Topic: How to manage gambling winnings - page 12. (Read 2222 times)

It is a good idea to save for taxes. You don't wanna be stuck without enough money to pay

Ridiculous, as hard as gambling is, you will still have to pay taxes on that? If you are in a country where you must pay taxes when gambling its better to do something else, it can never be me.

Not everyone gets lucky in gambling and imagine all the try over and over and yet you keep losing money, but when you luckily get some juice you must pay taxes off that win? That's so ridiculous,  where are the tax collectors when you keep trying and trying and losing?

It's really a crazy world we living, gambling taxes should be on the casino or online platform's neck, not on the players that are going to obviously enrich the casinos and the gamblers may never get lucky, casinos always wins, there is no huge risks here with them, so they should be the one paying huge sum for taxes not the players.

Gambling is hard, especially when you are gambling to meet up profits, that will make you lose more to the once you have lost already, if all gamblers here will have to calculate their winning and their losing from any casino you will have to know that many gamblers losings are bigger than their winning and that means the gambler is not profiting anything from their gambling predictions.
How can one safe such money when they are not winning to meet up their losing? They can not because the amount that they are losing is bigger than their losing, the only bestim idea that I can think of is that when you win just use your money and and purchase something that you can see and make use of because if you don't, you will still have to gblr with the money that you hsve saved, in other not to gamblr with them, you juet have use the money to do something that you can make use of at that moment.

A person who is doing gambling needs to think about the taxes before anything because this is a way that the authorities will irritate you and yeah you will free your shoulders after paying taxes.  I know you are a very good gambler who has a very great experience and spent many years in the gambling sector and your advice for the new as well as for all those person who are doing gambling is very beneficial if they apply your strategy in their gambling I am sure they will not face any losses.

But besides your advice, I can add a little more be this will help many people. If you are a gambler then the first you tend to do is to fix an emergency fund and save it because gambling is a process that you can never fully trust and anything can happen at any time so if have an emergency fund then it will help you and gives you confidence. .

That right, we have to be able to do it in order to be able to take and make the best use of you winnings.
Because if we don't make withdrawal when we win bet then all the winnings will be used up again without any remainder due to the desire to gamble again.
I also do the same thing as you, where every time I win, I always withdraw large amount and leave half or whole as my initial balance which is used for betting capital.
By withdrawing it, we can use it for fun or it can also be used as capital to increase assets that we will invest in, we can even use the winnings to trade.
That way, winnings can return to generate profit again.

I would actually feel disappointed if I had the opportunity to win some profits but ran out because I used them to bet.
When some gamblers win, they have the desire to win bigger, but this kind of mindset must be avoided and of course we must be wiser in utilizing our winnings.
Remember that luck won't always come twice, so be wise in taking advantage of your winnings.

It's good that you have your strategies figured out for tax purposes. Most of the gamblers I know wherein gambling winnings are taxed don't really care at all until they are hit with a notice for not paying ample taxes for the year. Luckily, here in my country, small gambling wins are not taxed unless you declared them, so you have the option to not declare it. However, when your winnings are too high, the platform you're playing on will surely take note of it and can forward it to the relevant authorities for their tax purposes as well, so you will have no choice but to declare it in the end and pay for it ultimately.

Winnings from gambling must be immediately withdrawn and immediately left the casino so that their feelings of greed will not get bigger. After getting their win, a feeling will tell them to continue their gambling game to try to get another big win. Casinos will indeed give big wins to lucky gamblers but that doesn't mean gamblers who have already won can get another win. They should understand that after winning, they must use the winning money for their lives and not use the winning money to continue gambling. But that's what happens to people who play the lottery. After they win the jackpot, they still want to win another jackpot prize so they will continue to buy lottery tickets. They might even buy more lottery tickets because they now have more money.

If those who have won and withdraw all their winnings but instead deposit their winnings again to gamble, that is a mistake because they will only lose their winnings, especially when they cannot suppress their greedy feelings. That's why when we can get a big win, we should be able to manage the winning money for our lives and not use the winning money to gamble again. We may not be able or find it difficult to get another big win, so we must understand that the big win we get is an opportunity to improve our lives.

We should withdraw the winnings and leave a little money in the gambling account when we have won big. But the most important thing is that we can stop our gambling activities for a while and maybe taking time off from gambling is a very important thing to do so that we can rest and use the winnings well. We can start a new business that can provide an opportunity to make money from that business so that we will not gamble too often and focus more on developing our new business.

When I place bet and win big amount, I quickly make withdrawals to my personal account leaving behind only part of the funds I'm will to continue gambling with. I usually calculate this amount as a percentage of my total balance which is usually single digits.

I will feel terrible if I win and give the money back like, I was doing before I realised it was a bad habit. It is better not to win than to win and give the money back. The psychological trauma is not a good one.

Not everyone employs this method in making their casino bets , stakes and other gambling activities. Sometimes when  people place bets they make really  huge wins of which some would stop betting at that point and proceed to spending the money without trying to draft out Thier spendings including tax.
Most countries are very strict when it comes to economics and tax so making those payments as quick as possible would be a very good idea to avoid getting into trouble with the authorities.

