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Originally Posted by badcompany
We're talking about your livelihood, here. You have to take into account doomsday scenarios. Whether it's a month or a year is irrelevant. What would you do if you did go broke? Where would you get another 50k? The median American household income is ~45k a year before taxes, and, if you could get that money so easily why would you risk it on something as tenuous as betting horses?
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If you need money to pay the rent, and cant afford to lose $50,000, it should not be your starting bankroll.
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Most of the very successful "gamblers" I have ever known (like Chip), have all had the quality of having almost total disregard for the value of a dollar (how else do you forget 20k in a freezer?). Dollars are just something used to bet and keep score, like chips in poker. They are not afraid to make the wagers they need to make because of fear of losing it.
P.S. I was lucky enough to play some poker with Chip, and he was not only a great card player, but a great guy as well. His calm cool and nice guy demeanor at the poker table would lull people to sleep where he would murder them at the table.
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I was wondering when you would pop in here CB! Nice to hear from you on this. I heard (anecdotally of course) good things about Chip. He died far too young.
