Appropriate percentage of income for gambling - page 3.

maydna

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Quote from: moneystery on September 15, 2023, 03:17:52 AM

Quote from: Yamifoud on September 14, 2023, 08:03:27 AM

Quote from: Rabata on September 14, 2023, 07:56:11 AM

...

Maybe in some countries, the standard of living is good, and people who work can earn a good income that allows them to lead a comfortable life. In such cases, it's easier for them to allocate a certain percentage for gambling. However, in poor countries where their income isn't even sufficient for a comfortable life, then they have no business gambling. In the end, it's not about the percentage but your capacity to gamble. I believe in the principle of gambling only what you can afford to lose, so if you can't afford to gamble, you should not venture into it.

well, if someone is poor from the start why would they gamble? instead of using their money for gambling, it is much better for them to use their money for better things such as buying milk for their children, saving money, or they can buy bitcoins in small amounts and that is much more profitable than hoping for luck in gambling which in the end will make them continue to be poor.

Those who gamble want to make money, so they use their money by gambling and hope to win big. They also do not allocate a certain amount of money each month for gambling and only use whatever money they have to gamble. Because there is hope of winning, they continue to gamble to win.

They don't remember that they have more urgent needs, as you mentioned. And if they can be wise in using their money, maybe they won't gamble too often and would rather use it to meet their needs. But it is better to replace the percentage with money that you can afford because we don't need to provide money according to the percentage but the amount of money we can afford. This prevents large losses, especially since we need the money.

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Quote from: moneystery on September 15, 2023, 03:17:52 AM

well, if someone is poor from the start why would they gamble? instead of using their money for gambling, it is much better for them to use their money for better things such as buying milk for their children, saving money, or they can buy bitcoins in small amounts and that is much more profitable than hoping for luck in gambling which in the end will make them continue to be poor.

Usually, people who gamble from a lower middle class economy mostly hope to get rich quickly so they don't care about any losses they experience. On average, most of them never think about choosing to invest in Bitcoin or anything else, they will only gamble because gambling is the only fast way. to get rich and be able to change their lives quickly.

But the facts are not in accordance with what they expected and in the end when they feel addicted they will waste their money and become poor so they forget about their family and even their wives and children, it all comes back to their mentality, if their mentality is still poor then they will forever be like that but If they are mentally successful, they usually know how to be successful.

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Quote from: moneystery on September 15, 2023, 03:17:52 AM

Quote from: Yamifoud on September 14, 2023, 08:03:27 AM

Quote from: Rabata on September 14, 2023, 07:56:11 AM

...

Maybe in some countries, the standard of living is good, and people who work can earn a good income that allows them to lead a comfortable life. In such cases, it's easier for them to allocate a certain percentage for gambling. However, in poor countries where their income isn't even sufficient for a comfortable life, then they have no business gambling. In the end, it's not about the percentage but your capacity to gamble. I believe in the principle of gambling only what you can afford to lose, so if you can't afford to gamble, you should not venture into it.

well, if someone is poor from the start why would they gamble? instead of using their money for gambling, it is much better for them to use their money for better things such as buying milk for their children, saving money, or they can buy bitcoins in small amounts and that is much more profitable than hoping for luck in gambling which in the end will make them continue to be poor.

I have an idea for that why, it's all because they are so desperate that they think gambling would provide them a fortune when they hit a jackpot.
They were also deceived by a handful of winning, they tend to get excited and happy about it every time they win, disregarding the fact that they've lost multiple times and that those winning aren't half or quarter of the accumulated losses they made since day 1.
That cycle won't gonna break if they don't want to let themselves realize how foolish it is for them to continue spending on such useless things over their necessities.

moneystery

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Quote from: Yamifoud on September 14, 2023, 08:03:27 AM

Quote from: Rabata on September 14, 2023, 07:56:11 AM

...

