Appropriate percentage of income for gambling - page 7.

Westinhome

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Quote from: arwin100 on August 14, 2023, 08:00:54 AM

We just need to check ourselves if we are still doing good and not exceed to the limit we set since if we always surpass to the budget allocated on gambling then we can determine that we are not fine. If we know that we didn't reach the limit and enjoyed the games then for this we can say that we are in healthy state.

Gambling is really fine its just there are people abuse theirselves then end up they can't control anything and mess up everything in their lives.

We should check the two week payment using the last two weeks or three weeks.When the two weeks attain the equal or near value,then it will be your weekly income from the gambling.Then try to increase the same with your efforts.You should increase the average value to 30% about that two week constant value.Some people doesn't attain the value as I had mentioned,but they are most satisfied with the entertainment from the game.So they are most healthy gambler as compared to the more money earning person.Because money earning is simple one but satisfy from the gambling is not the easy one.Only few gambler look the gambling as the entertainment giving game and other think gambling as money making machine.

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Quote from: wxa7115 on August 13, 2023, 09:06:54 PM

Quote from: coolcoinz on August 08, 2023, 02:38:50 PM

Quote from: wxa7115 on August 07, 2023, 11:40:16 PM

I picked less than 2%, with 1% being closer to what I would pick, and the reason for this is very simple, if you were to dedicate even more money than that and you gambled that money away each week then you will realize that if you had invested that money instead you could have bought an expensive asset with all of that money.

So this will create a sense of remorse that will be difficult to overcome, as such I think there is nothing wrong with gambling but you need to do it with amounts of money that are very small so you can avoid having those feelings.

I did the same as I don't have a specific amount that I spend weekly so it's impossible to estimate. If one month I spend 5% of my income, but for the next 2 months I don't spend anything, the average is going to be something around 2% anyway.

I'm sure some of you have a weekly spending routine, but I gamble when I feel like it. It's not a part of my way of life, like getting more bitcoin or working. I do all my chores, pay my bills, and if there's something left and there's an interesting event coming up - I gamble.

Gambling is OK as we all need some entertainment from time to time, but using a great deal of our money in this activity is without a doubt a mistake, as we have many other needs and goals that we may like to accomplish as well.

We just need to check ourselves if we are still doing good and not exceed to the limit we set since if we always surpass to the budget allocated on gambling then we can determine that we are not fine. If we know that we didn't reach the limit and enjoyed the games then for this we can say that we are in healthy state.

Gambling is really fine its just there are people abuse theirselves then end up they can't control anything and mess up everything in their lives.

Latviand

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I'm being honest here when I say that I don't track my expenses when I'm gambling, whenever I gamble I just get the money that I want to spend and when that money is gone because it's a loss for me and a bad day for me then my gambling is done for that day. I know that it's kind of stupid of me not to track how much I spend in gambling but I think that I'm happier that I don't know how much I lose over time, less regrets on why I gamble and I have more fun at the end of the day.

Quote from: Aikidoka on August 07, 2023, 03:13:59 PM

If you were to ask me what percentage of my weekly income I can use for gambling, it's probably less than 5%. I don't usually place bets with a lot of money but I enjoy betting with just a few bucks on multiple events simultaneously, which it'll could make me win a huge amount with just a small bet if luck is on my side. I understand that winning is difficult, but I find great enjoyment in watching the games I've bet on hoping that it might just be my lucky day!

I mean that's what betting does, you root more sincerely for the team that you've put your money in and it makes it that your screaming and feeling bad about the team or the fouls committed or the bad calls by the referees more justified although to some degree.

wxa7115

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Quote from: coolcoinz on August 08, 2023, 02:38:50 PM

Quote from: wxa7115 on August 07, 2023, 11:40:16 PM

I picked less than 2%, with 1% being closer to what I would pick, and the reason for this is very simple, if you were to dedicate even more money than that and you gambled that money away each week then you will realize that if you had invested that money instead you could have bought an expensive asset with all of that money.

So this will create a sense of remorse that will be difficult to overcome, as such I think there is nothing wrong with gambling but you need to do it with amounts of money that are very small so you can avoid having those feelings.

