Calvin Coolidge: Philosophy and Poker
by Bodog Poker | Mar 17 2011
"Economy is the method by which we prepare today to afford the improvements of tomorrow"
— Calvin Coolidge
Because he was taciturn in private despite great skills as a public speaker, Calvin Coolidge was often thought of as "Silent Cal." He was Vice President of the United States in the 1920s when the sudden death of Warren G. Harding placed him at the helm of the country. In his term-and-a-half, Coolidge restored the public's confidence in the office of the president and helped lead America into the period known as the Roaring Twenties.
While many biographers and historians say that Coolidge's laissez-faire approach to the economy led directly to the Great Depression, other historians point out that his federalist position kept the government out of state and local lawmaking and failures to regulate businesses fell on those who were most impacted by their activities. No matter what position you take, however, you should definitely look to his public speaking on the economy as a good guidepost for your poker money management.
Yes, you read that correctly: a president can teach you how to manage your money. Many players that experience a financial boom or have a large bankroll can find themselves playing as if all of the money present can be used in every game they're in. That sort of thinking is very dangerous - you want to be aware of your bankroll's size and while you can feel secure in its bulk, don't aim for high-roller events, even if you think you have the money.
Your bankroll should represent about 20 times the maximum buy-in of the tournaments you are interested in. In other words, if you're looking at playing in .10/.20 poker tournaments and the maximum buy-in is $100, your bankroll should be around $2000. This math can see kind of wonky but having this much extra in your bankroll allows you to absorb any variance in your game with ease.
When you play poker, your goal (outside of having fun, of course) is to make the most money as possible without risking very much of your own. Good bankroll management allows you to do just that by keeping you in games where you can't lose the entirety of your gaming money because of a few bad beats.
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