The ability to serve does not necessarily matter how much one earn. Saving is a virtue, if you do not possess the spirit of seven you cannot actually serve no matter how much you earn. You can be surprised that someone who earns $10,000 monthly could hardly serve 1,000 but another who earns 5,000 monthly could self more than $1,000. Although, it also depends on the spending habit of the person. Relating this to gambling whoever has a good winning should save from it whether it is big or not, at least he should save something from your gambling winnings from there you can decide to gamble subsequently. A good gambler should be someone who serves from their winning and use it to gamble subsequently until the budget is exhausted. This is theoretically but in the real life scenario, so many gamblers see their winnings as a free money so they spend it anyhow they want forgetting that they have lost so much amount of money before they were able to get the one they call free winning.

In conclusion, the best ways to manage gambling wins is either to use them and buy properties or solve tangible problems or save from it. The worst thing that could happen to a gambler is what I read over the news today that I gambler who won certain amount of money within space of few minutes loses all. This actually is not a new story in the gambling industry it happens every time and it takes only a discipline gambler to do something different in order not to be a victim of the ugly circumstance. In all, it is worthy to note that gambling is not a career and neither is it a profession so nobody should hope on gambling winners for any tangible project or savings but whenever it comes we should use it judiciously.

Only a few could actually do this on which they do really be able to save up when they are dealing with gambling on which we know that gamblers would usually be having that kind of behavior on which they would really be that spending all of those winnings back into the casino and really that believing that they could really be able to take advantage of those amounts and could win up more
which it is really just that a very wrong idea to have in mind if you do really have those kind of considerations. This is why you should really be that wise on taking up some savings or even
buying up something out of those winnings so that at least it would really be worth off and could really be seeing something out of those wins rather than on losing it back again into the house.
Some might be mindful but majority wouldnt.

Higher rate of return can occur if you clear debts as no tax is payable on that reduced cost to yourself.  Also reducing debts reduces the possible dangers the debts turning bad or not being able to renew them.  The main reason also to clear a debt over add to savings is you cannot as easily reduce your positive action in reducing that debt where as savings can be withdrawn and spent in a weak moment when you are looking for more cash to bet or spend, perhaps a bad streak.   If Im on a bad streak I'd rather be forced to take the hit and give up the gambling till I aquire more money again, usually I will have a better thought process by that time and a better chance to win again

I definitely value savings. I think who have the ability will save and lots of gamblers who want to save but have no earning in gambling rather than loss. In gambling I can never assure that I will win or that I will have a small profit recovering all the losses that I have during the year. So how do I save money from that position. But those who win must have an attitude of saving. Gamblers have a tendency to squander their winnings. Who are winner should keep a small amount for savings. So that in case of any losses in gambling, one does not have to take help from someone else for money.

That's right, running a business early would be better than waiting for winnings from gambling. If you really have extra money for business, using it now is the most recommended. Winnings from gambling will later be used as additional business capital or to develop a better business. Because for some people who might have the same thoughts, doing business from gambling winnings, could experience bad things, such as money that should be used for business capital, instead slowly being used for gambling deposits, and the big win never come.

Well, this has become a habit that is difficult to break and even though they often win at gambling, most of them will only focus on continuing to make money from that place. Of course, most people also have no plans to allocate the funds from gambling to do business in the real world and because they feel very comfortable, they will be happier with the existing situation.

I think this is just a matter of awareness that needs to be increased and even though gambling is very fun and can also be a place of big income, you should at least think about an easier future with that money so that in the future you will also be able to avoid further losses from gambling.

I think there are still gamblers who don't do that, but they can still stop once they think they had enough (it's either they lose or win a bit). For those who don't have a control, they can only stop once they already lose all their balances even if they do your strategy but I think doing it will still increase their chance of not playing for a while.

The last thing that you said is true, so it's better to just use all of our profit and maybe capital included on the things that we can benefit much longer (E.g. a mobile phone, earphone, speaker, etc...). This will also help us to take a break in gambling. According on my observation, my gameplay seems great if I rarely play.

That is a good thing, dedicating your winnings in gambling to something more useful and meaningful. However, if you are really serious about starting a business, then don't wait until you get a big win in gambling. But start now, because if you wait, it's possible that someone else will get your business idea first. Start this business gradually with minimal capital, because nothing can be obtained instantly, even instant noodles have to be boiled first.

If you keep waiting for a big win in gambling, to be able to start a business, then that business will never be created. Because getting a big enough win is quite difficult. Moreover, if you don't have good self-control, then when you get a big win, the money will be used up for gambling.
"You want to start a business, from the proceeds of gambling that you do, while on the other hand there is someone who sells his business, in order to satisfy his desire to continue gambling."

Very few people can do what you say. I don't think a person who wins in gambling will take that money to invest in business. They will not easily give up gambling. Because they think there is no job to make money as fast as gambling, they will continue to try their luck to be able to earn larger amounts of money. Only when they lose all their winnings and capital do they realize it. Very few people can manage the money they win well, and I am no exception.

Gambling for me is not a full time job. So the money I make I use to fund investments in my life. My 9-5 I use to pay for everyday expenses and use for savings.

Back when I am still super active I have no strategies but just to play and win then after winning I will take out my capital and some small wins and then use the remaining amount to play again and that is why I never really win in gambling instead I am always a loser.

It is good to see about what you have shared here because this will save others that may consider or try  doing what you are saving for taxes specially.
that is for  one big win , but if you are only for small wins like hundred or thousand dollars this is  not even enough to use as capital for businesses .