Posted: Wed Oct 17, 2007 1:00 am Post subject: Planning an Exit Strategy
If you are thinking about turning Pro (and for argument stakes, can play very, are bankrolled, etc).
Is is best or a good practice to plan an Exit Strategy if your poker career fails or is this just setting yourself up to fail to begin with?
By Exit Strategy, I am meaning a way to start a regular life again outside the poker world. Like a sum of money, a way back into a former career, etc.
If an Exit Strategy was a good idea, what would some of your suggestion be?
I think it is vital to have an 'exit strategy' as you put it. In fact, in The Poker Mindset, we list 'What is your backup plan?' as the most important question you need to answer when deciding to go pro. You are not setting yourself up to fail at all. In fact you will be taking away a lot of the pressure to succeed, which can only help you, especially in the early days.
If you quit your job, try to do it on the best possible terms, maybe leaving the door open to come back if things work out. If you are at college, make sure you graduate and preferably get a couple of years of work experience too so you have something to fall back on. While you are playing, do some part time courses or learn another trade or something (heck, you'll have plenty of free time).
Do whatever it takes to ensure that if poker doesn't work out (which for most people it won't statistically), you have a good plan B.
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