Topic: Gambling/betting shops vs Investment banks - Do you believe this guy's opinion? - page 4. (Read 1159 times)

Homie has his hater blockers on. I mean investment bankers still have these types of establishments they’re just in another form right? In a casino or in some other money raking taking method.

We will have different opinions on this. The only problem I see on his point is the tone of being discriminative and conclusive. Everything is a matter of what works best for you. It all depends on how you view being rich is. Some became rich out of their profession, some are with investments and yes there are also people who made fortune in gambling. Determine which method will work on your circumstances. You could gamble without desiring of becoming rich as well; just a source of entertainment. We all know the importance of investments. However we have different pathways and goals to achieve in our lives. You could choose or create your own route. Not all investors became rich in the first place and same goes with other gamblers as we all know.Indeed, gambling shops is a form of investment as well. And no investment does not accomodate a demand from people and on this instance, gamblers which is why I don't see anything wrong with it. There are also rich people who are engaging to gambling activities which is another thing that he should be looking into, as well.

What about Las Vegas, Macau, and Marina Bay SG, are these places poor people's neighborhoods? So I feel that his statement is just his personal opinion based on the experience he has of seeing the conditions in his country, and that is okay, because it is based on the evidence there (although this may need to be clarified further). However, we cannot take this statement to other countries, because in other places the case may not apply and societal conditions may be different.
And his last statement which says that "wealth is a matter of mentality, not luck" I half agree and half disagree. Because there are many factors that make a person rich, and luck can be one of these factors - there are many stories of how people became rich with their luck. And what's more, investment alone cannot make you rich, it is just one way to become rich, because investment is not one hundred percent profitable, sometimes you find shit in your investment. But yeah, the advice to become rich with investments is the best advice - and gambling to get rich is a mistake of thinking.

But I hope you understand that becoming rich or attaining wealth is practical and not theoretical. Despite that, I would agree that one needs to be luckily faced with a good opportunity, which can give them a high chance of becoming wealthy. I also believe that labour is more applicable than luck. If I should evaluate it, I would say that one needs to apply about 80–95% of labour and hope that 5% of luck can do the rest of the job. 

Even if you are working smartly, most times you will stress your brain so much that it could still be said that you are labouring your brain to get a good (exceptional) result. 

One thing about becoming rich is doing the right thing at the right time and in the right place. If you take opportunities by the hand at the right time when they present themselves, if you meet the right people at the right time when they will be willing to listen to what you have to say before they can help you, If you also find yourself around good people who are willing and ready to help people in your category of business or career grow, Being rich and wealthy is more practical; "luck" should not be overemphasized. We know that luck is there, but it should not be overemphasized. 

In conclusion, even some very rich people still become foolish at last that they will waste all their entire life fortune in gambling. We have hard stories of rich people that started gambling because they thought they can archive more wealth from there but at the end, they got addicted and ended up to lose their entire life savings in gambling. Where should we clarify such rich people? As those that believed in labour but later turn to believing that life is just all about being lucky and that was why they started gambling, believing in luck until they lose all they've got. Ah... Funny...

Tend to agree maybe yes, but it is an overgeneralization. You can find all of that stuff in Las Vegas too, and I bet a lot of rich people are there to be found, or a lot of rich people are there making money with the infrastructure. It's two ways here: I get his point, but I am not sure he got his words correct. If it was as simple as that, I bet you could find plenty of counter examples. What is true though is that if he is talking about the richest places in New York and London, which are most likely banking locations and stuff, the poor could probably not afford the rents there. Yes those places probably offer gambling and pools for the rich as well.

If gambling among rich people, I think it will be a different gambling shop class, with most or close to the environment of people with the lower middle economy.
Those who bet know the risks. And the rich do not want to take risks with the money they fight for. They can play but they are smarter and most of them know their boundaries.
Inversely proportional to people with ordinary finances. They hope to get good luck to get greater results from gambling. They know the risks, but their hopes for the results that can be obtained from gambling are too high. That's what makes more people with mediocre income and even poor gambling often.

He actually mean that... gambling is not a sure place to  staked your money and make profits and gambling shop owners knowing the desperations of the vulnerables to get rich with the mentality that they can be lucky to win huge amount of money somedays and the gambling shop owners quite aware that it is impossible to actualize that makes the gambling reachable and spreading them all over the local areas to maximize their incomes as much as the poor are desperately chasing the profits while gambling.

And the other hand is that the real lucrative and productive firms such as the investment and most automated centralized sectors with empowerment opportunities are situated in the cities where they think they can find reputable persons that can deliver their jobs and also for security wise.

You already stated the obvious facts that I also agree with you on your first line of thoughts in the beginning of your post and sentence but to suggest it could be because of no space in rich neighborhoods that could make such establishment like bet shops become scarce, that I don't think so. I don't think it is because of space but the first reasons which you rightly stated which is population sake.

Why in the study of economics, there are factors of production and nearness or proximity to customer, labour/ raw materials are all considered. So likewise, you don't have to see plenty of bet shops in rich neighborhoods where you have just 50 houses for instance and only 50 families live in there and out of those 50 houses only 5 house holds gamble from time to time and so who is going to patronize the bet shops if they were 3-5 bet shops  But if you go to poor neighborhoods so to speak, that 50 houses could also have house holds numbering up to 150 because of the nature of the building of the houses and demarcations and then the 150 house holds could have 100 house holds who gamble. So the point is business thrives when there is patronage.

