Money Management And Gambling

In this article we're going to cover the art of money management as it applies to gambling.

Money management is important in all walks of life, where any type of investing or spending is involved. Because of the risks involved in gambling, especially in casino gambling, money management is more important than even knowledge of the game itself. Unfortunately, most novice gamblers don't understand how important this is or even that they should do it. Hopefully, this article will help the novice gambler understand how to better manage their funds when hitting the casinos.

So what exactly is money management? Well, it's what it sounds like. It's managing your money in such a way while at the gaming tables so that you minimize the possibility of loss. This is in direct opposition to those who go to the gaming tables for the sole purpose of winning as much money as they can, money management be damned.

Okay, so how is this money management accomplished? It starts with understanding the odds of the game you are playing.

Let's take the game of roulette. A roulette wheel consists of 38 numbers; 18 black, 18 red and 2 green. Trying to gain the best chance of winning at this game you want the odds to be as close to your favor as possible. In this case betting either red or black or for that matter odd or even will give you the best odds. What exactly are those odds? By dividing 18 black, red, odd, or even numbers (they're all the same) by the total numbers on the wheel, which are 38, you get a percentage of 47.36%. Those are your chances of winning on any one spin of the wheel.

So what does this have to do with money management? Everything.

For every 100 spins of the wheel, on average, you are only going to win 47 of those spins. So if you were to bet, say, $10 on each spin of the wheel eventually you would be on the minus side. Why? Because you would win 47 times for a profit of $470 and lost 53 times for a loss of $530. Adding those numbers together you come up with a net loss of $60. So in this case you did not manage your money properly given the odds of the game.

So then the question becomes, how DO you manage your money even though in the long run you are going to lose more than you are going to win?

By realizing that after a win you are most likely going to have a loss. Therefore, after the win, betting $10, you want to bet less than $10 on your next wheel spin. That can be anywhere from $9 down to the table minimum, which in most cases will be about $5.

Let's take a look at what happens now. Let's say after each $10 win we drop down to $5 and then we lose the next spin. If this pattern continues for 100 spins taking into consideration that will are going to have 3 wins less than the 50 we would like since it's not exactly 50-50, we come away with a profit of about $225. Quite a big difference from the $60 loss we experienced betting $10 on each spin. By managing our money we took the same odds with the same number of wins and losses and turned a negative into a positive.

That is money management as it applies to gambling. Take the same principal, figure out the odds for the game and that will determine how much to bet for each spin, roll, or deal at the table.

Money Management

Everyone that has ever worried about the state of their finances has worried about proper money management. Moreover, those individuals that like to keep a watchful eye on their finances also focus on good money management skills. Thus, good money management is a clear issue for anyone that wants to get and keep a firm handle on their personal finances. Thanks to technology, money management is an issue that can be easily handled with a personal home computer and a little bit of free time.

There are a number of money management software applications that computer users can purchase to make their budgeting and tracking a far simpler task than ever before. In fact, with software applications, computer users can manage their personal finances, their checking accounts, their bills, and can even manage their personal taxes with their home computer. Moreover, for those small business owners looking to maintain control over their business finances, software applications are readily available to help them stay on top of the money game.

With certain software applications, individuals can create and devise personal budget plans. They can decide what bills need to be paid and when and track all incoming and outgoing funds. A close analysis of all spending will be easily readable in a series of detailed charts. Thus, people can determine where their highest amount of spending is going and then adjust their budget to better suit their needs. Moreover, such software applications can help those individuals that are experiencing difficulty with their finances as they set up a plan to get their finances back under control.

Money managers can create their own calendars and set up automatic bill payment options with various software applications that are available on the market today. They can easily keep track of savings and with a number of predictive calendars, they can forecast their future financial position if they remain on course with their designed budget. What's more, those who successfully manage to save money can later put their money into other investments and monitor those too.

Personal finances are certainly not the only thing that can be monitored with the use of software and a personal computer. Small business finances can also be tracked and a you can easily create invoices and record all spending transactions associated with a home-based business. Thus, clearly, the latest software applications can make keeping track of any and all financial matters a far simpler process than one might first imagine.

Finally, one of the greatest benefits from software applications that help track money issues are those derived at tax payment time. During tax preparation, the computer user can truly enjoy the benefit of the fine organizational offerings of software applications. Many of the programs will have all the information in one location and reports can be created that make tax reporting a far easier task. In the end, the cost of such applications is utterly nominal when one considers all of the benefits derived from their use.

Money Management Skills

It’s getting near the time of year again where thousands upon thousands of consumers will be flocking to retail stores for holiday gift items or to find those once a year sales we just can’t seem to resist. Here are a few tips to help you spend within your means and avoid the post holiday spending blues.

If you haven’t started saving for your purchases start now.

Build a list of people to buy for and stick to it.

Set predetermined spending amounts that are within your budget.

Avoid charging on credit at all costs; if something needs to be purchased on plastic make sure you can pay off the full amount within 30 days.

Avoid impulse buying, shop around; the chances are you will find the same product cheaper elsewhere.

If you are purchasing something online check the shipping charges carefully.

Start preparing for next year now. Calculate what it took for you to have a successful shopping experience this year. Use the knowledge gained from this years experience to be prepared for next year. You might even be able to start sooner.

