Don't bet more than you can afford to lose. - page 13.

iv4n

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Quote from: fiulpro on January 05, 2022, 12:35:19 PM

I do think that if a person is earning 2000$ we have to analyze other situations as well. What is his current economic conditions? Does he need those extra 200$ that be might be spending on Gambling?? Does he have a regular job? Is this job going to last long ? Is he saving up for something big?? Are the debts and credit card bills in check as well? Plus what kind of Gambling is he interested in ? The best would be to actually do something that requires skills or something like sports betting. Putting up small amounts of bets would be better as well. Gambling in things which does require skills would be more fruitful: like Poker, card Games!! It's not a straight answer honestly.

And most important do you live alone or do you have family, a wife and kids! Than those $2k is not only yours, you need to share them on many things...
As other people said, it's not about your income, it's about expenses as well... what is left in the end! I have the luck that my crypto earning is extra money, and I am gambling only with crypto... so I can always spare some coins for gambling, which I am doing almost every day!

avikz

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Quote from: stadus on January 05, 2022, 06:46:59 AM

We always read the words "Don't bet more than you can afford to lose", but are we really following that safe principle in gambling?

So, I have a question here, if you are earning like $2000 a month, how much are you willing to gamble that you think you can afford to lose?
Please use the amount as a basis for your answer.

The affordability really depends on your income and existing liabilities. So there's no straight forward answer available for your question unfortunately. If you have a huge liability then you can't afford to loose money. But if you don't have liabilities, you can probably go ahead and spend 10% of your income for leisure activities.

So it really depends and varies from person to person.

fiulpro

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I do think that if a person is earning 2000$ we have to analyze other situations as well. What is his current economic conditions? Does he need those extra 200$ that be might be spending on Gambling?? Does he have a regular job? Is this job going to last long ? Is he saving up for something big?? Are the debts and credit card bills in check as well? Plus what kind of Gambling is he interested in ? The best would be to actually do something that requires skills or something like sports betting. Putting up small amounts of bets would be better as well. Gambling in things which does require skills would be more fruitful: like Poker, card Games!! It's not a straight answer honestly.

Hypnosis00

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I don't want to talk about losing because I always hope to win.

The amount that I can afford to lose is maybe $200, that's 20% of my total money income but it's not for a single bet, that's most likely my total bankroll. Maybe it's big for others but in order to be serious in gambling especially in sports betting, you also have to ensure to put a decent amount of money.

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Quote from: stadus on January 05, 2022, 06:46:59 AM

We always read the words "Don't bet more than you can afford to lose", but are we really following that safe principle in gambling?

So, I have a question here, if you are earning like $2000 a month, how much are you willing to gamble that you think you can afford to lose?
Please use the amount as a basis for your answer.

Formally, this is $ 50. 2.5 percent is insignificant and can be spent simply on entertainment. But if I save money on my other entertainments, that is, I strain myself very much as I make gambling a priority, then this amount can be increased several times.
But this is too simple an answer. In fact, not everything depends on the monthly income (maybe I am already a billionaire and can afford to spend a million a month even if "I make $ 2000).

michellee

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That is always the best advice for all people who want to gamble not to break it. However, it seems not easy to stick with our limit as we can easily get tempted and deposit more money, especially if we are curious about the games and want to feel the winning.

If my earning is $2,000 a month, I can afford about $20 to lose in gambling games. But that is not the right amount that I always use monthly as I do not gamble every day. Losing $20-$50 will be okay but not more than $50 or even more than $100 because we can use that money for another thing.

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Dimon69

If all gamblers were good enough to manage their income and expenses as well know how to invest there will be no one will be addicted and into debt. The amount we can play in gambling will depend on our living status. We must alot budget first for our needs and for the emergency fund. I gambling only from my side hustle. If we plan to play better get extra sideline and use that for betting and gambling especially if your income is already allocated for your needs and really want to try luck in gambling or other investments.

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The percentage of money that goes into gambling really depends on how much income we make and how much money is left at the end of the month after all needs are met. If I have $2000 as monthly income, then 10% I will spend on fun including gambling. It doesn't seem like it will jeopardize my financial stability, but I definitely wouldn't spend that 10% just on gambling.

