5 replies to this topic

[Caractacus]

Daniel - wow I've always admired your poker playing and named you as my favorite poker player, but until I visited this site for the first time and read your blog today I didn't know you were a Christian. How fun!

Anyway, after reading your blog, then the forum responses, then the link to an older forum topic about can Christians be poker players, I saw the argument (which you refuted) that Christians shouldn't be poker players because playing poker is all about amassing wealth, which the other guy said was wrong.

Not to detract from your (perfectly adequate) refutation then, but it made me think of John Wesley's famous sermon on the Use of Money. It can be summed up as:
- Gain all you can (but not illegally, nor at the expense of your family)
- Save all you can (don't spend it wastefully)
- Give all you can (the ultimate purpose for gaining money)

As an investment analyst, this is my favorite sermon on the use of money - definitely Spirit-inspired. Wesley would back you up - you're gaining a lot of money so full credit on part 1!

So to my question: I notice you are unusually open, but PLEASE feel free not to answer this one as it also personal:
Q: How do you determine how much to hold back?
This question has two parts: the first is easier - as a professional poker player, I expect you, like all professionals, have to keep a certain amount of money in reserve to pay for your buy-ins. Maybe you never have long periods without a sizeable win, but assuming you might do, how much do you keep in reserve? Enough to cover three months of buy-ins? Six? Some fixed amount? How much would you advise someone to set aside if they were considering turning professional?

The second is more personal, and again PLEASE feel free not to answer - how do you decide how much to give? Do you tithe, or are you like Rick Warren and you "reverse tithe" (i.e. give away 90%)?

I have a friend in the UK who owns his own business. He and his wife a while back prayerfully decided what they felt they needed to live on, including future expenses for their kids etc., and subsequently committed to automatically give everything they earn after that flat annual amount to a charitable trust they set up. He has done well in his work, but even better he has influenced many others to do the same thing. I'm not saying you should do the same thing, I'm just curious to know how you've determined the right way to use the money you've been entrusted with.

Anyway, again, feel free not to disclose what is basically personal information. My motivation for asking the first part is that I am an amateur, but have wondered what you would need to turn pro (other than skill). But my motivation for asking about your giving is merely idle curiosity, so please ignore if this causes offence.

Thanks!

[DanielNegreanu]

Much of what you ask is a little too personal to disclose, but I will try to answer the best I can. You need more than six buyins as a safe bankroll, especially for tournament poker. In fact, closer to 50 buyins is what you should have in reserve. So for example, if you play in 10,000 buy ins, you should have 500,000 in your bankroll just for buyins, not to mention travel expenses, dailiy living expenses, etc.

As for how I give, it just depends on what moves me. I don't have a set schedule for when, how much, and to whom I give. I give when I feel compelled to do so, but I don't talk about it much. In fact, I find it a little disappointing when news of me giving is shared publicly. It's happened to me a couple times and while it doesn't make me angry or anything, that's just not how I want to give.

It's important to give, but it's even more important to give for the right reasons. Giving to others so you can brag about how nice you are, isn't one of those reasons.

[Caractacus]

Daniel - hey, thanks very much for your reply. The first part (minimum 6, recommended 50 buy-ins) is really helpful - thanks!

The second part I totally respect. Giving on the quiet is the best kind. Personally it excites me to be able to give, but it excites me even more if nobody ever knows about it (ok, except for the people who get the gift, and of course our Father).

For Christians, Daniel is following Jesus' command:

"Be careful not to do your 'acts of righteousness' before men, to be seen by them. If you do, you will have no reward from your Father in heaven.

"So when you give to the needy, do not announce it with trumpets, as the hypocrites do in the synagogues and on the streets, to be honored by men. I tell you the truth, they have received their reward in full. But when you give to the needy, do not let your left hand know what your right hand is doing, so that your giving may be in secret. Then your Father, who sees what is done in secret, will reward you."

(Matthew 6:1-4, NIV)

For non-Christians, you might be interested to know that a psychologist - Hobart Mowrer - who was disillusioned with Freudian psychoanalysis founded a new branch of psychology based in part on this concept - i.e. being open about your weaknesses or misdeeds, but secret about your good works towards others. Mowrer said most of us do the opposite:

"Most of us live depleted existences: when we perform a good deed, we advertise it, display it - and thus collect and enjoy the credit then and there. But when we do something cheap and mean, we carefully hide and deny it (if we can), with the result that the 'credit' for acts of this kind remains with us and 'accumulates'."

