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04-21-2019, 12:31 PM
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#1
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Registered User
Join Date: Feb 2019
Posts: 1,287
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Why So Many Poker Pros Die Broke
pretty interesting read - might apply to those in other fields of gambling
https://www.cardplayer.com/poker-new...pros-die-broke
__________________
believe only half of what you see.....and nothing that you hear..................Edgar Allan Poe
Last edited by PaceAdvantage; 04-21-2019 at 12:49 PM.
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04-21-2019, 04:51 PM
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#2
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Beat up 💪
Join Date: Jun 2002
Location: Beach life in Fort Lauderdale
Posts: 11,938
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Reason's Given:- They Don’t Save Money
- They Invest Poorly
- They Play Other Games
- They Cheat On Their Taxes
- They Don’t Buy Health Insurance
- They Don’t Protect Their Health
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04-21-2019, 06:25 PM
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#3
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Registered User
Join Date: Jun 2009
Posts: 14,569
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Like Kenny said.....
They knew how to hold em, not when to fold em.
__________________
Want to know what's wrong with this country?
Here it is, in a nutshell: Millions of people are
pinning their hopes on a man who has every
chance of returning to the WH, assuming that
he can manage to stay out of prison. Think about it.
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04-21-2019, 10:14 PM
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#4
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Authorized Advertiser
Join Date: Dec 2014
Location: Oakland, Ca
Posts: 7,953
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I don't recall the exact percentage...but quite a few NBA players are broke within 5 years of retiring.
Same deal as the poker players --they didn't save anything--bought ridiculous expensive cars, homes, etc, with nary a thought to their future out of the game.
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04-22-2019, 10:59 PM
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#5
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Registered User
Join Date: Jan 2006
Posts: 28,563
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Most professional gamblers don't save money for retirement because they don't really plan to "retire". Since they are "self-employed" at a non-strenuous profession...they figure that they'll be earning a living gambling for their entire lives. They like what they do...and they see no reason for them to ever stop doing what they obviously enjoy. What hey fail to realize is that the time will eventually come when they will no longer be able to beat the game on which they currently depend upon for their survival. You need to be among the very best in order to earn a living from a gambling game for any length of time...and only the very talented can stay in the upper echelon of their game of choice for their entire gambling lives. The rest of them eventually hit the skids, and, since they have no other marketable skills...they talk themselves into believing that their economic downturn is just another one of the many losing streaks that they've already overcome...and they keep playing until they get completely broke.
A gambler better know his limitations.
__________________
"Theory is knowledge that doesn't work. Practice is when everything works and you don't know why."
-- Hermann Hesse
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04-23-2019, 12:20 AM
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#6
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Registered User
Join Date: Feb 2005
Posts: 1,144
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Quote:
Originally Posted by thaskalos
Most professional gamblers don't save money for retirement because they don't really plan to "retire". Since they are "self-employed" at a non-strenuous profession...they figure that they'll be earning a living gambling for their entire lives. They like what they do...and they see no reason for them to ever stop doing what they obviously enjoy. What hey fail to realize is that the time will eventually come when they will no longer be able to beat the game on which they currently depend upon for their survival. You need to be among the very best in order to earn a living from a gambling game for any length of time...and only the very talented can stay in the upper echelon of their game of choice for their entire gambling lives. The rest of them eventually hit the skids, and, since they have no other marketable skills...they talk themselves into believing that their economic downturn is just another one of the many losing streaks that they've already overcome...and they keep playing until they get completely broke.
A gambler better know his limitations.
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How do you feel about a very strict budget or perhaps quarterly withdrawals.
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04-23-2019, 12:46 AM
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#7
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Registered User
Join Date: Jan 2006
Posts: 28,563
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Quote:
Originally Posted by incoming
How do you feel about a very strict budget or perhaps quarterly withdrawals.
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A strict budget is absolutely necessary...IMO. How to actually do it will depend upon the amount of risk that the particular gambler's life circumstances will allow him to accept. I have my way, and it works for me...but we are all different...and must find our own way of doing things.
__________________
"Theory is knowledge that doesn't work. Practice is when everything works and you don't know why."
-- Hermann Hesse
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04-23-2019, 01:23 AM
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#8
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Registered User
Join Date: Feb 2005
Posts: 1,144
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Thanks.....Thankalos
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04-24-2019, 12:50 AM
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#9
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Registered User
Join Date: Jan 2008
Location: pen
Posts: 4,584
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blackjack, slots, and...… horses.
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04-24-2019, 11:13 AM
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#10
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Registered User
Join Date: Jan 2009
Posts: 216
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Pari-mutual racing is not your friend,take out in the long run not including the corrupt stuff!
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04-24-2019, 11:42 AM
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#11
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Random Numbers Generator
Join Date: Nov 2001
Location: In the grandstand looking under the seats for tickets or food
Posts: 2,291
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Because when they hit it BIG, by coincidence they happened to find the love of their life shortly thereafter.
__________________
Where will you be when diarrhea strikes?
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04-29-2019, 01:46 PM
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#12
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Registered User
Join Date: Sep 2006
Posts: 510
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Old expression " Bet what you can afford to lose". Today all they know is "I'm ALL IN"
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