Gambling/betting shops vs Investment banks - Do you believe this guy's opinion?

Lanatsa

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Quote from: Fivestar4everMVP on June 21, 2024, 11:52:24 AM

So guys, I found the below shot In one of my friend's story on WhatsApp, it is a shot of a popular Nigerian musician known as "Erigga - I believe that my Nigerian brothers here will know him well.

He was actually talking about the importance of investing to make money, but in emphasizing this, he talked about gambling houses and betting shops; only being found in Poor neighborhoods, while investment banks, equity firms, asset management firms are only found in rich neighborhoods.

While I tend to agree with what he said about making money generally, i am still trying to find any reason to believe that the emphasis he used is true, that is, I do not believe his opinion about gambling house verses investment banks to be true.

What do you guys think about this?

Well, it doesn't matter on where to these businesses/institutions/investments are located from on which it is really that still having that common aim on which is to make money and this is really just that a common approach that they would have on trying out to utilize on whatever that they could possibly use as long they could really be having that benefits in terms of profits.There would really be always those people who would really be sitting on the top and the ones who do successfully makes money.

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Quote from: Fivestar4everMVP on June 21, 2024, 11:52:24 AM

So guys, I found the below shot In one of my friend's story on WhatsApp, it is a shot of a popular Nigerian musician known as "Erigga - I believe that my Nigerian brothers here will know him well.

He was actually talking about the importance of investing to make money, but in emphasizing this, he talked about gambling houses and betting shops; only being found in Poor neighborhoods, while investment banks, equity firms, asset management firms are only found in rich neighborhoods.

While I tend to agree with what he said about making money generally, i am still trying to find any reason to believe that the emphasis he used is true, that is, I do not believe his opinion about gambling house verses investment banks to be true.

What do you guys think about this?

Well it's not really an opinion, nor is it his original idea, many people have pointed out this insight before. Instead of blindly disagreeing with him, why not provide these examples of investment banks and asset management firms that are located in poorer areas? It doesn't make any sense. When you are appealing to rich people, you want them to feel safe and that their money is safe, so you setup in the most glamorous locations possible. Poorer people are generally also more desperate and unfortunately willing to throw what little amounts they have into chasing a dream of winning big while gambling. It is irrelevant to the question about making money though, as if he is a very successful musician his source of income will be floating at another level beyond the average person here.

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Baofeng said it right, the key is education, or better said, knowledge. Erigga could've said that gambling, sports betting shops etc. are mostly found in neighbourhoods where the education is worse, and investment banks in the contrary. If you have the money but you lack the education, you may still end up losing it all because of a bad management. And it is easier to lose it gambling, but if you don't have the knowledge you can lose it too making bad investments.

Luck counts, but if you want to maximise your chances to get good results, you'd better to know "the rules of the game", and I'm not talking precisely about the games you'll find in a casino, but how everything works.

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Quote from: Obim34 on September 09, 2024, 01:42:01 PM

Quote from: Zlantann on September 09, 2024, 12:12:47 PM

Quote from: Fivestar4everMVP on June 21, 2024, 11:52:24 AM

So guys, I found the below shot In one of my friend's story on WhatsApp, it is a shot of a popular Nigerian musician known as "Erigga - I believe that my Nigerian brothers here will know him well.

He was actually talking about the importance of investing to make money, but in emphasizing this, he talked about gambling houses and betting shops; only being found in Poor neighborhoods, while investment banks, equity firms, asset management firms are only found in rich neighborhoods.

While I tend to agree with what he said about making money generally, i am still trying to find any reason to believe that the emphasis he used is true, that is, I do not believe his opinion about gambling house verses investment banks to be true.

What do you guys think about this?

Research has shown that people who live in poor neighbourhoods gamble more. So it will be normal to find more gambling companies in ghettos and slums because they have a larger market there. But Erriga's explanation has a religious undertone. He is telling the religious poor who spend time praying and fasting to invest instead of believing in divine providence or luck. I think the musician is right because it happens in my location. You see people closing their businesses or quitting their jobs and putting more effort into religious activities because they believe that God will make them rich. Engaging in religious activities is not wrong but we must take responsibility for the outcome of our lives.

