Paying expenses out of bankroll?

[Jim the Tolerable]

If there is an upcoming expense related to your handicapping/wagering, do you take that expense out of your bankroll?
I mean expenses like subscriptions, software, possibly travel....things like that. Are they just taken out and accounted for like expenses in any other business?

[classhandicapper]

Theoretically, they should be, but I think it depends on if you consider racing a potentially profitable and enjoyable hobby or your primary source of income.

[JustRalph]

how many different wallets do you own?


What does it matter? Unless you are in to some weird accounting for tax purposes.

[barn32]

how many different wallets do you own?

What does it matter? Unless you are in to some weird accounting for tax purposes.You beat me to it. If you're playing blackjack with a $20,000 bankroll, does it matter if you put $200 on the table or the whole $20,000?

The only way it would make a difference is if you had some kind of discipline problem, in which case you shouldn't be gambling anyway.

[George Sands]

You beat me to it. If you're playing blackjack with a $20,000 bankroll, does it matter if you put $200 on the table or the whole $20,000?

The only way it would make a difference is if you had some kind of discipline problem, in which case you shouldn't be gambling anyway.

It makes a difference if he's betting a certain percentage of bankroll.

[JBmadera]

Since I'm married and we live by a written budget I have a seperate bank account for all things h-capping: wagers, htr fees, books, subcriptions, high speed internet connection, etc. helps keep the peace plus it gives me a very clear financial picture of my passion.

[JustRalph]

Since I'm married

any sentence that starts with that............scares me............ :lol: :lol:

[plainolebill]

any sentence that starts with that............scares me............ :lol: :lol:

Since I'm married, my wife and I have separate checking accounts. Lucky for her. :lol:

[HOY]

I include beers, hotdogs, and the form in my p/l.

As for how I account for them, I go in with X dollars, I stagger out with Y dollars, and do the math from there. My charting shows the closer I am to profitability the higher my drinks/wagers ratio is. :ThmbUp:

[raybo]

All racing expenses, IMO, are costs of doing business.

[Tom Barrister]

I keep separate accounting for horse racing, poker, and greyhounds. Expenses proprietary to any come out of the bankroll for that endeavor and back into the main bank accounts.

[BIG RED]

Same with me, I take out the expenses right from my playing bank. They add up. If it's a day I go with guys and gals to have fun, that's different, I grab so much for the day, and right it off to myself as pleasure .

[raybo]

Separate records should be kept concerning your racing expenditures, like any other business. You wouldn't want to mix your wagering funds with data costs, parking, track entry fee, concessions, etc.. You need to know if you are producing a profit with your wagering (investments). All the other expenditures are costs of doing business.

All expenses affect your bottom line, but they shouldn't be recorded the same way.