SVB will be the first millionaire pool player??

macguy

AzB Silver Member
Silver Member
The fact that someone thinks the best way to earn a living is to play pool pretty much guarantees they're no personal finance expert.

You could say that about a lot of professions. I have a tenant who is a professional fisherman. He supplies a few local restaurants and a high end fish-market with fresh fish. He does really well. Overall I would say most guys trying to do what he does probably starve.

Shane is one of those exceptions to the rule, he make a living at pool. He would be a fool to walk away from what has proven to be so lucrative, regardless of how many others who can't make a dime. It in no way speaks to how wise he is financially. He may be brilliant.
 

BRussell

AzB Silver Member
Silver Member
You could say that about a lot of professions. I have a tenant who is a professional fisherman. He supplies a few local restaurants and a high end fish-market with fresh fish. He does really well. Overall I would say most guys trying to do what he does probably starve.

Shane is one of those exceptions to the rule, he make a living at pool. He would be a fool to walk away from what has proven to be so lucrative, regardless of how many others who can't make a dime. It in no way speaks to how wise he is financially. He may be brilliant.

That's pretty magnanimous of you macguy, but I'm skeptical. Our country's pool culture is so focused on gambling that most every serious pool player is a gambler. I'm sure there are exceptions and there are players with sound approaches to their money, but I haven't seen them.
 

trinacria

in efren we trust
Silver Member
I'm so confused. How is he becoming a millionaire??

his pool earnings will give him the opportunity to make himself wealthy. he'll be in the black when he stops competing seriously. He invests his winnings I've heard, he's got a good head on his shoulders. the last several years he's made 100+k in winnings per year, he's part owner of a room, etc.... I don't know many pool players who have done that. actually, most are pretty broke, bc they end up gambling it all away.
 

Otterman

AzB Silver Member
Silver Member
I don't mean to belittle anyone here, but equating tournament prize money + sponsorship "money" for SVB and speculating on him being anywhere remotely close to a millionaire indicates a huge misunderstanding of the world our current professional pool players live in. Sponsor money is typically very little; the sponsors aren't large corporations with big budgets that throw money at pool players like Nike does at other pro athletes. I don't know what Shane's deal is with Cuetec, but you can bet various important parts of your anatomy that it's not making him wealthy. Traveling expenses are very high, and you have to place high in most tournaments simply to recover those costs (which SVB typically does). On top of that, we all have taxes, particularly on tournament winnings that are well-publicized. Now we have all those payments that most of us have: cell phone, mortgage or rent, utilities, internet service, cable or satellite, etc. So, let's be optimistic and say all of SVB's expenses and regular payments account for 25% of earnings (a very low number; 40-50% is usually more realistic), plus another 20% for income taxes (another conservative estimate). Now let's be even more optimistic and say SVB earns $300k in prize and challenge match money in a year. Deduct 45% total expense ($135k), and SVB clears $165k in a REALLY good year. Now we have to make the extraordinary assumption that Shane continues to dominate in this manner year after year, while assuming no inflation incurs in his travel expenses, he never depletes his cash for an unexpected expense (tonsilitis or appendectomy with a hospital stay will wipe a large portion of that out, particularly since it's likely that Shane and other pro pool players have minimal or no health care insurance), never buys a new car, gets married and pays for a ring and honeymoon, or has a child to care for. Even assuming he has the best fortune of any person ever, it takes him 6 to 7 years to clear $1 million. A few bad rolls a year probably cuts that 30 to 50%. Now we're up to 10-15 years to accumulate $1 million. Even if he invests wisely, financial markets are volatile. He may earn a nice return of 8-10%, or if he's forced to liquidate assets in a down market he might lose 20%. In other words, no guaranty he'll come out ahead even with the best of financial planning. All said and done, even being arguably the best pool player on the planet is among the worst paths a person could possibly take if your goal is to amass a net worth of $1 million or more.