I did the same as I don't have a specific amount that I spend weekly so it's impossible to estimate. If one month I spend 5% of my income, but for the next 2 months I don't spend anything, the average is going to be something around 2% anyway.

I'm sure some of you have a weekly spending routine, but I gamble when I feel like it. It's not a part of my way of life, like getting more bitcoin or working. I do all my chores, pay my bills, and if there's something left and there's an interesting event coming up - I gamble.

And you are taking the right decision, on average people do not realize the strength of their habits, maybe drinking a soda today has almost no effect on your health, but do this for 40 years in a row and then suddenly this will have an effect on your sugar levels on blood and your teeth, and the same is true when it comes to the usage we give to our money.

Gambling is OK as we all need some entertainment from time to time, but using a great deal of our money in this activity is without a doubt a mistake, as we have many other needs and goals that we may like to accomplish as well.

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Quote from: wxa7115 on August 07, 2023, 11:40:16 PM

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?

I picked less than 2%, with 1% being closer to what I would pick, and the reason for this is very simple, if you were to dedicate even more money than that and you gambled that money away each week then you will realize that if you had invested that money instead you could have bought an expensive asset with all of that money.

So this will create a sense of remorse that will be difficult to overcome, as such I think there is nothing wrong with gambling but you need to do it with amounts of money that are very small so you can avoid having those feelings.

I did the same as I don't have a specific amount that I spend weekly so it's impossible to estimate. If one month I spend 5% of my income, but for the next 2 months I don't spend anything, the average is going to be something around 2% anyway.

I'm sure some of you have a weekly spending routine, but I gamble when I feel like it. It's not a part of my way of life, like getting more bitcoin or working. I do all my chores, pay my bills, and if there's something left and there's an interesting event coming up - I gamble.

swogerino

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Quote from: tjtonmoy on August 08, 2023, 09:22:00 AM

Quote from: Strongkored on August 08, 2023, 01:55:06 AM

~Snip

I am not into gambling anymore. But with the weekly income that i have now, I can use 10-20% from my side. This may fluctuate based on situation but keeping my savings aside, I am left with 10-20% every week. And those are the money i use for my own entertainment purposes. That's the amount i can afford to lose. In that sense, I said if I were to gamble, I can easily use that percentage of my weekly income for gambling.
You are correct about the fact that more gambling will lead to more spending. It will have a bad effect on the long run. So that's a thing of concern. But I don't think less income will be any better if you are already a gambling addict. Less income will cause more damage if you are addicted and in meed of more money to gamble. Budget does not matter as long as you have control over your gambling habit.

I agree,when you have self control and great discipline the budget does not count a lot,you can make a little budget go a long way when you are used to gamble with certain patterns and you don't over do it.Most people,including me play well over 10% of their budget in gambling but when you have set a fixed amount you can use it like you don't have it and as such you can try different games in gambling,if you win great for you and if you lose you already counted this money as a lost amount so in both scenarios there is nothing to worry.

tjtonmoy

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Quote from: Strongkored on August 08, 2023, 01:55:06 AM

~Snip

I am not into gambling anymore. But with the weekly income that i have now, I can use 10-20% from my side. This may fluctuate based on situation but keeping my savings aside, I am left with 10-20% every week. And those are the money i use for my own entertainment purposes. That's the amount i can afford to lose. In that sense, I said if I were to gamble, I can easily use that percentage of my weekly income for gambling.
You are correct about the fact that more gambling will lead to more spending. It will have a bad effect on the long run. So that's a thing of concern. But I don't think less income will be any better if you are already a gambling addict. Less income will cause more damage if you are addicted and in meed of more money to gamble. Budget does not matter as long as you have control over your gambling habit.

SeriouslyGiveaway

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

What percentage of weekly income do you think is right for gambling?

I don't allocate a certain percentage of my weekly money for gambling, but I always use my savings for it. If I believe a bet aligns with my strategy, I will wager 15-20%. However, if I'm not so sure (about 50/50 odds), I only bet 1-5% for fun. For me, gambling is just like a game that helps me entertain, not for earning money. Consequently, my psyche remains comfortable.

