Gambling/betting shops vs Investment banks - Do you believe this guy's opinion? - page 2.

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

Quote from: AmoreJaz on September 09, 2024, 07:16:57 AM

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.

If we talk about poor people then yes of course it is a situation where sometimes they even have difficulty meeting their daily needs, meaning as you said that it does not mean they do not want to be involved in investment like other people but indeed the situation does not support or does not allow, but for the matter of desire yes of course there will always be some of them who want to be involved in the investment.

And on the other hand in most cases yes as you said that poor people prefer everything that is instant in terms of producing, the financial situation and circumstances are one of the factors that encourage them to get instant results where simply they think that by winning in gambling then it will be able to help them to ease the burden of their lives, but however yes of course that is the wrong mindset. So I think that poor people should not be involved in these two activities, namely investment and gambling.

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- 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.

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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.

They are not attracted but once their poverty level increases and so does their expenses and efforts, they are forced to have faith in gambling, instead of looking into investments, it is difficult for the poor to have enough attention to study an investable field like stocks, easier than real estate and gold but the question is they do not have the available capital. Gambling offers lower entry fees and when you are thirsty and have a huge desire to survive, dirty water can also excite you, this is a normal psychology but hopefully the government will increase supervision and limit this scary thing before it increases.

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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 in my opinion I will say it all depends on the kind of gambling house he is making reference to because the biggest casinos I have every seen are mostly in the rich neighborhood and only the average ones are found elsewhere, bigger casinos cannot be in poor neighborhood because they cannot literally afford such luxury from entertainment but with the other shops and average ones, the "poor" can afford it. The issue about the investment banks and other assets management firms are actually true because their customer base are in the rich and industrial neighborhood, that's a natural business strategy almost every business entities employed, taking their business to their customer base and not waiting for their customers to come looking for them.

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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.

Gambling shops are always located in poor neighbourhoods here in my country. I don't know about other places, but casinos are always built in luxury areas instead of 5-star hotels, restaurants, etc.

There is always a major difference between how these two are being presented. Maybe I will say one is targeting the already established people while the other is targeting those looking for miracles to get rich.

hedgeh0g

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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?

If you look superficially and explain it to ordinary people, then yes, in general he is right. I think his expression will make many people think about life and where your personal and earned money goes. There are those who tried gambling and after that will want to try investment assets. But investments are something that you need to understand very well, while in gambling you can not think about anything at all, but just press a button and spin slots or bet on sports. Of course, more people will want to just have fun and play by pressing one button. But only a few will get carried away by investments and they will be able to gain financial independence. I just want to say that our future depends on us and what we do today is important. If we play, then we should not be surprised that after some time we can lose everything.

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Quote from: AmoreJaz on September 09, 2024, 07:16:57 AM

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.

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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.

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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.

It's probably the idea that in higher-end locations, you'd mostly find one or two major businesses for a specific service since those said businesses try to keep out any competition in the same industry. Not that surprising, especially if you consider how if a big casino grows they have a massive amount of money at their disposal and they don't really need to extend their branches outside since they just target high end customers.

Quote from: Solosanz on September 09, 2024, 04:04:46 AM

The problem of the poor isn't only money.

Usually the poor have so many child and they're have a same mindset, they treat the breadwinner must provides financial support for them, this make the breadwinner will not able to save and invest the money.

They will not listen to you, either you dare to cut off your relationship with them and get judged or you're live with them even you're forced.

They pretty much have nothing to do so they just keep on making kids lol. Then leave the problems to them since somehow being "born" is already a blessing.

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Quote from: uneng on September 08, 2024, 09:05:09 PM

Yes, when a poor gambles, he is worsening his financial situation. The chance of profiting from gambling is too low. Meanwhile, if he used small amounts of money to invest, his chances would be much better on long run. Probably nothing so fantastic like winning a jackpot, but at least it would be enough to achieve a more comfortable life and have some extra income every month.

The fact poor think wealth comes from luck gives an interesting clue on why they are poor, especially if you take several generations inside a same family who have never been able to improve their financial condition. That is why it's important to educate people into financial matters, since an early age, so they can break patterns and also teach their families how to do it as well.

The problem of the poor isn't only money.

Usually the poor have so many child and they're have a same mindset, they treat the breadwinner must provides financial support for them, this make the breadwinner will not able to save and invest the money.

They will not listen to you, either you dare to cut off your relationship with them and get judged or you're live with them even you're forced.

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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.

You hitting the nail with the last sentence.
Gambling for me and in my opinion is for getting the thrill from the sessions with the money you are okay to spend.
If you try to make a source of income from it, it turns into a ticking bomb.

Oasisman

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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.

