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Fears About Money

As the main exercise of playing with horse racing and having different gambling strategies to implement is to accumulate money (slowly as we emphasise), it is probably worthwhile looking at the main fears people have about money and try to understand how that influences what we do with the gambling money we have.

1. The fear of having money: TRUE

A lot of people have underlying fear of what would happen if we actually had an abundance of money.....usually an unconscious one. It manifests itself in the belief that if we really had a lot of money and we would not actually know what to do with ourselves and feel devalued if we didn’t have to work for our money. Some punters actually sabotage themselves financially because of this unacknowledged fear. If you are going to punt, make sure you have addressed this issue. Would you honestly feel that if this was the case in your life?

2. I can never accumulate enough money: TRUE

Many people worry that they'll work hard all their lives and have nothing to show for it. They fear that we will never get out from under the massive amount of debt that they’ve accrued through buying a house and raising a family. If this is you it is important to change your mindset and reassure yourself that you do already have enough money. Learn to live within the income that you currently have because, quite simply, there's no way to know what the future will hold. Whatever you have - live within that amount. Having that control will also allow you to set up a small SEPARATE fund to enjoy your punting with and not feel guilty that you are using funds that should be used for something else necessary to life. The pressure of losing bets then becomes a lot less!

3. I will lose my job and not be able to earn money. TRUE

This fear can hold us back in a lot of ways. We feel we're simply stuck in jobs we hate because those jobs at least feel secure. It's important to have a back up plan to that boring day job if the worst case world economic scenario does happen. Just having that plan will help you control the fear of job insecurity.

4. The world's economy is going to hell in a basket. UNKNOWN

No one knows this for sure but a lot of the world's leading economists are leaving their jobs in droves according to the economic doomsday sites that abound in 2012. Having the Euro disaster stories on every night in the news doesn't exactly help people to have confidence in the future. The one positive from this is that one of the strongest industries in the last great depression was gambling and the ones that had some idea of how to do it ended up a long way in front of those that didn't.

5. People will think poorly of me if I don't have money. FALSE

People have a lot of fears about how others will see them because of money. They fear that people will think less of them if they don’t have enough money or even will think they’re snobby if they DO have too much money. What do you fear people see when they see your money and are those fears holding you back? Address your fears and learn to separate your self worth from the money that you have in your bank account. In the end you have to decide what you think is important to have in your life regardless of how much it costs. No one has ever been able to "take it with them" - not even kerry Packer could work that one out and if it could be done, he would have been the one to have found it!

6. Most people just fill their lives with clutter. TRUE

The latest iphone, the latest video camera, every type of electronic trick piece, newest big screen TV, just clutter and all adding to enormous personal debt. At the very end of the day remember this: you generally end up in one room with one bed and a small white bedside cupboard where they put your underwear. NOTHING else. All the "stuff" you accumulate during your life will generally end up in a general auction.

7. Money doesn't buy happiness. FALSE

Despite all the feel gooders comments you read, money does buy happiness because it makes everything just that little bit easier. BUT - (emphasise this) - it DOES depend on what your definition of happiness is. You can have more money as well by doing fewer things and slowing down.

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