten years

100kintenyears

I see how this could immediately be seen as a stupid idea to anyone who has never played poker before as as soon as an activity which involves gambling is suggested it can straight away be thrown into the mix of other gambling games which openly involve little or no skill at all where the idea of playing is purely for the rush as opposed to poker which involves many different strategies and double and triple bluffs etc.

I doubt any player would say more luck than skill is involved in poker so for this reason I would like to hear the opinion of people who play or have played poker before on this question.

Broken_Biscuits

a friend of a friend suggests that he is sufficient from online poker.

he moved to Thailand because cost of living for rent food and internet were cheaper. He played when us and uk drunks were coming back from the pubs and making worse decisions. I don't know him very well but apparently he does well.

i personally know a few people who tried gambling to make money where it didn't turn out very well. Myself included.

i have a friend who made some good money playing snooker/pool too. I also know a lot of people that are decent and make nothing from it.

there will always be a success story. Will it be you? Maybe as a plan z. Get some real plans in place and play poker for fun if you enjoy it.

100kintenyears

Broken_Biscuits wrote: »

a friend of a friend suggests that he is sufficient from online poker.

he moved to Thailand because cost of living for rent food and internet were cheaper. He played when us and uk drunks were coming back from the pubs and making worse decisions. I don't know him very well but apparently he does well.

i personally know a few people who tried gambling to make money where it didn't turn out very well. Myself included.

i have a friend who made some good money playing snooker/pool too. I also know a lot of people that are decent and make nothing from it.

there will always be a success story. Will it be you? Maybe as a plan z. Get some real plans in place and play poker for fun if you enjoy it.

I'll have 50k in the bank and I predict I'll bemaking at least £500 a week before tax by the time I plan to be entering casinos to play.

I think throwing £150 a couple times a month at a £20,000 jackpot in a game I will have mastered (I just did a search on google and apparently it's 88% skill and 12% luck) is a well calculated idea.

I've never been a gambler, even when all my friends were putting on £1 spins on roulette machines and losing upwards of £20 a week in the bookmakers. I couldn't see the fascination once they had told me they have definitely lost more than they had won.

Poker is not gambling in it's purest form, it's a gamble in as much as any route you take in life has risk involved and if you do well some luck will have been involved,. You have to find a way to make the most out of what you've been given 'make the most out of hand you've been dealt/play your best hand' and hope for the best.

At least 1 in 2 start ups fail and it's predicted a much higher amount than that, current account deals are riddled with so much terms and conditions I'd be surprised if I didn't miss the smallest technical detail and end up with less than I started with and as we know stocks involve more luck than poker. Basically bar collecting interest on an astronomical amount, in order turn some money into a lot money involves risk and this is a a plan which I think has substance.

What form of gambling did you lose money in?

pathtofreedom

Have a read of this on how to invest long term in the stock market and how to spread your risk. It doesn't have to be high risk if you diversify enough.

http://monevator.com/category/investing/passive-investing-investing/

Good luck with your challenge but I am another vote for educate yourself and leave home as being a self starter will benefit you in the long run. How about looking at some Mooc courses such as coursera and seeing if you can find careers that interest you. Then you could pay for qualification to work for full time while doing other jobs part time to help fund it. If you spent 100k on your education in the next 10 years it would probably do you a lot more good than having that in the bank. Especially if whenever your parents kick the bucket you think you'll get a good lump sum and their house then.

lessonlearned

Pathtofreedom - I trust your remarks about parents "kicking the bucket and getting a lump sum and the house" was meant to be a joke........

I have helped both of my sons with deposits to buy their first property, and I'm currently living with my youngest son, sharing expenses, whilst we have been renovating his property and whilst I am searching for a house to buy for myself.

I see no problem living with either of my adult sons, sharing expenses and pooling our resources. I think thats what families are for, to help and support each other. This is common iin many parts of the world and it is becoming increasingly more common here in the UK.

My next door neighbours are a three generations under one roof family. The system works.

