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Appreciating the Value of Money

by Bernard Lee |  Published: Oct 28, 2015

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Bernard LeeI have been extremely fortunate to be playing poker professionally for almost a decade. Over the years, I have also been recognized for my role in the poker media and also as an instructor in numerous training sessions. Therefore, I have been asked many questions and advice about poker.

Here are a few of the most common questions:

Question: What are some of the most common mistakes beginning poker players make?

Answer: Amateur players often play too many hands. They also should avoid playing hands out of position. Finally, they should not get married to pocket aces or top pair.

Question: What is the best tournament of the year?

Answer: World Series of Poker (with regards to the tournaments, prize pools and atmosphere) or PokerStars Caribbean Adventure (with regards to weather and family fun)

Question: Besides no-limit hold’em, what are your favorite poker games?

Answer: Deuce-to-seven no-limit single draw and seven-card stud

About five years ago, a young online player who was sitting to my direct left asked me for advice on how to become a professional poker player. After inquiring about his background, the polite 21 year old said that he had been playing online poker (this was before Black Friday) for about four years. After graduating high school, he went to college, but dropped out after two years, as he rarely went to class due to his immersion in the online poker world.

Overall, he believed he was about break-even in online poker over the last few years. With no hard numbers to back up his claim, I believed that he was probably a slight losing player, as most people overestimate their wins and underreport their losses. Now, as he just turned 21 years old a few months earlier, he now wanted to strike it rich on the tournament circuit. Although still trying to improve on his live reads, this young player felt that he was better suited to the live tournament pace than the frenetic online world.

Subsequently, I have reiterated this conversation I had with him with several other young players and I would like to share that story with you.

Young Player: “I love your work on ESPN.”

Me: “Thank you, I really appreciate it.”

Young Player: “Every time I read one of your columns or see you online on ESPN Inside Deal, it seems like you really enjoy your work.”

Me: “I definitely do. I feel extremely fortunate to be doing something that I truly love.”

Young Player: “Since you have been playing poker professionally for a while now, can I ask what advice you would give a young player, like myself, who wants to make it as a poker pro?”

Me: “Are you sure you want my advice, because you might not like what I would recommend?”

Young Player: “No, I’m sure I will. Please tell me what you think. I really respect our opinion.”

Me: “Get a job.”

Young Player: “No, Mr. Lee. I don’t think you understand my question.”

Me: “No, no. I completely understand your question and I told you that you might not like my answer. Players your age, who have not finished college and not had a real job, often do not understand the value of money. Without this fundamental concept, you will never be able to succeed as a full-time pro, especially in bankroll management and appreciating your successes.”

Young Player: “I’m not sure I fully understand what you mean?”

Me: “Let me try to explain. When is the last time you cashed in a tournament?”

Young Player: “I final tabled two days ago and ended up finishing in fourth place.”

Me: “Okay. How much did you win?”

Young Player: “Only $1,500.”

Me: “Only $1,500, huh? That is exactly what I mean. Now, if you had a job, let’s say making $10 an hour, at the end of a 40-hour work week, you would take home about $350 dollars, after taxes. That means you would take home about $1,400 in a month. If you had worked, you would then appreciate the $1,500 that you won since it would be more than a month’s worth of work.”

Young Player: “I think I understand now.”

Me: “Also, because you understand how hard it is to make money outside of poker, you will hopefully also not blow your money if you have a big score in the future.”

Young Player: “How long should I continue to work?”

Me: “I would recommend at least six months to a year. This amount of time is not too long considering you are only 21, but it will be enough time for you to appreciate not only the value of money, but also your freedom when you stop working.”

I never knew whether that young man ever took my advice or if he eventually made a living playing poker. However, since then, I have retold the same story to several other young players while travelling the poker circuit. Recently, at the RunGoodGear Series at Horseshoe Council Bluffs in Iowa, a player came up to me, reminding me that I had told that story to him and a few friends a couple of years ago. He told me that he had followed my advice and worked for almost a year. Now, he fully appreciates every cash, every final table, and especially every win. He still works part time today, putting away some money to continually build his bankroll. He has still not given up hope to become a professional poker player one day. However, he now fully understands that it will take a significant score to allow him to play full time, especially in today’s online-less U.S. poker world.

In his own words, he told me, “What you said was the best advice I have ever heard in the world of poker.” I believe that this sound advice will help any young aspiring poker player. Poker is a great game, but there are lots of ups and downs, and it is not all glitz and glamour.

I hope that some of you will take this advice and eventually fully appreciate the value of money. ♠

Bernard Lee is a poker columnist for ESPN.com, author of “The Final Table, Volume I and II” and radio host of “The Bernard Lee Poker Show,” which can be found on RoundersRadio.com or iTunes. Lee has over $2 million in career earnings, winning six titles. Lee is a team member of RunGoodGear.com and also spokesperson for specialty travel company, Blaycation. Follow Bernard Lee on Twitter: @BernardLeePoker or visit him at www.BernardLeePoker.com