His points are clear and it is just the absolute truth, poor people are easily carried away by sweet stories, especially when it happens to be one that involves getting profits from a less difficult means of acquisition, that is the reason we see more physical gambling shops in a poor neighborhood, even a good business owner understands the essence of watching out for the type of investment/business to launch, mainly depending on his location (which is situated on the flow of money in that environment).

On that of under toning religion, many people no longer understand how to watch out for their priority levels, when to lay out time to carry on religious practices and when to establish one's self. As we know, riches never falls from the sky, whatever we work shall we get the outcome in return, less productivity equals to a failed financial stance. Be religious enough doing whatever but we should never be too absurd not knowing when to table one function firstly before facing the other when due.

Careful with that. You surely lose more in trading and investments if you don't know what you are doing and if you can't read the market right the trading/investing is a brutally dangerous game that can make you lose huge fortune in very fast time, something you can never lose this fast in gambling no matter if you bet with max win on slot machines. That is why that in this context his thinking maybe looking like he is right at first sight but surely needs a lot of elaboration before going into conclusions and for me the conclusion there is not that right. In investments another thing is that you can surely hit it big but it needs quite some time while in gambling you can hit a life changing win in an instant so in this context luck is much better than investing and again as I said we need to carefully elaborate everything, in the end for me gambling is much better than trading/investing, just my point of view though, no financial advice here.

Baofeng

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Quote from: erep on September 09, 2024, 12:28:18 PM

Quote from: Pandu Geddon on September 09, 2024, 11:53:56 AM

Quote from: o48o on September 09, 2024, 11:42:13 AM

But i agree that poor people should have education about investing, so that doesn't seem like something they could never afford.

Getting education and knowledge related to investment is indeed quite important for poor people. but more than the thinking of people with low finances is to take advantage of opportunities. and that is what is provided by casinos and betting houses.
Especially if supported by the very easy way for them to access services, such as being able to bet with small money. it brings people with poor finances closer to choosing to gamble than investment.

Poor people do not have the financial ability to make a profit from investment even though they understand the knowledge related to investment, but limited finances will not make a profit from investment from equity companies, bank investments and others only have a low percentage profit, their assumption that gambling can generate higher profits than the amount of budget that has been deposited into gambling, they consider gambling as an alternative to make a profit even though they know that gambling is very risky for financial loss. However, they need to get socialization to avoid gambling addiction from professional help or anyone who is competent to be a resource person to remind them to gamble responsibly and limit their budget in betting.

That is why I believed that education is the key, invest in ourselves so that in the future this is the only weapon that we can have to become rich, we need to have specific talents that we can only get it we are in school or universities. There is only that small percentage of drop out that really become so famous and successful and have a lot of money.

For gambling, we all know the ill effects of it, will not be the source of our wealth unless we hit the jackpot in lottery. And then we need more discipline, because if we don't and we don't know how and where to invest that money, then sooner or later it will just disappear as quickly.

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Quote from: Zlantann on September 09, 2024, 12:12:47 PM

Quote from: Fivestar4everMVP on June 21, 2024, 11:52:24 AM

So guys, I found the below shot In one of my friend's story on WhatsApp, it is a shot of a popular Nigerian musician known as "Erigga - I believe that my Nigerian brothers here will know him well.

He was actually talking about the importance of investing to make money, but in emphasizing this, he talked about gambling houses and betting shops; only being found in Poor neighborhoods, while investment banks, equity firms, asset management firms are only found in rich neighborhoods.

While I tend to agree with what he said about making money generally, i am still trying to find any reason to believe that the emphasis he used is true, that is, I do not believe his opinion about gambling house verses investment banks to be true.

What do you guys think about this?

Research has shown that people who live in poor neighbourhoods gamble more. So it will be normal to find more gambling companies in ghettos and slums because they have a larger market there. But Erriga's explanation has a religious undertone. He is telling the religious poor who spend time praying and fasting to invest instead of believing in divine providence or luck. I think the musician is right because it happens in my location. You see people closing their businesses or quitting their jobs and putting more effort into religious activities because they believe that God will make them rich. Engaging in religious activities is not wrong but we must take responsibility for the outcome of our lives.