(O. Hobart Mowrer The New Group Therapy 1964)

The answer is to do the opposite - to hide the good, and confess (perhaps selectively, to trusted friends, at first) the bad. Mowrer developed this idea into "Integrity Therapy", which in turn influenced "Reality Therapy".

(Edited for spelling mistakes.)

[11 to 1]

For Christians, Daniel is following Jesus' command:For non-Christians, you might be interested to know that a psychologist - Herbert Mowrer - who was disillusioned with Freudian psychoanalysis founded a new branch of pscychology based in part on this concept - i.e. being open about your weaknesses or misdeeds, but secret about your good works towards others.

Hey I read that! It was in a book titled Matthew. No wait, Mark, that was it! Or.....was it Luke? OKOKOK - I got it! John!!!!

[KONGOS]

Daniel - hey, thanks very much for your reply. The first part (minimum 6, recommended 50 buy-ins) is really helpful - thanks!

The second part I totally respect. Giving on the quiet is the best kind. Personally it excites me to be able to give, but it excites me even more if nobody ever knows about it (ok, except for the people who get the gift, and of course our Father).

For Christians, Daniel is following Jesus' command:For non-Christians, you might be interested to know that a psychologist - Hobart Mowrer - who was disillusioned with Freudian psychoanalysis founded a new branch of psychology based in part on this concept - i.e. being open about your weaknesses or misdeeds, but secret about your good works towards others. Mowrer said most of us do the opposite:
The answer is to do the opposite - to hide the good, and confess (perhaps selectively, to trusted friends, at first) the bad. Mowrer developed this idea into "Integrity Therapy", which in turn influenced "Reality Therapy".

(Edited for spelling mistakes.)

Before I read your post I was gonna reply with that exact passage. I'm not a Christian but that is one of my favourite passages. Also....

The Model Prayer


5 “And when you pray, you shall not be like the hypocrites. For they love to pray standing in the synagogues and on the corners of the streets, that they may be seen by men. Assuredly, I say to you, they have their reward. 6 But you, when you pray, go into your room, and when you have shut your door, pray to your Father who is in the secret place; and your Father who sees in secret will reward you openly.[b] 7 And when you pray, do not use vain repetitions as the heathen do. For they think that they will be heard for their many words.
8 “Therefore do not be like them. For your Father knows the things you have need of before you ask Him. 9 In this manner, therefore, pray:

Our Father in heaven,
Hallowed be Your name.
10 Your kingdom come.
Your will be done
On earth as it is in heaven.
11 Give us this day our daily bread.
12 And forgive us our debts,
As we forgive our debtors.
13 And do not lead us into temptation,
But deliver us from the evil one.
For Yours is the kingdom and the power and the glory forever. Amen.[c]

14 “For if you forgive men their trespasses, your heavenly Father will also forgive you. 15 But if you do not forgive men their trespasses, neither will your Father forgive your trespasses.

and.......


Fasting to Be Seen Only by God


16 “Moreover, when you fast, do not be like the hypocrites, with a sad countenance. For they disfigure their faces that they may appear to men to be fasting. Assuredly, I say to you, they have their reward. 17 But you, when you fast, anoint your head and wash your face, 18 so that you do not appear to men to be fasting, but to your Father who is in the secret place; and your Father who sees in secret will reward you openly.[d]

[blacktie31]

Few i like from www.daveramsey.com

1. Proverbs 13:22 "A good man leaves an inheritance to his childrens' children" indicating that God wants us to make a difference, financially, in our family tree.

2. Proverbs 21:20 "In the house of the wise are stores of choice food and oil, but a foolish man devours all he has." This gives us an idea of how God wants us to save for a rainy day, to set something back for safekeeping.

3. Proverbs 22:7 states that "The rich rule over the poor, And the borrower is servant to the lender." Really? The Bible discourages debt? Does God really want me to pay my debts off and avoid debt?

4. Luke 14:28 "For which of you, intending to build a tower, does not sit down first and count the cost, whether he has enough to finish it." Does Jesus really want me to save up and pay for the things I buy?

5. Matt. 6:24 "You cannot serve both God and money".