All that said, if a pro pool player can accomplish this extraordinary feat, Shane's at the head of the pack. But the simple fact of the matter is that many of the best professional pool players out there find it very difficult to make even a decent living at it, much less achieve any lasting financial success from it. I sincerely hope this changes in the foreseeable future and that tournament prize money achieves a significant boost from new sponsorship, but those of us who have followed the sport for 30+ years aren't holding our breath, since professional pool has been on a significant, steady decline for quite some time. Perhaps pool's growing popularity in other global markets (particularly Asia and Qatar) will provide some much-needed capital into the sport. It's a wholly inadequate situation for some of the most skilled athletes that walk the earth.
 

genomachino

AzB Silver Member
Silver Member
Exactly.........

talk to the old timers about money won at the rack in detroit
the issue is
ITS NOT WHAT YOU WIN ITS WHAT YOU KEEP......:rolleyes:
just sayin.....:D

It's what you can keep. That's been the secret of the road for years and years.......

Not just tournaments.........Money management..........
 

vagabond

AzB Silver Member
Silver Member
Please, don`t let these poor professional Pool Players get in trouble with Interanal Revenue Servive.
 

macguy

AzB Silver Member
Silver Member
his pool earnings will give him the opportunity to make himself wealthy. he'll be in the black when he stops competing seriously. He invests his winnings I've heard, he's got a good head on his shoulders. the last several years he's made 100+k in winnings per year, he's part owner of a room, etc.... I don't know many pool players who have done that. actually, most are pretty broke, bc they end up gambling it all away.

Where is the room he owns? Do you know this for sure or are you just repeating something you heard and don't really know for sure? I would be curious what room he owns and where it is.
 

trinacria

in efren we trust
Silver Member
Where is the room he owns? Do you know this for sure or are you just repeating something you heard and don't really know for sure? I would be curious what room he owns and where it is.

lucky billiards, downtown sioux falls, sd.
 

hang-the-9

AzB Silver Member
Silver Member
http://www.azbilliards.com/people/4315-shane-van-boening/
At least american. I'm sure efren is a millionaire in the Philippines with the exchange.
but anyone else ever made this kind of money in pool??

Are we talking only tournament winings?

Parica has a ton of money, there was an article about him giving 350k to his wife to start a business with.

Jeanette makes a LOT with endorcements and appearances. If my memory is right, she makes 300k a year or something like that.

Anyone that played in the IPT and finished high would have had a nice chunck of money.

Many players made millions over their carreer, not many have saved a million.

Earl made big bucks several times, World Championships, US Open wins, etc...
 

cleary

Honestly, I'm a liar.
Silver Member
his pool earnings will give him the opportunity to make himself wealthy. he'll be in the black when he stops competing seriously. He invests his winnings I've heard, he's got a good head on his shoulders. the last several years he's made 100+k in winnings per year, he's part owner of a room, etc.... I don't know many pool players who have done that. actually, most are pretty broke, bc they end up gambling it all away.

And I'm sure he's got a good chunk saved but making 100-200k/year and becoming a millionaire is a huge stretch.
 

trinacria

in efren we trust
Silver Member
who knows. alsio n regard to sponsors, what exactly is their role in billiards. cuetec does what for SVB?. and what about predator?? they are easily the premier company in pool, what do they do for their sponsored players?? outside of giving them equipment.
 
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cleary

Honestly, I'm a liar.
Silver Member
who knows. alsio n regard to sponsors, what exactly is their role in billiards. cuetec does what for SVB. and what about predator?? they are easily the premier company in pool, what do they do for their sponsored players?? outside of giving them equipment.

SVB doesn't use Predator products. They don't sponsor him either.
 

overlord

AzB Silver Member
Silver Member
Are we talking only tournament winings?

Parica has a ton of money, there was an article about him giving 350k to his wife to start a business with.

Jeanette makes a LOT with endorcements and appearances. If my memory is right, she makes 300k a year or something like that.

Anyone that played in the IPT and finished high would have had a nice chunck of money.

Many players made millions over their carreer, not many have saved a million.

Earl made big bucks several times, World Championships, US Open wins, etc...


Parica as far as I know is broke.
 

Jaden

"no buds chill"
Silver Member
It's about networth...

true, but the point of the question is, looking at his yearly victories, is would he become an actual millionaire, as in 7 figures in his banking account, like other pro athletes. would he never have to work when he retires?? will we have an actual pool player that will be in the spotlight as having made a good living off of pool. the question isn't did he win a million dollars, plenty of guys have won and lost that throught the years.

When you're talking about whether or not someone is a millionaire it's about net worth, not how much money you have in the bank...

Most millionaires (even those with liquid assets) don't have a million dollars in the bank, it is usually in the form of stocks, bonds etc...

Jaden
 

Jaden

"no buds chill"
Silver Member
actually if you're talking about becoming a millionaire...

