Topic: Risking 1% in Gambling - page 22. (Read 4380 times)
If a person gambles using 1% money from his family income, then I think it is good. Gambling with more than this amount is definitely a bad sign and can lead to bad position for his family. When a responsible person earns money to meet the financial needs of his family, if he loses half of that money by gambling, it will definitely affect the family. That's why it's better to avoid gambling and if you can't then you should gamble using 1 percent money. If you can gamble with 1 percent of your monthly income then surely your future will be good, otherwise if you spend more money on gambling then surely you will suffer and your family will also suffer.
While only gambling away 1% of our income may seem to be awfully restrictive, we must also recognize that those that are struggling the most and are earning less money should be the ones making the smallest bets, as they cannot really afford to spend so much on something that should be just a hobby, and the ones that have a larger income are the ones that could allow themselves to bet more than that, as they can afford to pay their bills with a smaller percentage of their monthly pay.
Why don't those who earn less and can't afford to spend much stay away from gambling and choose another hobby? I mean, it doesn't make any sense. When you know that you are not earning a lot of money and you are barely making ends meet, you still choose to have a hobby that requires you to have money. It's your choice, and you can see your situation and condition, you should choose what you do and what you can do based on your capabilities at present.So, people who can't afford to have a budget for their gambling activities from their income shouldn't be gambling at all. I know that people who have a limited amount of money tend to hope that they win something significant from gambling that might change their life and financial status but that barely happens.
Using 1% of one's entire income to gamble as you mentioned will definitely not cause any financial damage in case of a possible loss but I think this amount will be insufficient for many people because unfortunately many people's income level isn't very high today. For example, I don't think someone with a winnings of 1,000 units would use 10 units to gamble because that amount would run out pretty quickly and wouldn't help the person get any enjoyment out of gambling. For this reason, I think that when a person determines the budget he/she will use for gambling, he/she should definitely use a low rate compared to his monthly income but this rate shouldn't be restricted to a low level such as 1-2%. Of course, I don't claim that 50-70% of the monthly income should be used for gambling but for many people 1% is a significant amount.
While only gambling away 1% of our income may seem to be awfully restrictive, we must also recognize that those that are struggling the most and are earning less money should be the ones making the smallest bets, as they cannot really afford to spend so much on something that should be just a hobby, and the ones that have a larger income are the ones that could allow themselves to bet more than that, as they can afford to pay their bills with a smaller percentage of their monthly pay.So, people who can't afford to have a budget for their gambling activities from their income shouldn't be gambling at all. I know that people who have a limited amount of money tend to hope that they win something significant from gambling that might change their life and financial status but that barely happens.
I also used to follow this kind of strategy. First rule would be that I would only gamble the amount that I am effort to loose. For me it was 5% of my whole capital. I knew clearly if I lost 5% it wouldn't effect my family or daily need or my life. There would another rule I followed that never chase looses. That means if I already spend my 5% already I wouldn't gamble anymore. Despite the odds if the limit is hit then there would be no gambling. I followed this rule everyday. I also had a daily limits how much how much I would spend on gambling. So i think, if we follow proper money management strategy like your 1% method we can do better than most of the irresponsible gamblers.
It's great that you can do this. You are a responsible gambler. If you follow the rules you set, your gambling won't affect your family, your job, or the people around you. I have compliments for you.
But for those who see gambling as a place to make money, this rule will not apply to them. If you always follow the rules you set, then gambling for you is just an entertaining game. Can't help us win big.
- must set limitations, we know when to stop
- don't be greedy, we don't have to change big winnings
- must accept losses
The time we do this consistently, it turns out to be a habit, and it is not difficult for us to manage our emotions. If we can afford to spend 5% or 10%, that still okay as long as it never compromises our finance and still have good relationships with the family.
If you are able to execute on the first advice you provided, I think we can leave the others out. If we talk about gambling, it is about control and whether we have it or not. If we do and we already understand how to set limits and we adhere to them, I think that's all that's needed to make gambling a pleasure rather than a disastrous event that puts basic needs and the fulfillment of obligations at risk only because we are looking for the easy way to make extra money or try to win our losses back. It is about limits and if someone is able to set a limit and stick to it, then go and have fun.
