OZmium Sports Betting and Horse Racing Forums - A bit off topic but I need some help.

19th February 2013, 05:54 PM

SpeedyBen

Member

Join Date: Oct 2012

Posts: 465

Quote:

Originally Posted by macs

Thank you so much guys, you can't buy this stuff! Let's hope he listens, what was that saying, you can take a horse to water? We'll see what happens.

I think the saying is You can take a horse to tha tables but I bet it can't win $70,000.

19th February 2013, 04:55 PM

beton

Member

Join Date: Jan 1970

Posts: 589

Quote:

Originally Posted by SpeedyBen

If I were 22 again I'm sure I would be right into online poker.
My advice would be to withdraw half of the profit at the end of each session and consider the remainder as his bank. Ask his dad to put it into the bank for him.
Congrats to him.

I agree here. If he is going to have his punting as an income then he must treat it as a job that he gets paid for. The first thing he must do is pay himself out of his profits. Pay himself and put that money away. Invest it, put it somewhere that is a little harder to get at. Then he must allow for contingencies such as blowing his bank.So he must put something away in a different area for this. While he keeps the money in play it is not his. He has it in the "bank" or on the table. It is cashflow and available for whoever claims it. The only way it is his is when he claims it as his own and takes it OFF the table. Remember that money is like honey, it attracts and everybody that touches it, leaves with some sticking to their fingers.
IT IS HARD TO EARN MONEY - IT IS TEN TIMES HARDER TO KEEP IT.
This not only goes for your son but everybody that is punting seriously and everybody that is working for themselves. Beton

2nd March 2013, 11:50 AM

Barny

Member

Join Date: Dec 2010

Posts: 1,091

Quote:

Originally Posted by macs

I've got a 22 year old son who has quite an amazing talent when it comes to poker but he's finding it real tough listening to his old man when it comes to money management. I've seen him turn miniscule amounts of money in to thousands only to get up the next morning and see it gone.

I don't know much about poker but I'm sure the money management aspect is pretty similar to the strategies all you semi and professional punters use on here and I'd be real grateful for any comments, advice etc that I can show him from others rather than his ol' man being in his ear all the time. He just might believe a few people that have been there done that over many years.

The reason I ask right now is because he's very recently come to live at home again for a few months and because he wanted to pay his way whilst he was here (he lost his job and refuses point blank to go on the rock and roll) he threw me 50 bucks and asked me to put it in his 888 Poker account via my bank account which I did.

In less than 24 hours he's turned that in to $73K (I wouldn't have believed it either if I hadn't seen it for myself) so this time I'd love him to keep it rather than thinking he's 10 foot tall and bullet proof.

I know this is not about horse racing but I'd be very grateful for any money management comments so maybe he will listen to seasoned professionals.

If there's one thing I've learned it's this. Everyone has their own individual personality, your son has his, and it's his personality that enables him to win at poker. It's a unique talent. If he changes as you want him to then he won't be doing the thing (conscious and subconscious) that enables him to win. It smacks of arrogance that there are people who cannot win at poker that are only too willing to provide advice to someone who can. And before you say that money management isn't part of winning at poker, or what we're talking about here ..... take a few minutes to have a think first.

2nd March 2013, 12:48 PM

macs

Member

Join Date: Aug 2012

Posts: 78

I doubt he'll change much Barny. He's been playing around on my account on Zynga Poker the last few days, I had about 220,000 chips in there, I look at it the next morning and there's 575 million, morning after that 13,000 lol. "I was just trying to get you a billion Dad" and the usual cheesy grin

2nd March 2013, 02:08 PM

jose

Member

Join Date: Jan 1970

Location: brisbane

Posts: 419

" If I had back every cent I lost on the horses and dogs over all my Life "

I could win a small casket and still be behind them.
Sad but true.

__________________
Jose'.

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