I hear a lot of young people wishing they can build generational wealth for their kids. The kids of their kids and the kids of their kids' kids. But is it really up to us? We can build wealth now and leave all our assets to our kids but how can be sure they can protect the wealth and make it grow even more?
Honestly the best thing we can do is to teach our kids and hope that all the things we got to accomplish for them won't be put into waste. Build your portfolio now. Invest in assets that will be profitable in the long term so you can leave this to your kids.
Some families manage to sustain their wealth from generation to generation and one thing I found out is that they teach their kids how to create wealth rather bringing them up to be consumers only. When kinds knows what it takes to create wealth, they will appreciate the process and will not live wastefully. Conversely, I have also seen wealthy men who refused their wives and children from working for the reason that they have accumulated wealth and the duty of their wives and children is just to enjoy the wealth. These set of families usually run into problem when the key people die because the next generation could not keep the legacy.
If children are taught to create wealth from an early age, when they grow up, they will think that if no one continues their parents' efforts, it will simply disappear. However, the process of creating wealth requires struggle, and of course, they have been equipped with it from an early age. Children who are equipped from an early age will think more maturely in the future, very different from children who simply receive wealth but do not understand the process.
Actually Bitcoin price often influence altcoin price but there's a season where altcoin do extremely well even when Bitcoin is stagnant or declining. What if this season comes More often, what will be the faith of Bitcoin?
Some Altcoins will experience an increase even though the price of bitcoin has decreased; this is greatly influenced by a certain group of people to boost the popularity of Altcoin itself. The goal is, of course, to make a profit in the way they do. If it works for a long time, it is possible that Altcoin can maintain its popularity ranking, but it all depends on the consistency of the related team to always develop the coins they launch.
There might have many ways to control but all of them is useless if there is no self expectation. I have stopped gambling about a year ago and till now I am away from gambling. But for that there must have a dream for me I have a dream too. I am thinking I will only place a bet while I have a huge money.
If you continue to be consistent, you will be free from gambling forever, but if you still have the intention when you have a lot of money to place bets again, that means you still can't stop gambling and will return to gambling to find pleasure or entertainment. It is not wrong to make gambling for fun; I understand you have your own goals to be able to stop gambling for that long. But pursuing the expected dream will be much more important than anything else
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BoardGambling discussion
Re: Sometimes you win some time you lose the game of gambling
Knowing this is Knowing peace. Sometimes I wonder why some person tend to gamble with so much expectation that they can turn their lives around off gambling, but in reality they're just losing more to the system. Even casinos and gambling halls advice that we gamble responsibly, that alone should be able to clear us of their plans of draining our pockets besides luck don't last forever we only get lucky based on chances that we didn't create for ourselves for we were only fortunate to experience such.
The system was designed to give them expectations of winning, this is what makes people continue gambling Even though they are losing. Even those that are winning still continue gambling because they want to keep staying in profit...The problem with this is that when people hear about others that got lucky they'd also want to push try hard to win forgetting that luck is something that cannot be pursued, it comes when you least expect it
Easily tempted by the victory that has been obtained by others, some people follow to gamble because they hope to get the same luck. This sometimes appears suddenly when he is bored and does not do anything and then decides to gamble; the goal is to get similar luck. But it is true what you said: luck cannot be expected, just like that sometimes it will appear unexpectedly outside the predictions that we expect
We are all only concerned about winning and the possibilities, technicalities and modalities to explore to always make a winning in our gambling activities, but I would want to ask ourselves this very important question: Have you ever rated or examine your gambling experience to know if you are falling off track or still on track. Such as maintaining a safe gambling practice which includes; gambling with the amount you can afford, and also still gambling for fun or still for money doubling? And if you are experiencing any of these things mentioned above then you should know you are either on track or off track. For me, I have examined myself and see that I am still on track and I also gambles with what I can afford to lose.
Therefore, I want to know from the community if you do carry out a self examinations to know if you are still healthy or not. Please feel free to share from you ends, this post could be of help to those who are already getting off track from their gambling activities.
Of course, I have experienced a phase where when I had limited money I decided to gamble, the goal was to be able to double the money I had by trying my luck at gambling; occasionally it worked and I could win many times over, but after some time trying to double my money by gambling, it was the opposite; all my money was gone. From there I think it was the worst experience in gambling that I had, and it can be said to be off track because the biggest mistake I made was expecting to be able to make many times over from gambling. However, after that incident, I tried to fix everything and eliminate the statement that gambling is not a place to make money, but gambling would be better if it were used as a form of entertainment by determining the amount of capital that we have set and realizing the consequences.
