Don't bet more than you can afford to lose. - page 6.

Viscore

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Quote from: milewilda on January 08, 2022, 02:43:09 PM

Quote from: decodx on January 08, 2022, 02:07:28 PM

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

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 amount of money I spend on gambling will largely depend on how much I need to cover my living expenses each month. Generally speaking, I never spend more than 10% of my total income on gambling each month. I know that doesn't seem like a lot. And, believe me, I'm not saying that 10% is a safe amount. The important thing is to consider the total cost of your gambling habit before you make a decision. The reason I don't want to risk more money on gambling is that, in case I lose, I'd have to cut back on some lifestyle expenses. And that is definitely not something I want to do.

10% is a good limit and dont go past with that limit if you dont like to experience some big problems yet even though its a small percentage but that 10% of yours will be accumulated then you would
really be finding the amount to be significant thats why its up to someones decision whether they mind of their leisure or would mind on making out some savings for other means like investment
or for more emergency funds which would really vary on each person. Gamble for leisure and dont really mind about doing it for the sake of income because
it wouldnt really be ending up was supposed on what you do have in mind.

Everyone should learn how to do the right budgeting. Gambling has to be part of the budget for leisure.

When we earned money, the right decision is to prioritize savings first (emergency, investment, and leisure), then we will pay our bills, that kind of strategy will help us to save money for our future and not be able to spend it on useless things, and when we gamble we need to stay discipline to not go beyond our limit as that usually would kill our finances.

milewilda

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Quote from: decodx on January 08, 2022, 02:07:28 PM

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

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 amount of money I spend on gambling will largely depend on how much I need to cover my living expenses each month. Generally speaking, I never spend more than 10% of my total income on gambling each month. I know that doesn't seem like a lot. And, believe me, I'm not saying that 10% is a safe amount. The important thing is to consider the total cost of your gambling habit before you make a decision. The reason I don't want to risk more money on gambling is that, in case I lose, I'd have to cut back on some lifestyle expenses. And that is definitely not something I want to do.

10% is a good limit and dont go past with that limit if you dont like to experience some big problems yet even though its a small percentage but that 10% of yours will be accumulated then you would
really be finding the amount to be significant thats why its up to someones decision whether they mind of their leisure or would mind on making out some savings for other means like investment
or for more emergency funds which would really vary on each person. Gamble for leisure and dont really mind about doing it for the sake of income because
it wouldnt really be ending up was supposed on what you do have in mind.

decodx

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

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 amount of money I spend on gambling will largely depend on how much I need to cover my living expenses each month. Generally speaking, I never spend more than 10% of my total income on gambling each month. I know that doesn't seem like a lot. And, believe me, I'm not saying that 10% is a safe amount. The important thing is to consider the total cost of your gambling habit before you make a decision. The reason I don't want to risk more money on gambling is that, in case I lose, I'd have to cut back on some lifestyle expenses. And that is definitely not something I want to do.

qwertyup23

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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.

Before I answer this question, let us first dissect what $2000/month can do to me as someone who lives in a third-world country.

Earning $2000 a month (P100,000) can definitely make my life relatively comfortable. Given that the standard of living in the Philippines is cheap compared to some countries, I can safely say that I can live comfortable plus savings in around $1500 monthly. The extra $500 can also be further dissected but if I were to be a gambling maniac, I would probably use $200-$300 of my savings as gambling fees which is also considered as "loss money."

madnessteat

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Quote from: Tumanggor on January 08, 2022, 12:26:49 PM

^

I think spending 1/3 of your earnings is pretty reckless behavior. It seems to me that you have a gambling addiction. If I were you, I wouldn't spend that kind of money on games, but invest it in Bitcoin or alternative cryptocurrencies. Believe me investments as well as gambling are able to cause a sense of excitement, but if you approach the filling of your investment portfolio wisely, in a few years you will not work for $500.

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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 like this question

currently my income is not up to $ 500 per month and because it is so little so i set my gambling budget no more than $ 150 per month

I studied hard to manage my finances after I used to be very greedy when gambling and even used the money of the company where I worked just to play gambling until I was almost in prison. Gambling don't be greedy because it's a killer inside

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Quote from: UmerIdrees on January 08, 2022, 06:29:26 AM

Quote from: suzanne5223 on January 07, 2022, 06:56:07 PM

Quote from: poldanmig on January 06, 2022, 01:49:16 PM

Financial management in gambling is very important to be able to maintain the financial stability we have, gambling has a strong appeal to spend the money we have, so if we can't control it properly it will certainly make us bankrupt and fall into poverty, I'm as a person an inactive gambler, usually I only allocate money to gamble around $50 on the site and I only gamble with football bets, indeed sometimes I try to play slots but I don't bring more than $10 for the game.