Plan a route. Knowing where you are going and how you are going to navigate your day ahead of time can help you avoid long traffic lines, or long lines at stores. Starting earlier in the day usually helps avoid the last minute rushes.

Hi-Tech products usually don’t come cheap around the holidays. Chances are the same product you paid full retail price for will be much cheaper to purchase a few months after the holidays. Perhaps waiting will pay off.

Finally, take a deep breath, relax and pace yourself. Overly rushing can lead to poor purchasing choices that can cost you in the long run. Check a stores return/exchange program before you make your purchases.

Money Management Online

Today it is easier than ever to keep an eye on your money, no matter where you are. Using Internet tools can help you more effectively manage your money.

Money management is easier when you take advantage of online tools that let you access a variety of accounts and allow you to execute trades and make financial decisions from just about anywhere in the country. And there are plenty of secure ways to manage your money with the help of Internet money management tools.

Online investment tools

Online investing can be done even while you are on a business trip away from home or office. Thanks to online brokerages (which often offer discounts for online traders), you can monitor your investments accounts and portfolios, place orders and track market performances. These Internet investment tools make it easier for you to manage your investment money online.

Online banking

Online banking can make it easy and convenient to transfer funds, pay bills and reconcile your bank statements. You can be on vacation and still monitor your accounts, checking for inaccuracies and double-checking your account balances. You can even make sure your bills are paid on time by signing up for automatic bill pay through your bank.

Compatibility with personal finance software

Most online Internet money management tools are compatible with personal finance software. The Microsoft money management program and Quicken both offer ways for you to update your account information via the Internet. It is even possible to use personal finance software in tandem with online tools from investment companies and online brokerages.

Not only that, but many PDAs and cell phones are moving toward being compatible with personal finance displays. This means that you can manage your money from almost anywhere — even if you don’t have access to a computer.

Proper money management

Everyone that has ever worried about the state of their finances has worried about proper money management. Moreover, those individuals that like to keep a watchful eye on their finances also focus on good money management skills. Thus, good money management is a clear issue for anyone that wants to get and keep a firm handle on their personal finances. Thanks to technology, money management is an issue that can be easily handled with a personal home computer and a little bit of free time.

There are a number of money management software applications that computer users can purchase to make their budgeting and tracking a far simpler task than ever before. In fact, with software applications, computer users can manage their personal finances, their checking accounts, their bills, and can even manage their personal taxes with their home computer. Moreover, for those small business owners looking to maintain control over their business finances, software applications are readily available to help them stay on top of the money game.

With certain software applications, individuals can create and devise personal budget plans. They can decide what bills need to be paid and when and track all incoming and outgoing funds. A close analysis of all spending will be easily readable in a series of detailed charts. Thus, people can determine where their highest amount of spending is going and then adjust their budget to better suit their needs. Moreover, such software applications can help those individuals that are experiencing difficulty with their finances as they set up a plan to get their finances back under control.

Money managers can create their own calendars and set up automatic bill payment options with various software applications that are available on the market today. They can easily keep track of savings and with a number of predictive calendars, they can forecast their future financial position if they remain on course with their designed budget. What's more, those who successfully manage to save money can later put their money into other investments and monitor those too.

Personal finances are certainly not the only thing that can be monitored with the use of software and a personal computer. Small business finances can also be tracked and a you can easily create invoices and record all spending transactions associated with a home-based business. Thus, clearly, the latest software applications can make keeping track of any and all financial matters a far simpler process than one might first imagine.

Finally, one of the greatest benefits from software applications that help track money issues are those derived at tax payment time. During tax preparation, the computer user can truly enjoy the benefit of the fine organizational offerings of software applications. Many of the programs will have all the information in one location and reports can be created that make tax reporting a far easier task. In the end, the cost of such applications is utterly nominal when one considers all of the benefits derived from their use.

Money management for success

If you were asked about your finances at night, awaken from sleep will you remember the figures? Will you remember your deposits, your debts, your net savings, your average monthly expenses? Not many of us can answer these questions. Money is one of the most important parts of our life, but we don't know much about our own finances in precise terms. Is that not surprising?

Money management plays a very vital role in success. If you were to put the same questions to a very successful person, you will get all the answers with analysis thrown in for good measure. Those who make very big money understand the importance of money management. Unless you manage your money, you will not be able to make best use of it. I would discuss few important parts of money management here.

Debt- don't take debt if you can manage without that. The thought that you have debt makes you feel uncomfortable and kills enthusiasm. Ask two persons about their life- one who has no debt but lives very simply and other who has debts and lives lavishly. You will find out that one without debt is enjoying his/her life more.

Increase Savings - Save more and spend less. Your savings will not only be useful for a rainy day but also create a war chest for you that can be used when the right opportunity arrives.

Increase Profits- target good profits and try to reach that figure in your business. If you are employed, set targets for your salary and achieve it.

Reduce Costs - Wherever possible, reduce costs. Avoid all unnecessary expenditure. Reduce every cost. Live frugally till you save your first million. After that it will become easy to earn more and spend more. If you do that right from the beginning, you will never be able to save your first million.