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Quote from: uneng on September 08, 2024, 09:05:09 PM

Quote from: GreatArkansas on September 08, 2024, 08:16:23 PM

I also once heard from a person who is having financial difficulty or let's say poor, where he said that by his current situation, you couldn't blame him why he's still gambling because again he is struggling with finances, what he can only see to overcome it is to gamble.
We all know that's a very bad way to do it if you are struggling because you seem like doubling down on your situation, we must not tolerate it.

That's my thought on what the OP said: "The poor think wealth comes from luck".

Yes, when a poor gambles, he is worsening his financial situation. The chance of profiting from gambling is too low. Meanwhile, if he used small amounts of money to invest, his chances would be much better on long run. Probably nothing so fantastic like winning a jackpot, but at least it would be enough to achieve a more comfortable life and have some extra income every month.

The fact poor think wealth comes from luck gives an interesting clue on why they are poor, especially if you take several generations inside a same family who have never been able to improve their financial condition. That is why it's important to educate people into financial matters, since an early age, so they can break patterns and also teach their families how to do it as well.

I agree with you. If people want to diversify their income, it is useful for them to deposit a portion of their disposable income for investment every week or every month and keep a small portion for gambling. Every person needs entertainment and if they can find entertainment through gambling then they should do so. At the same time he must strictly fulfill the responsibility of maintaining every social and family around him.

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.

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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.

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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?

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.

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Quote from: sokani on September 08, 2024, 07:32:14 PM

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

What do you guys think about this?

I tend to agree with what Erigga said. Though, this may differ in other countries but taking a closer look at betting shops target locations in Nigeria, they are more concentrated in the poor neighbourhood than the rich neighbourhood. Using Lagos as an example, the number of betting shops are far more greater in numbers in places like Surelere, Mushin, Ojuelegba than Victoria Island, Banana Island, etc. Now, It doesn't mean that the rich doesn't gamble, they do but the poor are always banking on luck to hit a major financial breakthrough and gambling is often seen as a way out.

Maybe those people think that they can make money from gambling so they still trying to gambling. They must realize that making money from gambling is difficult and gambling can only give them more problem if they lose self control.
Instead make money from gambling, they will only lose more and more money without making money at all. Casino in the poor neighbourhood trying to give a hope for those people but if those people can open their mind and thinks that gambling is not for making money purpose, they will not trying to gambling.
Maybe it need more people to remind those people not to playing gambling too often and search for the only ways to make money. That will give them a chance to make money and not risk their money in gambling.
Although rich people in that neighborhood gambling, that doesn't make them rely on gambling to make money.

uneng

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Quote from: GreatArkansas on September 08, 2024, 08:16:23 PM

I also once heard from a person who is having financial difficulty or let's say poor, where he said that by his current situation, you couldn't blame him why he's still gambling because again he is struggling with finances, what he can only see to overcome it is to gamble.
We all know that's a very bad way to do it if you are struggling because you seem like doubling down on your situation, we must not tolerate it.

That's my thought on what the OP said: "The poor think wealth comes from luck".

Yes, when a poor gambles, he is worsening his financial situation. The chance of profiting from gambling is too low. Meanwhile, if he used small amounts of money to invest, his chances would be much better on long run. Probably nothing so fantastic like winning a jackpot, but at least it would be enough to achieve a more comfortable life and have some extra income every month.

The fact poor think wealth comes from luck gives an interesting clue on why they are poor, especially if you take several generations inside a same family who have never been able to improve their financial condition. That is why it's important to educate people into financial matters, since an early age, so they can break patterns and also teach their families how to do it as well.

GreatArkansas

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I also once heard from a person who is having financial difficulty or let's say poor, where he said that by his current situation, you couldn't blame him why he's still gambling because again he is struggling with finances, what he can only see to overcome it is to gamble.
We all know that's a very bad way to do it if you are struggling because you seem like doubling down on your situation, we must not tolerate it.

That's my thought on what the OP said: "The poor think wealth comes from luck".

sokani

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

What do you guys think about this?

I tend to agree with what Erigga said. Though, this may differ in other countries but taking a closer look at betting shops target locations in Nigeria, they are more concentrated in the poor neighbourhood than the rich neighbourhood. Using Lagos as an example, the number of betting shops are far more greater in numbers in places like Surelere, Mushin, Ojuelegba than Victoria Island, Banana Island, etc. Now, It doesn't mean that the rich doesn't gamble, they do but the poor are always banking on luck to hit a major financial breakthrough and gambling is often seen as a way out.

AliMan

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My thoughts about this guy, he's just implicating positive opinion based on how gambling works for his investment. That depends on what undertaking we will consider, and as I've observed this man already been a wealthy person compared to average gamblers who still struggle to win the house.
Rich person has their will to do whatever it takes because they can afford what they're going to lose. That's how the reality works on them, so don't be easily fooled on investment involving gambling if you don't have such.

Topic: Gambling/betting shops vs Investment banks - Do you believe this guy's opinion? - page 2. (Read 1153 times)