Appropriate percentage of income for gambling - page 5.

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Quote from: mirakal on August 27, 2023, 05:38:04 AM

Quote from: DaNNy001 on August 17, 2023, 11:39:39 AM

To be honest I think I fall under the category of people who don't actually have a certain percentage of my earnings I use for gambling, I mostly just like to flex it thats whenever am feeling like gambling or I have seen a particular game am much interested in, I just go on all out and place my bet depending on the amount I am willing to spare for that moment.

You know that was also like me when I’m still a beginner in gambling. I just gamble whenever I feel the urge, and bet whatever I have extra amount willing to lose. But as I became a regular gambler, I realized I have to set an amount that I intend to use for entertainment, no regret if I lose them all but it would be better if I also make them double or triple the amount. So I decided to play below 10% of my weekly pay, but mostly whenever I’ve seen that there’s no luck coming, probably it all fall down to 5%. And I think that works, my finances are still manageable despite of some consistent losses I’ve incurred.

People actually should be gambling, only if they are ready to lose the amount of money that they put on to gamble. Otherwise, if you are someone who just somehow can manage his money and not save much, you should not be even thinking about gambling. It’s better to just save the money for future. Or even better, invest the money in something which might give a better return.

People think about gambling as an "instant profit" thing. But we all know that it is actually hard to win in gambling if you have actually not lost a lot of money. People who gamble professionally are definitely people who have a lot of experience in gambling and also most of the time have a lot of money. So I definitely do not think that gambling is a get-rich-quick scheme. For me, it is more like a time-passing method.

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Quote from: mirakal on August 27, 2023, 05:38:04 AM

Quote from: DaNNy001 on August 17, 2023, 11:39:39 AM

To be honest I think I fall under the category of people who don't actually have a certain percentage of my earnings I use for gambling, I mostly just like to flex it thats whenever am feeling like gambling or I have seen a particular game am much interested in, I just go on all out and place my bet depending on the amount I am willing to spare for that moment.

You know that was also like me when I’m still a beginner in gambling. I just gamble whenever I feel, and whatever I have extra amount willing to lose.

People who use this percentage may be a businessman who is also looking for money in gambling so it needs calculations and percentages of income as well as gambling profits, even though in my opinion just play as usual as long as you can limit your gambling budget properly, for example every week only $ 100 , when you have lost around $ 100 you should stop gambling because it limits the budget so as not to become poor.

Gamblers if they have become addicts will be difficult to cure because they cannot be stopped if they are already heavily addicted, so just play with a healthy mindset like gambling by just having fun enjoying the game without having to chase profits and make it a source of income. Gambling must be wise and full of responsibility

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Quote from: DaNNy001 on August 17, 2023, 11:39:39 AM

To be honest I think I fall under the category of people who don't actually have a certain percentage of my earnings I use for gambling, I mostly just like to flex it thats whenever am feeling like gambling or I have seen a particular game am much interested in, I just go on all out and place my bet depending on the amount I am willing to spare for that moment.

You know that was also like me when I’m still a beginner in gambling. I just gamble whenever I feel the urge, and bet whatever I have extra amount willing to lose. But as I became a regular gambler, I realized I have to set an amount that I intend to use for entertainment, no regret if I lose them all but it would be better if I also make them double or triple the amount. So I decided to play below 10% of my weekly pay, but mostly whenever I’ve seen that there’s no luck coming, probably it all fall down to 5%. And I think that works, my finances are still manageable despite of some consistent losses I’ve incurred.

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Quote from: summonerrk on August 27, 2023, 02:59:18 AM

-snip

That's right, family life imposes very large expenses on the player. Imagine that you have your own expense items, and in addition there are unforeseen expense events - a tooth ached, a shoe broke, and so on. If you are a family man, then the expenses for your wife are also imposed on you - after all, she is most likely on maternity leave, and her income is very small. Well, plus to all this, there is a child whose expenses are almost impossible to plan, they are chaotic and large.

Therefore, if a family man wants to continue gambling, his income must be huge. Because in family life, you never know how much money you will have left in a week.

if a man who has a family would be better advised to put aside gambling and prioritize the needs of his family and gamble when he has money left over from daily needs. this is like planning a budget for gambling when you have a job and get a salary that you have to separate the money to cover all needs and if there is no extra to ignore gambling for a while.

