Would you dip into your savings to finance your bankroll?

Mr. Wonderful · Oct 17, 2006

Would you dip into your savings to finance your bankroll? <HR style="COLOR: #fff" SIZE=1>Lets make this a poll except Mr. Wonderful is not going through the 100 steps it takes to set one up. You know the question so lets hear it, would you do it.

I've been thinking alot lately and doing the numbers of how much I'd win if i was playing with more.

So. give me some thoughts on this. Everyone.

I have no idea how many of you do this as your own income or not.

royalfan · Oct 17, 2006

It strictly depends on if you can make more gambling it than you can how you are investing it. Sounds simplistic, but it is the bottom line.

Santo · Oct 17, 2006

Well what Royalfan said, but don't forget Variance as well as EV. If you have decent bankroll mgmt (moving Kelly for ex.) then maybe not quite a stern no.

At some forums I'd answer yes, for the average RX poster the answer should be no..

Mr. Wonderful · Oct 17, 2006

royalfan said:
It strictly depends on if you can make more gambling it than you can how you are investing it. Sounds simplistic, but it is the bottom line.

Thats kinda true. If you have a large portion of $$ in money market accounts, you are looking at minimum gains, but with gambling you can be talking about abything from a -1000% to +1,000 in a matter of days or weeks. Makes sense

Just seeing what alot of folks view on this

Dante · Oct 17, 2006

noooooooooooooooo NOT A CHANCE , if your doing that you might get yourself in big trouble by going broke

ensign_lee · Oct 17, 2006

MrCleo · Oct 17, 2006

Dip into it yes, and by dip, I mean a small percentage that you could afford to lose if the worst does occur. "dip" being the key word and dip not meaning "Using all savings available".

Dante · Oct 17, 2006

I like what you said before you edited Ensign....you where 100% correct

Whoson1st · Oct 17, 2006

What are "savings"?
:nohead:

Journeyman · Oct 17, 2006

I consider all my money as the same, gambling, savings, spending, it is all green and spends the same...protect it the same...just because you bet it doesn't mean you should throw it away....of course you should have plenty to fall back on ...I consider it all the same though and refuse to go below certain levels.

It is better to have a nice chunk saved first IMO, once you are there then you bet.

sean1 · Oct 17, 2006

I've dipped into my savings and into loans... I'll take any money at a smaller percentage anually than I expect to make anually.

Works out very well for my credit too... I have about 20 cards... Load them all up going into football season, pay them all off in full in April or May. Ask for credit increases in June or July... My cards love me - nothing better than someone who pays good interest for 6-8 months and then pays in full. They add about $5k/card each year.

Sean

ElJefe · Oct 17, 2006

I have done it a lot. And I am sure a lot of people on here have. Sooner or later as a gambler, there is a phase when this has to happen.

sean1 · Oct 17, 2006

If you are gonna dip into savings and credit you better be damn sure you come out ahead 90+% of years and I don't mean you are ahead over 3 months or over 300 picks. I mean you know over the past 5 years, making 1000s or even 10s of 1000s of bets, you are ahead consistently.

Sean

Journeyman · Oct 17, 2006

Sean are you saying you fund with your CC still?

Journeyman · Oct 17, 2006

Be responsible, save a nest egg first...then think about betting.

Fishhead · Oct 17, 2006

Journeyman said:
I consider all my money as the same, gambling, savings, spending, it is all green and spends the same...protect it the same...just because you bet it doesn't mean you should throw it away....of course you should have plenty to fall back on ...I consider it all the same though and refuse to go below certain levels.

It is better to have a nice chunk saved first IMO, once you are there then you bet.

I like your thinking son!

:103631605

sean1 · Oct 17, 2006

Journey - absolutely. I'll fund with any money I can obtain at less than 25% interest. Most my cards are down around 7-10%, but if people want to give me money at less than 25% interest and my profits have well exceeded that each year for years, the more money, the merrier. Balance transfers of 0% are the most wonderful. Most my bankroll is simply cash, but I have no problem adding a bunch off of cards.

In reality, the added money is likely only used for middles and scalps. It has been a number of years since i have bet my entire bankroll on any given day and extra money sitting around really just goes into no risk bets. Might as well middle for $10K if you were gonna do it of $8K.

Before the gambling bill passed, I withdrew enough money to cover all debt.

Since things seem normal, I am using it again.

I will withdraw enough to cover all debt again before 270 days or if I see any banking snafus.

I may have misread your question - no, I do not fund the books directly with credit cards. I either take low% balance transfers to a card that is paid in full (They'll send you a check), to a bank account (some cards will do this), or I buy laptops cheap on ubid and make about 3-5% selling them on ebay.

Sean

Whoson1st · Oct 17, 2006

Savings=
An interesting word
That has a W I D E variety of meanings to a wide variety of people.

One size rarely fits all...Or maybe it does and I've never found it.

Baseball
Hot Dogs
Apple Pie

and what's that car named?

Journeyman · Oct 17, 2006

The reason I ask, I can't even fiund a single book with a Bank check card (my own banking account money) like a Visa check card...I guess my banks have a block on them.

25% interest? Sean you make it all sound way too easy.

Fishhead · Oct 17, 2006

sean1 said:
Journey - absolutely. I'll fund with any money I can obtain at less than 25% interest. Most my cards are down around 7-10%, but if people want to give me money at less than 25% interest and my profits have well exceeded that each year for years, the more money, the merrier. Balance transfers of 0% are the most wonderful. Most my bankroll is simply cash, but I have no problem adding a bunch off of cards.

In reality, the added money is likely only used for middles and scalps. It has been a number of years since i have bet my entire bankroll on any given day and extra money sitting around really just goes into no risk bets. Might as well middle for $10K if you were gonna do it of $8K.

Before the gambling bill passed, I withdrew enough money to cover all debt.

Since things seem normal, I am using it again.

I will withdraw enough to cover all debt again before 270 days or if I see any banking snafus.

I may have misread your question - no, I do not fund the books directly with credit cards. I either take low% balance transfers to a card that is paid in full (They'll send you a check), to a bank account (some cards will do this), or I buy laptops cheap on ubid and make about 3-5% selling them on ebay.

Sean