Maybe in some countries, the standard of living is good, and people who work can earn a good income that allows them to lead a comfortable life. In such cases, it's easier for them to allocate a certain percentage for gambling. However, in poor countries where their income isn't even sufficient for a comfortable life, then they have no business gambling. In the end, it's not about the percentage but your capacity to gamble. I believe in the principle of gambling only what you can afford to lose, so if you can't afford to gamble, you should not venture into it.

well, if someone is poor from the start why would they gamble? instead of using their money for gambling, it is much better for them to use their money for better things such as buying milk for their children, saving money, or they can buy bitcoins in small amounts and that is much more profitable than hoping for luck in gambling which in the end will make them continue to be poor.

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Quote from: Rabata on September 14, 2023, 07:56:11 AM

As everyone's income is not the same that is different from each other, the percentage that needs to be spent depends on the individual's income and expenses. If someone with a good income spends 12 percent a week, it will not be a problem, but for a person with a low income, it will behave negatively. Already some users have suggested using 5 percent which is definitely a good percentage for gambling. If a gambler regularly spends this small portion of their income on gambling then their gambling will not affect their personal life.

It is better to set a suitable percentage of income for gambling where the risk will be low and there will be no negative effects. It is true that it is better to start small so that even if you lose it will not affect your personal life gambling is a recreational activity. While everyone's entertainment expenses will vary, a suggested maximum of 30 percent of your total entertainment budget seems appropriate so that you can spend on other leisure activities and keep your gambling at a healthy level. Winning is good because it pays to increase gambling action.

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Quote from: DabsPoorVersion on September 14, 2023, 07:08:41 AM

I agree, maybe right now you feel nothing when gambling. But when the time comes that you feel the urge of wanting to continue to get your losses or maybe if you have won a lot of money, it will be hard for you to stop and manage the amount of money you spend on gambling. Having a specific budget for gambling can help to control yourself in gambling, it's not surprising at all because it is a must.

This is a normal thing found in some gamblers who win. They might have a hard time, but if they have good self-control, they won't have too much trouble quitting gambling. They will remember that gambling is entertainment and when they win, they will think it would be better to finish gambling and just rest. And that's why they have to have a special budget for gambling so that it doesn't disturb their finances. They also won't chase after winning because it's pointless. After all, they will use more money to gamble. So they will accept whatever they have and feel they have enough to gamble.

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Quote from: Rabata on September 14, 2023, 07:56:11 AM

As everyone's income is not the same that is different from each other, the percentage that needs to be spent depends on the individual's income and expenses. If someone with a good income spends 12 percent a week, it will not be a problem, but for a person with a low income, it will behave negatively. Already some users have suggested using 5 percent which is definitely a good percentage for gambling. If a gambler regularly spends this small portion of their income on gambling then their gambling will not affect their personal life.

Maybe in some countries, the standard of living is good, and people who work can earn a good income that allows them to lead a comfortable life. In such cases, it's easier for them to allocate a certain percentage for gambling. However, in poor countries where their income isn't even sufficient for a comfortable life, then they have no business gambling. In the end, it's not about the percentage but your capacity to gamble. I believe in the principle of gambling only what you can afford to lose, so if you can't afford to gamble, you should not venture into it.

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Quote from: Odusko on September 07, 2023, 02:42:09 PM

Quote from: Oshosondy on July 14, 2023, 05:12:59 AM

I use 5% of my weekly income to gamble and I can not go more than that. Sometimes I can be busy and I can spend less. If a week favours me, I will save my profit and the remaining (5% last week income) for next week gambling. According to what I heard, people spend up to 12% of their weekly income on gamble. I think it is not bad but that gives me the thinking to make a post like this on this forum. What percentage of weekly income do you think is right for gambling?

Made i very good decision there mate, because have a higher percentage of your weekly income to gamble may result into possibly higher loses since we are already incline with the risk associated with gambling, lately it has been difficult for me to make any wins from my weekly gambling i don't know if i should take a break and save up my balance, although I have up to 15% of my weekly income set aside for gambling, but hardly will my balance take me up to middle of the month before i exust the set aside fund.
I record more loses than winning mostly on weekdays but sometimes my luck shines more on weekends.

As everyone's income is not the same that is different from each other, the percentage that needs to be spent depends on the individual's income and expenses. If someone with a good income spends 12 percent a week, it will not be a problem, but for a person with a low income, it will behave negatively. Already some users have suggested using 5 percent which is definitely a good percentage for gambling. If a gambler regularly spends this small portion of their income on gambling then their gambling will not affect their personal life.

