Appropriate percentage of income for gambling

[ethereumhunter]

I agree, maybe right now you feel nothing when gambling. But when the time comes that you feel the urge of wanting to continue to get your losses or maybe if you have won a lot of money, it will be hard for you to stop and manage the amount of money you spend on gambling. Having a specific budget for gambling can help to control yourself in gambling, it's not surprising at all because it is a must.

This is a normal thing found in some gamblers who win. They might have a hard time, but if they have good self-control, they won't have too much trouble quitting gambling. They will remember that gambling is entertainment and when they win, they will think it would be better to finish gambling and just rest. And that's why they have to have a special budget for gambling so that it doesn't disturb their finances. They also won't chase after winning because it's pointless. After all, they will use more money to gamble. So they will accept whatever they have and feel they have enough to gamble.

[Negotiation]

As everyone's income is not the same that is different from each other, the percentage that needs to be spent depends on the individual's income and expenses. If someone with a good income spends 12 percent a week, it will not be a problem, but for a person with a low income, it will behave negatively. Already some users have suggested using 5 percent which is definitely a good percentage for gambling. If a gambler regularly spends this small portion of their income on gambling then their gambling will not affect their personal life.

It is better to set a suitable percentage of income for gambling where the risk will be low and there will be no negative effects. It is true that it is better to start small so that even if you lose it will not affect your personal life gambling is a recreational activity. While everyone's entertainment expenses will vary, a suggested maximum of 30 percent of your total entertainment budget seems appropriate so that you can spend on other leisure activities and keep your gambling at a healthy level. Winning is good because it pays to increase gambling action.

[moneystery]

...

Maybe in some countries, the standard of living is good, and people who work can earn a good income that allows them to lead a comfortable life. In such cases, it's easier for them to allocate a certain percentage for gambling. However, in poor countries where their income isn't even sufficient for a comfortable life, then they have no business gambling. In the end, it's not about the percentage but your capacity to gamble. I believe in the principle of gambling only what you can afford to lose, so if you can't afford to gamble, you should not venture into it.

well, if someone is poor from the start why would they gamble? instead of using their money for gambling, it is much better for them to use their money for better things such as buying milk for their children, saving money, or they can buy bitcoins in small amounts and that is much more profitable than hoping for luck in gambling which in the end will make them continue to be poor.

[Oasisman]

...

Maybe in some countries, the standard of living is good, and people who work can earn a good income that allows them to lead a comfortable life. In such cases, it's easier for them to allocate a certain percentage for gambling. However, in poor countries where their income isn't even sufficient for a comfortable life, then they have no business gambling. In the end, it's not about the percentage but your capacity to gamble. I believe in the principle of gambling only what you can afford to lose, so if you can't afford to gamble, you should not venture into it.

well, if someone is poor from the start why would they gamble? instead of using their money for gambling, it is much better for them to use their money for better things such as buying milk for their children, saving money, or they can buy bitcoins in small amounts and that is much more profitable than hoping for luck in gambling which in the end will make them continue to be poor.

I have an idea for that why, it's all because they are so desperate that they think gambling would provide them a fortune when they hit a jackpot.
They were also deceived by a handful of winning, they tend to get excited and happy about it every time they win, disregarding the fact that they've lost multiple times and that those winning aren't half or quarter of the accumulated losses they made since day 1.
That cycle won't gonna break if they don't want to let themselves realize how foolish it is for them to continue spending on such useless things over their necessities.

[piebeyb]

well, if someone is poor from the start why would they gamble? instead of using their money for gambling, it is much better for them to use their money for better things such as buying milk for their children, saving money, or they can buy bitcoins in small amounts and that is much more profitable than hoping for luck in gambling which in the end will make them continue to be poor.

Usually, people who gamble from a lower middle class economy mostly hope to get rich quickly so they don't care about any losses they experience. On average, most of them never think about choosing to invest in Bitcoin or anything else, they will only gamble because gambling is the only fast way. to get rich and be able to change their lives quickly.

But the facts are not in accordance with what they expected and in the end when they feel addicted they will waste their money and become poor so they forget about their family and even their wives and children, it all comes back to their mentality, if their mentality is still poor then they will forever be like that but If they are mentally successful, they usually know how to be successful.

[maydna]

...

