Archives for May 2017

Professional Sports Gambler

May 31, 2017 by palladinero Leave a Comment

What is your dream job? When I give it a lot of thought, for me, it would be a professional sports gambler. This “job” would have flexible working hours and would require me to watch sports with an actual vested interest in the games. Is this particular dream job even possible for me?

I enjoy going to Las Vegas (and definitely need to visit again). I’m not a big participator when it comes to playing slots or table games. Once in a while I will play roulette or a few quick pulls on slot machine. The one thing that I like to bet on is sports. I have mainly bet on NFL, NCAA football and horse racing.

One of my favorite trips to Vegas was spending an entire Sunday watching every NFL game at the Caesars Sports Book. There was a group of 20 of us who spent all day there. Plenty of laughs, excitement and fits of anger happened during the games. The comfy seats, waitress service and overall experience made it memorable. It was 12 hours well spent. I won a bit so that that it better too.

Gambling Podcast

A new podcast that I’m currently listening to is “Against All Odds with Cousin Sal”. It’s a sports gambling podcast featuring Jimmy Kimmel’s “favorite” cousin. I really enjoy listening to it because you can hear the genuine delight and fury when their picks win or lose (mostly lose). It’s amazing how much research Sal and his panel of “experts” put into making a pick just for it to blow up in the last seconds of a game. It goes to show you that gambling really is a game of chance.

I brought up the podcast because Cousin Sal bets on so many games and events (Oscars, Dancing With The Stars) and is hilarious. Even though it is not his day job, it might as well be. I’m not sure his wife would want that career change though.

So is it possible for me to become a professional sports gambler? Of course it is. But I would need to develop an excellent betting strategy, accumulate a big bankroll and a large amount of luck.

Move to Vegas?

Legally speaking, yes. Las Vegas is the only city in the US that allows sports betting on the major sports leagues. But I have found many websites that take action. All that said, I think my wife wouldn’t mind because she will enjoy the weather.

Jumping In

After moving to Sin City and finding a job I would have to start by saving 10%-15% of my paycheck to build up a bankroll. The bankroll would allows me to bet every week without dipping into my personal funds. So keeping my day job would be a must so that I don’t ruin my life.

Bankroll Strategy

There is no standard bankroll amount but there is an excellent betting strategy for beginners that will allow me to keep me bankroll afloat. Bet no more than 2% of the bankroll on each bet. Let’s say that you have a $1,000 bankroll, the most you would bet would be $20. That way you will never get greedy and “let it ride” on one bet. It is similar to Zeno’s Paradox and will never get to zero. Obviously in the beginning i would need to bank all of the winnings to the bankroll. If I keep winning this will get me on the path to sports gambling heaven. But, that is a big “If”.

When to go Full Time?

The obvious answer is when I become a Whale. Amassing a small fortune would have to be the starting point for me. Plus the betting system would have to earn enough money each month to live on.

That is if the Sports Books keep taking my bets. Sports Books tend to close accounts if you win too much, so I will have to place some sucker bets every now and then. That sounds so unfair but it would be the cost of doing business.

Record Keeping

I would need to keep meticulous records of winnings and losses to keep the IRS happy with my details. No reason for me to get audited.

Good luck to me, I’ll need it. And take a listen of The Cousin Sal podcast.

Do you know any Professional Gamblers? Could you take the plunge and do this for a living?

Mike

PS: I can be found on Snapchat, Instagram, Pinterest, Twitter, Google+ and Facebook

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Retiring Abroad

May 23, 2017 by palladinero Leave a Comment

Where do you want to retire? Do you think that far into the future? I have no idea where I will live in 30 years, but it will most likely not be in NYC because of the high cost of living.

It is common in the US for retirees to move to New Hampshire, Colorado and Maine. The low cost of housing, low crime and good health care are the main factors for people to retire in those states. But others want to live outside the US. What factors should they look into?

On of my cousins is moving to Costa Rica when he retires in a few years. His wife is from Costa Rica and they just recently bought a condo there. He has been planning this for awhile and is looking forward to the next chapter in his life.

Factors to Consider

Language

Do you speak the native language? If not you will need to learn the local language if you want to assimilate into the community. Moving to Central America? Learn Spanish. Want to live in Brazil? Learn Portuguese. I feel that it would come across as snobbish if you choose to only speak English in those countries. Asking for help, ordering food at a restaurant, shopping at stores and general conversation would be more pleasant while speaking the native tongue. Also, if you are moving to an English-speaking country it would be a good idea to learn the local slang.

Health Care

Who doesn’t think about health care as we get older? That’s right, no one. You will need to research health care options in the country you are thinking of moving to. Medicare does not cover health services in foreign countries. Many countries have less expensive public or private health systems in comparison to the United States. Costa Rica and Mexico, even allow foreigners with resident visas to buy into their national plans.

Finances

This would not be a Personal Finance blog if I did not state the following: Take care of your money. You will have to investigate how you will access Social Security benefits and your savings while living abroad. Will you need a local bank account, or can you access U.S.-based accounts? If you set up a local account, be aware of U.S. reporting requirements that require you to report overseas bank and investment accounts, with severe penalties for noncompliance.

