Gambling/betting shops vs Investment banks - Do you believe this guy's opinion?

[bering]

I think this is all about mindset and what that guy is trying to say is actually true that gambling if possible is only for those who are having a stable income or has achieved financial freedom and for the poor people investment should be the priority instead of wasting money from nothing. Gambling isn't the right way to make stable income however it is the best way to lose money.

Correct me if i am wrong but i think from these statements he want to explain about the difference mainset between rich people and poor people because usually to earn money rich people to do some investments to raised their money rather than gambling because rich people know there is no certain in gambling so investment is much more profitable than gambling but for some poor people they were considers gambling is the shortcut how to be a rich which this mainset is clearly wrong so that's why the people who have this thought eventually will ruin their life because they were unable to stop gamble

But unfortunately he was generalizing these situations to all people but in fact some poor people with higher education realize the risks from gambling so that's why they thinking to became an rich then people should be working hard to realize their dream and stop thinking to considers gambling to making money because it just lead people to became an addicted

[ethereumhunter]

I think this is all about mindset and what that guy is trying to say is actually true that gambling if possible is only for those who are having a stable income or has achieved financial freedom and for the poor people investment should be the priority instead of wasting money from nothing. Gambling isn't the right way to make stable income however it is the best way to lose money.

When people too often playing gambling, they will thinks that gambling can gives an income to them but they must realizes that will not easy to makes money from gambling. They may wins for some time but the rest, they can lose all of their money and they can not earn more from gambling. Gambling is different than investment bank but gambling can be at everywhere not just in the rich areas but also in poor areas.

If people from poor areas have a mindset how to use the money with right by trying to have an investment, they will have a chance to have a better life. But it seems difficult to open their mindset as they will not accept what other people say and still back to gambling to earn money. But some people from that areas can thinks for their future and don't wants their children have the same things as them so they will make sure they can works hard and smart. They wants to change their life by works in many ways and trying to have something that can helps them in their future.

[aioc]

He was actually talking about the importance of investing to make money, but in emphasizing this, he talked about gambling houses and betting shops; only being found in Poor neighborhoods, while investment banks, equity firms, asset management firms are only found in rich neighborhoods.

If I were an investment operator, I would put the location of my firm where I likely get a client who had money to invest and that is in areas where the rich reside because the rich are educated that money begets money if I am a gambling operator I will position my betting platform on a place where I can sell dream with their bets and that is on a poor neighborhood because, for a few dollars, they have a chance to double or triple their money, the poor people are ready to take a chance on a few dollars for a chance to win big.

[redsun114]

We will have different opinions on this. The only problem I see on his point is the tone of being discriminative and conclusive. Everything is a matter of what works best for you. It all depends on how you view being rich is. Some became rich out of their profession, some are with investments and yes there are also people who made fortune in gambling. Determine which method will work on your circumstances. You could gamble without desiring of becoming rich as well; just a source of entertainment. We all know the importance of investments. However we have different pathways and goals to achieve in our lives. You could choose or create your own route. Not all investors became rich in the first place and same goes with other gamblers as we all know.

The desire to profit from gambling can only end when you are playing with someone else's money just for fun and that money is not your own and you will not be sad to lose it or if lost, you will not try to recover it. On the contrary, I don't think that no matter how rich someone is, he will not regret losing millions of dollars on gambling and he can live in peace by gambling only for fun.

Wise people will never waste their time and money on gambling, because there are thousands of things to do in the world, from which we also get benefits and entertainment. You will never lose a lot of money. Gamblers understand very well that once you start gambling, you can lose half, if not all, of your money, and I think there can be no fun in a thing in which you have to suffer a loss, and a loss which you were not obliged to get.

[shasan]

I mostly agree with the guy as those who are poor may want to try his/her luck in any shortcut way and gambling is one of them but who are already rich may not try his/her luck to make money in shortcut way. Though many people may try gambling make more and more money.

[wxa7115]

I mostly agree with the guy as those who are poor may want to try his/her luck in any shortcut way and gambling is one of them but who are already rich may not try his/her luck to make money in shortcut way. Though many people may try gambling make more and more money.

