22 AUG 06
By now, you’ve all heard of Chris “Jesus” Ferguson’s experiment where he played online poker and turned $1 into $20,000.
Dr. Chako’s experiment was very nearly the reverse. Yay for me.
So now, I’m trying something different. I took $20 into the local fish tank, a place called PJ Pockets. I played super tight (including folding pocket 10’s and AK pre-flop), and turned the $20 into over $100.
Yesterday I took a portion of that and bought into a $35 three-table hold ‘em tourney at Freddie’s at Fife. A three way chop for first place gave me $320. I was the chip leader (I think), with 30,000 in chips, but the blinds were 3000/5000, so it’s really a crap shoot at that point and these tournaments always get chopped. I kind of wanted to run it to see if I could win, but since there was more luck than skill at that point, the chop was the wisest choice.
Side note, after the 6th person busted, we decided to let places 4 and 5 get their money back. #6 dude heard this and got really pissed. “What about me?” he asked.
Screw you, buddy. You should have played better poker.
I could do no wrong in this tournament. My first hand I raised with 5 6 and the flop was 5 5 5. I never looked back.
Anyway, my plan is to take that $20 and turn it into a bank roll. I’ll have to do this around my new business schedule, which is more successful than I imagined.
That said, would you believe my little corporation has to pay close to 50% in taxes? I knew I should have been a Libertarian (or was that librarian?)
Just read your August 6 blog in which you ran $20 up to more than $300. Then you commented about your new business having to pay fifty percent tax.
My first comment is that you're not going to get a lot of sympathy from fellow poker players once they realize how much money you have to earn in order to be locked into a fifty percent tax braket. "What the hell," they will mumble. "We're struggling to cover our next blind, and this doctor chako dude is throwing his 'fifty percent' in our faces!"
As for Librarian or Libertarian, the Librarian says, "Let's pay attention to generous government grants," while the Libertarian says, "Let's pay no attention to worthless government rants."
P.S. That was an original quote
To the notable Hunter Silvastorm, the original quote was impressive. Very clever, as usual. However, your tax commentary is slightly off base and, as an accountant, I must take exception.
Yes, my husband should not complain about tax brackets, ever. I have often said that people who complain about being taxed at the highest tax bracket should offer to switch lives with someone who actually gets to take the Earned Income Credit, pay no taxes, but has to eat Ramen noodles in their government subsidized apartment with roaches.
However, the 50% has NOTHING to do with his tax bracket and EVERYTHING to do with the big surprise he got when he found out that in addition to personal income taxes on his S-corp profits, he pays payroll taxes, submits payroll withholdings, and pays Washington state B&O taxes . . . all tax vehicles for various governments that heretofore were completely unknown to my beloved virgin businessman.
I just felt compelled to set the record straight, lest the general public think we are ROLLING in dough. If we were ROLLING in it, I guarantee my skin would have that fresh glow that can only otherwise come from a $250 spa massage and sea salt scrub.
Love you anyway.
I like both Ramen noodles and my Earned Income Credit. Thank you.
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