Keeping a decent P&L account and a careful eye on my bankroll is all well and good. But these sat wins have left me with a small dilemma. How do I account for a $8k package win on the P&L spreadsheet?
Do I stick the full value down in the + column? What happens if I don't cash? Do I then take it out? I don't want a big $11k loss in November because I didn't cash in Singapore or St Kitts do I? I could wait and just stick down any concrete returns from the events? But I want some recognition for what I've won each month... it's nice to look back and the end of each month/year and review the final figure, it gives me a warm glow... usually!!
And then what about all the odds and sods that come with the packages, the spending money, the flight money, the hotel money!?! Do I account for that or not? I'm guessing not but come the end of the year I will have won $20k+ worth of sats and could end up showing nothing for it on the balance sheet. That can't be right ,can it? If I were not taking the family to Kitts then I'd have to fork out a few £K on a holiday from savings and surely that saving should be recognised in some way? And what about the extra money I spend while on the trips on beer, stuffed donkeys and bottles of XO in duty free? .... does that come out of the poker roll or my (joint!!) current account !? Dunno!
I'm starting to see why the guys who play live a lot have such trouble drawing a line between poker bank roll and day to day living money to pay the bills/buy dinner with. I know… It's a nice problem to have, but feel free to let me know if you have a solution.
3 years ago
2 comments:
Some good questions Jim!
I would include the value of all the extras that come with qualifying for an event on your P&L.
When you cash at the event, then I'd make that addition too.
I wouldn't include any additional Holiday/Travelling expenses on the P&L unless I was a full-time pro. Then I'd list them as separate expenses on a more detailed income statement.
Good luck!
it is an interesting question and I took the view that the cold hard cash I got (£1k or so) would go onto the p&l but would not recognise the hotel or buy in. Of course, if I cash (hah!) I'll include that too but like you, wanted the p&l to show recognition for the win.
gl and best wishes
dibs
Post a Comment