I see absolutely no shame in a young person living with their parents until they get some savings under the belt. Neither do I see any problem with middle aged children caring for their elderly parents where it is practical to do so.

I see little point in young people squandering money on rent if they can remain at home and save for a deposit, or set themselves up in a business or whatever. Of course if their job takes them away from home then that's another matter. Renting and standing on their own two feet is the only option.

However, if I thought for one minute either of my sons were waiting for me to die so they could inherit I would cheerfully either blow the lot or leave it to the local cats home........

Waiting to inherit is not a viable financial plan, what happens if said parents have to spend all their money on nursing care .........unless they are seriously rich there won't be much left in the pot.

As for the morality and ethics of such a plan........well it doesn't say much for someone's character does it.

100kintenyears - I can't say I'm impressed with your plan to gamble your way to riches. I suggest you think again.

You are currently working for a minimum wage, build on that. Study, acquire some skills, work hard, get promoted etc.

IN the meantime look for some additional sideline income, start a little business, get a second part time job, do a bit of wheeler dealing. The more income streams you have the better, you will improve your chances of reaching your goal and additional income streams are an insurance policy in case you lose your main job.

Good luck, but remember, money gained too quickly can be lost just as quickly. If you do wish to gamble then set an upper limit of how much you are prepared to lose and stick to,it. I would suggest no more than 10 per cent of your disposable income, preferably rather less than that.

My late husband and I enjoyed a flutter at the casino. We gave ourselves a very small stake. In today's money that would be around £25. If we were having a bad night we would stop playing once the stake money had been spent. If we were on a winning streak we always stopped whilst we were ahead.

You need discipline and a clear head to be able to gamble. Never gamble when desperate to win and never, never gamble when Lady Luck deserts you.

A little gambling is fun, if you win then it's the icing on the cake. However, it is not a career strategy nor is it a path to riches.;)

lessonlearned

Just a couple of points.

Biscuits is quite right - you need to understand compound interest. At your age it really will work in your favour.

The second thing to understand is what is known as the Rule of 72.

Basically it is a means of working out how long it takes to double your money.

So take the figure of 72 and divide it by the interest rate and the figure you arrive at will be the length of time taken to double your money.

eg. An interest rate of 12 per cent would be 72 divided by 12 equals 6. That means it would take 6 years to double your Initial lump sum.

100kintenyears

lessonlearned wrote: »

Just a couple of points.

Biscuits is quite right - you need to understand compound interest. At your age it really will work in your favour.

The second thing to understand is what is known as the Rule of 72.

Basically it is a means of working out how long it takes to double your money.

So take the figure if 72 and divide it by the interest rate and the figure you arrive at will be the length of time taken to double your money.

eg. An interest rate of 12 per cent would be 72 divided by 12 equals 6. That means it would take 6 years to double your Initial lump sum.

I used the calculators in the link biscuit provided and added it to my bookmarks.

The difference in what I needed to save each month was about £100 from the 1% I'm currently on to the best current account interest I've seen at 5%. Bare in mind the current account interest rates are calculated per month not annually like ISA's, so the difference would probably be even less (e.g. are you aware of drip feeding - the only way to get the returns you are talking about? It all sounds so painstaking and impractical) and bearing in mind the amount of terms and conditions on every high interest current account and the simplicity of my ISA I don't see the value in constantly switching and trying to salvage every last percent of interest.

pathtofreedom

lessonlearned wrote: »

Pathtofreedom - I trust your remarks about parents "kicking the bucket and getting a lump sum and the house" was meant to be a joke........

No not joking but probably didn't explain it enough. If you spend 10 years and even 60k - 100k on education and being self sufficant you will leave your parents more money, so they can enjoy their retirment rather than subisdise you the whole time. Also at the end of the 10 years you'll know yourself better, as to if you want a house or should be able to earn a much higher income anyway, so again the parents can enjoy their hard earned money on themselves. If they do kick the bucket, even if they sell the house for care home fees and there is nothing left, after 60k-100k on education it wouldn't matter anyway, but parents would have a much better retirement not worrying how the son will live without them.

