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Gambling Experience As A Metaphor

make money at home learn from experience just dont quit

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#1 BigManWalking

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Posted 17 May 2012 - 08:54 PM

I have experience that probably most people on here do not have.  Heck, most people on the planet don't have this kind of experience.

I'm talking about poker and I don't intend to entice you to play poker.  (In fact, stick to penny ante or not at all is my advice.)

What I'm talking about is a metaphor or a comparison.

Whether or not someone plays poker or blackjack or bets on football is not exactly the point.

You have so much money set aside for that activity.  

If it's $500 or $100 you still need to make good choices with your "bankroll".

That's what we called it when I was playing poker.  Your bankroll was for the business of playing poker.

You play within your bankroll.

The comparison may not be exact, but it's still there with your business.

If you have a budget, you need to consider how to use it.

In poker you would not want to play in a game and risk your entire bankroll.

UNLESS it was relatively easy to get a new bankroll - like $500.

If it was blackjack you wouldn't have wanted to make a bet of $500 if that's all that you had.

You might double it or you might end up with nothing.

Business can be like that.

The thing is- if you always spend what you make on non-business stuff, you end up with the same
zero (business) bankroll.

You want to reinvest.

And don't spend it all in one place.

I'd like to hear what you think.


C :-)
Charlie Hicks-Moore
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1 of my blogs 4YOU - http://ow.ly/aZquc

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Posted 18 May 2012 - 12:12 AM

Interesting perspective that regarding gambling, because as any gambler knows there is a real bad feeling when losing money, and that should be the same when in business.

I feel this is probably the reason for a higher failure rate when people flippantly borrow money to start a business, instead of using their own money that they have sweated for, and the same reasons why people pay with credit cards, thinking it is not 'their' money they are using, etc.

#3 BigManWalking

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Posted 18 May 2012 - 12:25 AM

Unless I've misunderstood you I don't think you understood me.

I didn't mean to do anything flippantly.

I think you're simply judging the fact that I used to making a living playing poker.

Don't get hung up on that.

I was urging people to not spend money in an outsized way for what they have budgeted for business.
Charlie Hicks-Moore
Do What You Truly Want To Do In Life!
1 of my blogs 4YOU - http://ow.ly/aZquc

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Posted 18 May 2012 - 12:38 AM

View PostBigManWalking, on 18 May 2012 - 12:25 AM, said:

I was urging people to not spend money in an outsized way for what they have budgeted for business.

Which is pretty much what I said :)

#5 BigManWalking

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Posted 18 May 2012 - 12:46 AM

I guess I misread it.  I'm used to people being paranoid about poker when it's not the same as craps.  I guess I miss it.  :-)
Charlie Hicks-Moore
Do What You Truly Want To Do In Life!
1 of my blogs 4YOU - http://ow.ly/aZquc

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Posted 18 May 2012 - 12:49 AM

No, far from it, I admire (although never played poker) people who do that, and (without sounding big-headed) think I would be pretty good at that, strategy, tactics, and out-maneuvering opposition.

I often watch it, just to see human nature at work, with mannerisms, composure at work - especially when big bucks are at stake, and you can see beads of sweat running down the nervous brows.

Looks like fun to me B)

#7 BigManWalking

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Posted 18 May 2012 - 12:56 AM

It is fun.  

It's just that when you get down to it, you need to be World Class to make a living at it.  I'm a great poker player, but I fall just short of World Class.  

If you want to have a life AND make a living at it, that's what's required, in my opinion.

If you just want to have some fun, that's great.

One guy - David Sklansky - wrote a book over 20 years ago about How to Make  $100,000 a year playing poker.  That was even before the internet  and TV poker explosion.

He had a lot of analysis and showed your odds of going broke while playing at a certain level with a certain bankroll.

Ultimately he said that IF you had the discipline to do everything he said that you could do it and he was and still is doing it, I think.

BUT, given the level of discipline and knowledge required he concluded that that same person with all that going for them would make multiples of that amount in the business world.
Charlie Hicks-Moore
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1 of my blogs 4YOU - http://ow.ly/aZquc

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Posted 18 May 2012 - 01:03 AM

You are a great poker player but just short of world class? Fantastic.

Very Interesting. Have you ever tried these online poker games, and ever made any real money from it?

I know people do, just wondered if you have personally?

#9 BigManWalking

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Posted 18 May 2012 - 01:16 AM

Well, it's not legal except for some "clubs" in the U.S. anymore.

April of 2011 we had what we call Black Friday when the government took the most conservative stance it could possibly take because of some legislation passed by Bill Frist years ago that finally took effect.  All because he thought he was going to run for president in 2008.

I won a seat in the World Series of Poker that I had to take as cash because of the first phase of that law.  That was ok because we put a roof on a house in San Diego and sold it which allowed us to buy the one we're living in now.

The other big tournament I won was actually a free tournament at the end of 2008.  

There were 10,000 people in the first round and the final 18 advanced to the second round.

A week and a half or so later I played again 1348 more finalists and I won.  Second place got nothing - I thought that was pretty weak.

So my prize was an entry into a 10K tourney in the Bahamas and 8 days and 7 nights there with a lot of expenses paid.  We had to kick in a little for the air fare because my wife didn't make up her mind whether she wanted to go with me right away.  

Really that was the toughest competition I have ever faced.  I lasted 13 hours the first day and about 15 minutes into the second day of a four day tournament.  (Actually, there were two first days because of the size of the field versus the size of the room.)

At the end of the trip we had to pay the hotel a little over $3 so we had a lot of fun and went some place we had never been.
Charlie Hicks-Moore
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1 of my blogs 4YOU - http://ow.ly/aZquc

#10 BigManWalking

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Posted 18 May 2012 - 01:17 AM

I mean that ONLINE poker is not legal except for some "clubs".
Charlie Hicks-Moore
Do What You Truly Want To Do In Life!
1 of my blogs 4YOU - http://ow.ly/aZquc



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