Budgeting starts from personal budget then gambling budget.

[Slow death]

But then again , someone that is gambling away a thousand dollars per session tells a story of them being able to afford the losses and they know too well whats invested and what's returned as profit or loss.

I have seen very few poor people gamble, but the rich people are the ones who gamble the most. I have a friend who is known online and bets hundreds of dollars every day, but he enjoys gambling, which is why he is always involved in gambling.
I asked him why he bets so much and it doesn't matter if he loses or wins, but you have shown signs of addiction, he replied that he has not faced any addiction, but I have fun here and at night I gamble and dance and romance in clubs. But my friend doesn't keep a budget for gambling, he bets as much as he has to.

Totally agree with you.

And it makes sense to gamble when you have the funds because firstly it's not money problems on your mind , and gambling gets less risky when the funds are there...

Say for example this fellow puts in $100K on a 1.2 odds game, when that.wins they will probably take that profit to servicing their car or save it up for an upcoming vacation... Gambling should never be difficult  

Very rich people don't like to lose money, they are constantly calculating the amount of money they have and when they enter into something where they put money, they want to win and recover the principal quickly. In your example, I highly doubt that rich guys who used their heads to get rich would bet on a game with odds of @1.20

Even if I had billions of dollars, I wouldn't bet $100,000 on a game with odds of 1.20, risk losing $100,000 to make a small profit. Many people prefer to have many consecutive losses because they are betting on games with very high odds, but on the day they win, they win so much money that they recover everything they lost and make a profit.

[Nwada001]

If you want to practice proper gambling budgeting and see that it works effectively, you first have to start from personal budgeting and then you can easily implement it in your gambling.

What's your take on this?

My take on this is that if we treat gambling like the way we treat the things we spend our little money on, which don't actually matter or add much value to us, then most of the gamblers might be a moderated one.

The money we spend on little things we don't take account of automatically before we finish spending on them has already been recorded as being gone. We don't expect a return, and that's it. But the moment the mindset of something can come out from here is in us, the amount we spend increases, which is what makes gambling different. We risk money in gambling because of the hope to get something higher.

[mak013]

Fact is that if you've never paid attention to how much you spend on your minor wants, chances are high that you can never make proper budgeting for your gambling.

Sometimes, the amount we spend on things that don't add anything to us is always more than the amount we spend on gambling and for gambling expenses, it's even better because there's a chance that you might win and get a return from what you've put into it but for the regular expenses, once it's gone it's gone for good and it's easy to spend so much on small items without even knowing that a lot is already going into such as long as you're not taking record of such expenses.

If you want to practice proper gambling budgeting and see that it works effectively, you first have to start from personal budgeting and then you can easily implement it in your gambling.

What's your take on this?

I have my personal budget but i don`t think that it is connected with gambling budget. When i prepared my bankroll, i counted it in my personal budget, how much time i need to create new bankroll if i lose, etc. But during the game they were not connected - i only marked withdrawals in both of them.
But of course it depends on gambler and his gambling style, someone transfer money from personal budget for gambling everyday.
PS. And personal budgeting would be good for everybody - it show your expenses and can help to correct it.

[peter0425]

We risk money in gambling because of the hope to get something higher.

But what if money doesn't come back? At what point do you just accept that you are risking money in gambling because it is enjoyable. You enjoy playing casino games. You enjoy playing with your friends in card games. You enjoy betting on sports. Those are valid reasons to spend money on. No need to validate spending money in guise of investment.

[xenomorfo]

Fact is that if you've never paid attention to how much you spend on your minor wants, chances are high that you can never make proper budgeting for your gambling.

Sometimes, the amount we spend on things that don't add anything to us is always more than the amount we spend on gambling and for gambling expenses, it's even better because there's a chance that you might win and get a return from what you've put into it but for the regular expenses, once it's gone it's gone for good and it's easy to spend so much on small items without even knowing that a lot is already going into such as long as you're not taking record of such expenses.

If you want to practice proper gambling budgeting and see that it works effectively, you first have to start from personal budgeting and then you can easily implement it in your gambling.

What's your take on this?

Sure, we talked about it recently in this thread here, where you can read my answer here

https://bitcointalk.org/index.php?topic=5539372.msg65522212#msg65522212

Being careful about how much you spend allows you to play in a cool and calm way.

