FINANCES : Beware of Gambling Risks

Everybody has his own sort of luck and it can come in many ways and some people believe that their solution of financial prosperity lies in gambling. By gambling I don’t mean following your gut instincts in making that high risk investment or investing your hard earned money in stocks.

Everybody has his own sort of luck and it can come in many ways and some people believe that their solution of financial prosperity lies in gambling.

By gambling I don’t mean following your gut instincts in making that high risk investment or investing your hard earned money in stocks.

I mean, taking your remaining ten thousand francs to a downturn slot gambling area where you can buy coins and hope to become a millionaire overnight.

I know of a colleague who takes all his hard earned income try his hand at gambling for yours, occasionally winning some money but eventually losing everything.

The path to financial prosperity especially for those who are financially ‘young’ is not to reduce as much risk as possible as your build your financial muscle and as your profile improves, your emergency fund is healthy, your savings are invested well, then perhaps you can think of going high risk.

But gambling for the sole aim of making money especially if you cant afford to can lead to serious debt problems and at worst a gambling addiction that will not only affect all spheres of your life but also that of your loved ones.

This kind of gambling is an urge to gamble despite harmful negative consequences or a desire to stop. It is also known as compulsive gambling and is often is defined by whether harm is experienced by the gambler or others, rather than by the gambler’s behavior. Gambling addiction can also cause mental disorders according to medical practitioners and will eventually encourage one to go to extreme behavior like theft or robbery to sustain the habit.

This is not to say gambling is entirely bad. The rich and mighty take gambling as a form of entertainment. The casino industry worldwide thrives on this group of people but the important thing is they can afford to gamble for fun.

If you don’t have savings, you definitely cannot afford to gamble. Gambling is an enjoyable experience that can provoke adrenaline rush and in addition the thrill of winning money. That is the fine side of it but the moment it approaches addiction it becomes dangerous.

Most importantly, do not gamble your savings away especially if you are just beginning to chart your path to financial freedom, gambling can be fun but carries the risk of gambling addiction which can have adverse effects on your life.

For someone looking to stabilizes financially, gambling is not a sure way of making money and perhaps when you are rich and mighty, you might try it for the fun of it.

Ends

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