Quote from: mindrust on July 14, 2023, 12:44:55 PM

We spend lots of money on other stupid stuff for fun too so it is fine to spend some money on gambling as long as you are having fun not greedy and 2% sounds just like the right amount. Life is all about balancing stuff. We need to balance fun and work so we won't go crazy.

I agree with you on that point. If we approach gambling with the purpose of entertainment and don't put pressure on ourselves to make money, it can be an enjoyable way to relieve stress and may even help us improve certain skills, such as analysis and gaining more knowledge about the field in which we gamble, whether it's casino games, sports betting, crypto trading, or forex.

jostorres

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Quote from: ChiBitCTy on August 04, 2023, 08:09:25 PM

As I'm reading through so many of these responses, I can't help but wonder how many of you are actually investing the right percentages of your weekly pay to necessities such as your retirement plan and healthcare, and which of you are using money that would go to those important things are going to your gambling habits.

I don't have a % set of any sort. I bet when I want to make bets. If I had a percentage I'd be an out of control gamblers, which thankfully I've never been.

I don't really think that's how it works. Someone becomes an irresponsible gambler if they don't have a set percentage of how much money they should spend on gambling if they do it on a regular basis, because when you don't have a limit, you won't stop when you lose what you've deposited first and you will simply go ahead and deposit more and gamble that away as well. But, if you have a set budget for your gambling activities, you might follow that and stay disciplined.

I know that someone who can't control the urge to gamble will not stop even if they have a set percentage, but if they don't have access to more money that the allocated budget, they won't have any option to spend more money and they might stop gambling for that period until they get paid again.

maydna

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Quote from: Wiwo on August 07, 2023, 09:57:25 AM

Quote from: maydna on August 07, 2023, 07:24:08 AM

~snip~

To me using $50 out of $500 salary is too big and that is a higher than expected amount to be used if you receiving such an amount as your salary without any other such of income to cater for your gambling habit, and if you ask me, if you receiving such amount as income it is expected to set aside $10 or so for gambling because doing so, even if you lose it won't impact on you too much and if you win that becomes a gain to your total amount at the end of the month.

One other thing people need to look at is in the number of times their choose to gamble with the month, this is because gambling entails quite a lot of factors and not when the losses are recorded that you check what cost it, sometimes not having a limited gambling time can also lead to possible loses which will affect your overall experience.

It's also too big for me, and I usually use capital between $ 20-$ 30, and I don't use all of it immediately for gambling. I should use my salary money for other things I have prepared every month instead of gambling because I also feel that I'm not too lucky in gambling games. By setting up money for gambling, I don't think it will make me go over the limit I have set because the amount of money is enough for me to use for gambling.

Apart from that, I also don't gamble too often, so until the end of the month, I often still have some money in my gambling account so that I don't need to deposit another amount of money for the next month. I try not to be extravagant in using money to gamble because it is more concerned with the needs of my life, which may still be irregular. And I also still try to save money as savings and prepare some money for sudden needs.

Strongkored

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Quote from: tjtonmoy on August 06, 2023, 03:16:12 PM

I think this depends on your income. How much you are making in a week and is it enough for your budget? We should only gamble with what we can afford to lose. Thst'a the common knowledge. So keeping that in mind, if you can afford to lose 80% of your weekly income then that could become your limit. Or it could be less than 5% depending on income. So it varies from person to person no?

I am not into gambling anymore. But I can say that I can use 10-20% of my weekly income on gambling.

10-20% of our income is used for gambling which is big enough because I've read that everyone should be able to set aside at least 20% of their income for savings that can be used as an emergency fund or to invest.
With the percentage that you budget, especially when your income is very large, you will become a gambler who is quite active in playing, you can indeed adjust to the minimum bet in each game, but you will still probably spend a long time betting, especially when you play slot games.
I understand that every gambler has their own budget, they also might not use a percentage but exact figures like $100 and so on to be used for gambling, but we shouldn't spend big amounts just for gambling because when we can wisely use the money then, in fact, our gambling will take place more consistently than directly with big funds running out and stopping long enough, but it's true that everyone has a different way.

wxa7115

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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?

