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$50K a year from gambling vs $50K flat wage
I believe winnings from gambling are tax-free so if one were to make $50K a year.. that'd be a lot of money! Does anybody lead this type of life?
$50K a year from gambling is not enough to sustain yourself as a practical matter. The reason being that an average 50K a year from gambling is not mathematically equivalent to being paid a salary of 50K, in addition to the major "draining" effects on your capital of expenses and taxation.
Imagine going into the office on monday morning and the boss says to you that you will no longer be paid a flat wage on a regular basis. He may not decide to pay you this week, this month, or possibly this year. Indeed, he may take money out of your account. He promises you that on average, over the next few decades, your payments will probably approximate what you were being paid as a flat wage. It is a maddening, Kafka-esque scenario, nobody would accept.
This is approximately the same situation facing a professional gambler. You will become a financial leper because your earnings are so volatile-you will find that your bank is distinctly less friendly, even if you are winning, because of this volatility. You will experience serial cash-flow problems. You will experience major life-shortening stress.
Overall, earnings from blackjack have to be considerably greater than a flat wage to compensate for the variance, if the enterprise is to be justified in purely monetary terms.
This is one of the reasons why I recommend high-EV, low-risk methods over low-EV, high-risk methods such as card-counting. Playing blackjack online for example, very closely approximates a regular salary because the fluctuations are very mild. I've never had a losing session lasting more than a week online-I've had losing years at terrestrial blackjack.
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