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Quote from: Oshosondy on July 14, 2023, 05:12:59 AM

I use 5% of my weekly income to gamble and I can not go more than that. Sometimes I can be busy and I can spend less. If a week favours me, I will save my profit and the remaining (5% last week income) for next week gambling. According to what I heard, people spend up to 12% of their weekly income on gamble. I think it is not bad but that gives me the thinking to make a post like this on this forum. What percentage of weekly income do you think is right for gambling?

This is a good strategy for every gamblers to adopt. This might not come as straightforward in percentage but there should be a set limit to keep you healthy economically and mentally. For me, I designate a few income sources as my gambling bankroll. 100% of it goes to my gambling bankroll but I don't use 100% of it. It's my ultimate limit that I haven't hit yet. In past I had bad experiences of losing all my salary on gambling so I have restricted the use of my day jobs salary on gambling. Keeping them on different bank accounts would help if you can't control yourself.

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Quote from: ethereumhunter on September 14, 2023, 06:49:01 AM

Quote from: Mr.suevie on September 13, 2023, 01:46:24 PM

Well I think am different when it's comes to my gambling spending because I don't think I have a specific budget or percentage of money I use for my gambling because when I comes to my gambling habit, it's just a matter of the time and how I feel about gambling that particular time as I just used any funds available to certified my urge when it's comes to gambling. It's still surprising to see people saying they actually put out specific amount just to gamble .

But it would be better if you have a budget for gambling so you can control your money. At least it can limit you from gambling excessively because we know what will happen to someone who gambles excessively. People who gamble using a certain budget want to limit their gambling so they don't lose too much. If you can also have a budget for gambling, maybe that can also be a limit for you so you will try not to exceed the limit. But if you think it is going well and you feel comfortable with it, you can continue but be careful if one day, you are tempted to use more money.

I agree, maybe right now you feel nothing when gambling. But when the time comes that you feel the urge of wanting to continue to get your losses or maybe if you have won a lot of money, it will be hard for you to stop and manage the amount of money you spend on gambling. Having a specific budget for gambling can help to control yourself in gambling, it's not surprising at all because it is a must.

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Quote from: Mr.suevie on September 13, 2023, 01:46:24 PM

Well I think am different when it's comes to my gambling spending because I don't think I have a specific budget or percentage of money I use for my gambling because when I comes to my gambling habit, it's just a matter of the time and how I feel about gambling that particular time as I just used any funds available to certified my urge when it's comes to gambling. It's still surprising to see people saying they actually put out specific amount just to gamble .

But it would be better if you have a budget for gambling so you can control your money. At least it can limit you from gambling excessively because we know what will happen to someone who gambles excessively. People who gamble using a certain budget want to limit their gambling so they don't lose too much. If you can also have a budget for gambling, maybe that can also be a limit for you so you will try not to exceed the limit. But if you think it is going well and you feel comfortable with it, you can continue but be careful if one day, you are tempted to use more money.

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Quote from: Oshosondy on July 14, 2023, 05:12:59 AM

I use 5% of my weekly income to gamble and I can not go more than that. Sometimes I can be busy and I can spend less. If a week favours me, I will save my profit and the remaining (5% last week income) for next week gambling. According to what I heard, people spend up to 12% of their weekly income on gamble. I think it is not bad but that gives me the thinking to make a post like this on this forum. What percentage of weekly income do you think is right for gambling?

I spend little, I believe no more than 10% of my income.
However, I don't think it's possible to say that this is a lot or a little for someone because there are those who prefer to spend more money on gambling than on other superfluous things.
On the other hand, there are people who spend a lot of money on parties, clothes, bars and a lot more on gambling.

I also believe that in addition to the amount of money people spend on gambling, it should be assessed how much time they spend in their lives gambling. It may be that someone makes small bets, or has a lot of skill and luck in gambling, but spends several hours a day just on this.

