Phil Hellmuth, 57, is an American professional poker player who found fame in 1989 winning the Main Event of the World Series of Poker. He is widely regarded as the best tournament poker player of all time with 15 WSOP wins, winning over $24m (£15.5m). Today he lives in Palo Alto, California.
Did your childhood influence your attitude to money?
We grew up with not a lot of money in Madison, Wisconsin. The shoes I’m wearing now, black Adidas, I remember really wanting but not getting. They were $55. My dad, who worked in university administration, said: “I’ll put in the first $10”.
My mum was a homemaker and artist and wrote on the bathroom mirror, “You are what you think.” She taught us to think big.
What was your first job?
At 17 I worked in Crandall’s Restaurant washing dishes on Friday and Saturday nights. We’d sneak into the bar next door afterwards.
I cleaned monkey cages in college and at 10.55am hopped on my motorcycle to make it to accounting class by 11.
At 20 I started playing poker and was professional by 21. I’ve never had another job.
Are you a saver or a spender?
I was always a spender, drinking Dom Pérignon and eating at restaurants three times a day. I’ve got good at managing money. A lot of people are talented at making money but it’s another skill to hold it. Most people aren’t given both skills. At 22 I went from $24,000 to broke, as a small stakes poker player. Then in 1989 I won the main event and $750,000, and bought a penthouse condominium for $190,000, a Cadillac, a Porsche, paid my taxes and had a bunch of cash – which I then lost.
I’d drive to Michigan to play poker, and the $3,000 I made on those trips was very handy. It was an illusion living in a penthouse, being a world poker champion but struggling to pay the bills. I was smart enough to borrow only a manageable $20,000.
My goal was to have $30m to $50m by 45, but I didn’t hit that. Things sometimes come a bit later.