The observation made by the musician quoted by the OP is in fact correct, it is known that lotteries and the like target those with the less resources and some even call it a hidden tax on the poor.

So while the rich have access to the best and most trained minds to administer their money, the poor are sold the idea that they can change their fate by just being lucky, instead of doing what many rich people did, which was to work hard, save and invest what they could for decades to get where they are.

[DaNNy001]

What he says makes good sense to me. Indeed, it is mostly (but not only) in poor neighborhoods that you see many gambling stores. And most people who gamble are usually poor or broke. They try their luck to make money while the wealthy people are busy taking actual risks and investing their money in businesses. To think of this better, can you tell me how many wealthy people you know who made off their wealth from gambling. They exist, maybe, but it’s 1 in a million.

Your are actually right, gambling is mostly done by the poor or average man thats just trying to find the easy out of his problems, rich people also engage in gambling but statistically it's just a little percentage of them , gambling takes a lot of time especially when you get caught either by winning or losing and rich people have a lot to do that keeps them occupied, they have multiple streams of income that they have to monitor and other things that takes up their time and attention

[JahriMeayer]

Whatever he said, that was his own observation. I think he is partially right and i can't agree with some facts. Like we all know that now gambling is become so easier and gambling houses and betting shops not only being found in poor neighborhoods but also in rich neighborhoods too where many rich people use to visit casinos physically and bets millions of dollars. Gambling is actually common practice, rich and poor both involved in it. I don't have much knowledge about Nigeria but as far i know, you'll found such betting shops and signs everywhere even in rich area too, But its true that, many poor people depends on luck for become wealthy but Wealth comes from investment, hard works. So people should focus on making Wealth by valid investments, by working hard, instead of injecting & losing more and more money in gambling

[shasan]

Whatever he said, that was his own observation. I think he is partially right and i can't agree with some facts. Like we all know that now gambling is become so easier and gambling houses and betting shops not only being found in poor neighborhoods but also in rich neighborhoods too where many rich people use to visit casinos physically and bets millions of dollars. Gambling is actually common practice, rich and poor both involved in it. I don't have much knowledge about Nigeria but as far i know, you'll found such betting shops and signs everywhere even in rich area too, But its true that, many poor people depends on luck for become wealthy but Wealth comes from investment, hard works. So people should focus on making Wealth by valid investments, by working hard, instead of injecting & losing more and more money in gambling

Investing in gambling shops/betting shops and banks is the same if the returns are fixed. But the better one is which interest is more than others. But the important thing is that the investment means depositing funds and getting profit for the deposit or returns by gambling. If it is for gambling then it is not safe the safe thing is that when get fixed returns there is almost no chance of being a loser.

[Furious 7]

He was actually talking about the importance of investing to make money, but in emphasizing this, he talked about gambling houses and betting shops; only being found in Poor neighborhoods, while investment banks, equity firms, asset management firms are only found in rich neighborhoods.

Actually there is nothing wrong with this sentence because we who live below the economic line which can actually be said to be middle or even lower sometimes will find it very difficult to find colleagues who talk about business or talk about investment because they sometimes do not think about this as long-term progress and I personally feel this now where even only a handful of people I meet in the environment where I live discuss this.
Different from the discussion of gambling which even though this is something that is prohibited but it seems that this has become an open secret and is always a discussion that is always present at every meeting.

Different from those who live in luxury that is guaranteed because even though there is always a discussion of gambling too, in the end the discussion of business and work which even includes investment is always the main discussion they do because they have good resources to realize it.

[stadus]

Whatever he said, that was his own observation. I think he is partially right and i can't agree with some facts. Like we all know that now gambling is become so easier and gambling houses and betting shops not only being found in poor neighborhoods but also in rich neighborhoods too where many rich people use to visit casinos physically and bets millions of dollars. Gambling is actually common practice, rich and poor both involved in it. I don't have much knowledge about Nigeria but as far i know, you'll found such betting shops and signs everywhere even in rich area too, But its true that, many poor people depends on luck for become wealthy but Wealth comes from investment, hard works. So people should focus on making Wealth by valid investments, by working hard, instead of injecting & losing more and more money in gambling

Investing in gambling shops/betting shops and banks is the same if the returns are fixed. But the better one is which interest is more than others. But the important thing is that the investment means depositing funds and getting profit for the deposit or returns by gambling. If it is for gambling then it is not safe the safe thing is that when get fixed returns there is almost no chance of being a loser.

