Gambling/betting shops vs Investment banks - Do you believe this guy's opinion? - page 5.

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Quote from: vs2014 on June 22, 2024, 12:45:14 PM

From these you will find the reality easily because follow the people around you. Those who are rich are keeping money in bank and getting guaranteed profit from it. On the other hand poor people are playing street lottery or gambling to get rich. So the mindset here is to develop how much money you enjoy making. It is well understood that the percentage of money is as per his idea and everyone increases the amount of money in their different ways.

If those poor people knows that they don't have to playing gambling instead savings their money in the bank, they will not feels bad to see their losing money. They will see their money can grow in their bank account although the amount is not increase significantly. At least, they will be happy to see they still have money to fills their daily needs.

It needs awareness not to use gambling to make money, whether that's a rich or poor people so they can savings their money and use it for their own good. Maybe the betting store is available in the poor neighborhood but poor people doesn't have to go to that betting store and thinks how they can use their money for other things. They can search for the works to earn money and not trying to make money from gambling.

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Quote from: crwth on June 23, 2024, 02:16:04 AM

He is entitled on his own opinion, but It is really about how you are going to Help the people in terms of learning about the mindset of having money. Imagine putting gambling shops around a place where it is hard for people without money to come by and then see that and learn that money can be earned easily if you have money to gamble upon and that would be problematic. They can develop addictions that would lead to crimes.

It is really hard To have a concrete solution, but I think it’s better to help the people learn about money instead of just having them. I think that it’s easy to come by or something.

You know most times people can easily say what is pleasing to them and feels they are saying the right thing however, people lives according to how and where they found themselves. I know even those that are living in worst and penurious areas are still striving themselves to make a change in their names by trying all things life has to offer them and before you could see people going into various things of life to achieve a good living/life then you should know it's really not that easy except luck hit on the fortunate one and even as that they don't care because they thought luck is always there to come.

Some people are seeing millions in gambling but they never felt of self development or other business out from gambling but yet when such people out there you would see them sourcing for the least because they believed that anytime any moment winning gonna come for them, however it takes only a reasonable and responsible gambler to make investment out of gambling where he could sees his investment as a backup to his life even though he doesn't make winning for the duration of 1 year his investment has served him better.

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Quote from: EarnOnVictor on June 22, 2024, 10:54:08 PM

First, this guy is not that popular compared to many others and it takes those who follow Nigerian music closely to know him.

Erigga is not popular with you maybe because you don't play his kind of music. Although he is not as popular as a few musicians who have gained international recognition when it comes to indigenous rap music, he is at the top echelon. He raps for the street and the downtrodden in the society.

Quote from: EarnOnVictor on June 22, 2024, 10:54:08 PM

The main gist here is that it's certain that most Nigerians who are gambling cannot be gambling for the fun, but certainly for the money, while many will still be doing that in desperation. But this doesn't end well for them, and at the slightest, they can't even improve their lives and that of their family, so looking elsewhere is a very good way to go. And truly, if you know how to work your way around quality investment, you can't compare it with gambling.

You are totally on point mate. The hostile economic condition of the country has pushed many people into gambling hoping to make money from bets. However, they fail to know that relying on gambling to improve their lives is believing in uncertainties. It will be better to invest wisely in other viable areas because gambling is not an investment. One might be lucky to win big but this happens sparingly. This is why people shouldn't see gambling as a source of income. Erigga has spoken wisely that the poor should focus on investing instead of depending on luck to secure a better future.

Quote from: |MINER| on June 23, 2024, 02:07:11 AM

I can't fully agree with that person because if you say that gambling shops are only placed on the poor neighbourhood then it will be wrong because all the famous and reknown casino are in those rich countries and cities. And if you talk about the banks Since it is a business organization, these are built around the areas where their profits will be high.

If you read the original post, the musician just used poor and rich neighborhoods for illustration. His message was that the poor should focus on investment rather than putting all they have in gambling.

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He is entitled on his own opinion, but It is really about how you are going to Help the people in terms of learning about the mindset of having money. Imagine putting gambling shops around a place where it is hard for people without money to come by and then see that and learn that money can be earned easily if you have money to gamble upon and that would be problematic. They can develop addictions that would lead to crimes.

It is really hard To have a concrete solution, but I think it’s better to help the people learn about money instead of just having them. I think that it’s easy to come by or something.

