- Your Money, Your Choice -

Matthew Hochban

In any poker session, you have to be prepared to lose some hands, or even a buy-in or two. It could be that you got out-played, unlucky, or didn't catch any cards. However, your money can already be in jeopardy even before you plan on playing in your next game, whether it be a home game or at your local casino. I'm talking about people that may ask you for a stake or loan.

Playing poker requires many skills. While I'm not a professional player, I do keep track of my results, as well as, who I owe money to (which is a rare case) and who owes me money. At one point, I was owed money by five different parties in ranges of $5 to $500. Needless to say, debt collecting isn't fun. If you're the kind of person that can't say no to people, then you should practice at being a little less nice. Why should you be a little "tight" with lending out money sometimes? Here's a few key points or standards you should evaluate a person on before lending them any of your hard-earned cash.

1. You should know what kind of job they have in order to know when they can afford to pay you back. If they flip burgers at McDonalds and they're asking for $500, I'd be a little wary on how fast you're going to get paid back.

2. You should know the person well enough so that they can be trusted. If you've never had a lending agreement with the person before, you should establish guidelines (a sample of mine will be given below) in order to show that if someone wants to borrow from you, you mean business and you're not to be trifled with.

3. You should ask other people that are acquainted with the person asking you if they're reliable. Getting a second, third, or even fourth opinion on how fast the person pays you back is never a bad thing. Doing so will paint a clear picture of why or why not it would be good to lend them money.

Another critical point that I mentioned are guidelines or rules that you should base your lending agreement on. Here's what I use:

1. Any loan I give out, I expect it back in full within one month. If it's any later, then I'll accept it still, but I won't lend with that person again.

2. Arrange a time suitable to both parties of when the money can be paid back. Whether it be at the next game you both attend, or another event unrelated, knowing precisely when you're getting paid back allows you to budget around the debt owed until that time. If the party that owes money doesn't show up or doesn't have the money necessary to pay you back, chances are I won't lend them again.

3. Acquire the other person's phone number. If they don't pay you back promptly or it's nearing one month, calling them about the debt owed may show them that you're serious. If the number they give you is bogus or they're very hard to get in contact with, then they're probably not very trustworthy.

Following these rules may seem like you'd be ostracized from good friends and new poker acquaintances due to you looking like a "hard-ass" or "unfriendly". Now while some people could think of you like this, it's very likely that those same people are the ones you don't want to lend to in the first place.

This past Wednesday (Jan. 31st) I ventured up to the Emerald Casino in Saskatoon, a 2 and a half hour drive. I bought in for $300 at 5/10 Limit Hold Em and ended up the night down $40. It was a very loose game to be sure. I even got to play with a poker quasi-celebrity in Sol Bergen who got 2nd place in Daniel Negreanu's first protege tournament. He was a funny guy and thankfully he and I didn't clash heads at all.

That's all for me now. And remember, winning small pots builds character. Losing big pots reveals that character.

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