Maybe in some countries, the standard of living is good, and people who work can earn a good income that allows them to lead a comfortable life. In such cases, it's easier for them to allocate a certain percentage for gambling. However, in poor countries where their income isn't even sufficient for a comfortable life, then they have no business gambling. In the end, it's not about the percentage but your capacity to gamble. I believe in the principle of gambling only what you can afford to lose, so if you can't afford to gamble, you should not venture into it.

well, if someone is poor from the start why would they gamble? instead of using their money for gambling, it is much better for them to use their money for better things such as buying milk for their children, saving money, or they can buy bitcoins in small amounts and that is much more profitable than hoping for luck in gambling which in the end will make them continue to be poor.

Those who gamble want to make money, so they use their money by gambling and hope to win big. They also do not allocate a certain amount of money each month for gambling and only use whatever money they have to gamble. Because there is hope of winning, they continue to gamble to win.

They don't remember that they have more urgent needs, as you mentioned. And if they can be wise in using their money, maybe they won't gamble too often and would rather use it to meet their needs. But it is better to replace the percentage with money that you can afford because we don't need to provide money according to the percentage but the amount of money we can afford. This prevents large losses, especially since we need the money.

[madnessteat]

well, if someone is poor from the start why would they gamble? instead of using their money for gambling, it is much better for them to use their money for better things such as buying milk for their children, saving money, or they can buy bitcoins in small amounts and that is much more profitable than hoping for luck in gambling which in the end will make them continue to be poor.

Usually, people who gamble from a lower middle class economy mostly hope to get rich quickly so they don't care about any losses they experience. On average, most of them never think about choosing to invest in Bitcoin or anything else, they will only gamble because gambling is the only fast way. to get rich and be able to change their lives quickly.

But the facts are not in accordance with what they expected and in the end when they feel addicted they will waste their money and become poor so they forget about their family and even their wives and children, it all comes back to their mentality, if their mentality is still poor then they will forever be like that but If they are mentally successful, they usually know how to be successful.

Non-wealthy people have a lack of education in finance and investing, and they are more likely to see cryptocurrencies as a scam, as this is the vision that many governments are laying down through television propaganda. They have a stereotype in their minds that investing requires a lot of money, and they do not realize that gambling is more risky than investing in cryptocurrencies.

[Mate2237]

When I see the thread I laughed because the question looks like someone who is just coming to the gambling field and want to know more the amount to be gambled but when I look at the OP, he is a Sr. man in the gambling section. Those percentages you mentioned is meant for those who are not into gambling for long run but just for fun and gambling to pass time. Real gamblers have no limit and no percentage, they gamble as the as the mind direct them and as they wish.

Addicted gamblers did/do not give percentage in their gambling. They gamble as the soul command and the mind tells them to play. And that is why there are sometimes they played everything they have and go home with empty hand. And come back in the next to with the hope of regaining their previous loss. As I said, real gamblers do not set a limit for their gambling.

[ChuckBuck]

Those who gamble want to make money, so they use their money by gambling and hope to win big. They also do not allocate a certain amount of money each month for gambling and only use whatever money they have to gamble. Because there is hope of winning, they continue to gamble to win.

They don't remember that they have more urgent needs, as you mentioned. And if they can be wise in using their money, maybe they won't gamble too often and would rather use it to meet their needs. But it is better to replace the percentage with money that you can afford because we don't need to provide money according to the percentage but the amount of money we can afford. This prevents large losses, especially since we need the money.

Well, well, aren't you the moral compass of the gambling world? Now, cut through the nonsense; the reason people gamble is not that they're dumb or haven't heard your "groundbreaking" advice about budgeting. They gamble because they want to escape, feel the fun, or because they're just straight-up addicted. The "amount of money we can afford" logic is hillarious, but in practice, people rarely stick to it. Humans are f**king bad at assessing risks and rewards. You see, the issue isn't just budgeting; it's a lot deeper than that. Maybe sit down, and let those of us who understand the complexities take the stage. (not me though  )

[mirakal]

As everyone's income is not the same that is different from each other, the percentage that needs to be spent depends on the individual's income and expenses. If someone with a good income spends 12 percent a week, it will not be a problem, but for a person with a low income, it will behave negatively. Already some users have suggested using 5 percent which is definitely a good percentage for gambling. If a gambler regularly spends this small portion of their income on gambling then their gambling will not affect their personal life.

Maybe in some countries, the standard of living is good, and people who work can earn a good income that allows them to lead a comfortable life. In such cases, it's easier for them to allocate a certain percentage for gambling. However, in poor countries where their income isn't even sufficient for a comfortable life, then they have no business gambling. In the end, it's not about the percentage but your capacity to gamble. I believe in the principle of gambling only what you can afford to lose, so if you can't afford to gamble, you should not venture into it.

