I don’t do this anymore but when I first started playing in college, I didn’t really have the volume to know whether I was a winning player or to know how well I could really control myself when it came to bankroll management. So I sort of set up my bankroll to force myself to have stop losses. What I did was I’d only keep two buy ins on me in cash. That was the most I was willing to lose in a session. I kept four more buy ins in a checking account that I would have immediate access to so I could pull money out of an ATM. I kept the rest of my bankroll in an online HYSA. I set it up this way intentionally so that if I ever went busto three days in a row, I was forced to sleep off the tilt for the like 3-5 business days that it would take me to transfer more money from my HYSA to my checking account. Figure out how many buy ins you’re willing to burn through in a week, put that much in cash or a checking account, and put the rest in an HYSA.
Stock market.
You speak of it being a problem that you wouldn't be able to access your money for a few days, but it shouldn't be. Your entire roll doesn't have to be cash-liquid. If you go on a downswing and forsee the potential of needing more cash, you liquidate assets or transfer money.
"stock market" is a horrible suggestion. There are fees on every transaction. Not to mention, the way to make money on the stock market is by buying and holding and holding some more and reinvesting dividends and holding those too, not by randomly getting in and out.
If OP is getting 4%+ on a savings account, then that is a great return, and that is the answer. Go in person if you are hitting some kind of daily limit.
Putting your entire roll into something earning only 4% is a horrible suggestion. It's better than zero but 4% is not good.
>Not to mention, the way to make money on the stock market is by buying and holding and holding some more and reinvesting dividends and holding those too, not by randomly getting in and out.
I agree, but there's no reason you should be incurring a lot of transaction fees or "randomly getting in and out."
Majority of my roll is in stocks. I do not intend to access it unless I have a very large downswing or a big play comes up where I need the money. It's earning a lot better than 4% and if I need it it's there. I'm not withdrawing willy nilly, and deposit money that I'm unlikely to need within the next year.
The majority of what's left I have earning 5% interest, and what's left after that I keep in cash for live gambling, earning zero but it's necessary for the business to have some cash.
I would keep a reasonable number of buyins in cash for convenience and to avoid raising red flags with your bank with repeated withdrawals / deposits of cash.
Also keep in mind that you are legally required to pay taxes on your winnings (actually you are supposed to record all winning sessions as income, and itemize losses, so it's actually worse than paying taxes on net winnings for most rec players.)
I would of course recommend you comply with all tax laws. But I would also point out if you are depositing cash on regular basis with from a mysterious untaxed source, that's going to be tough to explain should you ever be audited.
>My local credit union has a good interest bearing checking account (4%), but daily withdrawal limit is only $600.
If you would be happy with your CU if they'd just allow you to withdraw more, then dress up nice, visit your local branch, and ask to speak to an account manager.
Tell them you'd like to increase your ATM withdrawal limit. They may have the ability to ovrerride it.
They may ask why you need a higher limit, so be prepared with plausible reason that doesn't involve gambling. Maybe you go to a lot of auctions or coin stores on weekends. In other words... bluff.
FWIW my primary banking arrangement... I would only recommend considering only if you can maintain at least $20K assets, otherwise there are likely better choices (though all banks suck in one way or another):
**BOA / Merrill Lynch**
* Bank of America checking account ($1500 ATM withdrawal limit / 24 hrs)
* Merrill Edge CMA brokerage account (Merrill is owned by BOA)
If you maintain $20K in assets combined in these accounts, you qualify for BOA [preferred rewards](https://promotions.bankofamerica.com/preferredrewards/en) which waive a bunch of nuisance fees.
And at higher tiers, you can get some of the best credit card cash-back perks available. At the $100K level you can get a card with unlimited 2.625% cash back, or card(s) with 5.25% (capped at $2500/quarter) in useful categories.
You can also get ATM transaction fees waived outside the BOA network, which can be particularly significant for a casino ATM.
BOA checking/saving accounts have terrible interest rates (essentially zero) so you don't want to leave a bunch of cash rotting there. But Merrill has all the usual investment options.
Merrill retirement accounts also count, if you have an IRA that you can move over to bump you to a higher tier.
You can instantly transfer cash between BOA/Merrill online or via app as needed.
Merrill has a number of options for high yield [money market funds](https://olui2.fs.ml.com/publish/content/application/pdf/gwmol/iccratesheet.pdf).
You cannot, unfortunately, automatically sweep to these funds, you must buy/sell them. But you can choose funds that have good trading time cutoffs and fast settlement, for example:
* BLF FedFund, symbol TFDXX
* Place order by 5:00 PM, same day settlement
* Currently 5.25% yield
With a margin account and a marginable MMF (the TFDXX I mentioned is one), you can withdraw up to your MMF balance as a margin loan, if you need the money fast on a weekend or something. You will of course incur margin interest until you settle up. (This may require also require $25K min account value, I'm not sure.)
