Gambling Makes Rich

[$crypto$]

You are right, not all risks will be worth what we can get, especially if we push ourselves too hard in taking the risk. Maybe there will be no problem when the risk we take produces profit, but are we ready for the loss?

Not everyone is ready to lose something they bet, but everyone is ready for the profit they can get. While in gambling everything is still a question mark because most of it is determined by luck.

You know the mistake most people make when taking risks in gambling is not adequately calculating the risk they are about to take. Calculating risks means to think about they potential impact of that risk on them should incase things go wrong or unexpected, rather than being blinded by the potential benefits alone. There are always two potential sides to every decision we take in life and these are the things we should put into adequate consideration, whether we can really live with the both sides, if we can’t, then it’s definitely not worth taking.

We have to be able to see the situation like this, so that we can consider very correctly with what we can take later.

I agree that there is no advantage when not daring to take risks. But once again how much risk we can take is based on our own ability when experiencing something bad happens. Again I will say the same thing, that every decision we must take wisely.

[Dr.Bitcoin_Strange]

We have to be able to see the situation like this, so that we can consider very correctly with what we can take later.

I agree that there is no advantage when not daring to take risks. But once again how much risk we can take is based on our own ability when experiencing something bad happens. Again I will say the same thing, that every decision we must take wisely.

I think the thing there is that everyone has their own personal risk tolerance level and it’s important to identify your own individual risk tolerance level before attempting to take any risk, because it’s then you’ll be able to calculate what level risk you’ll be able to tolerate and which risks are not worth taking by first weighing the magnitude of each risk, should incase things get wild or do not go as planned.

Identifying your risk tolerance level helps when making decisions, because some people only joins others to make certain decisions without actually considering the impact of that decision on them or their personal finances, and this situation could be avoided when one identifies their own personal risk tolerance level.

[$crypto$]

We have to be able to see the situation like this, so that we can consider very correctly with what we can take later.

I agree that there is no advantage when not daring to take risks. But once again how much risk we can take is based on our own ability when experiencing something bad happens. Again I will say the same thing, that every decision we must take wisely.

I think the thing there is that everyone has their own personal risk tolerance level and it’s important to identify your own individual risk tolerance level before attempting to take any risk, because it’s then you’ll be able to calculate what level risk you’ll be able to tolerate and which risks are not worth taking by first weighing the magnitude of each risk, should incase things get wild or do not go as planned.

Identifying your risk tolerance level helps when making decisions, because some people only joins others to make certain decisions without actually considering the impact of that decision on them or their personal finances, and this situation could be avoided when one identifies their own personal risk tolerance level.

Yes, I agree with this, that everyone will always have different levels of tolerance for the risks they can take. It is based on many factors, one of which is the amount of income they earn each month.

However, the lower the risk we can take, in my opinion, the better, I mean for example we can take a risk of 5% of the amount of income, but we only take 2 to 3%. Now this is a wiser decision, because the rest can be our reserve fund.

[Igebotz]

Yes, I agree with this, that everyone will always have different levels of tolerance for the risks they can take. It is based on many factors, one of which is the amount of income they earn each month.

However, the lower the risk we can take, in my opinion, the better, I mean for example we can take a risk of 5% of the amount of income, but we only take 2 to 3%. Now this is a wiser decision, because the rest can be our reserve fund.

Unfortunately, most gamblers do not consider their income when determining their level of risk, instead opting to follow others. Some people simply want to gamble without worrying about the percentage of risk they assume. As you mentioned, one gambler may stake $100, which may be only 5% of his income, whereas another gambler may gamble $100, which could be 100% of his income. This is why some people go above and beyond in displaying obnoxious behavior when they lose because they have lost all of their money through gambling.

Gamblers must conduct a self-assessment, which includes knowing their income level, responsibilities, number of dependents, level of emotion, and so on. If all of this is taken into account, it will go a long way toward determining the level of risk he can tolerate and staying disciplined enough not to exceed that level.

[Dr.Bitcoin_Strange]

Yes, I agree with this, that everyone will always have different levels of tolerance for the risks they can take. It is based on many factors, one of which is the amount of income they earn each month.

However, the lower the risk we can take, in my opinion, the better, I mean for example we can take a risk of 5% of the amount of income, but we only take 2 to 3%. Now this is a wiser decision, because the rest can be our reserve fund.