His points are clear and it is just the absolute truth, poor people are easily carried away by sweet stories, especially when it happens to be one that involves getting profits from a less difficult means of acquisition, that is the reason we see more physical gambling shops in a poor neighborhood, even a good business owner understands the essence of watching out for the type of investment/business to launch, mainly depending on his location (which is situated on the flow of money in that environment).

On that of under toning religion, many people no longer understand how to watch out for their priority levels, when to lay out time to carry on religious practices and when to establish one's self. As we know, riches never falls from the sky, whatever we work shall we get the outcome in return, less productivity equals to a failed financial stance. Be religious enough doing whatever but we should never be too absurd not knowing when to table one function firstly before facing the other when due.

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Quote from: Pandu Geddon on September 09, 2024, 11:53:56 AM

Quote from: o48o on September 09, 2024, 11:42:13 AM

But i agree that poor people should have education about investing, so that doesn't seem like something they could never afford.

Getting education and knowledge related to investment is indeed quite important for poor people. but more than the thinking of people with low finances is to take advantage of opportunities. and that is what is provided by casinos and betting houses.
Especially if supported by the very easy way for them to access services, such as being able to bet with small money. it brings people with poor finances closer to choosing to gamble than investment.

I think this is one of the most important things if they want to change their lives
the thing is that the school system will all point to something totally different because poor people who depend on others for money are much easier to be controlled
it's quite sad but this is the reality...

erep

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Quote from: Pandu Geddon on September 09, 2024, 11:53:56 AM

Quote from: o48o on September 09, 2024, 11:42:13 AM

But i agree that poor people should have education about investing, so that doesn't seem like something they could never afford.

Getting education and knowledge related to investment is indeed quite important for poor people. but more than the thinking of people with low finances is to take advantage of opportunities. and that is what is provided by casinos and betting houses.
Especially if supported by the very easy way for them to access services, such as being able to bet with small money. it brings people with poor finances closer to choosing to gamble than investment.

Poor people do not have the financial ability to make a profit from investment even though they understand the knowledge related to investment, but limited finances will not make a profit from investment from equity companies, bank investments and others only have a low percentage profit, their assumption that gambling can generate higher profits than the amount of budget that has been deposited into gambling, they consider gambling as an alternative to make a profit even though they know that gambling is very risky for financial loss. However, they need to get socialization to avoid gambling addiction from professional help or anyone who is competent to be a resource person to remind them to gamble responsibly and limit their budget in betting.

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Quote from: Mr. Magkaisa on September 09, 2024, 09:07:59 AM

- Literally speaking, most of his statement I agree with, because it is true that if we want our capital to grow, we should only dedicate it to the investment that we know can give us profit.

Then just in case there is a wealth of gambling, it is just a finger, and that is just fortunate, unlike the natural way development or wealth is really in investment, and most poor people are hoping for luck compared to people who want to struggle with the right system.

That's because he's mostly right, but it also has to do with risk the banks don't want to take. They know rich clients are more willing to invest and that they have other assets that they can use to cover a potential loss. That's why the risk is much lower with them. Higher probability of investment with greater chances of debts being repaid and the choice is obvious - they'll go to the rich neighbourhoods.
That said, casinos are not "mostly" in the poor areas. They're everywhere, just the types of games evolve from slots and lotteries into high stake poker and similar.

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Quote from: Fivestar4everMVP on June 21, 2024, 11:52:24 AM

So guys, I found the below shot In one of my friend's story on WhatsApp, it is a shot of a popular Nigerian musician known as "Erigga - I believe that my Nigerian brothers here will know him well.

He was actually talking about the importance of investing to make money, but in emphasizing this, he talked about gambling houses and betting shops; only being found in Poor neighborhoods, while investment banks, equity firms, asset management firms are only found in rich neighborhoods.

While I tend to agree with what he said about making money generally, i am still trying to find any reason to believe that the emphasis he used is true, that is, I do not believe his opinion about gambling house verses investment banks to be true.

What do you guys think about this?

