You have probably heard of a book called Rich Dad, Poor Dad by Robert Kiyosaki, that is about a man who has two fathers. One is rich and the other arm. The idea is that the fathers have taught him lessons about how you can build wealth in the course of your life.
But does this have to do with gambling?
The idea behind this "Rich Gambler, Poor Gambler" article is to compare and contrast the behavior that you see with rich gamblers. We hereby put this against the behavior that can be seen with poor gamblers.
The two emotions you should avoid
You have certainly heard the expression that fear leads to more loss. Getting greedy is also always a bad idea and has the same effect. Those who want to get rich will absolutely avoid these two emotions. Although that is sometimes easier said than done.
Suppose you are a frightened gambler and play Texas Holdem. You get pocket kings and increase. A player behind you also increases and a third player goes all-in. Usually you have to go with the All. The only exception is when you know your opponent well enough, so that you know for sure that he has aces.
However, a frightened player will fold his kings. An absolutely losing choice of almost every Texas Holdem table.
Let's think of a greedy gambler.
He went to the casino and has decided to play slot machines. He wins $ 6000 during the first 15 minutes after arrival. He decides to put $ 600 of that money in his pocket, and with the rest he wants to try to reach $ 10,000. He is greedy.
It is great to keep part of your profit in the game, but in this situation it is so much smarter to have an amount of more than 10% pay.
A gambler that is not greedy would collect 90% of them and try to win the remaining 10% $ 10,000 for which he hopes.
As soon as he loses that $ 600, you can be sure that he takes home the other $ 5400 in profit. Feary gamblers make bad decisions because of their fear. Great gamblers make bad decisions because of their greed.
Anyway, rich gamblers make consistent and repeatedly good decisions. That may not be how they get rich, but it is how they stay rich.
Smart choices versus stupid choices
Suppose you win some money at the casino. What do you do with it? A sensible decision would be to continue gambling with those profits. But only when you gamble with a positive expectation. In other words, a wise choice would be to use it to finance your career when counting cards at the Blackjack tables. Or to use it to finance your game in a poker tournament.
Both examples assume that you are really good at it. Being a worthless blackjack player is a lost business. Then it would not be a good choice. And most gamblers don't even know for sure which category they fall. If you do not keep any data, you should first start.
Poor gamblers will again lose their profits to things that don't last long. They can waste with games where they have a negative expectation. This is a widely used strategy by poor gamblers.
Even if they don't waste the rest of their money on Slots Or another bet with high negative expectations. Poor gamblers almost always lose their profit to things that do not have long -term yields.
For example, it is easy to spend a lot of money on a casino tuft, but rich gamblers will try to get that free instead of paying for their gambling wins.
Saving rich gamblers
And by that we do not mean that rich gamblers are looking for discounts on their airline tickets, car rental and accommodation. They also simply put money aside as part of a regular savings plan. You will see some simple gambling advice that are repeated to boredom. One of these advice is that you should never gamble money that you cannot miss.
You can assume that you cannot afford to gamble yourself if you do not have at least a three -month reserve for your primary necessities of life.
And if you are one of the almost 40% of the players who do not save anything for their retirement, you must first take care of this. Do this before you put a euro in a slot machine or buy a lot in the lottery.
This means that you must save consistently from your salary. It doesn't matter how, but you have to save for your pension.
Rich gamblers learn constantly
Of course it does not require much to learn to count cards at Blackjack. It doesn't take long to learn to poke.
But if you want to lift things to a higher level and get rich with gambling, you have to learn more than just the basis. BlackJack Changes from time to time. New benefit techniques are being discovered and it is up to you to stay up to date with these new strategies.
Poker changes less often, but it is still worth learning as a poker player. This can mean that you have to read poker books that you have never read before. But you could also spend some money on poker coaching or even poker classes.
Here is the sad truth: only the best 5% of the poker players consistently win. The rest slowly but surely loses money. You would think that the percentage would be higher than that. But remember that most poker players play games where they pay striking. In a American Casino Is the striking even 10%.
An average player in a game without striking would run break-even over time. But if you are just an average player at a table where 5% of the pot evaporates before being won, you will lose money steadily.
You have to be good enough to beat the other players more than you lose yourself.
Assets versus expenses
One of the awards that Kiyosaki makes in his book is the difference between assets and liabilities. Assets are things that you buy and generate income in the course of time. Obligations are things that you buy and that cost money over time.
Here is a classic example:
Buying shares on the stock market in general should offer you a return of approximately 8% to 10% in the long term. Buying a new car should give you a depreciation of 20% when you drive away from the parking lot. The value of that vehicle will decrease as long as you drive it.
The shares on the stock market are assets. The car is a liability. What does this distinction have to do with gambling? It's all about mindset.
If you spend money on a copy of Theory of Poker from David Sklansky, the lessons you learn from that book will have to enable you to win more money with gambling. It will repay itself many times before you sell the used copy again.
On the other hand, if you buy a course to win at slot machines, you have the money for the course. But you will also lose all that money by playing on the slots in the long term. Slots are a perfect example of a game that you can't win.
You can even use this distinction to look at your bets. A bet on the blackjack or poker table can be a (if it has a positive expectation). But a bet on a slot machine is always an edition.
Make lists with what you want and don't want
Kiyosaki proposes to make a list with things you want and mention when you want them. He also proposes to make a list with things you don't want. Gokkers can and must do this too. So that just comes down to setting goals.
Goals must be written down to be current and clear. A goal in your head is just a thought. Only when it is on paper does it become something you can work with.
Do you want to be a rich gambler or a poor gambler? If you want to be a rich gambler, the key is the right mentality. Start thinking in terms of what you want and don't want. Think in terms of assets and liabilities.
Avoid fear and greed, and remember that success in gambling has more to do with making better quality decisions than winning money. Make sure the right decisions and the money will come naturally.