I think to gamble continuously you do not need to have a large income just once plan a budget for gambling but use it professionally for example a man has a job with a salary of $300 and after that separate the money $250 for his family and $50 to place on sports bets on teams that have big chance to win to get better results and if you win, do not occasionally use all the budget money and winning money to bet again but stay consistent with the initial bet so that the budget will last a few days or a few weeks.

but if the budget is used to play in casino games Im not sure if the funds will last a few days.

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Quote from: 2Pizza410000BTC on August 27, 2023, 03:04:46 AM

Quote from: summonerrk on August 27, 2023, 02:59:18 AM

Therefore, if a family man wants to continue gambling, his income must be huge. Because in family life, you never know how much money you will have left in a week.

The prices of commodities in my country are so high that average people spend twice as much money every day as they earn. As a result, there is no way for him to keep some money in reserve in the family. In our socio-economic context, it is not at all possible to support the family by participating in gambling.

I don't agree with you when it comes to profitable gambling. You see, there are no limitations in terms of how much you can earn through gambling; all you need to do is establish that consistency, and you'll undoubtedly lead a prosperous life. However, it's important to note that gambling is often perceived as a high-risk endeavor, which is why only a few manage to succeed in it. Yet, if you possess the necessary skills, generating income from gambling shouldn't pose a problem. In the future, your challenge might shift to how to effectively manage and use your wealth.

My point is, it's not accurate to always assume that no one can make money from gambling, as this notion is merely a myth.

Quote from: 2Pizza410000BTC on August 27, 2023, 03:04:46 AM

A private employee can never support his family as per his mind, so at the end of the month he has to borrow a certain part to meet the family expenses.

Then, over time, they might face financial difficulties due to their low income and substantial expenses. From a business perspective, this situation is referred to as bankruptcy.

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Quote from: summonerrk on August 27, 2023, 02:59:18 AM

Therefore, if a family man wants to continue gambling, his income must be huge. Because in family life, you never know how much money you will have left in a week.

The prices of commodities in my country are so high that average people spend twice as much money every day as they earn. As a result, there is no way for him to keep some money in reserve in the family. In our socio-economic context, it is not at all possible to support the family by participating in gambling. A private employee can never support his family as per his mind, so at the end of the month he has to borrow a certain part to meet the family expenses.

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Quote from: 2Pizza410000BTC on August 27, 2023, 02:32:30 AM

Quote from: GigaBit on August 26, 2023, 11:01:51 AM

Quote from: Oshosondy on July 14, 2023, 06:12:59 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?

Every gambler comes from a family so the biggest part of their income must be used for the family. Gamblers usually try to spend a large portion of the money for family and other necessary expenses. But here is another thing we have to consider that this gambling may be different for those who have higher income. But overall I agree with you that if someone spends 5 percent of his income on gambling it will not be a burden for anyone. But in this case, even if it is 7 percent to 10 percent that will be acceptable.

A gambler must keep the family expenses in mind if he gambles under a family. After meeting the family's expenses, he has to keep a certain portion to participate in gambling later. In this case, if a gambler participates in gambling professionally and earns without facing any losses, he can save a certain portion of his income. And if the gambler faces losses rather than gains then most of his income has to be spent on gambling leaving aside family support for which he later lives in poverty.

That's right, family life imposes very large expenses on the player. Imagine that you have your own expense items, and in addition there are unforeseen expense events - a tooth ached, a shoe broke, and so on. If you are a family man, then the expenses for your wife are also imposed on you - after all, she is most likely on maternity leave, and her income is very small. Well, plus to all this, there is a child whose expenses are almost impossible to plan, they are chaotic and large.

Therefore, if a family man wants to continue gambling, his income must be huge. Because in family life, you never know how much money you will have left in a week.

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Quote from: GigaBit on August 26, 2023, 11:01:51 AM

Quote from: Oshosondy on July 14, 2023, 06:12:59 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?

Every gambler comes from a family so the biggest part of their income must be used for the family. Gamblers usually try to spend a large portion of the money for family and other necessary expenses. But here is another thing we have to consider that this gambling may be different for those who have higher income. But overall I agree with you that if someone spends 5 percent of his income on gambling it will not be a burden for anyone. But in this case, even if it is 7 percent to 10 percent that will be acceptable.