Research has shown that people who live in poor neighbourhoods gamble more. So it will be normal to find more gambling companies in ghettos and slums because they have a larger market there. But Erriga's explanation has a religious undertone. He is telling the religious poor who spend time praying and fasting to invest instead of believing in divine providence or luck. I think the musician is right because it happens in my location. You see people closing their businesses or quitting their jobs and putting more effort into religious activities because they believe that God will make them rich. Engaging in religious activities is not wrong but we must take responsibility for the outcome of our lives.

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Quote from: o48o on September 09, 2024, 11:42:13 AM

But i agree that poor people should have education about investing, so that doesn't seem like something they could never afford.

Getting education and knowledge related to investment is indeed quite important for poor people. but more than the thinking of people with low finances is to take advantage of opportunities. and that is what is provided by casinos and betting houses.
Especially if supported by the very easy way for them to access services, such as being able to bet with small money. it brings people with poor finances closer to choosing to gamble than investment.

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Quote from: Fivestar4everMVP on June 21, 2024, 11:52:24 AM

So guys, I found the below shot In one of my friend's story on WhatsApp, it is a shot of a popular Nigerian musician known as "Erigga - I believe that my Nigerian brothers here will know him well.

He was actually talking about the importance of investing to make money, but in emphasizing this, he talked about gambling houses and betting shops; only being found in Poor neighborhoods, while investment banks, equity firms, asset management firms are only found in rich neighborhoods.

While I tend to agree with what he said about making money generally, i am still trying to find any reason to believe that the emphasis he used is true, that is, I do not believe his opinion about gambling house verses investment banks to be true.

What do you guys think about this?

He was actually talking about the importance of investment to make money but I don't think one can increase investment by making money from gambling platform. Gambling is mainly used for entertainment who think that gambling is a means of making money I don't believe it at all because I have never seen any person make money by gambling. I have seen most of the people around me who have gambled live a miserable life. So the worst victims of gambling are those who have considered gambling as a means of making money. So I don't believe the comment the person quoted here by the OP made and it's not true.

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Quote from: Fivestar4everMVP on June 21, 2024, 11:52:24 AM

So guys, I found the below shot In one of my friend's story on WhatsApp, it is a shot of a popular Nigerian musician known as "Erigga - I believe that my Nigerian brothers here will know him well.

He was actually talking about the importance of investing to make money, but in emphasizing this, he talked about gambling houses and betting shops; only being found in Poor neighborhoods, while investment banks, equity firms, asset management firms are only found in rich neighborhoods.

While I tend to agree with what he said about making money generally, i am still trying to find any reason to believe that the emphasis he used is true, that is, I do not believe his opinion about gambling house verses investment banks to be true.

What do you guys think about this?

Investment banks, and asset management firms etc are located in rich areas because they are looking for rich people. They aren't targeting poor people, because they aren't bringing in enough money.

And rich people don't hang around in poor areas and it's about branding for them. It's not good look for an asset management firm when they can't even afford a good property. And serving people high high end clothes gives a sort of vibe that they must be doing something right. But comparing these places to gambling sites is a weird comparison in the first place. Of course cities have places for betting too, but they also have higher rent and since poor people can afford some gambling, it just makes sense to offer those services in low rent areas, just like other services they can afford.

Just like you won't put a luxury item shops and fine dining michelin star restaurants in the poor area either.

But i agree that poor people should have education about investing, so that doesn't seem like something they could never afford.

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Quote from: mirakal on September 09, 2024, 07:46:09 AM

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Quote from: freedomgo on September 08, 2024, 10:59:12 PM

Quote from: LDL on September 08, 2024, 10:35:48 PM

The words are true that poor people think they will earn only because of luck without hard work and they find easy ways how to earn more in less time. The poor are more attracted to gambling than the rich and they think they can become rich overnight by betting on gambling, so they rely directly on gambling instead of trading and betting and eventually become bankrupt. But the rich do away with all these thoughts, they do business and invest in real estate, gold business, investment in banks, construction of petrol pumps, housing and infrastructure where they work hard and change their situation in a short period of time. But the poor stand against it.