But unfortunately I don't have that much monthly income so the use of money for gambling is much lower. But still I always spend at least 10% of total income on fun.

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Quote from: stadus on January 05, 2022, 06:46:59 AM

We always read the words "Don't bet more than you can afford to lose", but are we really following that safe principle in gambling?

So, I have a question here, if you are earning like $2000 a month, how much are you willing to gamble that you think you can afford to lose?
Please use the amount as a basis for your answer.

I'm not earning that huge amount but if I am earning an equivalent of that amount here in our country I will allocate 20% of the amount I am a moderate player and the percentage is the safe percentage for a moderate gambler like me, yet there's a time that you are tempted to add so 5% additional is still good but beyond that, it's already a risky behavior.

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Quote from: stadus on January 05, 2022, 06:46:59 AM

We always read the words "Don't bet more than you can afford to lose", but are we really following that safe principle in gambling?

So, I have a question here, if you are earning like $2000 a month, how much are you willing to gamble that you think you can afford to lose?
Please use the amount as a basis for your answer.

Not earning that much but since I'm not into gambling I think I can only afford about 5-10% of that earnings. That low is what I can afford to lose on gambling. I think I'm following that principle considering I know gambling in the first place and I bet but not into that I chase losses if it happens.

Oshosondy

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Gamble responsibly

Quote from: Sanitough on January 05, 2022, 08:37:24 AM

Quote from: Hydrogen on January 05, 2022, 08:32:45 AM

Inexperienced beginning gamblers should not bet more than $1 to $5.

Wow! isn't it too small for a $2000 based? I mean that's only 0.25% or less than 1%. I know we need to be conservative to minimize the risk but for me, that amount per bet is too low, no offense but it does not bring excitement to me as a gambler.

Can you read what Hydrogen post, he said for inexperienced beginners. But as for me, $5 is not bad even for everyone, it depends on individual. I will also encourage beginners to use small amount and should not see gamblng as business.

ChiBitCTy

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It all completely depends on how much your monthly expenses are. After your rent, your bills, food, etc are taken care of, then how much is left. After that, did you contribute to your retirement plan? Are you on track to meet your retirement goals? Only then can this question be answered. It’s as simple as that.

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Quote from: Sanitough on January 05, 2022, 08:37:24 AM

Quote from: Hydrogen on January 05, 2022, 08:32:45 AM

Inexperienced beginning gamblers should not bet more than $1 to $5.

Wow! isn't it too small for a $2000 based? I mean that's only 0.25% or less than 1%. I know we need to be conservative to minimize the risk but for me, that amount per bet is too low, no offense but it does not bring excitement to me as a gambler.

If you are betting for fun, then that would be too short to have fun. If you are gambling to earn money, then that amount is still too low and you can't gain back your capital. You really need a bigger amount from that. With regards to $2000, this is really huge in our country and I could probably bet 30% of it. Since I am just earning roughly 1/4 of it, the remaining is still huge. It would be possible that 30% or more would be allocated to gambling as there is a chance that I will win big.

Sanitough

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Quote from: Hydrogen on January 05, 2022, 08:32:45 AM

Inexperienced beginning gamblers should not bet more than $1 to $5.

Wow! isn't it too small for a $2000 based? I mean that's only 0.25% or less than 1%. I know we need to be conservative to minimize the risk but for me, that amount per bet is too low, no offense but it does not bring excitement to me as a gambler.

Oshosondy

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Gamble responsibly

Quote from: YOSHIE on January 05, 2022, 08:00:23 AM

The biggest factors people don't hold back in gambling, the reasons they already have: addiction, greed, ambition and temptation.

These are the biggest problem for punters. Punters can have ambition that makes them greedy and later lead to gambling addiction.

Quote from: YOSHIE on January 05, 2022, 08:00:23 AM

1. If I lose I don't get frustrated and cry or worry about not having money.

The kind of money I take from my income is less than small, negligible is what I can use to qualify it. If I lose, I would have forgotten in hours time and never think about it all because it is a very tiny amount. But you opinion about this is very wise also. Could you believe bet365 gave me $25 free play for for Chelsea vs Liverpool? And I forgot. And many $5 in-play gambling I usually forget. I do not just take gambling serious like before, I noticed ones I played like a match or two, I win.