Keeping a bank account in the U.S. is a good idea, especially if you return frequently to the States. Some banks have closed expat accounts, citing Patriot Act provisions designed to thwart financing of international terrorists. Some people get around this problem by maintaining a U.S. mailing address. For further advice go to www.americansabroad.org.

If you use a foreign bank account to pay bills and for every day spending money, you will probably have to file an annual Report of Foreign Bank and Financial Accounts (FBAR) with the U.S. Treasury. This form is mandatory if the total value of your foreign financial accounts exceeds $10,000 on any day during the calendar year. Failure to comply with this reporting requirement could trigger stiff penalties.

Crime

Crime is on everyone’s mind. When you retire all you want is peace and quiet. Many expats say that the reports of crime outside the U.S. are often exaggerated. Daniel Prescher of International Living, who previously lived in Merida, the largest city in the Yucatán peninsula, says drug violence in Mexico is limited to isolated border areas. Still, American retirees may be targets for crime, particularly in countries with a high poverty rate. For additional information on the risks, visit the State Department’s Retirement Abroad advisory.

Steps to take

Rent before you buy
Take care of your finances before moving
Find out about local health care
Check out the State Departments website
Have a plan for the rest of your life

Best of luck to my cousin and to all of you who are considering this move.

What foreign country would you consider retiring to?

Mike

PS: I can be found on Snapchat, Instagram, Pinterest, Twitter, Google+ and Facebook

Is a College Degree Necessary?

May 20, 2017 by palladinero Leave a Comment

We are in the midst of Graduation Season. Congrats to all of you who graduated with an Associates, Bachelors, Masters or Doctorate. My wife recently earned her Doctorate, so I know how much hard work all of you did to reach that milestone. Drew Magary’s advice for all Grads is to walk more.

I have been pondering the following the 3 questions the past few months: How important is getting a college degree? Is there significant evidence to show that someone needs a degree? Is it worth getting a degree? These questions arose because I see so many graduates working in jobs that they didn’t go to school for, didn’t want and perhaps are too qualified for.

Salary Difference

Here are the average salaries for someone with a high school diploma ($35,256), Associates Degree ($41,496), Bachelors Degree ($59,124), Master Degree ($69,732), Professional Degree ($89,960) and Doctorate ($84,396). So as you see, the more education you get the higher your salary can be.

The $25k difference between having a high school diploma and a Bachelor’s is astounding to me. A friend of mine does not have any college degree and is currently looking to leave his job. But he is having a hard time getting interviews even though he has more than 10 years of experience in his field. It goes to show how much value a piece of paper can have just to get an interview.

Of course there are plenty of non-college educated people making six figures, so your level of education is not entirely indicative of your salary expectation.

Qualifications Difference

To become a doctor or lawyer it is obvious that you need to got to medical school or law school. So we know that higher education is necessary for some fields.

Here are the educational requirements for some fields: Marketing (BA/BS in various Majors), Financial Analysis (BS Finance, Accounting, Statistics), NYPD (Requires 60 college credits), FDNY (Requires 15 college credits) and Writers (BA English, Journalism, Communications).

In the financial analysis/budgeting field it is extremely difficult to get an analyst position without a bachelor’s. I only know of one person who was promoted to an analyst position without a degree. And that was because she worked as an administrative assistant for more than 5 years.

Ease of Entry

My economics professor talked about the “ease of entry” when describing how a company determines whether or not to enter a new business sector. This also applies to people entering job markets. If I wanted to become a nurse I would need to earn a Bachelors in Nursing and then get certified for the nursing license. So there again, college would be needed and more time to do so.

But to become a bus driver, like my dad, I would need obtain a CDL, have a clean driving record and pass a few written and medical tests. There would no extra classes or degrees for me to obtain. I could probably do this within a couple of months.

Resumes and LinkedIn

In my Networking post I lauded the virtues of having a LinkedIn account. But having an online resume does have a drawback when you do not have a college degree. Recruiters search using certain criteria and if you do not have that initial requirement, you will be passed over. In that case I would add as much work experience and skills as possible.

Student Loan Debt

I have to mention that student loans are crippling current college grads. So you will need to make a financial judgment based on how much you expect to earn the first 5 years after graduation. If you feel like you will earn less than $40k the first few years after graduating, then you should consider going to a state school or a community college. I could not recommend, in good conscience, taking out a $100k loan if you think there is a good possibility of defaulting. Remember, you cannot wipe out a student loan balance by filing for bankruptcy anymore.

Liberal Arts Majors

What do you want to do? If you want to become a Professor you have to get a Doctorate. To become a teacher requires a Masters. Plus there is a chance that you can get loan forgiveness based on the school district you are in. Whatever your best skill is try to find your niche in a field that is growing and in-demand.

Is it worth it?

Yes, you can’t get your foot in the door without it in many fields. Additionally there is plenty of proof to show that the income disparities between college grads and non-college grads is getting larger. Money isn’t everything, but it sure helps pay the bills.

I have to admit that my opinion may be a bit of an East Coast Bias. Living in NYC and other big cities is extremely competitive. About 95% of my co-workers have at least a Bachelor’s. Is this the case in the Midwest and South?

Mike

PS: I can be found on Snapchat, Instagram, Pinterest, Twitter, Google+ and Facebook