A gambler must keep the family expenses in mind if he gambles under a family. After meeting the family's expenses, he has to keep a certain portion to participate in gambling later. In this case, if a gambler participates in gambling professionally and earns without facing any losses, he can save a certain portion of his income. And if the gambler faces losses rather than gains then most of his income has to be spent on gambling leaving aside family support for which he later lives in poverty.

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Quote from: Hypnosis00 on August 26, 2023, 07:16:31 AM

It is different for me as I allocate a certain amount for savings, investments, and expected expenses, and the remaining money will be for some stuff and leisure. Maybe I was really strict when it came to budgeting but I was thankful because this is the reason why I'd never fall into addiction and spend less on gambling. If only $100 is left (free money) then that is only the money I have to gamble to.

And I'd find out how important it was because, for some reason, we are able to keep on our plan and are able to reach our goal.

It's great if you can do something like that because it will keep you from getting addicted and prevent you from losing a lot of money. We must be able to set a budget for gambling and never cross the limit so that we don't spend the money in one day. If we can limit budgeting, it won't interfere with finances in the family because we have arranged everything in the places it should be. And the important part is that we can also enjoy and live this life well.

In gambling, we also have a plan that is not about making money from gambling because it's not easy. The plan is to regulate how we gamble, how much money we can use to gamble, how long we can gamble in one day and how many times we will gamble in one week. And I think there are many more things that we must consider, especially limiting our gambling so that we don't experience gambling addiction and other serious problems.

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Quote from: Aanuoluwatofunmi on August 26, 2023, 10:30:59 AM

Quote from: Oshosondy on July 14, 2023, 06:12:59 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?

Any percentage is not bad to be used for gambling as long as it's something one can afford to loose, gambling does not have a particular amount one must use to gamble, but there's nothing bad if we can on our own self made a decision on the amount in percentage that we want to be using for gambling, in my own opinion i don't think 5% is much but i can tell about some who will tell you it's much because of what they earned and how their other responsibilities appears.

I don't think so if there's a exact percentage of winning or income in gambling cause we are all know that gambling Can not sustain our daily needs we cannot predict the outcome of our bet so there's a time that we will loss our bet so we can not say that we will receive a daily income from gambling and also as a gambler we must don't have the mindset that gambling is a source of income .

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Quote from: Oshosondy on July 14, 2023, 06:12:59 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?

Every gambler comes from a family so the biggest part of their income must be used for the family. Gamblers usually try to spend a large portion of the money for family and other necessary expenses. But here is another thing we have to consider that this gambling may be different for those who have higher income. But overall I agree with you that if someone spends 5 percent of his income on gambling it will not be a burden for anyone. But in this case, even if it is 7 percent to 10 percent that will be acceptable.

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Quote from: Oshosondy on July 14, 2023, 06:12:59 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?

Any percentage is not bad to be used for gambling as long as it's something one can afford to loose, gambling does not have a particular amount one must use to gamble, but there's nothing bad if we can on our own self made a decision on the amount in percentage that we want to be using for gambling, in my own opinion i don't think 5% is much but i can tell about some who will tell you it's much because of what they earned and how their other responsibilities appears.

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Quote from: rachael9385 on August 17, 2023, 12:15:59 PM

Well the percentage in which I used in gambling is a 2% of my savings and moreover I don't gamble all the time because I am just a new commer in the gambling community so I don't really know a sure game to place a bet on, but with time when I am more familiar with the odds and teams I will increase to 5⅝ because by then I have known some specific sure odds, this is the best way to handle betting so a gambler will not wager more than expected on gambling. Sometimes staking more than the percentage of stake in a bet helps when you won, this makes the whole story interesting to forget those day while one was losing money in bets. Cheesy

Well, props to you. I remember when I just entered the gambling world, I use only 2% of my income because I was just a beginner then and I can't afford to lose that much money because of gambling. That's why it makes me happy every time I hear people who are new comers, only gamble at least 2% of their income or simply their free money. My advice would be, not just in gambling but in everything that you're going to, if you're only a beginner, it's better to observe and explore first before you really dive into it. As what they say, before you swim, test if the water is deep or shallow. Now, in my years in the gambling community, I still only limit myself to 5% of my income and that's the maximum.