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I can't fully agree with that person because if you say that gambling shops are only placed on the poor neighbourhood then it will be wrong because all the famous and reknown casino are in those rich countries and cities. And if you talk about the banks Since it is a business organization, these are built around the areas where their profits will be high.

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I agree with his opinion. Gambling is targeting mostly poor and uneducated people. No bank would bother dealing with poor people, because poor people aren't reliable borrowers and they don't have enough money to make a bank deposit. Why would a bank focus on working with poor people? This doesn't make any sense. A see mostly two types of businesses in the poor neighborhoods-pawn shops and small casinos.
Maybe the pawn shops are replacing the banks, when it comes to providing financial services to the poor, like giving the poor small loans and buying their stuff.

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Quote from: Dr.Bitcoin_Strange on June 22, 2024, 01:25:30 PM

From what he said, I agree that most poor people believe that money or wealth is inherited by luck, while the rich always know that they have to invest in order to make more money. A lot of the rich men in the world today didn't make their wealth from gambling winnings; it was through hard work, smart work, discipline, and investment that they managed to create wealth for themselves. They never became rich because they were gamblers. Only a few people were able to use the money they won from gambling to entertain themselves.

Rich people can believe in investment but they should know that luck and opportunity helped them there and make them become rich. There are people that have talent like them but not rich. Lack of exposure is the reason some people are not just rich. Some are not rich because of the environment they are. When they become rich, their thinking of luck and opportunity can reduce but they can not be rich if they do not have luck to be rich in life.

There are lots of people that are not rich and not believe also in gambling. Some people are not rich but still satisfied and hoping for a better tomorrow. Poor people can gamble and be losing and know that gambling can not do them any good. There are many people that invested in their children and get them good education believing that their children can become rich in life and make them leave the condition they are.

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

~

Hmm I'd say it has some truths, but not as a simple black-and-white kind of ideology but rather with how the number of possibilities is greater when you're rich compared to when you're poor. It isn't anyone's fault, it's just that being rich just gives you THAT much of a space to maneuver around and try to grow yourself. An example is how rich people can literally go into debt to avoid taxes, making them spend less money on expenses they don't need to pay, and afaik, that's only possible because you're rich. You don't exactly see poor people go into debt to avoid taxes lol.

I don't think it's possible even to get rich just from simple investments. You'd definitely need a lot more, like a rich person can probably get rich again with just a single investment due to the amount of money he can invest, but someone with reasonable assets would need 10s, maybe more to equal out with the former.

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

-snip-
What do you guys think about this?

First, this guy is not that popular compared to many others and it takes those who follow Nigerian music closely to know him. Notwithstanding, he is saying a fact, and it takes you to be living in some neighbourhood to appreciate what some people are saying. It would be very nice to view casinos in the view of Las Vegas and other online platforms where it is well arranged and coordinated rather than in trenches where all hope is almost lost but trying to find the balance in gambling.

As you know, Nigeria is not an encouraging country for many reasons, so a high number of the populace resorts to gambling, but to what end? They lose more, so it can't ever help them. That is why I believe the guy is advocating for investment instead.

The main gist here is that it's certain that most Nigerians who are gambling cannot be gambling for the fun, but certainly for the money, while many will still be doing that in desperation. But this doesn't end well for them, and at the slightest, they can't even improve their lives and that of their family, so looking elsewhere is a very good way to go. And truly, if you know how to work your way around quality investment, you can't compare it with gambling.

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Quote from: vs2014 on June 22, 2024, 12:45:14 PM

From these you will find the reality easily because follow the people around you. Those who are rich are keeping money in bank and getting guaranteed profit from it. On the other hand poor people are playing street lottery or gambling to get rich. So the mindset here is to develop how much money you enjoy making. It is well understood that the percentage of money is as per his idea and everyone increases the amount of money in their different ways.

There’s also a lot of casino site right now where they target common people as they are more attractive in gambling with a hope of making huge profit and I can say this because mostly in my country, you can see every normal people talks about a gambling site but never talks about the investment. Also, there’s a big gambling syndicate that are into poor people because volume of gamblers are more important for them as they are making more money from them.

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

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?

