Author Topic: I just gambled away 5% of my stache...  (Read 17391 times)

connor

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I just gambled away 5% of my stache...
« on: April 14, 2016, 02:04:18 PM »
I thought about posting in Ask a Mustachian due to the question at the end, but figured I deserved to be in the Wall of Shame section.

So, disclaimer: my stache was only 20k (19k now), but I feel like such an idiot. I'm 19 and have recently made great progress with my stache, 20k since December through side gigs while at university. One of these consisted of me sitting playing roulette for hours on end risk-free (long story). Since that has dried up, I have hit a brick wall with my progress. I then thought I was super clever and had figured out online roulette - started playing with my own money. That didn't turn out great. And even though I stopped myself and realised what an ass I'd been, I still have a thought stream right in the back of my mind telling me to win back what I lost before I quit (When I reason through it I realise this is ridiculous, obviously). I believe this is all because I'm becoming impatient with financial progress. Being a college student, I have no regular income to see steady gains as most on this forum are able to.   

I suppose my question is, does anyone have any tips on how to fight that feeling of not making any progress, and how to keep on going and find new ways to spur into the next phase of growing one's net worth?

CmFtns

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Re: I just gambled away 5% of my stache...
« Reply #1 on: April 14, 2016, 02:13:38 PM »
I'm very interested how you gamble risk-free (long stories are good) because if that was possible we would live in a whole different world


anyway what your describing about gambling is the sunk cost fallacy? You should stop...why are you gambling if you want to get rich?


As for how do you deal with not growing your stash... your in college so just enjoy it, and maybe do some side jobs if they don't interfere with your school. If your coming out of college with a positive net work you will be miles ahead of most of your peers.
« Last Edit: April 14, 2016, 02:17:07 PM by comfyfutons »

MgoSam

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Re: I just gambled away 5% of my stache...
« Reply #2 on: April 14, 2016, 02:26:59 PM »
I suppose my question is, does anyone have any tips on how to fight that feeling of not making any progress, and how to keep on going and find new ways to spur into the next phase of growing one's net worth?

Any thoughts on another side hustle? While I was in college I knew some wholesalers that sell smoking products and would buy them and sell them for a fairly good profit. I didn't do this all that often, but I made a few hundred just by selling to my friends who were all eager to buy the items and many thanked me because it was way cheaper than buying it at a store.

I know run a wholesale company that sells these same products, so I suppose I haven't progressed much in the world ;-)

As for fighting that feeling, just don't give up and keep moving. Keep learning skills that you can use down the line (fixing car, plumping, repair, ANYTHING) even if you don't think it will have a purpose, you never know. I would recommend learning how to cook (if you don't know).

tomatops

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Re: I just gambled away 5% of my stache...
« Reply #3 on: April 14, 2016, 02:43:24 PM »
While in college, I literally just worked part-time in retail 10-15 hours a week. And this was before I became moustachian. I also worked super hard in all courses to become eligible for scholarships. Pretty straightforward approach that can work.

And I graduated debt-free.

patchyfacialhair

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Re: I just gambled away 5% of my stache...
« Reply #4 on: April 14, 2016, 03:01:49 PM »
I thought about posting in Ask a Mustachian due to the question at the end, but figured I deserved to be in the Wall of Shame section.

So, disclaimer: my stache was only 20k (19k now), but I feel like such an idiot. I'm 19 and have recently made great progress with my stache, 20k since December through side gigs while at university. One of these consisted of me sitting playing roulette for hours on end risk-free (long story). Since that has dried up, I have hit a brick wall with my progress. I then thought I was super clever and had figured out online roulette - started playing with my own money. That didn't turn out great. And even though I stopped myself and realised what an ass I'd been, I still have a thought stream right in the back of my mind telling me to win back what I lost before I quit (When I reason through it I realise this is ridiculous, obviously). I believe this is all because I'm becoming impatient with financial progress. Being a college student, I have no regular income to see steady gains as most on this forum are able to.   

I suppose my question is, does anyone have any tips on how to fight that feeling of not making any progress, and how to keep on going and find new ways to spur into the next phase of growing one's net worth?

You can rob a bank. Here's how:

Walk into a local branch. Wear a suit so you won't raise suspicions. Ask to speak to the manager. Give them your resume. Speak clearly and confidently. Then, they'll hire you. Every week or two weeks, they'll straight up deposit money in your account...then, after a few years, when you have enough, just walk away. You've won.*

In all seriousness, just work hard at what you're good at and practice being content. Gambling is not a reliable way to make a living.