I also used to follow this kind of strategy. First rule would be that I would only gamble the amount that I am effort to loose. For me it was 5% of my whole capital. I knew clearly if I lost 5% it wouldn't effect my family or daily need or my life. There would another rule I followed that never chase looses. That means if I already spend my 5% already I wouldn't gamble anymore. Despite the odds if the limit is hit then there would be no gambling. I followed this rule everyday. I also had a daily limits how much how much I would spend on gambling. So i think, if we follow proper money management strategy like your 1% method we can do better than most of the irresponsible gamblers.
It's great that you can do this. You are a responsible gambler. If you follow the rules you set, your gambling won't affect your family, your job, or the people around you. I have compliments for you.
But for those who see gambling as a place to make money, this rule will not apply to them. If you always follow the rules you set, then gambling for you is just an entertaining game. Can't help us win big.
- must set limitations, we know when to stop
- gamble only when we are in good mode
- don't be greedy, we don't have to change big winnings
- must accept losses
The time we do this consistently, it turns out to be a habit, and it is not difficult for us to manage our emotions. If we can afford to spend 5% or 10%, that still okay as long as it never compromises our finance and still have good relationships with the family.
I also used to follow this kind of strategy. First rule would be that I would only gamble the amount that I am effort to loose. For me it was 5% of my whole capital. I knew clearly if I lost 5% it wouldn't effect my family or daily need or my life. There would another rule I followed that never chase looses. That means if I already spend my 5% already I wouldn't gamble anymore. Despite the odds if the limit is hit then there would be no gambling. I followed this rule everyday. I also had a daily limits how much how much I would spend on gambling. So i think, if we follow proper money management strategy like your 1% method we can do better than most of the irresponsible gamblers.
It's great that you can do this. You are a responsible gambler. If you follow the rules you set, your gambling won't affect your family, your job, or the people around you. I have compliments for you.
But for those who see gambling as a place to make money, this rule will not apply to them. If you always follow the rules you set, then gambling for you is just an entertaining game. Can't help us win big.
I also used to follow this kind of strategy. First rule would be that I would only gamble the amount that I am effort to loose. For me it was 5% of my whole capital. I knew clearly if I lost 5% it wouldn't effect my family or daily need or my life. There would be another rule that I followed that never chase looses. That means if I already spend my 5%, I wouldn't gamble anymore. Despite the odds if the limit is hit then there would be no gambling. I followed this rule everyday. I also had a daily limits how much I would spend on gambling. So i think, if we follow proper money management strategy like your 1% method we can do better than most of the irresponsible gamblers.
Now that you share this? yeah i may consider doing this but first I will review my daily income to make a deal with my wife 
but 1-2% is just a small amount to spend and risk(also to take chance being lucky) now that I may spend that small amount then i can play the maximum winning I may try .
but 1-2% is just a small amount to spend and risk(also to take chance being lucky) now that I may spend that small amount then i can play the maximum winning I may try .
You're a very loving husband. Personally, I don't tell my wife that I gamble. It's not that I don't want her to worry; rather, I view gambling as a form of personal satisfaction, much like her shopping with her friends. I don't mind whatever business she's doing, and I'd like my pursuits to be treated in a similar manner.
Not everytime you are doing something and you don't tell you wife is consider hiding, that's not it, we also have our privacy and I value my privacy that way.
Me and My wife go along since we are young , we even had our first Drinking together so why need to hide everything ?
shes the one who gives permission to how much I can spend in this and that as she was also the one who managing the budgeting specially when we are starting that really the life is really tough .
thanks to her for whatever we does.
shes the one who gives permission to how much I can spend in this and that as she was also the one who managing the budgeting specially when we are starting that really the life is really tough .
thanks to her for whatever we does.
Maybe we have a different principle in life but I like to tell you also that I have a happy married life, not perfect but happy.
Also, about you statement "shes the one who gives permission to how much I can spend ".... That's not so me... I don't ask permission to my wife, I am the man, she should.. I tell here when I'm doing things (eg gambling) but it's not a permission, just a respect... (it's just an example).
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we must also recognize that those that are struggling the most and are earning less money should be the ones making the smallest bets...