       -   Many gamblers have become millionaires from gambling, which ended up being poor because of the mismanagement of the money they won, or, in short, not being used correctly.
There are many stories like this in our country in real life.

Because most of the gamblers who became gambling millionaires come from difficult life situations where they are not used to living with a lot of money, they don't know how to handle a lot of money either. But whatever the rapper said, I don't believe what he says is different, because the banks, that's just an investment; now it's up to the people if they want to have savings or if they want to grow the money they have; it's just one of the investments, and bank are choices among those they can choose if they want to have savings or invest.

I don't think that the musician is totally correct in his assertion that gambing establishments are mostly found in poor neighborhoods, the fact is that they're mostly situated in areas where more people will see their businesses. I see bet shops, casinos, banks and all sorts of investment firms in the same area, I don't think that there's any discrimination about where to situate gambling shops because it's a fact that the rich and poor gambles. Although I observe that there are.many lotto kiosks in the rural areas, I don't know if there are that much in rich neighborhoods, maybe it's because there are no spaces to situate these kiosks in rich neighborhoods, not because the rich can't patronize them.

The fact that gambling can be done with a phone at any time or place, I don't think I would believe this reasoning from Erica about gambling bets.

I think the real cause of why betting shops were mostly found in poor neighborhoods is what Davidvictorson pointed out below

I agreed with this more than what Erica tried to generalize about sporty bets being found in a poor neighborhood. Erica fails to see that sporty bets are another business of their own. It will excel better and more efficiently in areas that are crowded by humans. It's the inflow of its customers that will sustain and generate profits for them.

Some poor countries does ban gambling because they know the effect. Although they could tax the gambling shop, but its' overall effect is so negative to the people. When you believe that gambling should be treated like we gamble what we can afford to lose, but you'll try to operate in a poor country where their income, majority of them are not even enough, so it's like putting a machine to destroy them while you benefit as the owner, it's not good.

While on banks, they could cater the poor and the rich people. Best way is to lend the poor money to start a business to improve their life, it's called micro finance loan which some rural banks has it as it's their purpose to help the people learn how to improve their financial status.

What he says makes good sense to me. Indeed, it is mostly (but not only) in poor neighborhoods that you see many gambling stores. And most people who gamble are usually poor or broke. They try their luck to make money while the wealthy people are busy taking actual risks and investing their money in businesses. To think of this better, can you tell me how many wealthy people you know who made off their wealth from gambling. They exist, maybe, but it’s 1 in a million.

while it is not true that gambling houses can only find in poor area because trust me gambling houses in my country are located in luxurious places that I know many will also agree .

But about what the Rapper says? i completely believe that gambling is not the place where we can predict our future instead by Investing , count the people who become millionaire in gambling comparing to investors, you will see that its investing is what will bring us to success in life .

Only small betting shops will be placed on poor neighborhood but those big casinos for sure they will put their establishments on strategic places since they provably like to target those rich guys who's willing to spend their money on their casino.

Although he has a point regarding on statement regarding on poor mindset specially for those small time bettors who rely their luck on gambling to became so rich.

There's still a lot of learnings we can get from his statement so I guess its up to the reader on how they gonna take his massage.

So literally it means local gambling shops is an industry surrounded where the poor chases profits while industrious factories and commercial firms are installed in the developed areas for Utilizations.

I agree with his statement that investment is important but poor people don't invest not because they don't want to but rather because they don't have enough money to invest, but still the poor and the rich both gamble, that's why you can see there are high rollers and small gamblers.
Whether his statement is true or not depends on how we respond to it, if he sees it in a country that can be said to be relatively poor then it is clear that even more poor people will gamble, but if he sees it or lives in a rich country, of course the rich will gamble more.
Why are there more banks or financial companies in places where rich people are? Security reasons and also because the opportunity for rich people to invest is greater because they already have a large income, while it is difficult for the poor to invest because it is difficult for living expenses alone, but I don't believe that office banks only exist where rich people live because even in poor areas there are still bank offices, that's what happens in my country.

Well, the country of Las Vegas is a place where you cannot live if you are just a poor person. All the people out there are living a vibrant and warm life, as far as I am concerned. Although not all residents of Las Vegas play gambling there, there are some who don't.

Therefore, I also agree with what you say: maybe the majority of residents gamble, and the majority of people in Las Vegas also do not use bank accounts because they cannot fulfill the requirements, and not everyone is capable of being an investor as well.

what I could connote from his message is that which is similar to a common statement in the forum concerning the fact that gambling can never and should never be taking as a source of growing wealth, because it's an activity which outcome is bound around luck and it's a mirage to trust on luck for wealth.

If you want to grow wealth focus on investment assets of which gambling is not one in the numerous list, the problem with poor people is that their poverty has much to do with their mentality about wealth creation. The poor checks for a medium to get wealth quick without much procedures and that is the lie gambling press on them.

I think the argument illustrates the state of his society or the neighborhood he encountered, where poor people there even play gambling to increase their finances, so he talks like that and compares the two facts to find the right answer and the community can take the message he is trying to convey in his argument.

This is not wrong if the social conditions are like that, and it also happens in several neighborhoods in my area, I see poor people gambling more often than rich people, this is not without reason, this is just a dogma that flows in every poor person that he will definitely find great luck in his life in an easy way and one of the easy ways to find luck and potentially get big money is by gambling, things like this will be an illusion for every poor person who has short thinking about building wealth in life.

That's why he compares with the example that rich people get money from investment so that the person he is referring to realizes the importance of investment as a way to get better finances than gambling. IMO