*credit to Key and Peele for that one.

Seppia

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Re: I just gambled away 5% of my stache...
« Reply #5 on: April 14, 2016, 03:11:13 PM »
I'm very interested how you gamble risk-free (long stories are good) because if that was possible we would live in a whole different world

Not sure if it's allowed (I only gambled twice in my life: once on my 18th birthday and won 25, once later and lost 25), but I presume if you had a LOT of money you could just bet the minimum on red (or black) at the roulette.
You win: you cash in and bet again the same
You lose: you double your bet.
If the minimum bet is low enough and you have a good amount of liquidity I guess you can tilt the math in your favor.

AH013

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Re: I just gambled away 5% of my stache...
« Reply #6 on: April 14, 2016, 03:58:16 PM »
I'm very interested how you gamble risk-free (long stories are good) because if that was possible we would live in a whole different world

Not sure if it's allowed (I only gambled twice in my life: once on my 18th birthday and won 25, once later and lost 25), but I presume if you had a LOT of money you could just bet the minimum on red (or black) at the roulette.
You win: you cash in and bet again the same
You lose: you double your bet.
If the minimum bet is low enough and you have a good amount of liquidity I guess you can tilt the math in your favor.

That's been proven to be a fallacy, as the expected value of each bet is still negative.  Mathematically you WILL eventually hit a "bad luck streak" and lose 5, 10, 15 times in a row until your bankroll is wiped out before you can get the final win you need to get back to even.  The casino is happy to let you try to execute this strategy, which I have a feeling is what connor did and caused him to lose 1k.
https://en.wikipedia.org/wiki/Martingale_(betting_system)

If you're around Vegas there is a gaming system that is truly "risk-free".  Go with 2 friends (so person A, B & C) to a roulette table with casino match-play vouchers.  Usually casinos will hand out match play vouchers to new rewards cardholders or to people staying at the resort.
A bets $10 on black with a $10 match play, B bets $10 on red with a $10 match play, C bets $2 on Green 0+00 (no match play allowed).

Payout results:
Black = (+10+10MP)+(-10)+(-2) = +$8
Red = (-10)+(+10+10MP)+(-2) = +$8
Green = (-10)+(-10)+(+34) = +$14

Regardless of the outcome you will be up at least 80% whatever your black/red bet is, more if you get green, thanks to taking advantage of match plays designed to get you gambling.  Collect winnings, repeat in varying amounts if additional match play vouchers exist ($5, $10, etc.).  Then move on to next gaming establishment.  You can vary this up with odd/even or 1-18/19-36 bets so you don't stand out (although you probably will).

Generally not worth the time to execute (takes 30 minutes plus your personal data to get a $10 match play, divide $8 among 3 players, walk to next establishment...so you're basically getting $5/hour and risking being kicked out of a resort).

connor

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Re: I just gambled away 5% of my stache...
« Reply #7 on: April 14, 2016, 04:25:12 PM »
I'm very interested how you gamble risk-free (long stories are good) because if that was possible we would live in a whole different world


anyway what your describing about gambling is the sunk cost fallacy? You should stop...why are you gambling if you want to get rich?


As for how do you deal with not growing your stash... your in college so just enjoy it, and maybe do some side jobs if they don't interfere with your school. If your coming out of college with a positive net work you will be miles ahead of most of your peers.

The gambling risk free is only available in the UK I believe, but I may be wrong:

I use a cashback site called Top Cashback, and head over to the gambling section. The deal often works out to be a guaranteed profit, e.g. 'Deposit and wager 10 for 21 cashback', so even if I lost the 10 I'd be up 11, if I won it I'd be up 31 (betting red/black). I did this for myself on all the sites top cashback offered and figured it was easy, easy money so thought I'd do it for friends and take half the profits, or at least tell them button by button what to press etc.

That's how the gambling was risk-free. AH013 is right, the 1k was lost using Martingale strategy. I mean I probably could have got back to even if I'd kept going - I had 19k left as a buffer. But I just thought imagine my misery if I were to be seriously unlucky and lose it all. I'd be heartbroken and seriously ashamed of myself. I mean I still am slightly, but it's nothing time won't fix.

