It may be OK to choose an activity that some would consider ‘gambling’ to make your money: trading stocks and options; trading options; flipping real-estate …
… or, in this case, it’s Phil Ivey who many consider to be the ‘Tiger Woods of Poker’ a.k.a. The World’s Greatest Poker Player.
But, listen closely, in the 10 seconds from 5:00 you will hear the likely source of his eventual demise – Phil Ivey’s Financial Archilles Heel.
If this is you, seek help now … if you want to reach your Number by your Date, you may need to take a few chances to make your money, but once it’s in your hands you don’t want to risk just throwing away a penny of it!
Like they said in the video, he might be the best(up and coming player right now, but I watched a show a few weeks back where a guy had won 40 million playing. Of course the flip side of that is , he had also lost 40 million.So the guy has learned how to make the money, but seems he hasn’t quite figured out how to hold onto it.
@ Steve – Bingo! And, therein lies the problem … 😉
May I offer a solution to Phil Ivey? After he wins a big tourney I will hold on to 80% of his purse and dispense the money back to him slowly, cutting him off if he lost too much of the winnings.
And for this service I charge a modest 20% of the purse. Any takers?
@ Mike – LOL. However, we did suggest a more ‘self-service’ model that Phil (and, other speculators, traders, gamblers, flippers, developers, etc., etc.) could implement to help protect their ‘bankroll’ here: