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Gambling realities and a gambling life

In the last few months, a few friends of long standing have departed this earthly place - just what it is - and here's an observation. In their last few days, not a single one of them said they'd wished they'd had more bets. It's also worthwhile pointing that not one of them said they wished they'd spent more time at work either.

Gambling on horses is NOT the be all and end all of what's going on. It's a pleasant diversion for most - a job for quite a few - but it is NOT the end game. Neither is working like a drone seven days a week. Keep that in perspective and you'll do a lot better. For heaven's sake, those you care for should always be a higher priority than getting a quaddie on at Tatura or being at work every day trying to make yourself irreplaceable - never works out that way.

So, in your gambling pastime, what you should do if you crack a large one and actually make a bit of decent money. How do you stop from frittering it away on a sudden impulse to have more social bets than bread and butter bets? Do the same as most successful, dare I say, "rich people" do? It hadn't really occurred to me before but you'll find that quite a lot of people who have serious money, work on a 70-20-10 plan to protect their financial position.

70% of any income should go to necessities and luxuries, 20% goes to investments and savings (remember savings?) or paying off credit cards (that also counts as savings for most because you cut your interest bill that you have accumulated) and you should give 10% away to charity.

Now I know if you happen to crack a $10k quadrella, the thought of giving away $1k of it is a bit of a "grabber" but there are a lot of people and charities around that really will use that money far better than you probably will and registered charities are also a tax write off so it forces the grim reapers in Government to actually forego income (from you) and it gets re-directed to better uses rather than just endlessly paying for politicians to go off on their "overseas winter break study trips". I know (from personal experience) it is hard to start on this giving 10% away approach, but once you get in to the swing of it, it gets easier and it is certainly worthwhile. I commend it to you.

The 20% for investments should NOT be involving racing. Put it in to a separate account until it builds up enough to perhaps buy a package of blue chip shares or even put it in a retirement savings account (EASY to set up) - anything that's got nothing to do with gambling on horses.

The other 70% just gets used to buy the necessities - mortgage, food, clothes - the usual - and if there's any left over splurge on something really good. This even includes spending on gambling. Don't be afraid to splurge - after all, it's your money and you worked hard for it. It's better to have fun and enjoy spending money on luxuries rather than save and invest it all and never spend on anything and have absolutely no fun at all! Life has to be fun - being one dimensional in anything - including money management -is dead set a waste of time and you become really boring and no fun to be with.

Remember this - a win on the races is NOT a win until you've spent the money somewhere else. Same as trading in shares - you don't make a loss until you actually sell. A paper loss counts for two fifths of three quarters of sweet Fanny Adams!

If you adopt the 70-20-10 approach it will enable you to enjoy whatever level of money you have much more and still make sure you have money "stashed away" for those inevitable rainy days. It also stops you blowing a good win through haphazard and unplanned splurging. 



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