Being dominated by emotions is not nice, especially if they are negative emotions.

[Oluwa-btc]

That’s why there’s a famous line, gamble only what you can afford to lose. Gambling should always come after you’ve taken care of your personal budget, basic needs, and savings. If we’re already struggling to cover our daily living expenses, then that only means one thing.. we simply can’t afford to gamble.

Certainly,most persons believe that personal management/ budget should always comes first.Their personal assignment is their primary focus before ever they can allocate to paring with gambling.Asides anything,there're people who'll not accomodate interference with financial status.

[AmoreJaz]

That’s why there’s a famous line, gamble only what you can afford to lose. Gambling should always come after you’ve taken care of your personal budget, basic needs, and savings. If we’re already struggling to cover our daily living expenses, then that only means one thing.. we simply can’t afford to gamble.

Certainly,most persons believe that personal management/ budget should always comes first.Their personal assignment is their primary focus before ever they can allocate to paring with gambling.Asides anything,there're people who'll not accomodate interference with financial status.

If you will stick to this mantra, you will surely have no problem when it come to your gambling life. Because you know your financial priorities and you won't have problem playing because you already take care of your basic needs and other priorities. Gambling supposedly is just a luxury. So you only play when you have extra budget so to speak.

I believe, most gamblers already know such strategy however, I do understand that when you are in front of your games, betting and enjoying, it is like you want to play more and deposit more. It is on you how you will contain yourself in such situations. More than likely, you already have you fair share of losses, so you should know what to do already. Because you need to convince yourself and not others.

[passwordnow]

-snip-
And as we can see, there is the 10% for hobby and recreation which can be allotted to gambling. So, by having that percentage, we can say that we're already a good budget manager of our salaries. Not just that, we need to be consistent and won't shoot out with the allotted percentage for gambling/recreation.

Some people may be consistent, but most who do this kind of budget implementation will be affected because their psychology is not strong enough to resist the temptation to bet more.

10% of the salary is for hobbies and recreation, gambling may only be about 5% and that is more than enough if you only play for a hobby.
But if the allocation limit is exceeded, all the budget allocations will be chaotic, not disciplined in the management carried out will only cause losses.

One who's got this allocation could just max out the 10% for entire gambling. But it's true that not everyone will be consistent on it because this serves as a guide and we as the ones who will follow it will still have the decision to make with the temptations that we see.

I don't understand this budget allocation pie graph. Is this monthly or yearly? If this is monthly, do you really spend 10% of your income to clothes or 5% to travel? If this is also annual, why is there no slice for savings? What happens if the company you are working for suddenly closes? Then you have no money to spend while hunting for your next job?

I think this depends on your monthly income. Sometimes we just have to depend on how much is left after all the bills and necessary expenses are paid. Only then we can consider gambling.

Most likely this is per salary day. It depends on how you look at it, it's just a guide made by someone and it's not mine. This only shows as an example of a regular working person on how his salary is allocated to each of them. While you make too much things to worry with, it's only a sample about alloting to budget for some gambling expense(recreation).

[taufik123]

One who's got this allocation could just max out the 10% for entire gambling. But it's true that not everyone will be consistent on it because this serves as a guide and we as the ones who will follow it will still have the decision to make with the temptations that we see.

More temptation to go beyond the allocation limit that has been made in the event of a defeat will make them more emotional to play more and return the defeat.

Some succeed, but more fail to turn the tide even more and more losses are incurred.
This was due to their own greed and carelessness, unable to control it to stay within the prescribed limits.

[Hanadawa]

Even if I had billions of dollars, I wouldn't bet $100,000 on a game with odds of 1.20, risk losing $100,000 to make a small profit. Many people prefer to have many consecutive losses because they are betting on games with very high odds, but on the day they win, they win so much money that they recover everything they lost and make a profit.

I personally see the difference between rich and poor people in their motivation and purpose of gambling. Poor people gamble to get money and become an additional source of income. That is why poor people tend to be addicted to gambling because they continue to lose their money. On the contrary, rich people have the motivation to gamble just for fun. They need a challenge. Spending $ 100,000 to get $ 20,000 is not a challenge for billionaires who can earn millions of dollars per month. Instead, they take high risks because it will increase their adrenaline and allow them to have fun. That is what I see from some short video clips that I found on social media.