As for getting a PT job, I can't during term time as my university doesn't allow anyone to work during term, and then during the vacations I'm usually doing little side gigs like this as it's a higher hourly rate than most jobs. The cashback stuff netted around 200 an hour, it's just that not many people really went for it.

sleepyguy

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Re: I just gambled away 5% of my stache...
« Reply #8 on: April 14, 2016, 04:55:21 PM »
As they say, easy come easy go.  Trust me I've been down that path... it's all just a "hot" run and variance will even out long term (which in Roulette is a losing proposition!).

If you like math and games of chance.   Stick to poker where you are playing players, not the house (always wins).  Although with pokerstars rake changes theses days I think that's a losing proposition too!

Stick with index funds, lol.
« Last Edit: April 14, 2016, 07:50:17 PM by sleepyguy »

mohawkbrah

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Re: I just gambled away 5% of my stache...
« Reply #9 on: April 15, 2016, 01:49:51 AM »
are we all just going to gloss over that a 19 year old already has 20k saved up?

Have you been working since you were pretty young OP? or were you gifted some cash?

Im 20 and i only have 7k atm. albeit i only started once i was 19

Playing with Fire UK

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Re: I just gambled away 5% of my stache...
« Reply #10 on: April 15, 2016, 03:15:08 AM »
Good work on your progress so far. Although it feels like shit now, 1,000 is a cheap lesson in not chasing losses that will apply to both the roulette table and investing. Maybe add a line to your IPS now about what you were thinking before, during and after; what you've learnt and how you're going to identify chasing a loss again. Then draw a massive line underneath the incident and stop beating yourself up.

Couple of thoughts to earn back the 1k.
Are you matched betting as well as doing casino offers (if you have a problem with gambling then this is a terrible idea)? Have you tried eBaying/FBA selling? How about selling essays (this is ethically sketchy)? Or online freelancing?

frugledoc

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Re: I just gambled away 5% of my stache...
« Reply #11 on: April 15, 2016, 03:19:41 AM »
What about matched betting on sports?  I have done quite a few sign up bonuses with profit accumulator and it is going very well especially given the earnings are tax free.

The mistake you made was
- you found a risk free system to make money from gambling websites - i.e not gambling
- you then started actually playing roulette  -  i.e. gambling

I'm off to check the gambling section of topcashback now.


Doubleh

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Re: I just gambled away 5% of my stache...
« Reply #12 on: April 15, 2016, 06:19:21 AM »
The university I went to doesn't allow students to work in term time and I only know one other that takes the same view - in both cases because the terms are shorter than most other universities and the workloads are very high.

To be honest it sounds like you're well on track - most people here stashing it away are much much older than you, very few people even have a positive nw at your age so if you're ahead already and keep on being sensible you should do just great. Read here from monevator why you are already rich by being young - and while you're there read the rest of the site as well if you haven't already.

http://monevator.com/young-people-rich/

As Frugledoc points out there is a world of difference between exploiting introductory offers to make some cash, and actual gambling. The two are not the same and success in one does not carry into the other. If you want to make money from gambling get a job at Paddy Power - otherwise don't try to!

Congratulations though, you've learned not to follow your losses, this may be the most valuable lesson you ever learn. Tuition at 1k would equate to 1/3 of a term in college so seems like a pretty good deal provided you never forget the lesson!

If you want to do more of exploiting betting companies there is good info on moneysavingexpert and possibly some sources you haven't tried yet:

http://forums.moneysavingexpert.com/showthread.php?t=325861

Good luck

Doubleh

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Re: I just gambled away 5% of my stache...
« Reply #13 on: April 15, 2016, 06:20:41 AM »
You can rob a bank. Here's how:

Walk into a local branch. Wear a suit so you won't raise suspicions. Ask to speak to the manager. Give them your resume. Speak clearly and confidently. Then, they'll hire you. Every week or two weeks, they'll straight up deposit money in your account...then, after a few years, when you have enough, just walk away. You've won.*

In all seriousness, just work hard at what you're good at and practice being content. Gambling is not a reliable way to make a living.

*credit to Key and Peele for that one.

Love it, I'll never think of work the same way again

Edited to add - as someone who does work at a bank, where most people fall down is in remembering to leave having won. That seems to be the hardest part.
« Last Edit: April 15, 2016, 06:22:22 AM by Doubleh »

mak1277

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Re: I just gambled away 5% of my stache...
« Reply #14 on: April 15, 2016, 02:13:17 PM »
OP shouldn't feel bad....I once gambled away 75% of my stache in less than a week...granted my stache was only $1,200 but still, not a good move on my part.

dandarc

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Re: I just gambled away 5% of my stache...
« Reply #15 on: April 15, 2016, 02:29:59 PM »
That's how the gambling was risk-free. AH013 is right, the 1k was lost using Martingale strategy. I mean I probably could have got back to even if I'd kept going - I had 19k left as a buffer. But I just thought imagine my misery if I were to be seriously unlucky and lose it all. I'd be heartbroken and seriously ashamed of myself. I mean I still am slightly, but it's nothing time won't fix.
Having a serious gambling problem, this is dangerous thinking.