Yes, financial management is needed for a gambler to gamble profitably but trust me it is not enough to make gamblers avoid the habit of overspending or bet more than they can afford to lose when the game buzz/fever takes over.
I believe the vital thing that every gambler needed in other not to spend what they cant afford to lose is understanding the concept of gambling with self-discipline which I believe will make them face the truth and control their buzz.

I suppose that most gamblers have no knowledge of financial management and therefore we see a lot of stories of gamblers who are actually losers. Even those gamblers who have won a lot of money through gambling, quickly lost them again in gambling because they never thought in terms of money management. It would be good if the gambling sites gives them gamblers a popup reminder, every time they login, to secure your capital through funds management.

I'm not sure that gambling site we give gamblers that overspend a pop-up reminder when she's gambling because nothing will be important to that person during the moment than to keep on with the game.
Having said that, I don't agree with you guys financial management alone is enough to make a gambler skip the habit of betting more than she can afford to lose if she can control her buzz, understand the actual concept of gambling and have self-discipline.

Lordhermes

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Quote from: nurilham on January 06, 2022, 06:26:14 PM

Of course, if we are in normal situations, we will be able to think clearly and don't bet more than we can afford.
However, it seems that this does not apply or is difficult for gamblers who are affected by gambling addiction to practice. Especially for addicted gamblers, they will continue to bet and bet continuously, even they often borrow debt because they still want to gamble. This is because in their mind they can win one more time and end up losing and losing again.
And they are not aware of how much they have spent on gambling.

Therefore, if we want to enter the world of gambling, limit ourselves by having good management of our emotional stability, finances, and our desire to gamble.

Well said,because most person's allow bet to drain them both financially and emotionally. Using all their finance to place bet and when they've lost,they will regret playing.
Most gamblers have turned into something else because of betting games that they can't afford to lose,and when they loose,they go into pilfering and stealing to pay up the debt they owe.Atleast one should place a bet according to the amount he has at hand,and the amount he can loose.

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Quote from: romero121 on January 07, 2022, 07:57:33 AM

<...>
You're good, and the best thing I find is the betting amount. You've got the ability to restrict yourself within the $50 which is really good. Myself have the same mentality, but I wasn't able to keep myself within control. Two days back set a limit of making just $1. In the event of making $1, I lost $135. Started with $1 and it counted when the bets continued to loss. If I've got your mind I could've saved $85

yes, it's a good idea to decide how much you're willing to loose beforehand,
after starting to gamble sometimes is much harder to stop

maybe changing from gambling to other activities is an option too, gambling less and with a limited bankroll.

Fortify

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Quote from: boyptc on January 07, 2022, 06:03:24 PM

It's the mistake that many gamblers have fell.

They've used the money that isn't for gambling because they haven't controlled themselves. And there will always be those gamblers that would tell themselves that they won't go further if they no longer have money to gamble and won't spend the funds allocated for other important things.

But in the end, they break their own promise.

The trouble with being a gambler is it often creates a trap where you will never have enough. You can see it in certain people who get hooked on seemingly benign things, like virtual betting wheels within a game, who might start with some credits and win 5 times in a row - they have way more than they had at the beginning, but they keep cranking it up and eventually wipe out on attempt number 6. While setting a budget is definitely an improvement on that type of behavior, just having a budget allocated to this activity can be a dangerous thing too - it might encourage you to gamble when you might otherwise have given no thought to it. It's a slippery slope like any addictive activity.

AicecreaME

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Quote from: boyptc on January 07, 2022, 06:03:24 PM

Quote from: Quidat on January 06, 2022, 04:30:14 PM

Quote from: boyptc on January 06, 2022, 04:04:45 PM

Quote from: poldanmig on January 06, 2022, 01:49:16 PM

Financial management in gambling is very important to be able to maintain the financial stability we have, gambling has a strong appeal to spend the money we have, so if we can't control it properly it will certainly make us bankrupt and fall into poverty, I'm as a person an inactive gambler, usually I only allocate money to gamble around $50 on the site and I only gamble with football bets, indeed sometimes I try to play slots but I don't bring more than $10 for the game.