OP's post doesn't talk about investing in gambling but compares gambling to investing in banks. It's true that investing in banks doesn't generate much money, especially if you're not wealthy. With low interest rates, small investments amount to very little, which is why some people try their luck in gambling, hoping to grow their money there. Of course, it's smarter to invest rather than gamble, but we should be wise in choosing our investments. As I mentioned, if the amount of money is small, don't invest in a bank. Instead, invest in yourself and start a business in an area where you're skilled.

[Wiwo]

Whatever he said, that was his own observation. I think he is partially right and i can't agree with some facts. Like we all know that now gambling is become so easier and gambling houses and betting shops not only being found in poor neighborhoods but also in rich neighborhoods too where many rich people use to visit casinos physically and bets millions of dollars. Gambling is actually common practice, rich and poor both involved in it. I don't have much knowledge about Nigeria but as far i know, you'll found such betting shops and signs everywhere even in rich area too, But its true that, many poor people depends on luck for become wealthy but Wealth comes from investment, hard works. So people should focus on making Wealth by valid investments, by working hard, instead of injecting & losing more and more money in gambling

Investing in gambling shops/betting shops and banks is the same if the returns are fixed. But the better one is which interest is more than others. But the important thing is that the investment means depositing funds and getting profit for the deposit or returns by gambling. If it is for gambling then it is not safe the safe thing is that when get fixed returns there is almost no chance of being a loser.

the ops is trying to point out some facts about environmental contributions to individuals habits and the location viability of anyone, he want us to know that musician try the key us know that poor environment are mostly occupied by gambling and rich environment have the investment mindset, although this may be truth in some instances but not all because we still have gambling shop in some rich environment and also investment out let in so other poor avarage environments.


Erigga may be right in his statement, but we can't tell the environmental determination in both so that we can arrive as a basic level ground.

[Sandra_hakeem]

Hehe..... I've read a similar topic in here countless times and I understand the whole scop..

Investing in gambling shops/betting shops and banks is the same if the returns are fixed. But the better one is which interest is more than others. But the important thing is that the investment means depositing funds and getting profit for the deposit or returns by gambling. If it is for gambling then it is not safe the safe thing is that when get fixed returns there is almost no chance of being a loser.

Exactly!! I just don't understand how people tend to assume the unthinkable out of the unimaginable... Gambling is never going to be an investment and until they can swallow this bitter pill, things won't still go well for them. It gets even more crazy when they begin an open argument about what's right and who's doing too much... Lol

I could invest as much as I want in crypto currencies; with indepth knowledge, I know exactly how, when and where to buy and HODL. That's the least I can do for an investment so, I don't even see gambling away my funds as a thing.

[AliMan]

My thoughts about this guy, he's just implicating positive opinion based on how gambling works for his investment. That depends on what undertaking we will consider, and as I've observed this man already been a wealthy person compared to average gamblers who still struggle to win the house.
Rich person has their will to do whatever it takes because they can afford what they're going to lose. That's how the reality works on them, so don't be easily fooled on investment involving gambling if you don't have such.

[sokani]

What do you guys think about this?

I tend to agree with what Erigga said. Though, this may differ in other countries but taking a closer look at betting shops target locations in Nigeria, they are more concentrated in the poor neighbourhood than the rich neighbourhood. Using Lagos as an example, the number of betting shops are far more greater in numbers in places like Surelere, Mushin, Ojuelegba than Victoria Island, Banana Island, etc. Now, It doesn't mean that the rich doesn't gamble, they do but the poor are always banking on luck to hit a major financial breakthrough and gambling is often seen as a way out.

[GreatArkansas]

I also once heard from a person who is having financial difficulty or let's say poor, where he said that by his current situation, you couldn't blame him why he's still gambling because again he is struggling with finances, what he can only see to overcome it is to gamble.
We all know that's a very bad way to do it if you are struggling because you seem like doubling down on your situation, we must not tolerate it.