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Quote from: ethereumhunter on August 26, 2023, 06:20:26 AM

Quote from: wxa7115 on August 25, 2023, 09:01:58 PM

Someone saving 45% of their income each month will end up in a fantastic position very early on their life, think about it they are almost saving half of their salary, which means that each year they work they generate one year of savings.

If that person were to save a few years out of their income and then they invested that money in bitcoin, suddenly they will not have years of savings but decades of savings which will allow them to retire at a very early age.

And if they can save that amount without having to gamble at all, they will see how much money they have at the end of the year and it will surprise them that they can make a lot of money by saving it and not using it for gambling. But people who are used to gambling will definitely budget their money to be deposited into their gambling account so that they can freely use it to gamble.

Saving their money in bitcoin will be better for them because it can make them big profits from investing in it. If they also reduce their allocation of money for gambling and move it into investment savings in bitcoin, they will have more bitcoin they can sell when the price of bitcoin rises.

It is different for me as I allocate a certain amount for savings, investments, and expected expenses, and the remaining money will be for some stuff and leisure. Maybe I was really strict when it came to budgeting but I was thankful because this is the reason why I'd never fall into addiction and spend less on gambling. If only $100 is left (free money) then that is only the money I have to gamble to.

And I'd find out how important it was because, for some reason, we are able to keep on our plan and are able to reach our goal.

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Quote from: wxa7115 on August 25, 2023, 09:01:58 PM

Someone saving 45% of their income each month will end up in a fantastic position very early on their life, think about it they are almost saving half of their salary, which means that each year they work they generate one year of savings.

If that person were to save a few years out of their income and then they invested that money in bitcoin, suddenly they will not have years of savings but decades of savings which will allow them to retire at a very early age.

And if they can save that amount without having to gamble at all, they will see how much money they have at the end of the year and it will surprise them that they can make a lot of money by saving it and not using it for gambling. But people who are used to gambling will definitely budget their money to be deposited into their gambling account so that they can freely use it to gamble.

Saving their money in bitcoin will be better for them because it can make them big profits from investing in it. If they also reduce their allocation of money for gambling and move it into investment savings in bitcoin, they will have more bitcoin they can sell when the price of bitcoin rises.

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Quote from: wxa7115 on August 25, 2023, 09:01:58 PM

Someone saving 45% of their income each month will end up in a fantastic position very early on their life, think about it they are almost saving half of their salary, which means that each year they work they generate one year of savings.

If that person were to save a few years out of their income and then they invested that money in bitcoin, suddenly they will not have years of savings but decades of savings which will allow them to retire at a very early age.

Regardless of the percentage and numbers we will mention here, if the said person is a gambler, casual, regular, or addicted, anything related to properly managing the savings will be useless. It requires a strong discipline to only use a specific percentage to be used on gambling. There's a scenario in which someone will set up a budget only to be used on gambling but when they reach the limit, there's always room for "Why not try another round"? And the result? We already know.

Sometimes those who exceed their budget are lucky, where the risks they take are being rewarded luckily. Unfortunately, on the other hand, there are unlucky gamblers who exceed their budget but end up being wrecked and that's where the problem will start. To summarize, having a percentage of income that can be used in gambling is not totally effective as the temptation to cross the limit is always possible for most gamblers.

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Quote from: michellee on August 19, 2023, 12:34:00 PM

Using 2% of your savings can be your choice to play gambling and that's not only because you are a newcomer but you really have to be able to have limits for gambling so you won't lose a lot of money playing gambling. And try to increase the percentage of money to 5%, which means you also increase the risk of losing it.

It is better for you to start learning to make clear boundaries in gambling to control yourself while playing gambling and not lose much money if you do lose. Many people are tempted to continue playing gambling because they see that some people can get big wins from gambling.

But you can't be like them because you need luck to win. So if you already have clear limits, you must continue to follow these limits and stop immediately before the limit is reached so you can still have money in your balance.

Before gambling, we have our perspective targets to crack, we can't tend to accept losses at a very early stage of wagering. Gambling is never a do-or-die circumstance; we wager what we can afford and lose. It is more about oneself than about the optimum percentage of income to be utilized for gambling Self-control and disciplinary proceedings are required for avoiding account liquidation. It is not necessary to use 2%; it all depends on the solid results obtained. We should be more open and calculated in all we do, because even minor mistakes might result in punitive consequences from the system.