In gambling it's bankroll management.

But it's true that it's very important when you gamble because you may find it unnoticed when you're also touching the funds that you shouldn't. This happens most of the time to many gamblers.

Because they are not monitoring and checking themselves if they're still gambling with their budget on their bankroll, they're falling into the trap of spending funds that they shouldn't.

Like a casual gambler, you have small amount to gamble with and that's good and it means that you are still in control.

Handle your finances well because if not then you would be fucked up by gambling.Gamble on the amount which you can afford to lose because if not then you would really be experiencing
problems which in related with gambling addiction.You would make use of those money which are intended or allocated for savings or emergency funds and if you dont have a good
control of yourself then you would really be ending up on spending those funds which it isnt a right thing to be done.

It's the mistake that many gamblers have fell.

They've used the money that isn't for gambling because they haven't controlled themselves. And there will always be those gamblers that would tell themselves that they won't go further if they no longer have money to gamble and won't spend the funds allocated for other important things.

But in the end, they break their own promise.

It's because they lack in emotion control, that's the reason why. I've tackled already about the real reason why people are suffering from gambling addiction, and it is not about lack of self-discipline, it's all about the emotions we feel the moment we are in a verge of losing too much in gambling that leads us to a chaotic situation for us to bet money without any strategy at all.

qory

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It depends on my expenses if my month expenses is around $1500 then it's either I will spend $500 on gambling or divide the $500 to gambling fund and savings in that way I still have some savings while I managed to have some extra money for my leisure which is sports betting or casino but there are some some people who are using all the funds trying their luck to make more money which ended up losing so only play if you have some extra money and don't consider the gambling as a source of income.

UmerIdrees

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Quote from: suzanne5223 on January 07, 2022, 06:56:07 PM

Quote from: poldanmig on January 06, 2022, 01:49:16 PM

Financial management in gambling is very important to be able to maintain the financial stability we have, gambling has a strong appeal to spend the money we have, so if we can't control it properly it will certainly make us bankrupt and fall into poverty, I'm as a person an inactive gambler, usually I only allocate money to gamble around $50 on the site and I only gamble with football bets, indeed sometimes I try to play slots but I don't bring more than $10 for the game.

Yes, financial management is needed for a gambler to gamble profitably but trust me it is not enough to make gamblers avoid the habit of overspending or bet more than they can afford to lose when the game buzz/fever takes over.
I believe the vital thing that every gambler needed in other not to spend what they cant afford to lose is understanding the concept of gambling with self-discipline which I believe will make them face the truth and control their buzz.

I suppose that most gamblers have no knowledge of financial management and therefore we see a lot of stories of gamblers who are actually losers. Even those gamblers who have won a lot of money through gambling, quickly lost them again in gambling because they never thought in terms of money management. It would be good if the gambling sites gives them gamblers a popup reminder, every time they login, to secure your capital through funds management.

Gosgosking

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If I'm receiving such amount as my salary I will play gambling with the amount I know if I lose it I won't be affected. This depend if I have or don't have a financial project to do with money for that month. But to me $300 is okay to use in playing gambling if $2000 is my allowance.

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Quote from: Taskford on January 08, 2022, 03:40:32 AM

Quote from: chaser15 on January 07, 2022, 08:11:07 PM

Quote from: michellee on January 07, 2022, 07:43:40 PM

But we know that sometimes we have a curiosity that can defeat our limit and make us break our rules. Without having strong control for ourselves, it will not be easy to say stop to ourselves instead will try to deposit more than our limit. Once that happens, we will not follow the rules.

That's why I said in my previous post that there are no exact figures where we can say that the amount we are betting is afford to lose. There are times that we are exceeding our limit because there's adrenalin that tells us that we need to bet more against all odds.

It's so easy to say that to bet only the amount to afford to lose but in reality, I am sure that 90% are not able to follow that principle especially if the gambler has $2,000 monthly earnings as per OP's example.

Exactly that's why we should not bring all of our money into the gambling and always deposit the amount which we can afford to lose since if we put more balance on our casino wallets for sure we will get tempted to bet and think to gain back the money we lose. That's why this is also need to take by gamblers to avoid losing to much.

