With the World Series of Poker on tap I think this is a good time to talk about an important aspect of being a poker player. Dealing with SUCCESS!

Poker players are used to failure, the average player cashers only 15% of the time in a poker tourney meaning the other 85% they are failing. As players we are used to calling our friends or significant others to tell the bad beat story or complain how life is not fair. Well what happens to the 1-3% the ones who make life changing money and are flush with cash and have to deal with the burden of success. It may sound silly the burden of success can be a very real thing for a gambler. I have several friends and know many players who have won big in a poker tournament only to be broke a month later. What happened?

The poker player repaid debts, bet on sports, found the pit, staked players, moved up in stakes among other things. So how does someone in this world hold onto money? My secret is easy I just give it to my wife and I do not have access to it. We have set up a way where the money is protected for a time at least so that I do not fall into any of the above traps. This however will not work for most people so what would I do.

First I would do nothing! Paying back any debts is a priority but not one you should deal with immediately. I would take a small piece and pay off any credit card bills or high interest loans first. The rest can sit in an account that you cant touch for 15-30 days. Depending on the amount you win I would get a good financial planner during this time your money sits. If the victory does not warrant that then I would set up a game plan on how the money should be allocated.

First you put in high priority bills that need to be squared and make life easier. I would not pay off my mortgage (I still have one) or pay off debts that have a low interest rate as the money can be better used for good investments. This last sentence goes out the window if you have a history of big wins and losing money or just have that gambling itch. If either applies to you I would use the money to pay off every debt I had. Having zero debt in this world can be very up lifting and freeing and allows you to play with more freedom. Me personally am not afraid of debt as long as my money is working for me.

Now that you got your home life situated lets clear the books on any outstanding poker loans or those such debts. Again a clear mind is a great tool for poker and not having these out there is a good relief. Once this is done we are left with a chunk of money that we have no plans for as the win was unexpected. This is where it gets fun and frustrating. When friends and family here of your windfall you will have plenty of people you never knew existed come to you for loans or “business opportunities”. Everyone that has loaned you money will now expect you to return the favor and loan money to them. The one KEY word here is NO! You need to set a firm line in the sand that you are evaluating where to allocate you money and not giving anything away right now. Over time the requests will slow or stop altogether but the first month there will be lots of hands out.

The next step really depends on you as a person. I am a huge believer in investing in yourself. Invest in poker coaching, or other self improvement things to help you achieve more money growth. If you have a main job GO BACK TO WORK! Do not make any drastic changes or life altering decisions for atleast 3 months. After I won the main event I went back to work for 8 months and I am happy I did. Things went back to quasi normal and the money was more of a thing that was just out there and not something I relied on. My lifestyle stayed the same, I played the same 1-2 and 2-5 poker games. After awhile it was like things were the same as before I won alot of money.

Once you have made it 6 months or so and you still have your winnings you should be pretty comfortable that you have self control and can make sound decisions. Invest in what you know and try to balance your portfolio. You made it through the rough part of the first 6 months so you most likely will handle this money with success.

Thanks and good luck on the felt

Chris Moneymaker

Moneymaker is more than just a fitting last name, it’s also the mark of a poker legend. We’re proud that the man who ignited the online poker revolution is now an ACR Poker Team Pro.