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Quote from: tusandii on August 19, 2023, 10:33:20 PM

Quote from: rachael9385 on August 17, 2023, 12:15:59 PM

Well the percentage in which I used in gambling is a 2% of my savings and moreover I don't gamble all the time because I am just a new commer in the gambling community so I don't really know a sure game to place a bet on, but with time when I am more familiar with the odds and teams I will increase to 5⅝ because by then I have known some specific sure odds, this is the best way to handle betting so a gambler will not wager more than expected on gambling. Sometimes staking more than the percentage of stake in a bet helps when you won, this makes the whole story interesting to forget those day while one was losing money in bets. Cheesy

If you do that, won't it have a very bad long-term impact on your savings because you also need living expenses and so on, so you can only save a portion of your income and over time your savings will run out without.
It's better to change by using money earned from working or doing business, not saving, for example you use 2% to 5% of the money you earn for gambling and 45% for savings, then the remaining 50% of the money is used to meet your life needs within one month and calculating income must be rounded up once a month to make it easier for you to manage the finances you have.

I use this method and it's proven to be successful in minimizing excessive amounts and saving money so I don't gamble too much.

Someone saving 45% of their income each month will end up in a fantastic position very early on their life, think about it they are almost saving half of their salary, which means that each year they work they generate one year of savings.

If that person were to save a few years out of their income and then they invested that money in bitcoin, suddenly they will not have years of savings but decades of savings which will allow them to retire at a very early age.

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Quote from: rachael9385 on August 17, 2023, 12:15:59 PM

Well the percentage in which I used in gambling is a 2% of my savings and moreover I don't gamble all the time because I am just a new commer in the gambling community so I don't really know a sure game to place a bet on, but with time when I am more familiar with the odds and teams I will increase to 5⅝ because by then I have known some specific sure odds, this is the best way to handle betting so a gambler will not wager more than expected on gambling. Sometimes staking more than the percentage of stake in a bet helps when you won, this makes the whole story interesting to forget those day while one was losing money in bets. Cheesy

If you do that, won't it have a very bad long-term impact on your savings because you also need living expenses and so on, so you can only save a portion of your income and over time your savings will run out without.
It's better to change by using money earned from working or doing business, not saving, for example you use 2% to 5% of the money you earn for gambling and 45% for savings, then the remaining 50% of the money is used to meet your life needs within one month and calculating income must be rounded up once a month to make it easier for you to manage the finances you have.

I use this method and it's proven to be successful in minimizing excessive amounts and saving money so I don't gamble too much.

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Quote from: Webetcoins on August 18, 2023, 12:38:30 PM

Quote from: slapper on August 17, 2023, 11:32:24 AM

I've seen countless responsible people, great earners, who enjoy a game of chance. You make it sound like spending on gambling is equivalent to throwing money into a fire. Sure, 30% might seem like a high number, but who are you to decide what's sensible for someone else? Not every individual has the same financial obligations or priorities

You draw this line between addicted gamblers and responsible earners, but that's just black and white thinking. You'd be surprised how many high-functioning individuals enjoy a gamble and still fulfill their responsibilities. Your attempt to fit everyone into these neat little boxes is incredibly shortsighted. Life is more complex than your simplistic categories

No matter what someone says they gamble for, whether it's for fun or it's to earn more money with the money being spent, the actual reality of gambling is that you are basically burning the money away, whether you are having fun or just getting frustrated by the losses since we all know the eventual outcome of gambling is to lose to the house unless we are extremely lucky and get out of the casino with both our pockets filled with money.

Also, no matter how much of a high earner one is and whether they fulfill their responsibilities or not, 30% is still a very high number to be spent from your total income only on gambling when you can use that money for something more productive and only use a small part of it for gambling if you are doing it just for fun. What's the fun in wasting $600 a week into gambling even if you are earning $2k? You might not have a lot of financial obligations or priorities but you can still use a part of that money into something more productive.

At the end people should be able to spend their money as they want, do I think that spending 30% of our income on anything other than investing or your mortgage is too much? Yes, but we cannot force people to follow what we think is right and they should be able to decide on their own, even if that choice is wrong.

As sooner or later those people will realize that if they had used that amount of money to other activities and goals they would have obtained a better return on their investment.

Topic: Appropriate percentage of income for gambling - page 5. (Read 1634 times)