Gambling is never an obligatory thing that one should actually engage in it. It’s an individual’s choice to gamble and to reserve an amount that you won’t be regretting once totally lost. However, for those who are only earning low income and have difficulty in making end meet, then do not pressure yourself to engage in gambling. Gambling can definitely wait, so do not be obsessed with it, and while you are busy thinking how to create luck and change your life’s status, just focus on looking for a stable job that will certainly put food on the table without relying on gambling on one side.

[$crypto$]

Non-wealthy people have a lack of education in finance and investing, and they are more likely to see cryptocurrencies as a scam, as this is the vision that many governments are laying down through television propaganda. They have a stereotype in their minds that investing requires a lot of money, and they do not realize that gambling is more risky than investing in cryptocurrencies.

It's an elevated thought if they still think cryptocurrencies are fraudulent currencies. That is a fact and until now many still think that because of a lot of government propaganda against bitcoin or crypto while people who do not have education in the field of investment, their minds will only be focused on the government not their own ideas or other inflation.

One more thing is that gambling is now considered normal and this is a habit to keep spending money to get rich quickly, the thinking of this scheme has always happened to middle to lower class people because in investing they cannot possibly earn 1 or two years so the shortcut is gambling but that is the wrong way.

[Chikito]

Real gamblers have no limit and no percentage, they gamble as the as the mind direct them and as they wish.

This looks like a hobby, not as a real gambler, because a gambler is a professional job that needs the skill to get money or profit. Your statement is the same as we exercise sports, golf, billiards,etc where we aren't professional jobs. Yes, when we exercise that sport, we don't need percentage and profit, we play as a hobby for fitness. That is different when profesional sport r gambling, they need win and percentage  for next step.

[Peanutswar]

Before when I gambled I make around 10 percent to 20 percent of my income for the whole month those are quite enough to make fun and entertainment to my gambling satisfaction but of course currently the inflation gets too expensive and its too hard to make a good savings at all so right now with the recent percentage get lessen sometimes it takes me over couple of months again before to play or just around 20 USD just to gambling with the sports or e-sports game. All or nothing game.

[Jody.Drummer]

Maybe in some countries, the standard of living is good, and people who work can earn a good income that allows them to lead a comfortable life. In such cases, it's easier for them to allocate a certain percentage for gambling. However, in poor countries where their income isn't even sufficient for a comfortable life, then they have no business gambling. In the end, it's not about the percentage but your capacity to gamble. I believe in the principle of gambling only what you can afford to lose, so if you can't afford to gamble, you should not venture into it.

Gambling is never an obligatory thing that one should actually engage in it. It’s an individual’s choice to gamble and to reserve an amount that you won’t be regretting once totally lost. However, for those who are only earning low income and have difficulty in making end meet, then do not pressure yourself to engage in gambling. Gambling can definitely wait, so do not be obsessed with it, and while you are busy thinking how to create luck and change your life’s status, just focus on looking for a stable job that will certainly put food on the table without relying on gambling on one side.

I'm not sure if that's true, but I've never thought that there are some people who say that gambling is an activity that everyone should do, and if there are people who say that, then I would ask what is the reason why they say that. I agree with you, and it is clear that this is just a hobby for fun, not for income or anything else, and maybe the people who say that are already addicted to gambling with some extraordinary sensations from the winnings they managed to get, so they seem to be trying to invite others to join their wrong mindset.

It should be like that, I mean don't let you (poor people) have an interest in gambling because obviously it will only make you worse and will only add to the problem, it is very dangerous for you because if you are addicted then you will get poorer and maybe you have no way to live anymore because everything you have is likely to be used for gambling, there are many cases like this and they even dare to steal just to gamble. Yes that's right don't get obsessed with gambling, it's not for the poor alone but for everyone. And yes I hope you live normally by relying on your main job only, and if possible do not touch gambling.

[maydna]

~snip~

Well, well, aren't you the moral compass of the gambling world? Now, cut through the nonsense; the reason people gamble is not that they're dumb or haven't heard your "groundbreaking" advice about budgeting. They gamble because they want to escape, feel the fun, or because they're just straight-up addicted. The "amount of money we can afford" logic is hillarious, but in practice, people rarely stick to it. Humans are f**king bad at assessing risks and rewards. You see, the issue isn't just budgeting; it's a lot deeper than that. Maybe sit down, and let those of us who understand the complexities take the stage. (not me though  )

Apart from running away, they also want to earn money from gambling. But some are curious and want to know what it's like to gamble. But we should gamble with the money we can afford even though not many people can do it. That's why not many people can stick to it because once they gamble, they will easily be tempted to continue trying to make money from gambling. Most of them will continue to gamble because they still hope to win from gambling and do not limit the use of their money. These people have to start making a budget for gambling and always stay within the limits so that they don't experience a lot of losses.

