Money Management is important no matter what your doing. This may sound a bit lame but everybody takes into account money management each day (or the vast majority) when your shopping online, buying groceries, changing your superannuation options, its all to do with the optimum money management of minimising your losses and maximising your winners (i.e. finding the cheapest but most effective option).

I'm not super profitable from gambling or make a living from it like some here, but i'm 26 years old and already learnt heaps regarding betting (NBA, horses, poker). Money Management is key, and you'd be surprised how helpful recording your bets or action for the day can help you with your discipline. I mean whats the point in making $73k if you blow it the next day, you've really achieved nothing and your no better then the next guy.

I work as a Paraplanner (writing financial plans for people) and everything we deal in is minimising losses, maximising gains. Ask any profitable share trader and they will tell you that they would prefer to minimise losses with stop losses, breakeven stops, trailing stops as they want to give as little back to the market as possible while maximising what they can take away. Playing poker is no different, if you let your emotions get the best of you and play a silly hand, lose your (for instance) $1,000 table value and instantly top it up trying to chase the losses that shows a real lack of discipline and will throw your bankroll away as quick as you got it.

Clearly the guy knows how to play, so why not make the best of your talents and maximise your returns with some basic money management. It may be hard to get used to in the begining but the lessons learnt and discipline gained will not only help with his poker account, by life lessons as well (saving for a car, house, holiday).

If he really wants to get serious, my suggestion would be to use a % of bankroll each day and if loses it, thats it for the day and wait until the next to begin playing again or at least wait a couple of hours. While hes waiting, update a spreadsheet with what he lost, why he thinks he lost it, and how he could have potentially played it better. He will be amazed at how beneficial it will be to not only record your own thoughts at the time but also to read back over them.

Anyway thats my long winded post, as I said i'm no guru but i've read plenty on various shares and gamling sites and seen enough issues through work (people on $300k net family incomes struggling to make any savings due to poor money management with huge debts etc) that suggests money management is essential to winning long term.