Quote from: YOSHIE on January 05, 2022, 08:00:23 AM

2. If I win I use the money again in betting.

I don't bet daily anymore, I bet just once or twice in a week but once most commonly. Even I don't bet at times. I have preferred to use the money won (I don't like calling it profit because it is not profit in my opinion) to drink at times.

Quote from: Wexnident on January 05, 2022, 08:20:14 AM

It depends on the monthly expense that I do? As well as whatever I'm planning to earn money up for. I have a lot of factors that I take into account when trying to allocate my budget when gambling, but I usually don't exceed 10-20% of my monthly salary. Heck that's already pretty big imo but I rarely gamble anyway, I don't try to make it a habit to do it monthly, I just rarely do it at times whenever I want to so I don't mind going that high. Maybe once per three months maybe? Though again, that is dependent on my mood.

Though you said you rarely gamble and you do not look like a gambling addict but it is not right to set a goal or goals by thinking of making money from gambling, this is not right, it can lead to money loss even if you are not an addict.

Hydrogen

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Inexperienced beginning gamblers should not bet more than $1 to $5.

Over weeks or months, if they have demonstrated then can consistently turn profits. Then they might think about upping the bet size.

The emphasis should be on consistency and learning a sport well enough to predict likely outcomes. Learning and accurate predictions are the goal. Not making money.

Approaching gambling as a money making method trends towards having a negative effect on decision making. It impairs judgement the way alcohol can impair driving.

Japinat

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I guess you should add some poll to know our individual's range of risk tolerance based on our monthly income which is $2000. For me that amount is already decent, I can already feed my family but not sure I can give a financial freedom, so I would still try my luck in gambling, however up to a certain exposure only, 30% of the based amount is the max I can go as long as I'm in the right mind, but sometimes, when the devil try to force our emotion to paly, we sometimes go beyond our limit.

BitcoinAccepted

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Quote from: Oshosondy on January 05, 2022, 08:13:05 AM

I gambled so much before and I became an addict but now I gamble with only the amount I can afford to lose. I gamble just once or twice a week depending on favorite matches that will be played in the week.

I use 5% or less than 5% of my monthly income to gamble monthly, but I have noticed it is not always up to 5%, I have been using more of 2% to 3% recently which I am enjoying.

Beginners are more prone to go against their money management plan when it comes to gambling.

I can really relate to what happened to you before and what has changed with your mindset today. I, myself, have been meticulous with the games I chose nowadays, compared to when I was just a beginner in gambling. This is because I make sure that the games and bets I do are really worth risking and losing for, within my set limits and boundaries which is also within the range of 5% of my monthly income. I have been so reckless and impulsive when it comes to gambling for so long, I could say now that I knew better and became wiser of my decisions.

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It depends on the monthly expense that I do? As well as whatever I'm planning to earn money up for. I have a lot of factors that I take into account when trying to allocate my budget when gambling, but I usually don't exceed 10-20% of my monthly salary. Heck that's already pretty big imo but I rarely gamble anyway, I don't try to make it a habit to do it monthly, I just rarely do it at times whenever I want to so I don't mind going that high. Maybe once per three months maybe? Though again, that is dependent on my mood.

Oshosondy

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Gamble responsibly

Quote from: stadus on January 05, 2022, 06:46:59 AM

We always read the words "Don't bet more than you can afford to lose", but are we really following that safe principle in gambling?

So, I have a question here, if you are earning like $2000 a month, how much are you willing to gamble that you think you can afford to lose?
Please use the amount as a basis for your answer.

I gambled so much before and I became an addict but now I gamble with only the amount I can afford to lose. I gamble just once or twice a week depending on favorite matches that will be played in the week.

I use 5% or less than 5% of my monthly income to gamble monthly, but I have noticed it is not always up to 5%, I have been using more of 2% to 3% recently which I am enjoying.

Beginners are more prone to go against their money management plan when it comes to gambling.

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