Indeed, the lesser the risk a gambler takes, the higher his chances of mitigating gambling losses, this is because the actual reason why so many gamblers encounter unimaginable losses in gambling is because they fail to manage their risks and end up taking risks that are way more bigger than them and this can cause problems for anyone, not just in gambling, but also in other areas of life, but once a person learns to adequately manage risks by critically analyzing the situation and the impact of the choice he is making should things go bad, then he'll be able to make more sensible choices.

[Aanuoluwatofunmi]

We cannot deny the fact that some have already made it to riches in gambling, while some are still holding unto the same trial on several attempts to make sure that their own time also comes for the same opportunity, even though we need to understand that not all gamblers will eventually make it all to the required satisfaction for making money by gambling alone, we may need other source to get our ambition fulfilled.

[Igebotz]

Indeed, the lesser the risk a gambler takes, the higher his chances of mitigating gambling losses, this is because the actual reason why so many gamblers encounter unimaginable losses in gambling is because they fail to manage their risks and end up taking risks that are way more bigger than them and this can cause problems for anyone, not just in gambling, but also in other areas of life, but once a person learns to adequately manage risks by critically analyzing the situation and the impact of the choice he is making should things go bad, then he'll be able to make more sensible choices.

True, when a gambler takes an uncalculated risk, he is more likely to face financial ruin. This is why, while gambling is undoubtedly a risky activity, a gambler must learn to take only calculated risks. A gambler should never gamble with overconfidence because most of the time when a gambler takes an uncalculated risk, he is motivated by the desire to win and thus places a large bet in the hopes of winning big. This belief has truly ruined so many gamblers, and a gambler, regardless of his faith in any game, must learn to be responsible with his stake because no game is guaranteed. 

[pieppiep]

We cannot deny the fact that some have already made it to riches in gambling, while some are still holding unto the same trial on several attempts to make sure that their own time also comes for the same opportunity, even though we need to understand that not all gamblers will eventually make it all to the required satisfaction for making money by gambling alone, we may need other source to get our ambition fulfilled.

The truth is that some people have made wealth from gambling but this cannot be a reference to people following the same for they are so many factors out of our control that contributes to making people successful in this business. Recognising the inherent risks and reward of gambling, we know that there are no guarantees on the result so relying solely on this part of life to achieve what we‘d like is a decision based on great uncertainty.

So, if you don’t want anything less but you need happiness and stability then finding alternatives to do other business which generates guaranteed income will be a smart option. Therefore, this can offer an opportunity to maintain the sustainability of life without rigid adherence to an unstable result from one kind of business so that the risks we face can be overcome with relative ease to minimise pressure.

[JoyMarsha]

Being rich through gambling is a rare case; it doesn't easily come by. If a gambler goes by that mentality of becoming rich through gambling, they will end up spending a whole lot of money on gambling, which can turn them into addicted gamblers that is full of frustration who haven't hit the jackpot.

However, for one to enjoy their gambling activities, let them treat gambling as a fun game that they engage in their leisure time, not place much hope on becoming rich through gambling. That's kinda better.

[$crypto$]

Yes, I agree with this, that everyone will always have different levels of tolerance for the risks they can take. It is based on many factors, one of which is the amount of income they earn each month.

However, the lower the risk we can take, in my opinion, the better, I mean for example we can take a risk of 5% of the amount of income, but we only take 2 to 3%. Now this is a wiser decision, because the rest can be our reserve fund.

Unfortunately, most gamblers do not consider their income when determining their level of risk, instead opting to follow others. Some people simply want to gamble without worrying about the percentage of risk they assume. As you mentioned, one gambler may stake $100, which may be only 5% of his income, whereas another gambler may gamble $100, which could be 100% of his income. This is why some people go above and beyond in displaying obnoxious behavior when they lose because they have lost all of their money through gambling.

Gamblers must conduct a self-assessment, which includes knowing their income level, responsibilities, number of dependents, level of emotion, and so on. If all of this is taken into account, it will go a long way toward determining the level of risk he can tolerate and staying disciplined enough not to exceed that level.

Now this is something that each gambler must realize, because we cannot enter into a realm that is private like that. We cannot question the amount of their income and regulate their spending on gambling, that is something we cannot do.

The ones who can do it are themselves, by realizing and calculating the amount of income they have, then they calculate the amount of needs they must meet, after that they can allocate it to gambling and of course it is not the maximum amount either.

