When To Fold Em

poker-first-upDid T.J Cloutier, who has over nine million in winnings, really have to hock his WSOP bracelet for some extra cash? Nine million and your bracelet is on Ebay. Really?

If it is true, he’s not the first and he certainly won’t be the last. Poker players, studs and duds go as broke as a public housing, bandicoot rat on a regular basis. Even poker honey, Jennifer Harmon admitted in her biography that she went flat broke during her early years, and she’s arguably one of the best women poker players in the world. The great Stu Ungar went broke several times and rebounded back to millionaire status, he was considered one of the great poker players of his day also. There are countless others, and the question has to be asked, how the hell does that happen? It’s hard to understand because most of these cats have won millions, so how do you lose millions? That almost seems more impressive. Any poker player will tell you that you have your ups and your downs, but shouldn’t it balance out? How do you end up losing millions and then lose the shirt off your back? As tough as it is to fathom, if you really think about the lifestyles some of these poker geniuses live, you can see it.

One moment your in the club making it rain hundreds, popping bottles with models, double fisting, next moment your getting double fisted… A few nights like that aren’t cheap. A lifestyle like that will run ya. Throw in a little drug addiction, complimented by some high stakes betting and gambling outside of playing poker and the picture becomes a little clearer and the party becomes bigger. Of course all of that partying and drinking and carrying can’t be helping you focus while your playing poker, so now your hemorrhaging money there too. It probably doesn’t take too long before you’re hocking your WSOP bracelet.

When you really think about it, is there really a better way to lose millions of dollars other than spending it as recklessly as possible? To illustrate this point, one could easily lose their entire savings in the stock market, right before they take a loaded pistol to work and just start shooting and shooting and shooting. Or you could party it away like each day was your last, give in to every desire and spend till the well runs dry. The latter way to end up flat broke, just sounds right. At least you have memories right? Wait, the booze and the super hard drugs… oh right, no you probably don’t remember much, but at least you can rest assured you had a really, really good time.