That's my thought on what the OP said: "The poor think wealth comes from luck".

[uneng]

I also once heard from a person who is having financial difficulty or let's say poor, where he said that by his current situation, you couldn't blame him why he's still gambling because again he is struggling with finances, what he can only see to overcome it is to gamble.
We all know that's a very bad way to do it if you are struggling because you seem like doubling down on your situation, we must not tolerate it.

That's my thought on what the OP said: "The poor think wealth comes from luck".

Yes, when a poor gambles, he is worsening his financial situation. The chance of profiting from gambling is too low. Meanwhile, if he used small amounts of money to invest, his chances would be much better on long run. Probably nothing so fantastic like winning a jackpot, but at least it would be enough to achieve a more comfortable life and have some extra income every month.

The fact poor think wealth comes from luck gives an interesting clue on why they are poor, especially if you take several generations inside a same family who have never been able to improve their financial condition. That is why it's important to educate people into financial matters, since an early age, so they can break patterns and also teach their families how to do it as well.

[traderethereum]

What do you guys think about this?

I tend to agree with what Erigga said. Though, this may differ in other countries but taking a closer look at betting shops target locations in Nigeria, they are more concentrated in the poor neighbourhood than the rich neighbourhood. Using Lagos as an example, the number of betting shops are far more greater in numbers in places like Surelere, Mushin, Ojuelegba than Victoria Island, Banana Island, etc. Now, It doesn't mean that the rich doesn't gamble, they do but the poor are always banking on luck to hit a major financial breakthrough and gambling is often seen as a way out.

Maybe those people think that they can make money from gambling so they still trying to gambling. They must realize that making money from gambling is difficult and gambling can only give them more problem if they lose self control.
Instead make money from gambling, they will only lose more and more money without making money at all. Casino in the poor neighbourhood trying to give a hope for those people but if those people can open their mind and thinks that gambling is not for making money purpose, they will not trying to gambling.
Maybe it need more people to remind those people not to playing gambling too often and search for the only ways to make money. That will give them a chance to make money and not risk their money in gambling.
Although rich people in that neighborhood gambling, that doesn't make them rely on gambling to make money.

[LDL]

So guys, I found the below shot In one of my friend's story on WhatsApp, it is a shot of a popular Nigerian musician known as "Erigga - I believe that my Nigerian brothers here will know him well.

He was actually talking about the importance of investing to make money, but in emphasizing this, he talked about gambling houses and betting shops; only being found in Poor neighborhoods, while investment banks, equity firms, asset management firms are only found in rich neighborhoods.

While I tend to agree with what he said about making money generally, i am still trying to find any reason to believe that the emphasis he used is true, that is, I do not believe his opinion about gambling house verses investment banks to be true.

What do you guys think about this?

The words are true that poor people think they will earn only because of luck without hard work and they find easy ways how to earn more in less time. The poor are more attracted to gambling than the rich and they think they can become rich overnight by betting on gambling, so they rely directly on gambling instead of trading and betting and eventually become bankrupt. But the rich do away with all these thoughts, they do business and invest in real estate, gold business, investment in banks, construction of petrol pumps, housing and infrastructure where they work hard and change their situation in a short period of time.  But the poor stand against it.

[freedomgo]

The words are true that poor people think they will earn only because of luck without hard work and they find easy ways how to earn more in less time. The poor are more attracted to gambling than the rich and they think they can become rich overnight by betting on gambling, so they rely directly on gambling instead of trading and betting and eventually become bankrupt. But the rich do away with all these thoughts, they do business and invest in real estate, gold business, investment in banks, construction of petrol pumps, housing and infrastructure where they work hard and change their situation in a short period of time.  But the poor stand against it.

Not all poor people are attracted to gambling, though some may be, especially those who are irresponsible. Since they are poor, they can't really afford to gamble, or if they can, they shouldn't, to avoid becoming addicted. Investing, not just in banks, may not be part of their thinking because many of them are struggling so much that they are just trying to survive.