It is the dream of many to win a large amount of money. Whether it's in a big tournament or winning the lottery for example. In 2007, this is what happened to the amateur player Jerry Yang who finished in 1st row in the Main Event of World Series of Poker.
With his performance, he pocketed a grant of 8. 2 M$, what change it from his daily grind.
Last week, we learned that he was in financial difficulties, only 6 years after winning this prize pool. He was even forced to sell his champion bracelet to repay some debts.
In life, as in a poker table, it is important to make good his bankroll management and it seems that this quality is not given at all. Know what limit of poker play with his bankroll is as important as having a good life according to its revenue budget. When one wins a big amount and that it was always used to be tight financially, it is probably easy to imagine more rich than it is actually not thinking about the long term (the variance of life might say).
This is probably also happens to people who win the lottery. In a way, since he was player amateur, one could say that Jerry Yang won the lottery. Even if the ME of WSOP is not a lottery, there is still need much luck to finish in first place.
It is also what I think Jared Tendler: large amounts to the Lotto winners very often mismanage their earnings.
On this subject he explained: "in the United States, there are unconfirmed evidence that many Lottery Winners end up ruined, or back to their income, in the 5 years following their gain. I'm not sure real numbers, because there has never been official study, but the fact that this happens to them at all shows.
One of the reasons why people who win large are eventually all lose is money management. They spend without counting, give their money, make bad investments and do not plan for the future. People who earn millions gradually with their own capabilities also gain the ability to manage this money along the way. It is a skill to have, and unless you don't realize when you win an amount to seven digits, you will lose a lot of money before you realize how important it is."
The same thing could happen to a pro course, player even if he wins the ME of WSOP, but say his skills to make a good bankroll management will help him make good use of the amount won.
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