Erriga has been one Nigerian musician whose songs always passes deep meaning/message to the lifestyle of the common African man in this part of the world, and inasmuch though I may not agree to him 100%, but I still agree to what he said 80%, because it's true and we all know that banks, insurance companies and investment firms are not always found in poor neighborhoods (i.e villages) whereby the majority of people living there are farmers, fishermen, or probably low income earners, as compared to big cities and towns where we have these companies in their large quantities due to the presence of high income earners.

Secondly, he is also right about the ideology both rich men and poor men has about gambling, because while a poor man sees gambling as an avenue which could eradicate his poverty, rich men sees gambling as an avenue where he could have fun.

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From what he said, I agree that most poor people believe that money or wealth is inherited by luck, while the rich always know that they have to invest in order to make more money. A lot of the rich men in the world today didn't make their wealth from gambling winnings; it was through hard work, smart work, discipline, and investment that they managed to create wealth for themselves. They never became rich because they were gamblers. Only a few people were able to use the money they won from gambling to entertain themselves.

In the city where I live, casinos, betting shops, lotto offices, banks, investment companies, and other big companies are also located here. It is not only in poor neighborhoods that casinos are found.

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From these you will find the reality easily because follow the people around you. Those who are rich are keeping money in bank and getting guaranteed profit from it. On the other hand poor people are playing street lottery or gambling to get rich. So the mindset here is to develop how much money you enjoy making. It is well understood that the percentage of money is as per his idea and everyone increases the amount of money in their different ways.

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Quote from: danherbias07 on June 22, 2024, 03:25:28 AM

This is true, in my opinion, and I think the establishment's position is proof of that.

Poor neighborhood or let's just say residential place with average-salary people. That's the target for gambling. Some would say "they have less money", I would think twice about that. I've seen people waste more money than their salary and I am still curious up until now on where they are getting it.

It differ from place to place, I think that guy lacks keen observation. Even a person who knows what's happening in Nigeria stated that it is not true. And in my place, there is more banks and financial firms even though it is not from a rich environment. Another thing casinos and gambling establishment in my country can be seen everywhere regardless of the environment. The place where the offices establish is dependent on the strategy of the owner and how he think the place can gather customers and not because they are poor or rich people.

Quote from: danherbias07 on June 22, 2024, 03:25:28 AM

I don't know they position of investment banks but I can see most of them are in the business districts.

In my place, banks are also located in the residential area but obviously, they have their offices in a commercial area within that residential district.

Quote from: Jawhead999 on June 22, 2024, 09:42:26 AM

Let's say Bob make $1 Million per month, he save 50% of his money which is $500K in banks and not want to invest.
While Eve make $1,000 per month, she always consistently invest $800 in Bitcoin.

Now, do you think which one is richer? Bob or Eve.

It is obviously Bob is richer at the current state. Depending on the movement of Bitcoin market, Eve might get richer if Bitcoin price increase by at least 625 times in the future. This may take more than 2 decade at least if Bitcoin price continue to increase. But if Bitcoin price became stagnant or increase at most 10x, Bob will still be the richer one. For Eve to be richer than Bob Bitcoin needs to have a price of at least $40,171,330.3425‬.

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Quote from: Moreno233 on June 22, 2024, 09:28:15 AM

Quote from: Jawhead999 on June 22, 2024, 08:01:40 AM

Investment doesn't make you rich, revenue is. Investment is really overrated recently, many people are selling the dream to get rich from investment, while getting rich through investment is nothing different to luck. To get rich, you need to be hard worker, focus on one thing and being consistent, but most people fail, that's why didn't make a lot money.

Investing in Bitcoin for 4 years only make your capital double or triple, if you only have small amount of money, you won't earn much.

It's really difficult to comprehend what you are saying because I'm wondering what will make one rich if investment will not do the magic. Besides, investment is not only money, it can be in the form of time and other resources and anything that you give something to get some reward is investment. Some of the world's richest people actually invested money into businesses or other peoples ideas and that changed their lives. We should never underrate the power of investing. I think the post was about someone saying that gambling is not a great way to make money whereas investment in stocks, shares and other tangible assets is, and that the rich think in the direction of the later whereas the poor think in the direction of quick money from gambling.

In this context, investments are only limited to "investment banks, equity firms and asset management companies" those are people who already rich, not from someone who born poor and want to get rich.

