Topic: Appropriate percentage of income for gambling - page 4. (Read 1634 times)

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.

Well, it is good to know that you have big salaries that can cover all your needs with only 60% of your income.  Others are not as lucky as you since many people have salaries that can rarely meet their family needs so many of us here just allocate a small percentage of our monthly salaries but of course, if we get an extra source of funds, we might end up adding more percentage to gambling for entertainment.

I also believe that it is okay to spend any percentage of the income on gambling entertainment as long as they can sustain their family's needs and bills with the remaining money.

Of course, we shouldn't gamble excessively, that's why we must limit the funds. If we limit the funds, we must allocate it with the mount of money that we afford to lose. But if we have no limitation of the funds to use daily or weekly, it is not impossible that we may use more than 5% of income. Or we even may think to take a loan because of trying to chase the wins. Well, it is actually related to self control, people who has good self control must understand how much money they should spend ideally.

Commonly, each gambler understands that it is impossible to always win. It is gambling, no chance to maintain the wins for many times.  So, when a gambler is experiencing winning streaks, he/she probably considers to stop temporarily. It is because if he/she continues it, he/she may forget the nature of gambling and he/she tends to spend more more money. But to do this, a gambler must have a good self-control. It won't be easy to stop when someone is in a good mood because of winning streaks.

That's so much confidence from you. But whatever is the percentage that you're comfortable to spend from your monthly income, make use of that first for your bills and necessities then you're free to go wild and gamble with that money of yours. That's where many gamblers get it wrong that they're lessen first their gambling funds before proceeding and paying everything for their bills and needs. It should be deducted first before they allot their percentage for gambling so that they won't compromise those important obligations they need to sustain and attend to. And at the same time, their relatives won't blame gambling because they become reckless and irresponsible if they're prioritizing their percentage for gambling.

The maximum people opinion was les than 5 percentage,because less than 2 percentage was low one for the gambling.So the gamblers uses 5 percentage for the gambling from their monthly income.But I was from that 7 percentage of the population,which is less than 30 percentage of money in the gambling.I will spend 40 percentage of income for the rent and the clothes,then i will keep 30 percentage of nu income to the food.So the balance 30 percentage of my free income will be used on the gambling.Because I had strong belief on my luck and so my luck will give me more money from gambling one day.

However, the only thing I am certain of is that you should never gamble more than you can afford to lose. Spending 5% or below is easy to say, but when you are already experiencing consistent huge profits in gambling, I think it would be hard for anyone to stop, thinking that the moment you stop, you will eventually lost your luck and never get the chance again to be in huge profits. This is why most gamblers never win ultimately, aside from the fact that the house should always be the one to win.

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.

I have always agreed that a person can save in bitcoin and if a person decides to save 45% of their monthly income and uses it only for bitcoin, it can be quite good, because whenever we start to think if a person earning money in a country X and if its economy is very inflcnary it does not make sense to save in the local currency of that country, and if you spend everything to the strongest currency considered as the dollar, because the dollar can have its fall , so the most sensible thing is that you can invest it and there is no small investment that is worth it, because the only one that is worth it, even if it is to incorporate little by little, is bitcoin, because bitcoin is the currency that can be done the most to earn a lot of money, its deflationary nature is above any economy that exists, even if it is a country with the most prosperous economy, bitcon will always be above everything, it is what many people have found to really save, why not even in a bank Not even in the best of banks can it generate that much money, because a bank does not even reach 24% per year, etnonce that is something that should not be.

Now, a person who decides to save a large percentage of his salary is not healthy for him to spend it in a casino, because just as he can multiply it, which is not bad, he can leave it all there and lose all the effort he made. saving it and it's not the idea either, I think the money should move, but there are things that are a little more secure, in fact I would prefer that you put the money in tading so that you can do bigger things, and even though there is the risk of losing that Money, well, you can do things that you can win, what I weigh is that the correct percentage to play in a match according to what you win, you can allocate is 1% and a maximum of 2% of there you think is not possible more, because it would be like throwing money overboard, because it is easier to lose than to win, we must know that a casino will always have the advantage of the house and that above that nothing.

That is the right approach, since money that we can afford to lose means exactly that, after you subtract the money needed to pay for groceries, utilities, gasoline, insurance, saving and investing, then whatever that remains is the money you can afford to lose.

And if that amount of money is small so be it, there is no point in trying to gamble away more money than what we can afford, after all the amount of money we can earn is limited so it make sense we try to use it as effectively as we can.

Even if one can afford to spend 30% of their income on gambling, I don't think that is a good thing to do. One should have a fixed budget for their gambling activities and it shouldn't be a very big part of their income because gambling is not a way to earn money or something but it is a source of entertainment and trying your luck, if you are lucky, you will win big even if you have spent just 5% of your income and if you are unlucky, you won't win even if you spend 50% of it.

So, it's better if you can spend just a small percentage of your total income on gambling, enjoy your time while you can, and see if your luck works or not, and when you lose that money, just stop right there and wait until you get your next income and then gamble again with your budget.

It's normal to give them what they want, but we should also know whether it's really what they need because so far, parents have never checked carefully whether what they are asking for is really what they need.

And regarding how much funds you can allocate for gambling and other entertainment, it depends on how you arrange your household financial budget so that it doesn't interfere with one another. Perhaps 2%-5% is enough for the gambling budget. At the same time, other entertainment will have a larger portion of the budget because other entertainment will usually be shared with other family members. Hence, it's only natural that the budget portion is also large.