Mr.suevie

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Well I think am different when it's comes to my gambling spending because I don't think I have a specific budget or percentage of money I use for my gambling because when I comes to my gambling habit, it's just a matter of the time and how I feel about gambling that particular time as I just used any funds available to certified my urge when it's comes to gambling. It's still surprising to see people saying they actually put out specific amount just to gamble .

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Quote from: Odusko on September 07, 2023, 02:42:09 PM

Quote from: Oshosondy on July 14, 2023, 05:12:59 AM

I use 5% of my weekly income to gamble and I can not go more than that. Sometimes I can be busy and I can spend less. If a week favours me, I will save my profit and the remaining (5% last week income) for next week gambling. According to what I heard, people spend up to 12% of their weekly income on gamble. I think it is not bad but that gives me the thinking to make a post like this on this forum. What percentage of weekly income do you think is right for gambling?

Made i very good decision there mate, because have a higher percentage of your weekly income to gamble may result into possibly higher loses since we are already incline with the risk associated with gambling, lately it has been difficult for me to make any wins from my weekly gambling i don't know if i should take a break and save up my balance, although I have up to 15% of my weekly income set aside for gambling, but hardly will my balance take me up to middle of the month before i exust the set aside fund.
I record more loses than winning mostly on weekdays but sometimes my luck shines more on weekends.

There is no best advice except from yourself to manage your own finances wisely and respect your own decisions and at least love your money much better.
Even though you always have budget of 15% remaining money set aside, when you gamble and feel like its not your day, it better to stop betting and save rest of your budget to use for gambling next day.
You have to remember that gambling has way of always winning and you will have no way but to accept defeat every day.

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Quote from: Josefjix on September 07, 2023, 03:01:49 PM

Quote from: wxa7115 on September 06, 2023, 08:11:54 PM

It may not seem like much but the more you save the more money you have to invest, and the longer you can do this the more profits you will have over a long period of time.

So even if an additional 1% may not see like much, we must remember that amount compounds, and if you invest it in bitcoin which has higher volatility than the stock market then it can easily lead you towards some good profits, as long as you can hold your coins for that long of course.

Spreading out the message clearer, I don't flow with the same understanding with illustrations, there are various opinions stated out here, we have our basic choices to make. I don't believe in using percentage of our income to gamble, it makes no sense because our hard earn money are already utilized for budgets. There's no such thing as using our percentage to gamble, it only portrays how less busy we are to implement solid good plans for our future. I concord with the opinion that stated out that, we should use our extra change, money that's not for important budgets to gamble, because that's the only thing we can afford to lose.

It is the same, it is just being expressed in a different way, supposing you earn 3k per month and you use 150 dollars to gamble this is the same as saying you use 5% of your income to gamble.

However it is more useful to think of your income in terms of percentage as the amount you earn per month is different than what someone else may be earning, so for someone assigning 150 dollars per month to gamble may not be a huge deal, while for someone else that could be more than half of their salary, as such it is more useful to think in terms of percentage as this allows you to more clearly see how much of what you earn goes towards gambling, without revealing absolute numbers which could put you at risk of scammers, which are everywhere these days.

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Quote from: wxa7115 on September 06, 2023, 08:11:54 PM

It may not seem like much but the more you save the more money you have to invest, and the longer you can do this the more profits you will have over a long period of time.

So even if an additional 1% may not see like much, we must remember that amount compounds, and if you invest it in bitcoin which has higher volatility than the stock market then it can easily lead you towards some good profits, as long as you can hold your coins for that long of course.

Spreading out the message clearer, I don't flow with the same understanding with illustrations, there are various opinions stated out here, we have our basic choices to make. I don't believe in using percentage of our income to gamble, it makes no sense because our hard earn money are already utilized for budgets. There's no such thing as using our percentage to gamble, it only portrays how less busy we are to implement solid good plans for our future. I concord with the opinion that stated out that, we should use our extra change, money that's not for important budgets to gamble, because that's the only thing we can afford to lose.

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Quote from: Oshosondy on July 14, 2023, 05:12:59 AM

I use 5% of my weekly income to gamble and I can not go more than that. Sometimes I can be busy and I can spend less. If a week favours me, I will save my profit and the remaining (5% last week income) for next week gambling. According to what I heard, people spend up to 12% of their weekly income on gamble. I think it is not bad but that gives me the thinking to make a post like this on this forum. What percentage of weekly income do you think is right for gambling?

