Gambling realities and a gambling
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
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
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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