Thread by @PhilGalfond

Today is my 38th birthday.

If you don't know me, I dropped out of college at 21 to pursue poker full-time.

Here are 10 lessons I’ve learned about poker, business, and life:

Here’s my quick story:

1. Dropped out of college at 21 to play poker full-time.
2. Have been playing poker against the best in the world since 22.
3. Continued with high-stakes poker the last 16 years while also creating businesses and a family.

Now, let’s get to the lessons…

1. Don’t rely on opportunity remaining constant.

Things change
• Games stop running.
• Venues shut down.
• Entire countries ban online poker.

Your bread & butter may vanish
• Be ready to start over.
• New opportunities will arise, but you have to be willing to adapt.

2. This doesn’t mean you should go all-in like there’s no tomorrow.

• Great temporary opportunities DO arise, but they won’t be the last.

• Attack them, but don’t burn all your resources & be left on the sidelines for the next one.

3. Poker isn’t naturally conducive to family life. It takes extra effort to make it work.

• Optimizing your poker career means late nights and all kinds of unpredictability.
• Dating a non-player? Someone needs to make a real compromise.
• To become parents, it has to be you.

4. Future earnings are almost always overestimated

Why?

A) You’re not accounting for all the:
• Interruptions
• Obligations
• Hiccups
• Downswings
• Burnout

B) You’re overestimating your edge in the first place, crediting skill for wins & blaming luck for losses.

5. People who say “Never hire your friends” don’t have good enough friends.

• Trust is everything.
• Why bring on an unknown person for a key role if you already know someone who’s skills & integrity are a sure thing?

I mean people you KNOW know.
Not 1-year friends.

6. Relaxation/Recharging IS Work

I need much more recharging for poker than I do for business, but in each case, I perform better when I take care of myself.

One 90hr week when needed is cool, but not if it’s twice every month (unless you’re 20!)

7. Thinking about money above all else is a recipe for unhappiness.

• “Why would I drive my Mom to the airport? It’s $25 to Uber. I’d make 10x in that time.”
• “Watching this movie with my friend is costing me $1,500!”

It’s hard to enjoy anything when thinking like this.

8. Invest in You

I’ve paid to improve myself & my skills more times than I can count:

• Poker coaches
• Business consultants
• Mental Game coaches
• Performance coaches
• Fitness coaches
• Psychologists
• Online Courses
• Workshops

I’ve literally never regretted it.

9. *Great* mentors are worth whatever they cost

• The very best investments in myself have been long-standing personal mentor relationships.

• Note: Not all mentors are great! A referral from a friend is your best bet.

10. Good partners are everything

• Learning from someone is great.
• Learning with someone is even better.

Poker friend, business partner, another person trying to accomplish what you are…

Find them.

Stop what you’re working on. Make this the priority.

That's it!

I hope this was useful for others in poker, & for anyone reporting to yourself & making big decisions!

It took me 38 years to learn these lessons, but they aren’t the only ones.

I'm writing more threads going forward so follow me @PhilGalfond to hop on the journey!