Obviously, without proper bankroll management, it's easy to get frustrated especially if you're placing big bets.
That 2% rule sounds good in theory, but it really only makes sense if you have a large enough bankroll to enjoy betting. Otherwise, it can get boring over time if you're only playing with small amounts.
Just imagine having a $100 bankroll and you're limited to $2 per bet, that doesn't sound fun at all.
But at the end of the day, it depends on you. If your goal is to train yourself to be disciplined with larger amounts later on, then starting small and strictly sticking to your bankroll management is a good way to go.
That's right, even though you can play defensively for a long time, if you continue to place bets in small amounts, it will eventually feel boring. It will indeed look disciplined by placing bets that have been set, but to develop the capital that we have, it will feel long and there is no sensation of tension to produce a big win that will be obtained.
Does that work or am I being ignorant about scheme of things?
I think you forgot about criminal activities, removing the two that you mentioned will not remove or prevent criminal activity. As you know, casinos have been known to be used as a front by crime syndicates to launder money or other fraudulent crimes that involve money. Regulation is one of the ways to prevent that from happening(at least that's what I have read). That's why AML is required in regulated casinos.
Personally,I think that's the major reason for a casino to get regulated.Generally,Regulation protects players and the ultimum reputation of the casino that's why it cannot be skipped upon importance and improvements.
If the public users finds out the casino is not regulated, they'll initially lose a sense of trust, and a reputation of safety for their privacy and data for that casino.Regulations of casino is a secure exercise for gambling;it shouldn't be avoided.
One thing that needs to be considered to trust the casino is able to protect its users' data is by seeing if the casino in question is regulated. This is intended to be able to control the flow of finances in and out to avoid crime syndicates. In addition, regulated casinos have certainly agreed to the taxes set by each government. Therefore, protecting the personal data of each user is mandatory for every casino that has agreed to these provisions.
Some people always get this wrong, not everything is relating to a spiritual issue especially gambling, it's more relating to a mental issue than something spiritual for instance you shouldn't be referring an addicted gambler to the church or spiritual home for prayers, rather such cases should be handled by a mental health practitioner, psychologist or the rightful professionals to handle the situation, your spiritual leader or teacher is just a religious leader meant to handle spiritual cases and not the right one to handle such cases, I don't know about other societies but I've seen people in my region make such errors and it needs to be addressed.
Someone who is addicted to gambling is more likely to be treated by a psychologist because their mental health is already disturbed. If it is connected to spiritual or religious figures to handle it, it is clearly unrelated except to improve themselves to fill more positive activities by consulting a religious leader to become a religious person.
As a gambler, without having to specify on either you are an addicted gambler or a responsible gambler that actually knows how to manage his gambling behavior;
How does this kind of subject for a thread makes you feel? You many at times I see gambling been presented in the wrong light and even then, it’s not be avoided. It makes me wonder, if a person would identify something wrong and still goes ahead to do it to themselves! Is gambling really the problem or are we the problem?
People who have gambling sites or provide gambling casinos certainly have the main goal of part of their business to make a profit. They will not care whether their users become addicted or not. In fact, what will be a problem with gambling depends on a person, how he responds to it. If the user thinks of gambling to fill his spare time and does not expect to make a profit, then that person can avoid gambling addiction. However, most people who are addicted to gambling certainly have the hope of being able to get a big win; that is because of their own wrong mindset that assumes that gambling can get a lot of money in a short way
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BoardGambling discussion
Re: Why don't the rich people get addicted easily?
Most of the time, they gamble just for the thrill or to socialize, not out of financial need. When they lose, it’s just part of their entertainment allocation, they're not affected to it.
I agree with you, because what many of them do is socialize, talk to Each other About Business or something like that, and they take Advantage of the casino as well as Other events to make friends, see what investments they can get into, it's always like that, the rich are not Stupid , in some way it hurts them a lot to lose money Gambling , that's why they think about Investing.
Although the percentage of gambling addiction is lower than that of lower middle-class people, rich people are more able to take advantage of the situation when they get new friends in the casino. If they are interested in gambling, it can be profitable; they will not think about becoming an active player, but will be more directed to being able to work together with the casino owner or plan something to be able to invest in it.