Only we can budget for gambling because only we know how much we can afford in gambling. And as long as it doesn't exceed the limit, our budget or salary will surely be sufficient. And if we lose at gambling, we will not use the budget for other things because we know that it will interfere with allocating funds.

As a Father or Family oriented kind of person then you would definitely be thinking about your family on giving out their needs and whatever they do really want on which it is  really just that normal that we do really priority
on whatever our family been asking but its not really that bad on giving yourself your own time in speaking about leisure or entertainment. Some person or men do really think up this kind of situation and some doesnt really care for themselves on their happiness but since each one of us does have that different kind of approach when it comes to entertainment because not all would really be that a fan of gambling then you could really expect
that it would really be just fine for other people on not to be able to play but for those who do want to play then allocating 2%-5% of your income should really be enough or sufficient. Dont make yourself go overboard or crossing on the line because this would really be definitely be creating that kind of possible impulsive approach which might lead into those actions which arent supposed to be done because it would really be possibly be
creating possible disaster into your finances if you arent really that sensible in towards on your further actions. This is why having that control and discipline would really be always the key and shouldn't really be ignored.

Your assumption got me to ask if there is any job where, in these recent days, anyone is earning about $5k in a week? Maybe it can exist in other countries, but in my country, I have not seen any worker receiving $5k per week; it's always way less than that, and even if a gambler is earning $500 every week, spending 5% of their $500 weekly income on gambling cannot be considered reckless spending on gambling. Some people spend more than that. Even if one is earning $100 every week, 5% is not too much to spend on gambling.

 
Wow, who will be mad for just spending 1 or 2% of their income on gambling? Before that can happen, two things are involved: either the person doesn't like gambling but was compelled and persuaded to do so, or the person is earning above $100k per week or month. If the person is earning more than $100k, that means that the 2% they spend on gambling would really be a huge amount of money.

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Yeah, I agree with you on that, and I believe that's what it really is, because perhaps you don't know how much my total monthly or weekly income is, so you can't decide for me how much I should spend on gambling. Since I am the one who has that information, I can only decide for myself how much I need to spend from the income I get (just a scenario).

Talking about percentages to be spent on gambling from your weekly income only makes sense when we know what we are comparing here. If someone makes 5k USD a week and spends 500 USD, no issue with that I guess. But when someone makes 500 USD a week and is around his existential minimum, every dollar counts. That's why establishing a rule in terms of percentages should be done on the basis of how much money is earned and also needed to keep life moving forward and not get derailed. It is also highly individual how people go til when they lose. Some will say that they are ok when they just wasted 10% of their weekly income in a casino, while others would perhaps be mad at themselves when they lost 1% or 2% on gambling.
I think it should be more a percentage of discretionary income when all important things are covered. If someone chooses to gamble around over going to the cinema, that's fine then.

Even when you already have a family, you will probably focus more on your family than on gambling and will give your income to your partner to manage. Maybe you can still have a small budget for gambling, but the amount will be less than when you were single. And it's true everything will change drastically when you have children because your next priority is your children, which will cost more than before. This is why many husbands are trying to find additional income, one of which is by playing gambling. But that's not a good choice because we won't know how often we can win.

And when they already have a family and children, that can reduce the budget for gambling, so of course, it will make them also reduce the time to gamble. There will be other joys that they will find in their family, namely their children who are starting to grow up, and watching them grow will be a joy.

However, not every participant at the casino is a businessperson. Not everyone views gambling as a commercial venture. You are correct; it is a hazardous game if you become addicted. Moreover, it is not for the fainthearted. If you've established a budget, adhere to it. If you're down $100, call it a day and return later. But always return stronger, wiser, and better prepared

Remember that money is not everything. Occasionally, it's all about the excitement, the strategy, and the game. And always - ALWAYS - maintain your composure. If you are unable to manage the game, it may be time to leave the table

That's mean the gambler is doesn't have a good money management.

When someone need to borrow money for family expenses, he should calculate the expected monthly spending because borrowing money is unhealthy. Maybe he need to lower the money for entertainment and save the rest for urgent need.

Also learn about frugal living lifestyle, don't spend money for unnecessary stuff.

When you start having children they will be a big change on how you save money and how you invest, there is no thing as budget for the family, you will keep spending and spending and there won't be anything to keep the account about your spending, the only way to stay ahead is to double how much your are originally making before you get married and start having kids, up your game and there will be enough for investments and savings.

The truth is this won't be easy for many people, as they are basically living on their salary earnings, this is why I am not a fan of working under someone and earning a salary every month, the room for growth won't be wide enough to do as you please.

As for those who are not salary earners, maybe those who have their own business it's easier to work on something new that can start generating you extra income every month, the difference is you will have the time to learn something new, there will be no boss waiting for you at the office door to talk trash on you about why you are late.

Well , for me , I am a regular gambler though not that regular though, but honestly ,I still prefer the old fashioned way which is to gamble when ever I feel like it, and my stake will depend solely on the amount of money I am willing to risk losing at that particular moment.
As someone who got people to feed take care of ,  a lot of responsibilities that require money , I honestly don't find it convenient to set anything aside either weekly or monthly for the sole purpose of gambling alone, I feel there are many other much more important stuffs to set money aside for , rather than doing it for gambling , but then ,I understand that every man is to his or her own , we set aside funds for things in our lives based on how important it is to us, based on priorities, which is absolutely ok .