[Dr.Bitcoin_Strange]

True, when a gambler takes an uncalculated risk, he is more likely to face financial ruin. This is why, while gambling is undoubtedly a risky activity, a gambler must learn to take only calculated risks. A gambler should never gamble with overconfidence because most of the time when a gambler takes an uncalculated risk, he is motivated by the desire to win and thus places a large bet in the hopes of winning big. This belief has truly ruined so many gamblers, and a gambler, regardless of his faith in any game, must learn to be responsible with his stake because no game is guaranteed.

Like someone I know would always say, “never gamble like y the casino is your father’s business” this statement says a lot about how overconfident some gamblers can be when gambling, because I see no reason why some gamblers would go to the extend of using money meant for something else to gamble when they know fully well that gambling isn’t a guaranteed way to make profit and the money could be lost in a twinkle of an eye. Or maybe they do not really understand this fact, because some people just see gambling or the casino as somewhere they can just come and maximize profit, which of course every responsible gambler is fully aware that that is a very flawed perspective to look at gambling.

[Igebotz]

Like someone I know would always say, “never gamble like y the casino is your father’s business” this statement says a lot about how overconfident some gamblers can be when gambling, because I see no reason why some gamblers would go to the extend of using money meant for something else to gamble when they know fully well that gambling isn’t a guaranteed way to make profit and the money could be lost in a twinkle of an eye. Or maybe they do not really understand this fact, because some people just see gambling or the casino as somewhere they can just come and maximize profit, which of course every responsible gambler is fully aware that that is a very flawed perspective to look at gambling.

Only addicted gamblers can gamble with money that was intended for something more important. The problem, however, stems from desperation and overconfidence. It is difficult to be desperate to win without becoming addicted.

The desire to always gamble in order to win can drive a gambler to chase losses in order to recover or win a large sum of money. This attitude can gradually develop into an addiction in a gambler, and when a gambler becomes addicted, he ignores the impact of his losses on his finances and well-being.

[Rengga Jati]

Being rich through gambling is a rare case; it doesn't easily come by. If a gambler goes by that mentality of becoming rich through gambling, they will end up spending a whole lot of money on gambling, which can turn them into addicted gamblers that is full of frustration who haven't hit the jackpot.

Agree. It is very rare story that someone can be rich through gambling. Most of cases are people end up with addiction problem in gambling. We all know we tend to lose money in gambling because winning the gambling games constantly is something impossible. Even if we can win in a row firstly, we probably end up with many losses at the end. That's why we are not recommended to focus on earning money only in gambling. Gambling should be for fun or entertainment.

However, for one to enjoy their gambling activities, let them treat gambling as a fun game that they engage in their leisure time, not place much hope on becoming rich through gambling. That's kinda better.

True. It will be better to gamble for fun or for entertainment. This will be safe for our money and for our mentality. If we gamble for fun, we shouldn't spend too much money. We also won't be addicted because we may not gamble too often. It is better to gamble when we have free time only.

[Hatchy]

Yea, it can but then it can also make you poor. and the poor part coming much easier than becoming rich through gambling. Gambling is a game of risk more like walking through bottles with your eyes open. There's not guarantee that your will become rich though gambling but I can assure your that if you don't manage your risk properly, you will end up becoming poor and miserable. The mind set is totally around gambling can't make you rich. If you pay for fun, you might be lucky to get quite a few wins and more losses.
But if you gambling to become rich, you will only stick with the loss

[Dr.Bitcoin_Strange]

Only addicted gamblers can gamble with money that was intended for something more important. The problem, however, stems from desperation and overconfidence. It is difficult to be desperate to win without becoming addicted.

The desire to always gamble in order to win can drive a gambler to chase losses in order to recover or win a large sum of money. This attitude can gradually develop into an addiction in a gambler, and when a gambler becomes addicted, he ignores the impact of his losses on his finances and well-being.

Indeed, gamblers need to be very careful when faced with certain situations that requires them to make certain decisions that involves their emotions and finances. Just as you’ve rightly stated, making decisions out of emotion all the time may potentially develop into full blown addiction, which may potentially result to gamblers ignoring the actual impact of those losses on their finances, their relationships with others, as well as their overall well being. When the gambler becomes so addicted, their mindset becomes so fixated on the next huge win, giving themselves the encouragement and hope that the next bet is going to give them that win they’ve been dreaming of.