Actually they don't need to bet because of they are struggling, that means they have a problem financially and they could not afford to bet. What would happen if a person who's not making enough money and losses in gambling? Very simple, he'll struggle more and might have bigger problems because of gambling, we don't want to see that as gambling is suppose to be a fun activity, and if there are people who would like to try their skills if it will work, at least those people knows how to manage the risk, and it starts with their financial capability to gamble.
Now that you share this? yeah i may consider doing this but first I will review my daily income to make a deal with my wife
but 1-2% is just a small amount to spend and risk(also to take chance being lucky) now that I may spend that small amount then i can play the maximum winning I may try .
but 1-2% is just a small amount to spend and risk(also to take chance being lucky) now that I may spend that small amount then i can play the maximum winning I may try .
You're a very loving husband. Personally, I don't tell my wife that I gamble. It's not that I don't want her to worry; rather, I view gambling as a form of personal satisfaction, much like her shopping with her friends. I don't mind whatever business she's doing, and I'd like my pursuits to be treated in a similar manner.
Me and My wife go along since we are young , we even had our first Drinking together so why need to hide everything ?
shes the one who gives permission to how much I can spend in this and that as she was also the one who managing the budgeting specially when we are starting that really the life is really tough .
thanks to her for whatever we does.
we must also recognize that those that are struggling the most and are earning less money should be the ones making the smallest bets...
Actually they don't need to bet because of they are struggling, that means they have a problem financially and they could not afford to bet. What would happen if a person who's not making enough money and losses in gambling? Very simple, he'll struggle more and might have bigger problems because of gambling, we don't want to see that as gambling is suppose to be a fun activity, and if there are people who would like to try their skills if it will work, at least those people knows how to manage the risk, and it starts with their financial capability to gamble.
Using 1% of one's entire income to gamble as you mentioned will definitely not cause any financial damage in case of a possible loss but I think this amount will be insufficient for many people because unfortunately many people's income level isn't very high today. For example, I don't think someone with a winnings of 1,000 units would use 10 units to gamble because that amount would run out pretty quickly and wouldn't help the person get any enjoyment out of gambling. For this reason, I think that when a person determines the budget he/she will use for gambling, he/she should definitely use a low rate compared to his monthly income but this rate shouldn't be restricted to a low level such as 1-2%. Of course, I don't claim that 50-70% of the monthly income should be used for gambling but for many people 1% is a significant amount.
While only gambling away 1% of our income may seem to be awfully restrictive, we must also recognize that those that are struggling the most and are earning less money should be the ones making the smallest bets, as they cannot really afford to spend so much on something that should be just a hobby, and the ones that have a larger income are the ones that could allow themselves to bet more than that, as they can afford to pay their bills with a smaller percentage of their monthly pay. 
Do you guys also follow a similar strategy like gambling with 1% or 2% on each game? This way not only we are safe from losing big amounts but at the same time, we never find ourselves in a situation where we go all in, in some bet and then have the fear of losing all of our money.
I don't have a specific percentage to use my money for gambling. I only always use a small amount of money, I never try to use more money if I have spent all the money allocated for gambling monthly. It is all about money management in gambling. We must be fully committed and comply with the rules for spending money that we have planned ourselves. I think it is the key to minimize the risk of losing huge money in gambling.You must have heard 1% strategy in trading, the same can be applied in gambling too and believe me, you will feel a lot more comfortable using this 1% of your money in every game.
It is not impossible to apply in gambling, too. However, the situation can be different. Ideally, the funds for gambling should be lower than the funds for trading. We can optimize the chance to success in trading if we have good knowledge and experience. But it is rather impossible in gambling. So, we should use the money that we really afford to lose in gambling. It is 1% or less than 1%, depends on how big our monthly income.
~snip~
Yes it should be, after all I think there are many who have experienced such a downturn, or that means it is not uncommon to find someone who has experienced bad effects and maybe one of them is around you now, I also have a neighbor who is a victim of addiction, I saw all his vehicles sold off and also left a large debt at the bank, finally his parents had to sell the land assets they owned to pay off all his debts.This is really a big problem that we should avoid and by taking such incidents as lessons then I think you will avoid the same condition a little bit, so appreciate some advice from others who are trying to make you better. Yes, it is very difficult to get out of the addiction zone and it will take a long time to reach full awareness, so therefore we must from now on try to get better by slowly reducing gambling activities along with the amount of budget, this is a way that I think is quite effective, because by reducing activity and reducing the amount of budget I am sure over time your interest in gambling will also decrease and I am sure you will be able to change or even stop when the time comes.
