How much would you have to bet before you felt uneasy? In ''uneasy'' I mean how many pounds, shilling and pence before you'd feel pretty peed off if it lost?
The old maxim: ''Bet what you can afford to lose'' is, I guess, what most people do.
Very few people bet crazy amounts of money fun. A percentage do who have a problem. But even those of a compulsive nature probably do their dough betting £20, £50 or £100 a time.
Please, don't bet if you do not have a good reason why you can win. If you are basing your ''skills'' on looking at the form on the wall of your local bookmakers your knowledge base isn't likely to put you ahead of the game. It's like studying for a test without really reading the book. There are plenty of pages bar the first and last.
I love to watch business stuff, videos, info and people chatting about investing money. This bloke asked how much money would you invest. Basically, investing money you can afford to lose. He said about 30% of his savings. But this varies from person to person. Makes sense, hey!
It depends on your comfort zone. It's a similar question with betting. How much is too much for you?
We have all seen people who have lost too much. While others are enjoying their day they sit withdrawn, blank expression, thinking how the hell did I lose all that money. They are struggling because it was more than they wanted to lose. Not a good feeling. Stepping outside that comfort zone.
Very few people would contemplate betting all their money on the spin of a roulette wheel.
Black or red?
Not many people would feel comfortable doing that. But how many could bet all their money - lose - and say: ''Let's go get something to eat, and you're paying'' and act as though nothing happened? In actual fact, not caring that it had happened?
I guess there are some people who could. I would love to meet them because they must be very confident they can make that money again.
I imagine a number of people who have bet and lost all of their money are more likely to climb the stairs of the nearest high building and jump than decide which burger they want to eat.
When betting, don't push yourself to the extreme if you cannot handle the consequence of the loss. Don't just think of the small loss on the day. If you have lost a fortune over the years, what is the total? It could well be £50,000. Did breaking those bets into smaller sums make it easier to swallow?
I guess so. But it's still the same as betting a bloody big wedge.
Be wise when you bet.