Jack Painter....I happened to like reading his stuff. Didn't always agree, but looked forward to any article by him.
One in particular, I cut out and have had it posted on my bullitin board in my office and is now a faded yellow it's been there so long. It was titled.."A Retirement Plan".
The short of it:
You take a $1000 and play 5% of your bankroll. You try to double your bankroll each year, or 20 net wins. Do this for 7 years, and you have $128,000. Then he went on to say how you use it for a retirement income.
Like say you want an income of $64,000. A person could have a goal of 20 net wins, playing 2.5% of the BR and acheive this. Or stay at 5% of BR and only need 10 net wins a year to reach your goal.
When a person is in his 30's, an article like this means little. But I happened to read it a bit longer down the road in my life and it stuck in my mind. I changed the numbers around some to suit my needs and implemented it 3 years ago and am on my way.
I know it's just simple math, and could be thought of by anyone. But he happened to be the guy to put it in print that I saw.
I play almost everyday. But I have "retirement games" that get played into this endeavor maybe twice a month. So far, so good. But dang, the numbers get up there in a hurry, and it will be tough to place such huge wagers...at least for me anyway.
As in anything like this, call it a system or whatever, it still boils down to the individual and his discipline or lack of it.
I agree that most of what is written, and books at the GB Store are not worth the cost of the paper. But you never know when something just seems "right" or fits a certain fellow like a tailored suit. And unless folks do write about sports investing, many pundits may miss out on the simplest things that just may seem to make sense, albeit just to them.
Anyway, I for one felt sadness when Jack Painter died. I felt he was like a partner with me in my attempt at this retirement plan, although I never met him.