Plan for a rainy day

CharlieMaxwell · Apr 11, 2005

Most things worth having are made easier with a plan that takes all possibilities into consideration. While one doesn't want to be passive while gambling, planning for the worst is vital.

Read the rest of Wild Bill's latest column by going to the RX home page at www.therx.com

Charlie

TheGeneral+ · Apr 11, 2005

Very good idea Bill. What you propose makes perfect sense. Alot of people do not save any money for lifes needs, so I find it hard that many would save from winnings to prepare for the future downfalls of gambling. I like the idea very much and hope your story leads some to do so as it is a practical and logical plan.

Fishhead · Apr 11, 2005

Good read
-F-

Dawoofdaddy · Apr 11, 2005

Nice article that discusses something most of us have experienced over the years.

PHREAK · Apr 11, 2005

Indeed ...

Fezzik · Apr 12, 2005

Saving for a rainy day.

Just a quick note. Serious players know that it is critical to have a bankroll to build a bigger bankroll, and to be able to afford to bomb away in great situations. The winning bettors that are buying good cars, jewelry, alaskan cruises etc. before accumulating 6 figures never seem to amount to anything. I suggest all read "The Millionaire Next Door" which sums up nicely the most likely way to get to millionaire status.

Hold back 5-10% of a winning month. Har! How about 100%? That is what the guys I know do.

Tulsa · Apr 12, 2005

Fezzik, I'm thinking that 5-10% is to build up a 2nd tier bankroll separate from decisions and action. If you hold back 100% of your working capital, then I'm thinking you are done (If I'm understanding you correctly!)

GREAT ARTICLE. TELL WILD BILL, that I think this is really a great idea and I actually never really thought about it. Think about how little trouble that would be to do! In fact, it is like (in the good months this is easier, of course) losing 2 or three extra games a MONTH!!! Just give up the goods to a savings account and move on! Great thoughts and thanks. tulsa

WildBill · Apr 12, 2005

Fezzik said:
Just a quick note. Serious players know that it is critical to have a bankroll to build a bigger bankroll, and to be able to afford to bomb away in great situations. The winning bettors that are buying good cars, jewelry, alaskan cruises etc. before accumulating 6 figures never seem to amount to anything. I suggest all read "The Millionaire Next Door" which sums up nicely the most likely way to get to millionaire status.

Hold back 5-10% of a winning month. Har! How about 100%? That is what the guys I know do.

I agree Fezzik, been saying that here all along that spending bankroll on anything else is a bad idea. The savings is a second account that isn't used on betting unless an emergency pops up. Consider it like the gamblers 401k if you will, a retirement fund that can be borrowed against when needed, but has to be paid back.

That book you mention is excellent. Live below your means. I gamble below my means and spend below my means.