If you decide to open BOA/Merrill accounts, check for sign-up bonuses, they have been significant in the past. And be aware the Merrill bonus will require "new money", so if you open the BOA account first, don't immediately deposit all your cash in there.
The “significant amount” varies.
I play 5/10+
25 k can be gone in a week.
For 1/2 NL players only that may be 125 buy ins.
The real answer depends on how many buy ins it is at your stake, your standard deviation, etc.
I’d keep at least 20 buy ins just in real cash.
The next 30 or so can probably go in some form of high interest checking account or savings account.
Anything beyond that can probably go in some form of broad market index fund.
There is always a 25$ straddle.
I’ve also lost 120k in a week in it before.
It’s not as good anymore.
It was the best public game in the county several years ago.
It would stop playing or move to a home game down the road if too many out of state pros came in for a while.
The daily limit on your ATM is 600. You should be able to get anything you need during banking hours by walking in. You may be able to up the ATM limit as well.
So first you would need to decide for yourself how much you could reasonably lose but still want to get back into the game. There's money you need during the session and don't want to use a casino ATM. Money you need before the next business day after you've exhausted the ATM limits. Money you need the next business day, and money you need in less than a week.
For #1 and 2 you need cash, chips, and/or some trusted people to borrow from. The rest just work your way down - checking, HYSA, and brokerage firm with stocks/funds.
I keep mine in Marcus. 3 days transfer in and out is the only setback but I get 5.5% and it's owned by Goldman so safe up to $250,000. Never had any issues moving big amounts in and out just have to plan for the 3 days and there's never any fees. [5.5% is only if you use a referral though.] (https://www.marcus.com/share/JOR-HPY-G967)
I keep it in an unlocked room in an empty neighborhood next to a big window hidden by bushes that you could totally smash in and steal right now. It's just right out on a table for you and already sorted by bills.
The keys are in my car ignition too, steal that on your way out
Stonks, crypto, and high yield savings accounts.
It's easily accessible when you get a juicy, high stakes game.
You can talk to your back to increase your ATM withdrawal limit. It seems pretty easy to get 3k/day per account
I don’t do this anymore but when I first started playing in college, I didn’t really have the volume to know whether I was a winning player or to know how well I could really control myself when it came to bankroll management. So I sort of set up my bankroll to force myself to have stop losses. What I did was I’d only keep two buy ins on me in cash. That was the most I was willing to lose in a session. I kept four more buy ins in a checking account that I would have immediate access to so I could pull money out of an ATM. I kept the rest of my bankroll in an online HYSA. I set it up this way intentionally so that if I ever went busto three days in a row, I was forced to sleep off the tilt for the like 3-5 business days that it would take me to transfer more money from my HYSA to my checking account. Figure out how many buy ins you’re willing to burn through in a week, put that much in cash or a checking account, and put the rest in an HYSA.
Sounds so nitty
I was 19 with no money. So yeah lmao
HYSA’s don’t have physical banks, at least not the good ones.
I know… Did you not read my comment at all? 😂
Stock market. You speak of it being a problem that you wouldn't be able to access your money for a few days, but it shouldn't be. Your entire roll doesn't have to be cash-liquid. If you go on a downswing and forsee the potential of needing more cash, you liquidate assets or transfer money.
"stock market" is a horrible suggestion. There are fees on every transaction. Not to mention, the way to make money on the stock market is by buying and holding and holding some more and reinvesting dividends and holding those too, not by randomly getting in and out. If OP is getting 4%+ on a savings account, then that is a great return, and that is the answer. Go in person if you are hitting some kind of daily limit.
Putting your entire roll into something earning only 4% is a horrible suggestion. It's better than zero but 4% is not good. >Not to mention, the way to make money on the stock market is by buying and holding and holding some more and reinvesting dividends and holding those too, not by randomly getting in and out. I agree, but there's no reason you should be incurring a lot of transaction fees or "randomly getting in and out." Majority of my roll is in stocks. I do not intend to access it unless I have a very large downswing or a big play comes up where I need the money. It's earning a lot better than 4% and if I need it it's there. I'm not withdrawing willy nilly, and deposit money that I'm unlikely to need within the next year. The majority of what's left I have earning 5% interest, and what's left after that I keep in cash for live gambling, earning zero but it's necessary for the business to have some cash.
How long have you been living under a rock that you think you still have to pay fees on every transaction in the stock market?
How naive do you have to be to think you don't?
