Saturday, May 2, 2009

Life plans

So at this point as mentioned in my previous post, my plan is to grind poker and read about what my uncle does some more online and then head back out there. It seems like a clear and VERY easy decision for me at this point to decide to jump in head first and transition to this full time since my entire plan when first getting into poker to begin with was to build up lots of capital, learn how to invest it, and then generate enough passive income to be able to not have to work again so I can spend all my time doing things that I'm interested in. The only real counter argument to working on this with my Uncle would be that it takes time away from me short term from being able to travel as freely as I would like to but I believe that's far outweigh'd by the benefits from doing it long term.

Long term it would offer me much more financial stability and freedom than poker since the poker economy hasn't really been getting any easier these past couple of years and unless it got legalized it's only going to get harder and harder to win money. Then even if it didn't get harder and remained beatable, I still would prefer having financial certainty instead of depending on the turn of the cards in order to make a living. I never planned on playing poker forever anyway, although I certainly would do so if my only options were to work a normal job or play poker, but I still wanted even more than that and always had planned on generating cash flows and passive income (hence the name of this blog having 'investor' as well). I just don't want to be dependent on poker for the long term to make a living,which is not any new revelation or view since I never really planned on playing till I was like 40 or anything anyway. Unless a poker player plans to play for the rest of their life, he will need to invest in some businesses or generate some sort of cash flow somehow to get out of being required to play to make a living.

My previous plan before this Africa idea was to play poker and travel in my early to mid 20's and then look to settle down in my late 20s early 30s at which point I'd pretty much have to do the same thing I'm doing now anyway (learn how to invest money made from poker into something else). By doing it now instead of later it will allow me to take advantage of a great opportunity that might not be there later on in life as well as earn money sooner than later...and that money compounds exponentially over time so it would be worth even more over time the sooner I acquire it. In a sense, all I'm really doing is re-arranging the order of things because of a great opportunity I've ran into now. So if things go well, that means I'll have plenty of money by the time im in my late 20s early 30s to then have a much better situation to support/raise a family or travel to my hearts content at that point. If I continued with my first plan which was to play poker/travel now, I would end up just having to do this later on when I'm near 30 at which point I might not be as successful with it because of not as many investment opportunities or the help of my Uncle.

Since the actual type of work involved in the investing isn't something that fits in with my optimal/desired lifestyle (although it does involve a lot of traveling actually so I'm not sure yet, it may fit in more than I think since my Uncle mentioned that this can be done from any country in the world once you know what you're doing and he also only works for half of the month), i'm hoping it faciliates me being able to retire, otherwise if I had to chose between spending 20-30 years doing that type of investing or 20-30 years playing poker I think I'd chose playing poker because of the added freedom it has. But even then I'm not so sure because poker gets more boring for me everyday and what my Uncle does seems a lot more interesting/easy/profitable than poker so it might not even be bad even as a 'bad scenario'. I could do what he teaches me in any country of my choosing based on what he said. If things did go well though and I could retire early, it would certainly allow for more freedom to do anything I want and more money overall long term.

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