One who's got this allocation could just max out the 10% for entire gambling. But it's true that not everyone will be consistent on it because this serves as a guide and we as the ones who will follow it will still have the decision to make with the temptations that we see.

More temptation to go beyond the allocation limit that has been made in the event of a defeat will make them more emotional to play more and return the defeat.
Some succeed, but more fail to turn the tide even more and more losses are incurred.
This was due to their own greed and carelessness, unable to control it to stay within the prescribed limits.

That is why it is very important for gamblers to have very good emotional management. Someone who cannot manage their emotions well will make them act recklessly and greed will make them continue to exceed their budget. And that is what makes most gamblers become ruined and lose their future.

[Pandu Geddon]

If you will stick to this mantra, you will surely have no problem when it come to your gambling life. Because you know your financial priorities and you won't have problem playing because you already take care of your basic needs and other priorities. Gambling supposedly is just a luxury. So you only play when you have extra budget so to speak.

It should be like that, but what happens to gamblers with small capital or poor gamblers is something different. Because of the effects of gambling addiction, the personal budget will be pressed to get an allocation for gambling. They actually have greater needs, but because of the pressure of circumstances, they have to suppress personal needs, and still allocate a small part for gambling.
In such cases, gambling is no longer a luxury that can be enjoyed.

[Fredomago]

If you will stick to this mantra, you will surely have no problem when it come to your gambling life. Because you know your financial priorities and you won't have problem playing because you already take care of your basic needs and other priorities. Gambling supposedly is just a luxury. So you only play when you have extra budget so to speak.

It should be like that, but what happens to gamblers with small capital or poor gamblers is something different. Because of the effects of gambling addiction, the personal budget will be pressed to get an allocation for gambling. They actually have greater needs, but because of the pressure of circumstances, they have to suppress personal needs, and still allocate a small part for gambling.
In such cases, gambling is no longer a luxury that can be enjoyed.

Agree to that, there are gamblers who can keep throwing portions of their money eventhough in reality they are not capable but because of the desire to play, they are able to re-allocate some of their funds and manage to keep playing, some can do little but due to a present of addiction they might be able to extend to the point that they won't be able to control and instead of chilling around they'll messed up and lose more than what they can afford.

[Dr.Bitcoin_Strange]

Gambling is fun when you gamble for entertainment and setting up a budget for it is very important. I only use very little amount of money to gamble because I am not after making profits from gambling since the chances of that happening is very slim. If I am lucky and win my bet, I enjoy the fun more but if I lose, I quit and call it a day.

Normally, I think that's how betting should be handled by people but you know that we are different in mindset and characters, so there's no way you will ever see everyone who would want to see gambling in the perspective that you see it, never the less some people are still favoured by gambling but when it gets tough, I just wished they can take a break so that they will not lose everything they laboured for, that's when budgeting becomings important.

[Dunamisx]

Since we are not gambling for the first time, most of us have years of experience in doing this and we must have device on some strategies on how we could effectively manage our bankroll for our own sustainability in gambling, budget is an important aspect in which on every settings, people consider it being paramount, so that they can work towards a desiring goal and got their plans executed once they make the right budget for it and follow it up as planned.

[passwordnow]

One who's got this allocation could just max out the 10% for entire gambling. But it's true that not everyone will be consistent on it because this serves as a guide and we as the ones who will follow it will still have the decision to make with the temptations that we see.

More temptation to go beyond the allocation limit that has been made in the event of a defeat will make them more emotional to play more and return the defeat.

Some succeed, but more fail to turn the tide even more and more losses are incurred.
This was due to their own greed and carelessness, unable to control it to stay within the prescribed limits.

That's where the control comes in that we always say that each gambler should have. So, if a gambler is a good spender and budget maker but when he losses his own control, that's where the temptation gets in and will use more funds that he's allocated for gambling/recreation. Emotional control is still important and it's not easy to make a plan, a budget and even execute them. Someone who's got the willpower to do it really wants to change their way of gambling and wants to follow their own rule that they have strictly set and implemented for themselves.

[shasan]

I absolutely disagree with this.

If you are able to have savings after all living necessities, you can be using not more than 1% of your income on gambling. No need to think about the budgeting like it is something special.

I spend more on things that add up to me than things that do not add up.