1K lost already, so you bet 1K more, lose again 2K more, lose again 4K more lose again 8K more.  Now you can't bet enough to make your money back on the next spin.  You were only a run of 4 blacks or greens from losing 15K in addition to the 1K you already lost.

And you could easily run into the betting limits which cuts off your run early in similar fashion.
« Last Edit: April 15, 2016, 02:32:25 PM by dandarc »

Seppia

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Re: I just gambled away 5% of my stache...
« Reply #16 on: April 15, 2016, 02:43:10 PM »
I'm very interested how you gamble risk-free (long stories are good) because if that was possible we would live in a whole different world

Not sure if it's allowed (I only gambled twice in my life: once on my 18th birthday and won 25, once later and lost 25), but I presume if you had a LOT of money you could just bet the minimum on red (or black) at the roulette.
You win: you cash in and bet again the same
You lose: you double your bet.
If the minimum bet is low enough and you have a good amount of liquidity I guess you can tilt the math in your favor.

That's been proven to be a fallacy, as the expected value of each bet is still negative.  Mathematically you WILL eventually hit a "bad luck streak" and lose 5, 10, 15 times in a row until your bankroll is wiped out before you can get the final win you need to get back to even.  The casino is happy to let you try to execute this strategy, which I have a feeling is what connor did and caused him to lose 1k.
https://en.wikipedia.org/wiki/Martingale_(betting_system)

If you're around Vegas there is a gaming system that is truly "risk-free".  Go with 2 friends (so person A, B & C) to a roulette table with casino match-play vouchers.  Usually casinos will hand out match play vouchers to new rewards cardholders or to people staying at the resort.
A bets $10 on black with a $10 match play, B bets $10 on red with a $10 match play, C bets $2 on Green 0+00 (no match play allowed).

Payout results:
Black = (+10+10MP)+(-10)+(-2) = +$8
Red = (-10)+(+10+10MP)+(-2) = +$8
Green = (-10)+(-10)+(+34) = +$14

Regardless of the outcome you will be up at least 80% whatever your black/red bet is, more if you get green, thanks to taking advantage of match plays designed to get you gambling.  Collect winnings, repeat in varying amounts if additional match play vouchers exist ($5, $10, etc.).  Then move on to next gaming establishment.  You can vary this up with odd/even or 1-18/19-36 bets so you don't stand out (although you probably will).

Generally not worth the time to execute (takes 30 minutes plus your personal data to get a $10 match play, divide $8 among 3 players, walk to next establishment...so you're basically getting $5/hour and risking being kicked out of a resort).



Mmmh
No. My point was not "you can live off of that".
The math is very basic, so given enough tries, you lose.
Roulette with a single 0 has a black/red bet expected loss of 1/37 of your capital over the longest term.
But provided
1- you have lots of capital
2- you start very low
3- your willingness to make a profit is "I'm happy to be up a few bucks once in my life"
I think you can tilt the math in your favor.

If you have $10k and your goal is to win $10 you only have a below 0.1% probability to lose.
Is it worth it? No, that's why I have gambled twice in my lifetime.
Do I think I could win the bet? Hell yes

Eric

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Re: I just gambled away 5% of my stache...
« Reply #17 on: April 15, 2016, 02:59:50 PM »
That's how the gambling was risk-free. AH013 is right, the 1k was lost using Martingale strategy. I mean I probably could have got back to even if I'd kept going - I had 19k left as a buffer. But I just thought imagine my misery if I were to be seriously unlucky and lose it all. I'd be heartbroken and seriously ashamed of myself. I mean I still am slightly, but it's nothing time won't fix.
Having a serious gambling problem, this is dangerous thinking.

1K lost already, so you bet 1K more, lose again 2K more, lose again 4K more lose again 8K more.  Now you can't bet enough to make your money back on the next spin.  You were only a run of 4 blacks or greens from losing 15K in addition to the 1K you already lost.

