Why Gambling Isn’t Good For You Financially?
WHAT IS GAMBLING?
Gambling is the activity of risking money or something of value in a game or event, with an uncertain outcome in hopes of winning money. The outcome of the game is usually based on luck or skill depending on the game you choose to participate in.
TYPES OF GAMBLING
* Card Games (Ex : Poker, Baccarat, Blackjack)
* Bingo
* Lotteries
* Casino Games (Slot Machines)
* Internet Gambling
* Sports Betting
Many people get involved in gambling activities out of boredom. They long for the thrill and the excitement in hopes of it going in their favor. And once it does, that’s when people usually start getting hooked to the idea of it. People use gambling as an escape and distraction from their reality.
Although too much gambling can be dangerous to a person’s physical and mental health, social life, financial life, and relationships with their loved ones. Everyone, no matter their age, gender, or race, can develop a gambling addiction.
NEGATIVE EFFECTS OF GAMBLING FINANCIALLY
Many compulsive gamblers started off as just casual gamblers that are in control and know their limits when it comes to betting large amounts of money. Although once they start feeling lucky, they tend to start regularly participating in different types of gambling. Most of them gamble in order to gain financial freedom in an easier and more enjoyable way than the typical methods people do to earn money like work for 9 to 5 jobs.
But what they don’t realize is that gambling can give you even more financial problems especially when things don’t go your way, which can be a huge percent of the time since the chances of winning in gambling is random.
A lot of the time, the money compulsive gamblers spend in gambling can be more than what they gain. When this happens repeatedly, still engaging in gambling isn’t a really smart decision financially. It isn’t worth the small percent of chance of you possibly winning. All these factors may lead to negative consequences that would pile up, which is how compulsive gamblers’ lives get ruined.
Here is a list of a couple financial consequences as result of gambling
* Maxed out Credit cards
* Lose your savings and investments
* Not able to pay bills on time
* Having to pawn or sell your valuable possessions for cash
* Not able to provide for your basic needs
* Get buried in debt
HOW TO STOP GAMBLING
When you start having these problems, then it is time for you to take a step back from gambling and think of the bigger issue. Do you really think by engaging in what put you in this unfortunate situation in the first place is what would help you out of it? That definitely isn’t the answer.
Here are some ways to help overcome gambling addiction
* ADDRESSING THE PROBLEM – It is important for you to be aware of the situation you are in and not be in denial, in order for you to make that conscious decision to help yourself and deal with your problem the right way.
* AVOID BEING AROUND THE TEMPTATION – It’s best if you stay away from environments that promote gambling, or are involved with any gambling activities. By avoiding it, you would be able to forget about those thoughts and urges that make you want to gamble.
* FIND A HEALTHY DISTRACTION – Find a new hobby, or engage in different activities that could help you better yourself. Find an activity that would bring you as much joy.
* SEEK PROFESSIONAL HELP – When dealing with an addiction, it’s important for you to get help from professionals, so that they could guide you during your recovery process. And help you deal with the negative outcome of the situation.
BOTTOM-LINE
Gambling isn’t the answer to being financially free.
Don’t put yourself in a position that could potentially ruin your future. Everyone that gets addicted to something started off as a regular person that was curious. Be financially responsible enough to invest your money into more favorable activities that wouldn’t put you at that high level of risk.