Cash management

By Josh Zach

Iπve said it before and Iπll say it again (because I live by this philosophy): walking through a casino floor is exciting. The lights of the slots stimulate the brain, sending electric signals to your financial lobe. The financial lobe is very different than the frontal lobe of the brain which carries the common sense you possess. Your financial lobe, when you enter a casino, is duped into thinking you can parlay what money you have into riches. Generally that will not happen. I normally assert this philosophy when educating people on how to play poker, blackjack, craps, etc. This philosophy, however, also translates to your bankroll.

Playing poker is a stimulating experience, especially if youπre playing well, catching cards, or bluffing your way to big pots. Rhythm is the key to a good game, and everyone at the table can spot a player in rhythm: heπs the one with the chips. But rhythm cannot be ascertained unless youπre confident from the start. One way to ensure your confidence is by eliminating your weaknesses before you sit down. That is, you must be playing in a game that wonπt break your bank. When players are overly cautious of how much money theyπre wageringm they shouldnπt be at the table. It doesnπt matter how good of a player you are, or how good of a player you think you are; if you donπt have the bank, you shouldnπt be playing. Playing in situations like this will limit your ability to play your game in the style youπve become accustomed to playing.

Speaking from personal experience, Iπve hit rough patches before, financially, and it has hurt my game during those times. When youπre thinking about the utility bills, credit card statements, and car loans, your mind is not on the game. Iπve literally sat down at a table with nearly everything I had at one point, thought I could run everyone down, only to be lucky enough to leave with what I sat down with. And thatπs because I forced myself to leave because I had utility bills, credit card statements, and car loans. I couldnπt concentrate fully on the game because I had to make sure I at least left with the money I sat down with.

Picking your game, that is to say, picking the game with the stakes that fit within your means, is most important to establishing a preliminary rhythm before you even post your first bet. First, establish what kind of ≥disposable income≤ youπve got. Never play poker, or do any gambling of any kind, with money that is already allotted to someone or something. That will only put you in a hole. If youπve got $2,000 in your checking account, and $700 is for your mortgage, and another $300 for a car payment, then you really only have $1,000 to even think about gambling with. Now, out of that remaining $1,000, how much will you pay on credit (if you have any)? What about those every day expenses like a cell phone, gasoline and groceries? Letπs just put all of those together for convenience and say that they total another $500. Now, out of your original $2,000, youπve got $500 of disposable income. That really changes things, doesnπt it? For a minute, you mightπve thought about sitting down at a reasonable No Limit game with two Gπs, but now youπre probably aiming more for the $250 buy-in game. And thereπs nothing wrong with sitting down at a $250 game. In fact, itπs better for you because now that you have limited yourself to playing only the money that will not put you in a financial pickle, you can concentrate solely on the game, and not on, ≥Gee, I hope I donπt lose or else the mortgage isnπt getting paid.≤

There are handfuls of other things you can work on at the poker table to make your game better, such as table image. But you must first start with your bankroll. If you walk in to a poker room with your entire $2,000 (our earlier hypothetical number), itπs highly unlikely that everyone else at the table is doing the same thing. Youπre bound to come up against a wealthy individual whoπs got ten times that amount, and it wouldnπt faze him in the least if he lost it. Heπd be a brick wall to you. In that situation, your game will change, youπll play tight, you wonπt be able to raise and push people out. The chip leaders call or raise small stacks all-inãand it will happen nearly every time. Playing a game within your financial means allows you to keep your game steady, the style that youπve developed will continue without any major bumps at the start. And, if you manage to play an off nightãyou canπt catch a card, you canπt bluff anyone outãwell then, you lost a few disposable bucks, but youπll still be able to make your car payment on time.