Quote from: purple_sparkles on May 20, 2025, 06:48:36 PM

Quote from: rachael9385 on May 20, 2025, 02:42:57 PM

People say that life is all about taking risks, people are being motivated by this statement forgetting about the consequences of their actions. A gambler is someone that has accepted the outcome of this risks that he is taking. A true gambler that learns from his mistakes becomes more careful when gambling because he knows the implications and downsides that comes with it when things go wrong

Not everyone sees life as a risk. There are cautious people who avoid risks by any means and I believe it is possible to do so if one truly wants to. If such people decide to play gambling games I think their approach would also be built around avoiding risks and this would be the safest way to engage in activities involving money risks. And for those who believe that risk is a natural part of life they will take risks in everything.

In the very definition of risk, and in every theory surrounding risk management, we find two basic components: probability and impact. Taking measured risks is still a good option for people who prefers to be careful: they will go for low probability and low impact.

And I would say more: even a high probability but a small impact is also a good option for these people, like lotteries and other cheap games with very big jackpots which are almost impossible to win, because even with an extremely high probability of losing, the impact is ridiculously low in personal finances.

In the end, I think that the key is in the balance.