Money Management 101

Are you going YOLO or FOMO? On a Tilt? Rage Playing? READ THIS:

Most of you reading this have a limited budget when it comes to playing poker. There are probably very few millionaires if any reading this. Poker is a game of the people and being such, the average person plays it. You’ve got to wisely manage your money so you can continue to play. Many of you view poker as a form of entertainment and being able to manage your money is important for your enjoyment of the game. Without being able to do so, you won’t be able to play the game that you love. It doesn’t matter if you’re someone that plays to relax or are hoping to make it big some day, managing your money is still important.

There are no set rules for how you should manage your bankroll
In fact, you’ll more than likely read a few different opinions on the matter if you searched online. The general rule of thumb is to have 20 times the buy in for cash games and 40 for tournament play. This isn’t written in stone and you shouldn’t not play because you don’t have the money. Don’t think that you shouldn’t enter into a 5 dollar tournament because you don’t have 40 times the buy in. These are just simple guidelines for those of you that are trying to manage your money.

Always keep in mind when your next deposit is going to be
Let’s be honest and admit that a lot of times you don’t play to win. Instead, you try to make your money stretch out as far as possible. You can play a little more risky if you’re planning on making a deposit in the near future. It’s not out of the question to play a tournament with a 10 dollar entry fee if you’ve only got 20 in your account. That is if you’re planning on making a deposit in the near future. This is for those of you that simply see the game as entertainment. You’re not looking to get rich or quit your job playing online poker. The only thing you’re looking for is a good time and the hope of winning a few bucks in the process.

Don’t gamble with money you can’t lose
No matter how good you think you are at poker, losing your money is always a possibility. This is why you’re not going to want to play with your rent money. You very well could end up homeless by doing so. The truth is, you wouldn’t be the first poker player to end up on the streets. Set aside some money for poker and stick to that amount. Tournaments can often times be a good bang for your poker buck. You can play for a long time and only have to pay one entry fee. It can be extremely easy to lose a lot of money playing cash games. All it takes is a few bad beats to really put a dent in your bankroll. It’ll make your most recent deposit look like chump change, no matter how big it was.

Poker should always be viewed as a form of entertainment. Don’t deposit 500 dollars and play at a cash game with a 500 minimum. It doesn’t give you enough wiggle room to make mistakes. Instead, play at a table with a 25 dollar minimum buy in. It’ll also enable you to play a little looser and the game will be more fun. Players will pick up on the fact that you’re in well over your head if you’re fearful of losing money. They’ll try to bluff you if you come across as scared to put money into the pot. Money management is far more easier when it comes to tournament play than cash. This is always something you should keep in mind when you’re deciding what games to play.