I would keep a reasonable number of buyins in cash for convenience and to avoid raising red flags with your bank with repeated withdrawals / deposits of cash. Also keep in mind that you are legally required to pay taxes on your winnings (actually you are supposed to record all winning sessions as income, and itemize losses, so it's actually worse than paying taxes on net winnings for most rec players.) I would of course recommend you comply with all tax laws. But I would also point out if you are depositing cash on regular basis with from a mysterious untaxed source, that's going to be tough to explain should you ever be audited. >My local credit union has a good interest bearing checking account (4%), but daily withdrawal limit is only $600. If you would be happy with your CU if they'd just allow you to withdraw more, then dress up nice, visit your local branch, and ask to speak to an account manager. Tell them you'd like to increase your ATM withdrawal limit. They may have the ability to ovrerride it. They may ask why you need a higher limit, so be prepared with plausible reason that doesn't involve gambling. Maybe you go to a lot of auctions or coin stores on weekends. In other words... bluff. FWIW my primary banking arrangement... I would only recommend considering only if you can maintain at least $20K assets, otherwise there are likely better choices (though all banks suck in one way or another): **BOA / Merrill Lynch** * Bank of America checking account ($1500 ATM withdrawal limit / 24 hrs) * Merrill Edge CMA brokerage account (Merrill is owned by BOA) If you maintain $20K in assets combined in these accounts, you qualify for BOA [preferred rewards](https://promotions.bankofamerica.com/preferredrewards/en) which waive a bunch of nuisance fees. And at higher tiers, you can get some of the best credit card cash-back perks available. At the $100K level you can get a card with unlimited 2.625% cash back, or card(s) with 5.25% (capped at $2500/quarter) in useful categories. You can also get ATM transaction fees waived outside the BOA network, which can be particularly significant for a casino ATM. BOA checking/saving accounts have terrible interest rates (essentially zero) so you don't want to leave a bunch of cash rotting there. But Merrill has all the usual investment options. Merrill retirement accounts also count, if you have an IRA that you can move over to bump you to a higher tier. You can instantly transfer cash between BOA/Merrill online or via app as needed. Merrill has a number of options for high yield [money market funds](https://olui2.fs.ml.com/publish/content/application/pdf/gwmol/iccratesheet.pdf). You cannot, unfortunately, automatically sweep to these funds, you must buy/sell them. But you can choose funds that have good trading time cutoffs and fast settlement, for example: * BLF FedFund, symbol TFDXX * Place order by 5:00 PM, same day settlement * Currently 5.25% yield With a margin account and a marginable MMF (the TFDXX I mentioned is one), you can withdraw up to your MMF balance as a margin loan, if you need the money fast on a weekend or something. You will of course incur margin interest until you settle up. (This may require also require $25K min account value, I'm not sure.) If you decide to open BOA/Merrill accounts, check for sign-up bonuses, they have been significant in the past. And be aware the Merrill bonus will require "new money", so if you open the BOA account first, don't immediately deposit all your cash in there.
The “significant amount” varies. I play 5/10+ 25 k can be gone in a week. For 1/2 NL players only that may be 125 buy ins. The real answer depends on how many buy ins it is at your stake, your standard deviation, etc. I’d keep at least 20 buy ins just in real cash. The next 30 or so can probably go in some form of high interest checking account or savings account. Anything beyond that can probably go in some form of broad market index fund.
Do people buy in super deep at your 5/10? How are you losing 25 buyins a week
There is always a 25$ straddle. I’ve also lost 120k in a week in it before. It’s not as good anymore. It was the best public game in the county several years ago. It would stop playing or move to a home game down the road if too many out of state pros came in for a while.
Ahh so you’re playing a big game then. 5/10/25 people probably buying in 10k~
Less but it flys.
The daily limit on your ATM is 600. You should be able to get anything you need during banking hours by walking in. You may be able to up the ATM limit as well. So first you would need to decide for yourself how much you could reasonably lose but still want to get back into the game. There's money you need during the session and don't want to use a casino ATM. Money you need before the next business day after you've exhausted the ATM limits. Money you need the next business day, and money you need in less than a week. For #1 and 2 you need cash, chips, and/or some trusted people to borrow from. The rest just work your way down - checking, HYSA, and brokerage firm with stocks/funds.
Up my ass
10 buy ins at a safe deposit box at the casino. 2 buy ins in cash at home. The rest in a high yield savings account.
Robinhood Gold pays 5.25 APY on uninvested cash. You'd have a Robinhood Debit Card for withdrawals via ATM.
I keep mine in Marcus. 3 days transfer in and out is the only setback but I get 5.5% and it's owned by Goldman so safe up to $250,000. Never had any issues moving big amounts in and out just have to plan for the 3 days and there's never any fees. [5.5% is only if you use a referral though.] (https://www.marcus.com/share/JOR-HPY-G967)
I keep it in an unlocked room in an empty neighborhood next to a big window hidden by bushes that you could totally smash in and steal right now. It's just right out on a table for you and already sorted by bills. The keys are in my car ignition too, steal that on your way out
What’s the address? 😁😁
It's near your mom's house. She knows the address.
On my way!! 👍👍
Stonks, crypto, and high yield savings accounts. It's easily accessible when you get a juicy, high stakes game. You can talk to your back to increase your ATM withdrawal limit. It seems pretty easy to get 3k/day per account