Right, because whether if it's online casino or live casino, we should need to have plans if ever luck is not on our side. We should always bring an exact amount of money that we can also afford to lose so that we can always call it a day if in-case we lost it all through these activities. The same logic if we are winning, we should also able to determine an amount so that we can experience what we won and not just letting it drain.
That's true but unfortunately, not many people have plans if luck is not on our side so we can panic and immediately use all the money available to recover the losses we have experienced. Instead of being able to recover losses, we can get more losses and even we can lose all the money. Sometimes people forget what they have planned and will not stop until they achieve something they want. We can't be like that and we have to be in control of our game.
In my beginnings when I went to a physical casino, it was when I was in college and I became so obsessed that I broke one of my golden rules, and it was that I should not spend more than what I had already arranged, and it was so incredible, I had left a part of my money at home, and the casino was more or less two hours away, and when I went with the money I had available I lost it, but it got into my head so much that I could win, that I went back to my house, I took the money that I had saved and I left and I lost it in the same way. Obviously luck was not on my side and it made me lose more than the money I had, the good thing is that I got the great teaching that when you lose, you must assume the loss and not seek revenge.
My strategy is not to exceed the loss threshold in gambling by making a maximum deposit of 20% of my savings to enjoy the game, and when the balance runs out I must stop so it doesn't have a big impact on my finances.
20% of savings is already big imho That's a huge part of savings for someone supporting their family, but the word "savings" is what caught my attention here, see, not "earnings", but "savings". I think it means the guy is living with his parents, saving little by little from what he's getting for small expenses. I may be wrong of course, but then the guy should probably reconsider his budgeting. Spending 20% on gambling is unacceptably a lot.
For me, 20 percent isn't that much but what only bothers me is that he used his savings there. If he don't have other sources to get a money then he better not gamble because that will only add up on his expense and if his goal is to earn money then it's also not guaranteed.
Better if he look for a job first and that is the one he should used, not his savings because savings has its own use case, mostly for the future e.g. when we retire or if we want to give our kids a better future. It's not also good to depend on our parents because our parents might be old already but we are the ones that must work and we must return what they have done for us once we are still a kid.
For me, 20% of the savings is a lot, I would really divide it into 10% for gambling where I would only bet 5% and leave 3% totally willing to lose, and the other 10% I would leave to trade, that would be my way of doing it, I would not leave all 20% to one thing, that would be my way of diversifying the money, I would not leave it all to one thing.
Of course, when we talk about how to divide our money, each person has their own way of doing it, but it is never good to leave all the money to gambling, because it is very likely that it can be lost.