Gambling vs investment!
What’s the fastest way to create wealth? … Gambling? Yes. But not your wealth.
While gambling make their parent companies richer, the opposite can be said of gamblers themselves.
Plus, money gained from gambling is usually lost in the next betting rounds.
What this article will discuss:
WHAT THE DATA SHOWS
According to an online survey of about 8,000 adults in Great Britain:
- The most popular way to access online gambling (gambling online) remains via mobile phone.
- Most gambling is still done within the home, but one in five online gamblers have done so outside the home.
- Online gamblers hold an average of three accounts, but a significant proportion of younger gamblers hold more.
- eSports betting is also growing, fueled particularly by younger males.
The stats are endless, but one take from it all is that experts see gambling as anything but safe.
Countries with the most gamblers
WHY PEOPLE GAMBLE
1. Exiting The Poverty Abyss:
For decades or arguably centuries, the world has been battling poverty and inequality. Thanks to organizations like UNESCO and other charity organizations, the civilized world has greatly shown that humanity is bigger than race, skin color and geography barriers. Thanks to these efforts, the standard of living has increased… a little. But the biggest achievement of these efforts is the availability of education in poorer nations. While education has not succeeded in creating wealth, it has succeeded in creating generations of informed, poor masses.
Now, the uninformed poor man has little option but to rely on meager, menial works for survival. Not so the informed poor younger generations, who have come to learn that there are better ways of breaking the poverty barrier. But more often, these ways are outside their reach.
But there’s still one that’s within their reach; it does not need to have the right connection with the wealthy and famous. All you need is luck…. luck, and a little money. of course, I can work five days to raise a little income and ‘invest’ it in gambling to break the poverty barrier. All I need is my little ‘investment’ and a handful of ‘luck.’ But here’s the irony Gambling destroys income rather than creates wealth.
The 21 century was created in the wake of the internet, so the average millennial is computer literate, or at least internet literate. The increase in information transmission made gambling tools more accessible. The internet features so-called millionaires who won “luck” tickets. Social media is filled with even more stories, real or fake.
2. Get Rich Quick. Among millennials, the need for instant wealth is a major hook. Hard work is seen as old-fashioned. Manual labor is outrightly a taboo.
Secular education does not guarantee financial security. Corruption in the professional world has made it difficult to earn a living without knowing someone influential.
Hollywood praises the rich, and social media celebrates them.
With few options available, gambling seems to be the only way out.
GAMBLING – PROFIT OR LOSS
According to Statista, “in 2017, Australia ranked first in a list of countries with the highest gambling losses worldwide with losses of 958 US dollars per adult.”
Fortunately, the US is not leading the park this time. It ranked 9th, after Norway and before Canada. Even at that, it still lost $421 per adult male. But it remains among the top five gambling markets in the world.
Gambling losses include:
2. Poor health and mental health problems
3. Job loss and lost wages from unemployment
5. Arrest and incarceration
Your next gambling is not your choice. Just like alcohol and drugs, gambling is addictive. It stimulates an uncontrollable urge to continue gambling despite the price you have to pay.
Here’s the devil in gambling addiction. According to Healthline, addicted gamblers don’t always gamble, but when they do, they are unable to stop. The implication is if you’re tempted to gamble after receiving your salary. You only stop when you’ve spent your last dime.
Plus, the word addiction shows that, although your first gambling attempts were your choice, subsequent ones are the result of over-activity in your insula (a region of your brain in charge of addiction)
ALTERNATE WAYS TO CREATE WEALTH
While not an extensive list and more suggestions can be found in these articles. But here are some suggestions:
1. Change your mindset
The biggest thing about gambling is the mindset. Addiction can move a gambler to see patterns in random games. He tells himself his next game will be his jackpot. So changing this pattern of thinking is the first step to creating wealth, or at least a steady, reliable source of income.
2. Keep your expenses low
Keeping your expenses at their barest minimum is vital to sustaining financial growth. To grow your finance, you’ll have to reduce your expenses. A modest income with little expenses grows wealth than a high income with an untamed expense. The point is simple. Reduce your expenses, and you’ll have more to save.
3. Invest and diversify
A good source of income is like a fruit plant. It provides food and nourishment, but its supply is not limitless. To ensure a steady supply, you must take some seeds, plant them, and watch them grow while you’re still feeding on the mother tree. This way, your source of food will be almost limitless.
It is the same with income. A good source of income takes care of today’s needs. But it’s not limitless. It is a wise idea, therefore, to invest some of your present income. And diversify your investment.
Invest in different business fields. This way, you have multiple income streams. And in the event of a failure in some sectors, you have a fallback plan.
4. Increase your savings
Wealth is measured in savings, not income. A good finance strategy is learning to save more. If you love frugal living, then save aggressively. But if you’re the everyday man, following the golden rule of finance is the key: the 50/30/20 rule.
More about it in this article.
5. Learn a skill
A skill is an unperishable goods. Learning a skill is like buying an asset that increases in value over time. It gives you the freedom to work for an employee, start a business, or work as a freelancer.
The covid-19 pandemic has enlighten people to previously existing remote working opportunities.
Most gamblers enter the gambling business with the aim of getting rich. Others just want to make a living with very little effort and very big luck.
This “luck” has proven elusive to most. And those who wish to take a different route are stuck in addiction. But 2 things are certain:
- gambling make you poorer, and
- Addiction can be overcome.
While many gamblers are driven by share greed. That can not be said of all gamblers. For some, its just the desire to be financially stable despite having a low income.
Are you stuck in this addiction circle? Or know someone who is? Is there an aspect of this issue that we’ve missed? We’ll be glad to hear your views in the comment section.