Month 2 Check-In

[Three]

T3
Nice post above - question. Your sims on withdrawal of funds has to be based on some arbritary fugure, which I trust provides for a decent standard of living. What are your factors for increasing or decreasing that number. Do you have a formula for skill miming excess funds?

The sims are strictly table play. I know what kind of downswings to expect. I know my monthly nut. I know the investment and spouse's income. I have to come up with the difference. I just figured a bad month or 2 and expenses and where that leaves me. I don't want to be close to drawdown. This no other job income is new to me. I was very nervous about not understanding things so I gave a lot of room for error. I am by no means an expert on this. Ask me in a few years. I just know if you aren't cautious spending too much of your profits will hurt you when you hit a bad patch.

Since so much of your BR lies idle and will hopefully never be touched what it does while at rest is a big factor in your BR growth. I recently met with a financial advisor and explained what I do.and what my goals are. He explained keeping my money in a tax free state bond fund that is federal, state and local tax free is a strong position despite the lower income. Definitely when you consider the tax free part is like getting 50%+ more return on the investment and no fees for buying or selling. It is like a bank account that pays about 6% interest once the tax free part is factored in. Not a bad place to park the idle part of your BR until it is needed. At least a good portion of it. The part you are quite sure you will never need can be invested in a higher return long term position. Just like for us time gets you to that long term average.

[Freightman]

Zee is our village idiot, and we like him. I respect his ability to ask questions to things he should perhaps already know. That takes more balls than I usually have. He often asks questions that I never thought about which has helped me understand things better.

The closest I get to rub and tug sort of stuff is taking pics with the chipndales on Fremont, lol.

I know nothing, I see nothing!
https://youtu.be/34ag4nkSh7Q

[MJGolf]

Long term experience is not an indicator of ability. I've known several experienced incompetents over the years. The educated guy is the winner - in theory.

Slightly off tangent to what Moses is alluding to. I think it is very safe that Moses would commend you on your work ethic. Moses is alluding that the the winner is the one who helps himself - that us the one who educates himself. The experienced guy only broke even over the long haul, because the experienced one was not able or willing to help himself - which is where I think Moses is heading. .

Interesting thread and posts..........very philosophical. It's really a "nature" v. "nurture" kind of question. I think to truly be an AP, you have to have a little of BOTH (ok, a LOT of both (education AND experience). I know that Moses tried to limit the question a bit maybe to give a choice as to answers BUT I tend to agree with Freighman.............

If someone had played THAT many years at this game AND was only EVEN; then he was wasting his time in either becoming educated about the game OR learning from his experience. Because if you were TRULY an AP you should be UP some amount after all that time. You may not be exactly at expected EV but you should be UP.

As to the second person (the full time student)...........it's a waste to not use your education to experience life. It's kind of like that old saying from Law School..........the A students became professors; the B students became Judges and the C students became RICH. If you can't take what you learn; temper it with experience; and acquire a positive result in the long run, you have WASTED BOTH your education and experience!!!!!