Made i very good decision there mate, because have a higher percentage of your weekly income to gamble may result into possibly higher loses since we are already incline with the risk associated with gambling, lately it has been difficult for me to make any wins from my weekly gambling i don't know if i should take a break and save up my balance, although I have up to 15% of my weekly income set aside for gambling, but hardly will my balance take me up to middle of the month before i exust the set aside fund.
I record more loses than winning mostly on weekdays but sometimes my luck shines more on weekends.

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Quote from: Oshosondy on July 14, 2023, 05:12:59 AM

I use 5% of my weekly income to gamble and I can not go more than that. Sometimes I can be busy and I can spend less. If a week favours me, I will save my profit and the remaining (5% last week income) for next week gambling. According to what I heard, people spend up to 12% of their weekly income on gamble. I think it is not bad but that gives me the thinking to make a post like this on this forum. What percentage of weekly income do you think is right for gambling?

I think the answer mostly depends on the perspective of each and every player who gambles.

Generally, people who view gambling as purely a form of entertainment are less likely to invest more money on their income in this venue. They view gambling as a way to at least reduce some stress as the adrenaline can give a person the boost of emotions that can be felt during the act.

On the other hand, people who view gambling as a way of earning income or money do have higher chances of investing more money on their income. Their goal is to quickly win or recover their losses by gambling again, thereby creating a cycle of income stream and expenses.

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Quote from: wxa7115 on September 06, 2023, 08:11:54 PM

Quote from: FanEagle on September 03, 2023, 04:10:41 PM

Less than 5% and less than 2% seems a bit close to each other. Mine is just around 3% range give or take every month so I could say that I could maybe drop it to 2% as well and it wouldn't really change a whole lot in my life, and I could increase it to 5% as well and it wouldn't suddenly make me poor neither.

However, I could say that it is going to end up with a different result one way or another, it is not going to be that simple in the end and should be a bit of a difficult question based on what your income is. Someone who makes 500 dollars a month and someone who makes 50k a month should not have the same result, while one can spend 10% easily, the other can't. That's why this changes from person to person.

It may not seem like much but the more you save the more money you have to invest, and the longer you can do this the more profits you will have over a long period of time.

So even if an additional 1% may not see like much, we must remember that amount compounds, and if you invest it in bitcoin which has higher volatility than the stock market then it can easily lead you towards some good profits, as long as you can hold your coins for that long of course.

So it's better to budget the money to invest in bitcoin than to use it for gambling. I like that, and that's what we should do. We also don't need to allocate funds too large for gambling, especially if we invest in bitcoin. It's better for us to provide a larger portion of funds to invest in bitcoin so that our profits can also be bigger.

But whatever allocation we use, we have to adjust it to the income we receive. If we allocate more than 10% to gambling, we must look at other allocations because they will require adjustments elsewhere. So instead of running out of money if we use it for gambling and don't know when we can win a lot of money, it's better to use the money to invest in bitcoin.

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Quote from: FanEagle on September 03, 2023, 04:10:41 PM

Less than 5% and less than 2% seems a bit close to each other. Mine is just around 3% range give or take every month so I could say that I could maybe drop it to 2% as well and it wouldn't really change a whole lot in my life, and I could increase it to 5% as well and it wouldn't suddenly make me poor neither.

However, I could say that it is going to end up with a different result one way or another, it is not going to be that simple in the end and should be a bit of a difficult question based on what your income is. Someone who makes 500 dollars a month and someone who makes 50k a month should not have the same result, while one can spend 10% easily, the other can't. That's why this changes from person to person.

It may not seem like much but the more you save the more money you have to invest, and the longer you can do this the more profits you will have over a long period of time.

So even if an additional 1% may not see like much, we must remember that amount compounds, and if you invest it in bitcoin which has higher volatility than the stock market then it can easily lead you towards some good profits, as long as you can hold your coins for that long of course.

Topic: Appropriate percentage of income for gambling - page 3. (Read 1810 times)