If they don't immediately realize the dangers of excessive gambling, they will only get deeper into gambling without being able to get out of gambling easily. They will get worse and worse, and maybe it will become a serious gambling addiction that they will no longer be able to realize. It is indeed difficult to get out of the gambling addiction zone. But they can definitely get out of the gambling addiction zone if they really intend to reduce their gambling activities or stop gambling. That's all they can do to avoid the dangers of excessive gambling and also always limit the amount of their budget for gambling. Don't be tempted by the many promotions they see because that will only make their minds tell them to try to take the promotion.
Each gambler will have their betting pattern, some might bet the smallest possible amount on each bet to be able to play longer instead of losing all the money very quickly, whereas some might like placing higher bets since they are always eager to win more money in a very short period and they know they can't win big if they are placing small bets, such people think that you are going to lose the money anyway if that's destined to happen, why not play with higher amounts and have a chance to get a lot of profit?
1% of the total bankroll might not be a very big amount but it should be good for someone who knows that they are not going to chase their losses and start increasing the bet size by 1x after every loss because for a person who chases their losses, starting with 1% won't take a lot of losses for them to have their bankroll emptied.
1% of the total bankroll might not be a very big amount but it should be good for someone who knows that they are not going to chase their losses and start increasing the bet size by 1x after every loss because for a person who chases their losses, starting with 1% won't take a lot of losses for them to have their bankroll emptied.
The gambler will have their own pattern based on the money he use for the gambling site for each week.If the gambler was the rich person his budget will be more then 1k dollars for each day.If the gambler is not the rich person,he try to keep their weekly bet as 100$ and monthly target will be 1k dollars.The gambler should quick learn of the gambling before he use the real money in the gambling site.The gambler can start the game with smallest possible amount as the initial bet and increase the bet with experience in the future.The gamblers who get adapted to the gambling site will make more money in future.
They dont really care about the possible winnings or returns as long they could be able to play for longer duration on which i could say that it isnt really that bad either.
Its up to you on how many % of your capital you would be using on each bet, the important thing on here is that you dont go beyond with those limitations or levels
that you shouldnt really supposed on doing so.
Using 1% of one's entire income to gamble as you mentioned will definitely not cause any financial damage in case of a possible loss but I think this amount will be insufficient for many people because unfortunately many people's income level isn't very high today. For example, I don't think someone with a winnings of 1,000 units would use 10 units to gamble because that amount would run out pretty quickly and wouldn't help the person get any enjoyment out of gambling. For this reason, I think that when a person determines the budget he/she will use for gambling, he/she should definitely use a low rate compared to his monthly income but this rate shouldn't be restricted to a low level such as 1-2%. Of course, I don't claim that 50-70% of the monthly income should be used for gambling but for many people 1% is a significant amount.
Each gambler will have their betting pattern, some might bet the smallest possible amount on each bet to be able to play longer instead of losing all the money very quickly, whereas some might like placing higher bets since they are always eager to win more money in a very short period and they know they can't win big if they are placing small bets, such people think that you are going to lose the money anyway if that's destined to happen, why not play with higher amounts and have a chance to get a lot of profit?
1% of the total bankroll might not be a very big amount but it should be good for someone who knows that they are not going to chase their losses and start increasing the bet size by 1x after every loss because for a person who chases their losses, starting with 1% won't take a lot of losses for them to have their bankroll emptied.
1% of the total bankroll might not be a very big amount but it should be good for someone who knows that they are not going to chase their losses and start increasing the bet size by 1x after every loss because for a person who chases their losses, starting with 1% won't take a lot of losses for them to have their bankroll emptied.
The gambler will have their own pattern based on the money he use for the gambling site for each week.If the gambler was the rich person his budget will be more then 1k dollars for each day.If the gambler is not the rich person,he try to keep their weekly bet as 100$ and monthly target will be 1k dollars.The gambler should quick learn of the gambling before he use the real money in the gambling site.The gambler can start the game with smallest possible amount as the initial bet and increase the bet with experience in the future.The gamblers who get adapted to the gambling site will make more money in future.
