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01.30.08 | Know when to run!

Posted in Money Management, Uncategorized by David Bonvie

poker

Are you a betting man? Do you love a good game of chance? Are you an on-line junkie who just can’t get enough? Millions of dollars are wagered and lost each year on this “invisible addition.” It’s been proven that gambling is as addictive as that morning cup o’ Joe that millions of us yearn for.

We know the odds are stacked against us, but yet we press on. We think we will be the one to pull that lever or hit that good run at the tables which will uncover riches beyond our wildest dreams. I guess we all own a pair of rose colored glasses. We see and hear what we want. In the movie Dumb and Dumber there is a scene where Jim Carey’s character is asking a woman (played by Lauren Holly) if there is any chance that a downtrodden guy like him could end up with an uptown girl like her. She responds, “About a one in a million shot.” His reply, so you’re saying there’s a chance! It’s all how you look at it; although there is a distinct difference between being an optimist and being a realist.

Now what if I told you over the course of your adult life (21-65 years of age) you would spend between $65,000 - $70,000 in games of chance. Would that give you pause before placing your next bet? I for one was under the belief that low-risk gambling was harmless, but your wallet can certainly take quite a beating over the long haul. Next time you think about dropping that $5 on a scratch ticket, getting those ten quick pics, or playing on-line poker toss that money into an interest baring savings account or CD. You’ll be amazed how much wealth you can amass.

Knowing when to hold ‘em and when to fold em’ is certainly nice, but if you never take that seat to begin with you will win every time; that’s knowledge you can take to the bank!

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