Your situation living with your son while the house is renovated isn't the same as the OP. There are lots of different types of families so I'm glad the dynamics work for you, but also there are lots of different 25 year olds. Reading the OP posts so far he does read like someone who needs to real world experince rather than parents babying him. He won't do an apprentiship when the career he wants to be in, when they said he needs that level of qualification. His only plan b is poker which isn't a plan b at all, it is just a way to spend parents money faster.

So my advice is work, learn and become independant and that sense of acomplishment will serve you well, so when your parents are gone you can still survive by yourself. I know something about this due to siblings who were babied and never moved out, then expected me to support them forever going forward which is impossible. If you don't learn life skills like budgeting and common sense once his safety net is gone, which it will be one day, it will be a lot harder to change the older he gets.

lessonlearned

I agree the amount of switching required can be time consuming but it needn't be impractical, not with online banking and automated systems in place.

The only thing to be aware of is to be wary of incurring too many credit checks which are not good news for your credit rating when you come to apply for a mortgage.

Biscuits is quite right, it's not a good idea to leave money languishing in poor accounts. You need to maximise your interest otherwise there is little point in saving because your money will be losing value due to inflation.

I think one of the best around is the Santander 123 account, although you might not qualify because you need two direct debits to go out each month. You can fill that up to £20k and earn 3 per cent grosS.

Depending on who you bank with there are some good Regular Saver Accounts, ie First Direct and HSBC but you have to,have current accounts with them. I'm currently getting 4 per cent gross on a regular saver with HSBC - better than a slap round the face with a wet haddock.:rotfl: First Direct have an even better one at 6 per cent.

Again Biscuits is quite right, even tax free ISAs are probably not even keeping up with inflation.

You long term strategy will need to be about investing, not just saving.

droopsnoot

Just for some balance, there are people who earn a lot of money being poker players. When you see tournaments offering $1m prizes, someone wins these, and with enough practice and skill there's no reason it shouldn't be you. But it's not really a plan for wealth, with a strong rein on how much you spend it could be a hobby that might earn some money. Just don't get carried away with it. Now, if you'd been playing poker since you were eight, had an innate skill for 'reading' people and won plenty of matchsticks, then it would add more credence to trying to turn "pro".

Actually my only problem is that you start off describing playing poker in the same paragraph as "sure fire ways to make a big profit with the least risk involved". Playing card games for money isn't sure fire, and doesn't have the least risk involved. Your first detailed paragraph is fine, where you spend your spare time playing online poker where little or no money is required. But you can't plan any further forward than that, you can't assume that just because you practice a lot you'll automatically become skilled and a winning player.

It's like when people say they want to become an actor. "Normal" people will scoff at them, especially if they're from around here (nowhere near London, Hollywood or any TV studios), but people do have ambitions and do success all the time. Same for footballers - these people all started somewhere.

But in the meantime, those small changes in interest rates and compounding will help to make the most of what you can save. I also haven't taken much advantage of the high-interest current accounts, not least because of the Ts and Cs making it a bit inconvenient, but them adding £100 pa interest is less of a jump for me than it is for you. (I'm not trying to sound patronising there). The point with ISAs (for me) is about not losing the annual allowance. If you accept that interest rates are going to rise again, missing out on the annual allowance (especially if we agree you're only chasing a fraction of a percent) might be regrettable. If you don't have the money to put in an ISA, then it's irrelevant.


You have to keep a balance. If you've got £50k stashed in the bank and want to splash out on a few card games, that's your affair. But you have to make very sure that you don't suddenly find you're down to £2k in the bank and just need to risk that for this one big "sure thing". Know when to stop, when to cut your losses.

As for the living with parents thing, it suits some people. I know a "bloke in the pub", in his mid-fifties, lives with his parents and always has. It suits him (and I assume them), it's not for anyone else to interfere.