Investment banks, you need to become priority member.
Equity firms, you want to take a loan to start business and you need valid collateral.
Asset management companies, for rich people who don't have time to manage their money.

If you don't understand what I'm saying, then I will illustrate it.

Let's say Bob make $1 Million per month, he save 50% of his money which is $500K in banks and not want to invest.
While Eve make $1,000 per month, she always consistently invest $800 in Bitcoin.

Now, do you think which one is richer? Bob or Eve.

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I don't know him, and I'm not from Nigeria either, but there is some truth in what he's saying, albeit not exactly how he's expressing it; location has no bearing on this. There's a reason why the poorest nations have the highest gambling rates: they believe they can exit the vicious cycle of being low or middle class by simply hoping for a miracle, such as winning the lotto.

However, you cannot be so dogmatic when expressing yourself, which is merely your opinion, not based on any facts or data. Luck does play a role; some people are born wealthy while others barely make ends meet from the very first moment in their lives. Breaking the cycle is almost impossible in such cases.

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Quote from: Jawhead999 on June 22, 2024, 08:01:40 AM

Investment doesn't make you rich, revenue is. Investment is really overrated recently, many people are selling the dream to get rich from investment, while getting rich through investment is nothing different to luck. To get rich, you need to be hard worker, focus on one thing and being consistent, but most people fail, that's why didn't make a lot money.

Investing in Bitcoin for 4 years only make your capital double or triple, if you only have small amount of money, you won't earn much.

It's really difficult to comprehend what you are saying because I'm wondering what will make one rich if investment will not do the magic. Besides, investment is not only money, it can be in the form of time and other resources and anything that you give something to get some reward is investment. Some of the world's richest people actually invested money into businesses or other peoples ideas and that changed their lives. We should never underrate the power of investing. I think the post was about someone saying that gambling is not a great way to make money whereas investment in stocks, shares and other tangible assets is, and that the rich think in the direction of the later whereas the poor think in the direction of quick money from gambling.

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

What do you guys think about this?

Of course Erigga has a point, he said that from the perspective of the dark side of gambling and investment in his country (Nigeria), maybe if he went to Las Vegas or Macau of course Erigga's words wouldn't apply.
Because everyone in this world knows life in these two places, gambling is only for the rich, poor people prefer to invest for their future, because they know gambling and investment banking have a different understanding of making money, life in Nigeria and other countries is different, that's for sure, whether it's from the perspective of gambling and investment banking.

As far as I know, in Nigeria it is difficult for poor people to access investment banks, traditional or online gambling is easy for those who are poor, while for rich people it is easy to access investment banks. Due to these factors, Erigga thinks so, in fact this only happens in Nigeria, Other countries don't like that, I'm sure Erigga is talking only to people in his country, not to other countries, from his perspective on gambling and investment banking.

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Quote from: Frankolala on June 22, 2024, 07:37:28 AM

From that guy speech he is only critizing gambling, and nothing more. Betshops are everywhere both in rich and poor environments. Banks will definitely be located in the city where there will be more population and enough security and not in a ghetto.

I’m a gambler but I understand the message of his post. It’s hurtful but there’s a value on his message since he just want to emphasize that poor depends on luck and other nonexistent belief about quick rich while rich people usually use the traditional method of investment rather than relying on luck in able to gain.

Quote

He should also understand that gambling is for fun and these days people no longer gamble that much in casinos but online in this generation, so his conclusion on gambling is wrong. I think he is saying that to his followers and who cares about what he says.

This is true in reality but we already know that most of the gambler play not for fun but rather for profit. That’s why many still gamble hoping they will be a millionaire with just a lucky win in gambling.

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Both investments are actually profitable; you just need to choose where your passion lies. If you are a gambler, of course, you'll choose a gambling house as an investment because not only will you profit, but you will also enjoy it. I’ve worked in the banking industry before. I may not be an investor, but I can tell you that running a bank is very complicated. Regulators scrutinize your every move, and any mistake can result in penalties. There’s a big difference between a bank and a casino because banking is a business of trust where depositors entrust their money to you, whereas, in gambling, you have random gamblers who come and go, but at the end of the day, you still make money.

As for industry comparison, although gambling is already a billion-dollar industry, banking is way bigger than that.

Topic: Gambling/betting shops vs Investment banks - Do you believe this guy's opinion? - page 5. (Read 1153 times)