And I'm sure he's got a good chunk saved but making 100-200k/year and becoming a millionaire is a huge stretch.

If accumulating over a million dollars, you do not have to make any where near 100K a year to do it.

I believe with a modest return of 5%(compounded monthly) on investments, putting in $100 a month for fifteen years will give you a million dollars.
 

Jaden

"no buds chill"
Silver Member
Wrong...

I don't mean to belittle anyone here, but equating tournament prize money + sponsorship "money" for SVB and speculating on him being anywhere remotely close to a millionaire indicates a huge misunderstanding of the world our current professional pool players live in. Sponsor money is typically very little; the sponsors aren't large corporations with big budgets that throw money at pool players like Nike does at other pro athletes. I don't know what Shane's deal is with Cuetec, but you can bet various important parts of your anatomy that it's not making him wealthy. Traveling expenses are very high, and you have to place high in most tournaments simply to recover those costs (which SVB typically does). On top of that, we all have taxes, particularly on tournament winnings that are well-publicized. Now we have all those payments that most of us have: cell phone, mortgage or rent, utilities, internet service, cable or satellite, etc. So, let's be optimistic and say all of SVB's expenses and regular payments account for 25% of earnings (a very low number; 40-50% is usually more realistic), plus another 20% for income taxes (another conservative estimate). Now let's be even more optimistic and say SVB earns $300k in prize and challenge match money in a year. Deduct 45% total expense ($135k), and SVB clears $165k in a REALLY good year. Now we have to make the extraordinary assumption that Shane continues to dominate in this manner year after year, while assuming no inflation incurs in his travel expenses, he never depletes his cash for an unexpected expense (tonsilitis or appendectomy with a hospital stay will wipe a large portion of that out, particularly since it's likely that Shane and other pro pool players have minimal or no health care insurance), never buys a new car, gets married and pays for a ring and honeymoon, or has a child to care for. Even assuming he has the best fortune of any person ever, it takes him 6 to 7 years to clear $1 million. A few bad rolls a year probably cuts that 30 to 50%. Now we're up to 10-15 years to accumulate $1 million. Even if he invests wisely, financial markets are volatile. He may earn a nice return of 8-10%, or if he's forced to liquidate assets in a down market he might lose 20%. In other words, no guaranty he'll come out ahead even with the best of financial planning. All said and done, even being arguably the best pool player on the planet is among the worst paths a person could possibly take if your goal is to amass a net worth of $1 million or more.

All that said, if a pro pool player can accomplish this extraordinary feat, Shane's at the head of the pack. But the simple fact of the matter is that many of the best professional pool players out there find it very difficult to make even a decent living at it, much less achieve any lasting financial success from it. I sincerely hope this changes in the foreseeable future and that tournament prize money achieves a significant boost from new sponsorship, but those of us who have followed the sport for 30+ years aren't holding our breath, since professional pool has been on a significant, steady decline for quite some time. Perhaps pool's growing popularity in other global markets (particularly Asia and Qatar) will provide some much-needed capital into the sport. It's a wholly inadequate situation for some of the most skilled athletes that walk the earth.

all expenses are a tax write off, all travel, all entry fees etc... so you are vastly overestimating taxes at 20%..

If expenses account for 40% of tournament earnings, then he is likely only paying about 8-10% in taxes, depending on what tax bracket he ends up in after taxable income is determined.

Jaden
 

pwd72s

recreational banger
Silver Member
People, including pool players, should learn how to invest, how to manage their money. A truck driver called "Money Talk", a radio show on money management, last Sunday. By working hard and managing well, he admitted to having a portfolio worth $1.2 million. He also mentioned that he did this by investing and NOT blowing money on toys like new Harleys.

Ahhh, but saving and investing is the opposite of what most pool players think. The pool community is full of Grasshoppers with very few ants around.

If Shane learns to invest and manage well, he could very easily be a millionaire by the time he ages out of pool.

I PM'd JAM, suggested she buy a book after she posted of Keith's residuals windfall.
I'd also give odds she ignored me.

This book contains many things Cindy & I had to learn the hard way over years of investing. It explains the investing world in an easily understood manner.

So, one more time...I'll list it for all here...and sadly I'll most likely be ignored:

The Bogleheads Guide to Investing
by Taylor Larimore, Mel Lindauer, and Michael LeBoeuf.
 
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