It had to be that way because no matter how great a gambler was, he would not be able to control himself as long as the money he was carrying was still in his pocket.
Even if it can be controlled, the loss will be more than the target because defeat will trigger players to continue playing with the aim of chasing defeat until they don't realize the loss is getting bigger.
preparing the amount of capital that you can spend on gambling is the most important thing after all needs have been fully met.

Reid

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I'll try to budget just $300 for gambling of that monthly salary of $2000.
That should be enough or my wife will freaking kill me if I do more. That kind of number will go a long way if I convert it to Bitcoin then just use satoshis as means to bet. Look for a betting site that offers 1000 satoshis minimum bet. I can go higher if I think my odds of winning is high enough then lower if my budget runs low until my next $300 of the month comes.
Discipline will be a key here. If you depleted the amount given then don't look for more.

Taskford

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Quote from: chaser15 on January 07, 2022, 08:11:07 PM

Quote from: michellee on January 07, 2022, 07:43:40 PM

But we know that sometimes we have a curiosity that can defeat our limit and make us break our rules. Without having strong control for ourselves, it will not be easy to say stop to ourselves instead will try to deposit more than our limit. Once that happens, we will not follow the rules.

That's why I said in my previous post that there are no exact figures where we can say that the amount we are betting is afford to lose. There are times that we are exceeding our limit because there's adrenalin that tells us that we need to bet more against all odds.

It's so easy to say that to bet only the amount to afford to lose but in reality, I am sure that 90% are not able to follow that principle especially if the gambler has $2,000 monthly earnings as per OP's example.

Exactly that's why we should not bring all of our money into the gambling and always deposit the amount which we can afford to lose since if we put more balance on our casino wallets for sure we will get tempted to bet and think to gain back the money we lose. That's why this is also need to take by gamblers to avoid losing to much.

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Quote from: fortunecrypto on January 07, 2022, 07:02:07 PM

I hate losing but its a part of gambling that you can't avoid that amount is a huge amount if converted to our currency

Well, nobody can skip losing in gambling. It's part of being a gambler and there's no way we can be exempted from it.

Quote from: fortunecrypto on January 07, 2022, 07:02:07 PM

in reality, I allocate 10 to 15% of my earnings for a whole month and if there are events on a particular month then that's the time I add more like the December events where casinos are giving a lot of bonus for waging more, but I always follow the golden rule of only betting what you can afford to lose.

That's the rule that we're all following. Because if we can't handle the pressure and we're likely to gamble with an amount that we can no longer control, it's becoming the reason why we're becoming irresponsible gamblers. How much that 10%-15% per month do you usually allocate?

molsewid

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Quote from: chaser15 on January 07, 2022, 08:11:07 PM

That's why I said in my previous post that there are no exact figures where we can say that the amount we are betting is afford to lose. There are times that we are exceeding our limit because there's adrenalin that tells us that we need to bet more against all odds.

It's so easy to say that to bet only the amount to afford to lose but in reality, I am sure that 90% are not able to follow that principle especially if the gambler has $2,000 monthly earnings as per OP's example.

I bet there will be many gamblers who can relate to your statement mate and I wouldn't deny that I do feel related about it too. I mean, yeah it is easy to say to have a self-limitation of the certain amount of money that we were going to put as a bet in any sports betting however yeah there's an adrenaline rush and self gut that we tend to believe that we will going to ace this bet and we exceed on our limitation and that's usually mostly happening to me, I mostly exceed to my limitations but thankfully that I didn't exceed that much that would cost me more than I can afford to lose.

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Quote from: michellee on January 07, 2022, 07:43:40 PM

But we know that sometimes we have a curiosity that can defeat our limit and make us break our rules. Without having strong control for ourselves, it will not be easy to say stop to ourselves instead will try to deposit more than our limit. Once that happens, we will not follow the rules.

That's why I said in my previous post that there are no exact figures where we can say that the amount we are betting is afford to lose. There are times that we are exceeding our limit because there's adrenalin that tells us that we need to bet more against all odds.

It's so easy to say that to bet only the amount to afford to lose but in reality, I am sure that 90% are not able to follow that principle especially if the gambler has $2,000 monthly earnings as per OP's example.

Topic: Don't bet more than you can afford to lose. - page 6. (Read 1369 times)