Not all poor people are attracted to gambling, though some may be, especially those who are irresponsible. Since they are poor, they can't really afford to gamble, or if they can, they shouldn't, to avoid becoming addicted. Investing, not just in banks, may not be part of their thinking because many of them are struggling so much that they are just trying to survive.

In short, most of them don't have the capability to invest as they are just living from paycheck to paycheck. Only those who have excess can have the option to invest, hence, most people in the poor category don't have the mindset to set aside funds because they are barely surviving. And with such capability, some of them are trying their luck in gambling, for the main reason that they are trying to hit their luck. And also, it will only require small amount of money to enter in this game.

Well said. Poor people have definitely goals to invest as well, but looking at their current financial condition, it would be hardly possible. Investing takes sufficient amount of capital, and waiting for its returns could also take a lot of time. That’s why instead of investing, they resort on trying their luck with gambling with just few bucks. Lucky if they win, but feel sorry once they lose. That’s how poor people deal with gambling.

I also say that you say that most of the poor people also seek to work on business opportunities, so the only majority of them is lacking in money or not financially.

Unlike those who have good jobs or business people who are capable of investing in investment schemes that can provide them with profits that can lead them to prosper in life.

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Quote from: KiaKia on September 09, 2024, 10:58:51 AM

...

There are different levels to everything, money and income stream-wise, a rich man can afford to invest millions but someone who is struggling can only afford to invest less amount, it is so obvious that the rich man will make more money, if you are still struggling it is best to focus on investing your money first before considering something like gambling.

I only do gambling for the fun part of it, when I get bored I quit and do something else with my time.

People says the way to earn more money is through investing and most of people in social media, specially influencers, repeat that many times when they talk about business, but in reality it is not so easy to start into investments. It requires an initial capital and an idea, a market study and sometimes even to already have some logistical/product advantage over competition.
Investing is not a straight forward process, actually, there is always the chance for a venture or business to turn sauer and end up with losses to us, some even tell you it requires a little bit of luck to reach success.
Also, in Nigeria, it seems gambling is so embedded into the local culture that it seems difficult for me the rich not partaking on it as well, as the poor do. Perhaps, they prefer to do so on online casinos so they do not have to put themselves out there and interact with other people, I have heard there are some security problems in Nigeria.

Before investing into getting a product or service into the market, I would recommend people to invest in themselves and get some education or training, from there, it would be a matter of accumulating capital from a mainstream job.

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OP is quite right about gambling in Nigeria, you can only see big casinos in poor rural areas, I wonder if any rich people in the country visit the casinos, but that is Nigeria, in other countries, the rich do like to gamble, Las Vegas is a good example and big people from all over the world do visit LV to have fun in casinos but not in Nigeria.

I think rich folks in Nigeria don't have an interest in gambling, they can run the business if they see fit but not they don't think about gambling, it seems gambling is for the poor only.

There are different levels to everything, money and income stream-wise, a rich man can afford to invest millions but someone who is struggling can only afford to invest less amount, it is so obvious that the rich man will make more money, if you are still struggling it is best to focus on investing your money first before considering something like gambling.

I only do gambling for the fun part of it, when I get bored I quit and do something else with my time.

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Quote from: Oasisman on September 08, 2024, 11:25:49 PM

Well, he is right when he said "mostly" gambling firms are found in a poor neighborhood. But, he was definitely wrong about the whole thought about gambling firms. He have disregarded those gambling firms located in a very luxurious places like Vegas. Those gambling firms found in poor neighborhood are actually in the right place of business, because that's where they mostly find their target market.
Those investment firms are ALWAYS need to look glamorous and luxurious, so that the people who plans to invest their money will think they are in the right firm thinking they have enough to offer. I haven't seen any investment firms that will make them look like a poor firm or even located in a poor area simply because the nature of the business doesn't suit that way.
But, anyway, if we're talking about wealth and fortune, gambling may not be the good place to find it.

I queit agree with you, because the only one physical casino house around my neighborhood is fund in the highest rated hotel in this town and only the Rich and highly influncial forks gamble in there and that shows that not all cases have such a definition although I am sure that he made such statement out of his own personal environmental influences and how he views gambling and riches, the ratio of the rich and the poor is not too much different from each other but then we must accept the fact that casinos presence sometimes are strategic and you can't state the financial status of each gambler.

