#37: How to Avoid Going Broke After Becoming a Poker Professional?

#37: How to Avoid Going Broke After Becoming a Poker Professional?

In poker, you can win big. But, keeping what you win? That’s the real game, and most folks don’t even realise it until it’s too late.

Imagine the rush of a huge win, the adrenaline, the cheers, that feeling of being on top of the world. It’s exhilarating, right? But the real challenge starts after you’ve pocketed those chips. How do you ensure that you don’t give it all back and end up starting from scratch, or, worse, completely broke?

Because going broke after a big score isn’t about luck.

Often, it’s about how you manage your money once the wins start coming in. And that’s what separates the players who make a long career from those who flame out.

Take Jamie Gold for example, In 2006, he won $12 Million in the WSOP Main Event, the single biggest prize pool ever at that time. Yet, within a few short years, stories of his financial troubles were making the rounds, and he wasn’t able to sustain that lifestyle. Now compare that with someone like Daniel Negreanu, who has won big but stayed consistent by careful bankroll management, discipline, and treating poker like a long-term business. Same game, very different outcomes.

So, how do you avoid going broke once you turn pro?

First, treat your poker bankroll like it’s your business capital. Set firm limits on how much of it you’re willing to risk in any single game or tournament. A common rule is to never risk more than 5% of your total bankroll on cash games, and even less on tournaments. Think of this as your safety net: no matter how unlucky the cards get, you won’t be wiped out by one or two bad sessions.

For example, if your bankroll is $20,000, risking more than $1,000 in a game puts you in dangerous territory. A few bad beats could wipe away months of hard work. But if you stick to the 5% rule, you always live to fight another day.

Do you keep your poker money separate from your living expenses?

This is crucial. Your winnings shouldn’t pay for rent or groceries. Instead, pay yourself a steady monthly amount like receiving a salary. This way, when the inevitable losing streak hits (and trust me, it will), you won’t be panicking over bills piling up. It’s simple discipline that protects you from financial stress and keeps you focused on the game.

Think about Chris Moneymaker, he hit one of the unlikeliest wins in history, back in 2003, turned a $39 online satellite into a $2.5 Million WSOP Main Event win. Overnight, he became a household name. Now, imagine if he had just gone on a wild spending spree and burned through his winnings right after that big score. We probably wouldn’t still be talking about him today.

Keeping your cool is just as important as managing your bankroll. Poker is full of highs and lows, so if you’re feeling frustrated or unlucky, don’t push through blindly. Step away for a while. Talk to a friend, review your hands, or just get some fresh air. The best players know when to call it a day.

Remember, becoming a poker professional is an incredible achievement. But it’s not just how you play at the table, it’s how you manage your wins off the table that counts. Stay sharp, be smart with your bankroll, and let your success last for the long run.

Ready to keep your seat at the table? Let’s do it together, one smart decision at a time.

Quick tips to avoid going broke as a poker pro:

- Risk only a small part (around 5%) of your bankroll in any game or tournament.
- Use money you can afford to lose.
- Keep poker money separate from your regular living expenses.
- Pay yourself a fixed monthly amount to cover daily costs.
- Resist the urge to splurge after big wins, stick to a budget.
- Take breaks when feeling frustrated to avoid tilting.
- Continuously review and improve your game and money management.

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