~snip~
Yes, we should make other people's bad experiences as examples and lessons so that we don't have the same fate as them and end up with addiction, I think not everyone can go through extraordinary phases and pressures when they are already in the addiction zone, and many end up worse between stress, depression or even recently I've seen some news shows that there are desperate suicides due to dizziness because of debt due to excessive gambling.I think the problem is as I said before that their mindset is very severe, they put too much hope in gambling, especially for victory so that they cannot limit all their activities and instead often do things out of control, and that means the first thing that must be corrected if they really want to change their bad habits then their mindset and understanding must first be changed, because if their understanding is correct then I think they can also make many changes, especially for the good of themselves so that they do not experience too significant an impact and do not end up addicted.
That means they have to slowly change their mindset first so they can start reducing their gambling activities. After all, they have received the impact of gambling, and they should be able to realize that it is not in accordance with their initial goal of gambling, so they must try to change it. If they believe in themselves, they can definitely do it and can make a meaningful change so that they won't take any bigger risks. They are trying to prevent gambling addiction, which they could experience if they don't immediately realize it, especially if they feel that their gambling activities have started to change. They will quickly introspect what went wrong and fix it before it gets worse.
This is really a big problem that we should avoid and by taking such incidents as lessons then I think you will avoid the same condition a little bit, so appreciate some advice from others who are trying to make you better. Yes, it is very difficult to get out of the addiction zone and it will take a long time to reach full awareness, so therefore we must from now on try to get better by slowly reducing gambling activities along with the amount of budget, this is a way that I think is quite effective, because by reducing activity and reducing the amount of budget I am sure over time your interest in gambling will also decrease and I am sure you will be able to change or even stop when the time comes.
Each gambler will have their betting pattern, some might bet the smallest possible amount on each bet to be able to play longer instead of losing all the money very quickly, whereas some might like placing higher bets since they are always eager to win more money in a very short period and they know they can't win big if they are placing small bets, such people think that you are going to lose the money anyway if that's destined to happen, why not play with higher amounts and have a chance to get a lot of profit?
1% of the total bankroll might not be a very big amount but it should be good for someone who knows that they are not going to chase their losses and start increasing the bet size by 1x after every loss because for a person who chases their losses, starting with 1% won't take a lot of losses for them to have their bankroll emptied.
1% of the total bankroll might not be a very big amount but it should be good for someone who knows that they are not going to chase their losses and start increasing the bet size by 1x after every loss because for a person who chases their losses, starting with 1% won't take a lot of losses for them to have their bankroll emptied.
I usually read this kind of rule base on bankroll and not in monthly income. And actually 1% is too low if don't have a decent amount of bankroll, and you are right, we will be missing the entertainment here if we are gambling with an amount that we don't feel the thrill anymore.
$1000 is a good example as $10 (1% of it) is just too small to budget for one month in gambling, I wonder how are we gonna even pay the transaction fee of sending that money to crypto casinos, fee alone could already deduct like maybe 20% of that $10, so it doesn't make sense to me.
1% of monthly income for betting purposes is only applicable if you are making like $100,000 or more per month as $1,000 should be a reasonable budget.
$1000 is a good example as $10 (1% of it) is just too small to budget for one month in gambling, I wonder how are we gonna even pay the transaction fee of sending that money to crypto casinos, fee alone could already deduct like maybe 20% of that $10, so it doesn't make sense to me.
1% of monthly income for betting purposes is only applicable if you are making like $100,000 or more per month as $1,000 should be a reasonable budget.
It's true, I don't agree with betting 1% of monthly income, because it cannot be applied by various types of people based on the monthly income they earn. Wouldn't it be wiser to "Bet with money you can afford to lose ?".
Whatever it is (5%, 10% or even 40% of your monthly income) as long as it doesn't disturb your psychology and make you a problem gambler, then it won't be a problem.
I don't disagree with your statement and advice but on the other hand I think the smaller the amount of money you spend on gambling the better it is, or in other words you will avoid the risk of losing a large amount and this teaches gamblers to be responsible for whatever happens or something that is still indicative of something bad happening. On the other hand I think there may be some people who have no problem with allocating 1% to their gambling, usually people like that are people who are not too interested and do not have any expectations for the final result.
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