What made him to make such statement also is the factor such as the rate of gambling addictions within the poor or average forks, more than the Rich guy's, because the rich guy have the money to cover up for his expenses when he lose in a casino, but the poor may result into debt which makes the impact of the outcome more heavier and can easily be referred to as an addict.

Lastly physically more investment are located in rich and business environment this is because of the targeted audience for the business, and in a location that will both be accessible to both the rich forks and average person.

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Quote from: retreat on September 09, 2024, 09:31:48 AM

Quote from: laijsica on September 08, 2024, 11:12:24 PM

-snip-

Investing or gambling should not go by any means for poor people as he should work harder so that his financial condition can improve. But if he feels that he can deposit a portion of his disposable income every month, he should go for DCA method so that he can run long-term deposits and build up a pile.

If he was poor from the start and his income was just enough, why would he gamble or invest? People who gamble or invest are people who have enough income - where he has met his needs and is ready to lose his money. If someone is poor, what he should prioritize is meeting his family's needs and saving for his family's future, because that is the most important thing - even if he wants to invest or gamble, then he can do it sometime in the future if he is ready.

As much as you are right, I still will disagree with you based on my personal philosophy and principles, and such is that, a poor man must strive, work hard to become rich, and how does a poor man changes his level and become rich?
One of the hows; is for the poor man to try as much as possible to do or participate in some of the things rich men do or participate in, the poor man doesn't necessarily have to force himself up to the standard or level of the rich men, but he can still even at his own small level, participate in the activities the rich men participate in.

For example, if rich men are investing to become even more rich, poor man should invest too.
If rich men gamble as a way to have fun and possibly win some money which could serve as a cover for some current expenses at that very moment, then poor man should from time to time try his luck too.

If rich men are investing $1000, the poor man can invest maybe $1, $2, or maybe $50 or $100, depending on what amount he can comfortably afford to lose.
If the rich man is spending $1000 on bets, gambling, the poor man can try his luck with $0.5 to maybe $1, or $2, or $3, again depending on what he can comfortably afford to lose.

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Quote from: laijsica on September 08, 2024, 11:12:24 PM

-snip-

Investing or gambling should not go by any means for poor people as he should work harder so that his financial condition can improve. But if he feels that he can deposit a portion of his disposable income every month, he should go for DCA method so that he can run long-term deposits and build up a pile.

If he was poor from the start and his income was just enough, why would he gamble or invest? People who gamble or invest are people who have enough income - where he has met his needs and is ready to lose his money. If someone is poor, what he should prioritize is meeting his family's needs and saving for his family's future, because that is the most important thing - even if he wants to invest or gamble, then he can do it sometime in the future if he is ready.

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Quote from: Mr. Magkaisa on September 09, 2024, 09:07:59 AM

- Literally speaking, most of his statement I agree with, because it is true that if we want our capital to grow, we should only dedicate it to the investment that we know can give us profit.

Then just in case there is a wealth of gambling, it is just a finger, and that is just fortunate, unlike the natural way development or wealth is really in investment, and most poor people are hoping for luck compared to people who want to struggle with the right system.

Well, you are right though, but one certain thing is that, investments where profit is very much guaranteed often will take a very long period of time for such profit to be realized after the investment have been made, unlike gambling where one only have to wait if he or she places a bet on a game that will take a few days or weeks before it's played, anything outside of this, it literally just takes a few seconds, minutes or a few hours to know the outcome of a spin or bet.

No doubt, gambling have changed alot of lives, but we can not also ignore the fact that it has also rekt many and sent many to their early grave.
Investment on the other hand have also changed a lot of lives, but we must also not do away with the fact that some have also lost huge monies investing in companies that later either did not do well and they fold, or turned into a scam.

So, the best bet here is for one to find where and what favors him or her the most, or better still, diversify.

Topic: Gambling/betting shops vs Investment banks - Do you believe this guy's opinion? (Read 1153 times)