After all types of spending 1% of the rest might be too low for majority of the people. If anyone can warn 1000$ in a month and spend 500$ as monthly expenses then 1% will be only 5$. Don't you think it is too low budgeting for gambling. I think anyone can bet any amount which the person can afford if loses.

[Proty]

If you want to practice proper gambling budgeting and see that it works effectively, you first have to start from personal budgeting and then you can easily implement it in your gambling.

What's your take on this?

My take on this is that if we treat gambling like the way we treat the things we spend our little money on, which don't actually matter or add much value to us, then most of the gamblers might be a moderated one.

The money we spend on little things we don't take account of automatically before we finish spending on them has already been recorded as being gone. We don't expect a return, and that's it. But the moment the mindset of something can come out from here is in us, the amount we spend increases, which is what makes gambling different. We risk money in gambling because of the hope to get something higher.

No matter how much a gambler spends in gambling it should be what the gambler can afford to lose. It is when a gambler is spending more than what they can afford to lose that's when it becomes an issues There is no gambler that goes into gambling with the mindset of losing no matter how small the amount they are using to gamble is . however they should always understand that  in gambling is either you win or you lose.

[Strongkored]

Sometimes, the amount we spend on things that don't add anything to us is always more than the amount we spend on gambling and for gambling expenses, it's even better because there's a chance that you might win and get a return from what you've put into it but for the regular expenses, once it's gone it's gone for good and it's easy to spend so much on small items without even knowing that a lot is already going into such as long as you're not taking record of such expenses.

This is wrong, routine expenses mean that they must be spent to finance our lives, of course there are some that we get, for example electricity costs, we get lighting and there are many more routine costs that we enjoy the benefits of. Thinking that by gambling more than budgeted is good because there is a possibility of winning is unreasonable, because winning in gambling is not a certainty, everything is just a possibility.

So don't do this, if you gamble over your budget it means there will be additional costs in your life and if you don't have spare money it means you have to go into debt or sacrifice living expenses, so this will be detrimental.
Keep gambling with money you can afford to lose and don't think playing more has a greater chance of winning.

[Onyeeze]

One thing you most understand is that, each and everyone us here have different ways we do things. So is left for you to decide if you can add up your expenses into gambling because is pretty obvious that there is no how you can easily to tell someone to leave other things he or she is doing aside, and only focus on gambling. It would never be possible because gambling is not something to rely on heavily, is better to engage on other things aside from gambling than using it to Play gambling that you are not sure about the final outcome.

Nobody can focus on gambling, because gambling is not a source of income, we have a source of income and that's why you see so many of us gamble, If we don't have a source of income and gamble almost every time, I think that when we lose we will not have another money to continue our gambling, so probably gambling is all about understanding, so if someone use it as a source of income it will definitely affect the person, so from the look of things I believe that gambling is just an entertainment for people that have money and also wants to challenge each other for a clubs or a team analysis of soccer or any other games, gambling is not meant for people who is desperate for wining or to be surviving with gambling, so we should have it in mind that gambling is all about entertainment.

[Muba20]

One thing you most understand is that, each and everyone us here have different ways we do things. So is left for you to decide if you can add up your expenses into gambling because is pretty obvious that there is no how you can easily to tell someone to leave other things he or she is doing aside, and only focus on gambling. It would never be possible because gambling is not something to rely on heavily, is better to engage on other things aside from gambling than using it to Play gambling that you are not sure about the final outcome.

Nobody can focus on gambling, because gambling is not a source of income, we have a source of income and that's why you see so many of us gamble, If we don't have a source of income and gamble almost every time, I think that when we lose we will not have another money to continue our gambling, so probably gambling is all about understanding, so if someone use it as a source of income it will definitely affect the person, so from the look of things I believe that gambling is just an entertainment for people that have money and also wants to challenge each other for a clubs or a team analysis of soccer or any other games, gambling is not meant for people who is desperate for wining or to be surviving with gambling, so we should have it in mind that gambling is all about entertainment.

I agree with you. If a person has no source of income, he will not be able to gamble for a long time because he will not have enough money to bet. Those who gamble regularly must have other sources of income. If those gamblers only think of gambling as entertainment, there is no problem, but when they imagine gambling as another source of income, then their downfall will start. Only the money that can be spent on temporary entertainment can be spent on gambling. Gambling is not for the gamblers who do not have enough money to bet or who only bet with the hope of profit.