Discussion in 'Wealth Creation & Management' started by rara200284, Jan 21, 2015.
I think were are gambling on PM's.
My mate gambles a lot on pretty much any sport he can. Horses, basketball, football, soccer, or whatever else is going at the time. He usually has interesting stories to tell of his big losses followed by big wins, or vice versa. He would be down in the long run ofc. There is stories on websites about people winning millions, or 10s of millions in the lotto, and then squandering it all, and ending up regretful they even won the money in the first place. Entertaining to read.
Depends how you define "gambling" but it is possible to make a living doing so if you know how to calculate probabilities and never gamble when the odds are stacked against you.
You could say investing in the stock market or PMs is "gambling" or crossing the road is "gambling". Chance is involved, but the risk/reward is worth it if you manage it correctly. Perhaps your definition of gambling is "games of pure chance" in which case, yes, it is a mugs game. Lotteries, casino games, raffles etc are all losing propositions. But if you know something about sports, stocks, horses, whatever....then yes, chance is involved but you can make money with your knowledge.
Peter is right.
The only way to win at lottery is to avoid state run ripoff games. Bookies and casino betting is the way to go. How many times have you gotten 3,2 or even 1 number correct and won nothing? Bookies pay out from 1 number correct @ 7/1, 2 correct @ 60/1, 3 @600/1 etc. Its relatively easy to get 1 number correct with a little research and homework.
I used to gamble a lot. Almost every Friday my friends and I would get together and play poker for few hours. Not much money involved. Like $10 buy-ins. It more of a socialization/boding activity. Every now and then we would hit up a casino as a group. Results would vary.
At some point I started to travel the US. Out of boredom I would hit up the casinos and actually win a few hundred dollars here and there. Eventually I started to understand the games better and what types of people to avoid to increase my odds of winning.
Then there was a three month block where for the first week of each month I'd go to the casino every day. I made over $10,000 a month each month. I'm not really a material person so it didn't change my life too drastically. Instead of purchasing the 3 for $10 Jacks frozen pizza I'd get the Red Barron brand for $4.99. I got on multiple bullion sites and purchased all the bars and coins that I thought were cool. Then after I had them it was kind of like "ok, now what?" I sort of ruined the act of collecting for me.
Eventually I ended up spending a lot of it on other people. Groceries and gas for mom. Toys/treats for the dog. It's not a good feeling to need something and not have the money to buy it but its just as weird to have a ton of money and not actually need anything.
My advice is if you win big turn it into bullion. You'll still have your wealth and it will keep you from repeatedly counting it.
Last time I played the lottery was over 10 years ago. I was working in a factory that made truck power steering assys. The paint line all threw in together when the payout was over 40 million. I only put my 2 bucks in because I knew if I didn't, the day after they won, I would be standing at the powder coater by my lonesome.
i bought a lotto ticket in yesterdays $40 mill powerball and nearly got my money back with the winnings - $1.10 short.
^^^ welcome back mate .... Go for a long holiday?
Enter the lotto every week but the minimum lines with my set of numbers on repeat. It costs around 1 cup of coffee a week and I don't drink coffee so thats my coffee expense haha. Its never going to break the bank so i don't mind having a line in the water.
I love this kind of post.And when it comes buying on the forum make sure the item comes with free post....
It's not important what's price you've paid,as long as it's free post....
I know huh...people dont like the truth to be said
I just took your comment with a grain of salt.
That said i only play the low odds game, I know what the odds of winning are(1 in 8,145,060), I know how much it costs me a year ($150.8). It's a budgeted and calculated risk so I very much welcome the truth.
That said I'm a hypocrite because I actually don't like gambling lol. I've been to the casino less than 5 times in my life and that feeling is absolutely shit, those places are really sad.
I've gone to casinos and clubs hundreds of times in my life and really enjoy the buffet. Wife and I have a great feed and then I go home without dropping a single coin in a pokie.
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