I’ve heard a lot of folks compare their finances to gambling. Usually when you hear someone do that, it’s not in the most positive light, but as someone who doesn’t mind the occasionally night out as a casino, there are actually a lot of lessons you can learn in the casinos. And if you really like casinos, sites like Online Casino Bluebook can help you with reviews of online casinos, so you don’t even have to leave your house.

Budgeting

Say, what? The thing is, if you’ve got extra cash in your budget, do what you want with it. Not everyone is all about early retirement or immediate financial independence. Once you’ve got your immediate needs covered and decided on a savings and investing goal for each month, if you’re hitting them, do what you want.

But do it with a plan.

If you go into a casino without a plan, you could walk out regrettably poorer. My best friend lives in Vegas and we usually spend a night out on the Strip each time I visit her. I was 21 the first time and my gambling budget was a measly $20 that I turned into $140 at the blackjack table.

It was definitely a case of beginners luck, because over the years as a whole, I’m probably down way more than I’m up. Nowadays I’m usually willing to spend $100 a trip gambling. We have fun and I know I’m already committed to the amount I’m going to spend.

Know When to Fold ‘Em

This is the psychological side of things. As I started to invest more and more, I’ve been fascinated by how much success relies on psychology. For my investments, it revolves around knowing myself.

I know I have a high tolerance for risk – so high that I kind of have to watch I’m not just gambling with some stock choices (Tesla, anyone? I’ve been dying to buy some for a few years, but in a gambling way, not in a it-meets-all-my-requirements-for-a-stock-purchase way).

I also know that once I invest some money in a stock, I get personally invested too. I haven’t had to sell any stock lexapronorx.com purchases yet, but I am really concerned that if a company tanks, I’ll be too invested in the whole situation to admit I made a bad choice and get out in time. I’m a little concerned I may even be blind to seeing it happen.

Poker is the main place I see the psychology play out when I’m in a casino. When I’m deep into a hand and things have taken a wrong turn on the river, but I’ve already thrown in a little too much money, I have trouble walking away. For some crazy reason, I’m more likely to throw in more money and go down in a blaze of glory.

Except there’s no glory. Just less chips for me and an even bigger wounded ego in the end.

Find the Free Activities

This might seem like a weird one, but casinos are actually full of free activities, especially some of the really big ones. For instance, during one trip some friends and I spent the evening hunting for a chocolate shop that supposedly had a clock that dispensed a piece of chocolate each hour. The adventure of trying to find the place was far more epic that the place itself – considering they turned their clock off right before we got there! However, we were a group of pretty smooth talkers and at least the lady gave us each a free piece of clock chocolate, even if we didn’t get to see it come out of the clock.

When in doubt, there’s people watching. That best friend that I visit somewhat regularly loves penny slots and I have no patience for slot machines, so she is often happy to sit in a casino a lot longer than I am. I found that settling in next to her and watching everyone around us is quite the show (and in a lot of casinos, you get “free” drinks while playing – you still have to tip the server).

Have you learned any useful lessons from gambling?