I dont know how others do it but mine is simple. I am not addicted to gambling so I follow every rules diligently. Although sometimes we tend to be ignorance of some rules because of greed. Whenever I lose, am not happy I lost, but it does not get to me. Ill just forget about it because the money I lost was already forgotten the moment I decided to gamble. This is how every gambler should react towards losses.
Losing certainly won't come with a good feeling and most gamblers are not able to process such emotions because they are not mature enough mentally... It's normal to feel unhappy when you lose but just like you said, you don't allow those feelings to get to you... it's the responsibility of the gambler to suppress those negative emotions otherwise it can propel the gambler to start chasing losses.
I am sure no one feels happy when they lose in gambling, because feeling disappointed when losing in gambling is a natural thing for everyone. but for those who do not have emotional control, when they lose in gambling, there is a sense of curiosity to continue the game in the hope of being able to catch up on the defeat. This is what causes a person to become addicted to gambling and is closer to bankruptcy because they continue to add capital that will be spent when they lose
If someone becomes successful in sports betting over the long run, would you say that’s because of luck or skill?
There’s been a debate in the forum, some believe that gambling success is purely luck, that no real skill is involved, and that it’s not something to take seriously because eventually, you’ll lose. But there are bettors who have consistently made profit and proven they can win in the long run, believe it or not.
So the question is, can we still call that luck? Or is that already skill at work?
Being able to win in the long term in sports betting can be said that a person has gambling skills, because sports gambling will always require analysis of each match. Being able to win one or two matches can be said that a person is lucky, but if the wins are obtained consecutively, it is certain that he has special skills to analyze which team he will choose to bet on.
You will likely failed in the long run since gambling and trading has completely different mechanics on how they work. Gambling is mainly based on luck even on sportsbook. Your trading skills is not applicable on gambling because price pattern and sports behavior have different factor to consider.
Sports analysis is much complicated than price analysis since there’s no indicator and pattern that will help you to guess the result.
Anyway, it will not hurt you to do some experiments.
Not all the time.But apparently,since the mechanisms and applicable means are different, there lies the problem.What I understand is that,if people treat gambling like trading if it'll increase their chances of success depends on a simple personal level of assessment and attestments.One thing that is common here is that both requires a full house strategy, discipline and risks management.
Although strategy, discipline, and risk management are applied to gambling and trading, both still have different mechanisms. Trading can still provide opportunities to make a profit, but in gambling, making a profit or winning depends on luck and cannot be controlled like determining the expected profit in trading for the long term.
When your mindset about gambling is just for entertainment, you can’t really expect to win.. just my observation. Because when I’m not serious about it, like when I treat it lightly especially in sports betting, I don’t study the games before placing bets. I usually end up losing more. I don’t lose big, but if you look at the record, it’s not profitable or even close to break-even.
But when I start believing that I can actually be profitable, that’s when I do the work. I study the games before betting, and that’s when I start getting better results.
Maybe when you have surrendered and accepted defeat, you can conclude that gambling is entertainment. Of course, everyone hopes to win the bet. If everyone thinks gambling is for entertainment, of course gambling will only be done by people who have a lot of money, while the enthusiasm of most people, gambling is more popular among the lower middle class. This is because many people try to seek fortune from gambling.
I once came across a post where a person shared his joy with others after winning several dozen dollars. It made me think about the relativity of our winnings and the ambiguity of absolute winning amounts. Sometimes even I come across emotional comments from people with small winnings in the style of "it was the best day of my life!" And what do you think, can winning several dozen dollars become the happiest day of your life? Can this amount make you incredibly happy? It is possible that in your country or your area, things and services are very cheap. And for several dozen dollars you can buy some important things and services. But to be honest, I am at a loss. Unfortunately, prices in my country are high enough to be incredibly happy about several dozen dollars. But I would be interested to read your reasoning.
No matter how much the amount is when I win in gambling, it will certainly make me happy, because I think positively that the victory that has been obtained that day is a stroke of luck. Even though the results of the victory are not enough to be spent on goods that are quite valuable to me, it would be better if the victory obtained could be enough to treat friends who also like gambling. For me, a little victory obtained if shared with friends is a symbol of happiness that should also be felt by friends