[fullhdpixel]

Before when I gambled I make around 10 percent to 20 percent of my income for the whole month those are quite enough to make fun and entertainment to my gambling satisfaction but of course currently the inflation gets too expensive and its too hard to make a good savings at all so right now with the recent percentage get lessen sometimes it takes me over couple of months again before to play or just around 20 USD just to gambling with the sports or e-sports game. All or nothing game.

I believe 20% is a very large amount even if you are earning a lot of money or less, it takes a big chunk of your salary which you can use for something more useful. However, it depends on one's personal preferences and their responsibilities. A person who has a family to take care of would probably not be able to use that much money just on gambling in a month because they will have a lot of responsibilities and we all know how hard it can get sometimes.

I also agree with you that inflation has badly affected almost every single thing that we used to do. Even if we talk about food and stuff and if we don't earn a lot of money we have to compromise on their quality since we can't buy high-quality ones as they are too expensive and it will drain our pockets.

[wxa7115]

Before when I gambled I make around 10 percent to 20 percent of my income for the whole month those are quite enough to make fun and entertainment to my gambling satisfaction but of course currently the inflation gets too expensive and its too hard to make a good savings at all so right now with the recent percentage get lessen sometimes it takes me over couple of months again before to play or just around 20 USD just to gambling with the sports or e-sports game. All or nothing game.

I believe 20% is a very large amount even if you are earning a lot of money or less, it takes a big chunk of your salary which you can use for something more useful. However, it depends on one's personal preferences and their responsibilities. A person who has a family to take care of would probably not be able to use that much money just on gambling in a month because they will have a lot of responsibilities and we all know how hard it can get sometimes.

I also agree with you that inflation has badly affected almost every single thing that we used to do. Even if we talk about food and stuff and if we don't earn a lot of money we have to compromise on their quality since we can't buy high-quality ones as they are too expensive and it will drain our pockets.

I also think using 20% of your income on anything other than paying your mortgage is simply too much, but each person should be able to decide on their own what they want to do with their money even if we do not agree with it.

However if possible we need to save as much money as we can despite the high inflation we are experimenting, since the more money we can save and invest now is money that we can put to work for us and reach retirement age with way more money than the average person.

[dansus021]

I actually dont really have budget for gambling tho if I want to 50$ is max  in a month but all my salary goes to other things especially bill and food you know the inflation is keep rising war is everywhere economic is unstable  I think the world is going to end soon.

so back to the question if you follow The 50/30/20 rule just dont above the 30% of the salary.

[noormcs5]

As everyone's income is not the same that is different from each other, the percentage that needs to be spent depends on the individual's income and expenses. If someone with a good income spends 12 percent a week, it will not be a problem, but for a person with a low income, it will behave negatively. Already some users have suggested using 5 percent which is definitely a good percentage for gambling. If a gambler regularly spends this small portion of their income on gambling then their gambling will not affect their personal life.

It is better to set a suitable percentage of income for gambling where the risk will be low and there will be no negative effects. It is true that it is better to start small so that even if you lose it will not affect your personal life gambling is a recreational activity. While everyone's entertainment expenses will vary, a suggested maximum of 30 percent of your total entertainment budget seems appropriate so that you can spend on other leisure activities and keep your gambling at a healthy level. Winning is good because it pays to increase gambling action.

According to this guideline The Lower-Risk Gambling Guidelines, we should only invest 1% in gambling.  Why would you risk 30% of your income in gambling or even 5% is as told by the OP seems more.

The reason i am saying this is because gambling is not like investment, where you invest more and gain more. Here the risk is high and if you gamble with more money, chances are that you may lose them all. Better stick with 1% plan and gamble with a risk free mind without any tensions of losing money.

More details has been discussed here on Risking 1% in Gambling

[Ricardo11]

Everyone has their own decision, what percentage of their income a person will spend on gambling depends on his monthly or weekly income. Everyone will gamble according to their financial status and income. I spend 4% to 5% of my monthly income on gambling. But I don't gamble all the time. I mostly invest in Bitcoin and gamble occasionally.