I picked less than 2%, with 1% being closer to what I would pick, and the reason for this is very simple, if you were to dedicate even more money than that and you gambled that money away each week then you will realize that if you had invested that money instead you could have bought an expensive asset with all of that money.

So this will create a sense of remorse that will be difficult to overcome, as such I think there is nothing wrong with gambling but you need to do it with amounts of money that are very small so you can avoid having those feelings.

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Quote from: tjtonmoy on August 06, 2023, 03:16:12 PM

I am not into gambling anymore. But I can say that I can use 10-20% of my weekly income on gambling.

Based on your income in a week, if you are using this amount mentioned to gamble I think it is on the high except if you are making appropriate profit from it to cover your losses because most gamblers make more losses than profit and to lose 20% weekly from your earnings is surely high. A gambler who wins often wins has no issue with how much invested in gambling but a perpetual loser has to watch on how much wasted in betting. There are people who have stopped gambling because of frequent losses. Yes, if it is not working for you it is better to quit like you said you did.

Aikidoka

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If you were to ask me what percentage of my weekly income I can use for gambling, it's probably less than 5%. I don't usually place bets with a lot of money but I enjoy betting with just a few bucks on multiple events simultaneously, which it'll could make me win a huge amount with just a small bet if luck is on my side. I understand that winning is difficult, but I find great enjoyment in watching the games I've bet on hoping that it might just be my lucky day!

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It largely depends on your weekly income. If my income was over $600 a week, I could bet at least 30% of that and still live good. On the other hand, earning $200 a week wouldn't allow me to gamble at all. I'd be only able to buy food and pay my bills, that's it.
At this time I only spend 2% or less because I don't really get weekly income but monthly, so maybe 5% a month? The only weekly thing I get paid is my signature campaign, but that pays less than $300 a month. Nowadays I only make 1 bet a month because I'm saving up my bitcoins before the halving. I don't want to lose anything before the next cycle hits.

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Quote from: Wiwo on August 07, 2023, 09:57:25 AM

Quote from: maydna on August 07, 2023, 07:24:08 AM

Quote from: dimonstration on August 06, 2023, 02:34:55 PM

Quote from: maydna on August 06, 2023, 09:51:03 AM

~snip~

Gambling budget shouldn’t be dependent on your income. It should based on the amount which you can afford to lose. If I have 500$ salary and using 2% percentage on gambling then it means that I should increase my gambling budget whenever I will have a salary increase?

I don’t consider much the percentage because I have fixed amount of budget dedicated to gambling regardless of my salary amount because that is the amount I’m comfortable gambling.

If you can afford to lose the 2%, that's fine, but you should reduce the percentage if you can't. And maybe from your $ 500 salary, you can use under $ 50 for gambling capital. Thus, if you experience a total loss, it will not be too big because you can accept it.

So there is no certainty about the percentage for gambling because it depends on our financial condition. And we should stay within that percentage limit to still have money to meet our daily needs. And use that percentage during the week so you don't have to deposit more money to gamble.

To me using $50 out of $500 salary is too big and that is a higher than expected amount to be used if you receiving such an amount as your salary without any other such of income to cater for your gambling habit, and if you ask me, if you receiving such amount as income it is expected to set aside $10 or so for gambling because doing so, even if you lose it won't impact on you too much and if you win that becomes a gain to your total amount at the end of the month.

One other thing people need to look at is in the number of times their choose to gamble with the month, this is because gambling entails quite a lot of factors and not when the losses are recorded that you check what cost it, sometimes not having a limited gambling time can also lead to possible loses which will affect your overall experience.

That's, like, 10% of the whole income. Your suggestion to bring it down to, say, $10, may seem more reasonable given the way most individuals approach budgeting and financial planning. As with most things, moderation is the key.

Understanding how often people choose to gamble each month is a complex matter at now. You may argue that reducing the time frame will also reduce the amount of money lost. But, as you may be aware, timing isn't everything. Decisions about risk are sometimes determined by how they are taken. Sometimes, you know, maintaining equilibrium and exercising self-control could result in less loss, but it's all so complex, right?

