Silkyjohnson- Have you considered finding experienced players to bankroll to play solo instead of team play? It would be much easier to manage and as you gain more knowledge you can lean towards team play...email me if you get a chance at [email protected] so i can shoot you some questions.
silkyjohnson says: "i still gotta try. this doesnt happen that often."
With such an illogical rationalization I would like to point out that the probability of a group of neophytes being successful at this endeavor is so low as to be absurd.
This is the kind of enterprise that can only be organized and operated by and for veteran "Ace" players whose expertise has been generated by years at the tables.
Im a newbie and I can already see a problem here with the the guy who got the inheritance. If you know your friend cannot control his money why get involved with him to begin with? I am almost certain it will not turn into a positive thing. Definitely don't put all your eggs into one basket if you do and control your own winnings to start with if you can, to see how its going to go.
I have the perfect plan.... Invest the 200,000 in a low cost short durations muni bond fund, take the other 50k and invest in a diversified pool of low cost vanguard equity etfs. Buy the book called blackjack life, practice like they did for a year. Then (even though your principle might of gone down) take the interest and dividends that the bonds and equities would have generated and take that money and start red chipping it for 200 hours.... if it goes succesfull... now you will have experience and options. If it doesn't go successful, you will most likely have lost nothing since this was money earned on the money.. The bigger question is where this money came from his inheritance. Did it come from an IRA he inherited? If so , he is a fool for cashing the ira out to "gamble" when he could of created a stretch ira that would have grown and generated income for the rest of his life.
I definitely agree with the book recommendation. But make sure you buy one for friend, your parents, your neighbors, and anyone else you can think of.Originally Posted by smallcapgrowth
"There is no passion to be found playing small, in settling for a life that is less than the one you are capable of living."
Maybe buy 2, actually? Just in case the first one gets lost or stolen or self destructs.
You can't be too safe in these troubled times, after all...
By the way, I know you hear this every other week, but I'm in the middle of reading it right now and am really enjoying the book and you two's story.
"I did it for me..... I liked it. I was good at it...and I was...really...I was alive..."
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I'm hoping to get my copy signed one day.
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