Wiwo

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Quote from: maydna on August 07, 2023, 07:24:08 AM

Quote from: dimonstration on August 06, 2023, 02:34:55 PM

Quote from: maydna on August 06, 2023, 09:51:03 AM

~snip~

Gambling budget shouldn’t be dependent on your income. It should based on the amount which you can afford to lose. If I have 500$ salary and using 2% percentage on gambling then it means that I should increase my gambling budget whenever I will have a salary increase?

I don’t consider much the percentage because I have fixed amount of budget dedicated to gambling regardless of my salary amount because that is the amount I’m comfortable gambling.

If you can afford to lose the 2%, that's fine, but you should reduce the percentage if you can't. And maybe from your $ 500 salary, you can use under $ 50 for gambling capital. Thus, if you experience a total loss, it will not be too big because you can accept it.

So there is no certainty about the percentage for gambling because it depends on our financial condition. And we should stay within that percentage limit to still have money to meet our daily needs. And use that percentage during the week so you don't have to deposit more money to gamble.

To me using $50 out of $500 salary is too big and that is a higher than expected amount to be used if you receiving such an amount as your salary without any other such of income to cater for your gambling habit, and if you ask me, if you receiving such amount as income it is expected to set aside $10 or so for gambling because doing so, even if you lose it won't impact on you too much and if you win that becomes a gain to your total amount at the end of the month.

One other thing people need to look at is in the number of times their choose to gamble with the month, this is because gambling entails quite a lot of factors and not when the losses are recorded that you check what cost it, sometimes not having a limited gambling time can also lead to possible loses which will affect your overall experience.

maydna

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Quote from: dimonstration on August 06, 2023, 02:34:55 PM

Quote from: maydna on August 06, 2023, 09:51:03 AM

~snip~

Gambling budget shouldn’t be dependent on your income. It should based on the amount which you can afford to lose. If I have 500$ salary and using 2% percentage on gambling then it means that I should increase my gambling budget whenever I will have a salary increase?

I don’t consider much the percentage because I have fixed amount of budget dedicated to gambling regardless of my salary amount because that is the amount I’m comfortable to gamble.

If you can afford to lose the 2%, that's fine, but you should reduce the percentage if you can't. And maybe from your $ 500 salary, you can use under $ 50 for gambling capital. Thus, if you experience a total loss, it will not be too big because you can accept it.

So there is no certainty about the percentage for gambling because it depends on our financial condition. And we should stay within that percentage limit to still have money to meet our daily needs. And use that percentage during the week so you don't have to deposit more money to gamble.

tjtonmoy

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I think this depends on your income. How much you are making in a week and is it enough for your budget? We should only gamble with what we can afford to lose. Thst'a the common knowledge. So keeping that in mind, if you can afford to lose 80% of your weekly income then that could become your limit. Or it could be less than 5% depending on income. So it varies from person to person no?

I am not into gambling anymore. But I can say that I can use 10-20% of my weekly income on gambling.

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Quote from: dimonstration on August 06, 2023, 02:34:55 PM

Quote from: maydna on August 06, 2023, 09:51:03 AM

That means the amount we use must vary and depend on our income. If we are more concerned with daily needs, maybe we won't use the money for gambling or perhaps we only use a little money like you do so it won't interfere with our finances in a month. But if someone allocates a certain amount of money, that's also okay because maybe they have plans other than gambling. We must remember that our needs in life are different from other people.

Gambling budget shouldn’t be dependent on your income. It should based on the amount which you can afford to lose. If I have 500$ salary and using 2% percentage on gambling then it means that I should increase my gambling budget whenever I will have a salary increase?

I don’t consider much the percentage because I have fixed amount of budget dedicated to gambling regardless of my salary amount because that is the amount I’m comfortable to gamble.

It's good when you do gambling only using extra money after your needs are met, if indeed we can't afford to budget or allocate special money for gambling.

And what needs to be considered is the maximum limit of money you spend on gambling. Don't let the money you earn run out for gambling, even if you have confidence that you can manage your gambling activities, this still needs to be considered.
especially those who already have dependents should be more able to choose which things to prioritize, not just talking about the comfort of the number of bets that you have budgeted for.

Topic: Appropriate percentage of income for gambling - page 7. (Read 1634 times)