And you could easily run into the betting limits which cuts off your run early in similar fashion.

I did something like that once.  It was an expensive lesson, but luckily I learned it after that one time.

OP -- consider this a lesson.  Better to learn it now than when you have access to a lot of money.  There is no shortcut.

deathpanels

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Re: I just gambled away 5% of my stache...
« Reply #18 on: April 15, 2016, 06:27:00 PM »
The way I see it, you should not be focusing too much of your mental energy on growing your investments. Just set up the right portfolio balance and auto-deduct from your checking account on some regular interval (once a month, for example). Then deduct that amount from your monthly budget just like you would the phone bill or any other monthly expense. Investing for the long-haul is not something you can accelerate. Just park your money in the market and go do something with your life, earn some money, and keep your savings rate the same, and forget about it for the most part. Check in periodically to rebalance if necessary, but don't get too hung up on tracking your net worth day-to-day.

connor

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Re: I just gambled away 5% of my stache...
« Reply #19 on: April 16, 2016, 02:28:48 AM »
are we all just going to gloss over that a 19 year old already has 20k saved up?

Have you been working since you were pretty young OP? or were you gifted some cash?

Im 20 and i only have 7k atm. albeit i only started once i was 19

I've only started saving since December, and I've had a couple of breaks that have caused me to earn quite a lot in that time. Firstly I wrote a computer program that automatically entered twitter competitions, the 'RT & Follow to win' types, so I had 200-300 accounts entering them 24/7, so the chances were pretty high of winning the prize. That netted 10k in December, and then since then I've earned the rest through the cashback stuff I described before. This is why I probably have a warped sense of the time taken to accelerate net worth, and to be stopped dead in my tracks is what's causing this feeling of inertia.

It's great that there's other young mustachians from the UK though, it'd be cool to meet up some time!

Good work on your progress so far. Although it feels like shit now, 1,000 is a cheap lesson in not chasing losses that will apply to both the roulette table and investing. Maybe add a line to your IPS now about what you were thinking before, during and after; what you've learnt and how you're going to identify chasing a loss again. Then draw a massive line underneath the incident and stop beating yourself up.

Couple of thoughts to earn back the 1k.
Are you matched betting as well as doing casino offers (if you have a problem with gambling then this is a terrible idea)? Have you tried eBaying/FBA selling? How about selling essays (this is ethically sketchy)? Or online freelancing?

I screwed up matched betting when I first turned 18, signed up to all the sites and then didn't follow through with the offers. Yes, dumb move.

As for eBay/FBA, I've thought about it but haven't found the right product. And I am god awful at university work. Equivalent of high school I was smashing it, some of the top grades in the country. But university is a different story - bottom of the class, no idea how that came about.

What about matched betting on sports?  I have done quite a few sign up bonuses with profit accumulator and it is going very well especially given the earnings are tax free.

The mistake you made was
- you found a risk free system to make money from gambling websites - i.e not gambling
- you then started actually playing roulette  -  i.e. gambling

I'm off to check the gambling section of topcashback now.



This definitely sums it up, and I will not be gambling with risk again. I've accepted the 1k loss and come to terms with it. Let me know how you get on with the gambling section of TCB!


Cyaphas

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Re: I just gambled away 5% of my stache...
« Reply #20 on: April 16, 2016, 04:59:49 AM »
Assuming you learned your lesson; you got out cheap. You're doing well saving up. Investing in your future isn't only about $. Make sure you're getting a STEM degree or something that will make you a decent living wage. After that it actually get's pretty boring. Don't forget to enjoy life and don't punish yourself tomorrow for your actions of today.

steviesterno

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Re: I just gambled away 5% of my stache...
« Reply #21 on: April 16, 2016, 05:00:49 AM »
my buddy gambled his way through college. He would work a few weeks at a restaurant and squirrel like $3000 all away. Then go gamble. he would get comped rooms, food, and booze. then he would win (double his money) or go back to broke. if he won, he put it towards tuition. If he lost, he would go back to the restaurant and start over. since his living expenses were zero (lived at home) he had no real risk. and he never spent more than he could afford to lose.

I thought it was stupid until I realized he graduated college debt free. Now he owns 12 rental properties and we spent the last visit together with a bottle of wine talking about HSAs as great extra retirement savings. way different than college, but still fun.

clarkfan1979

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Re: I just gambled away 5% of my stache...
« Reply #22 on: April 17, 2016, 10:48:45 PM »
I thought about posting in Ask a Mustachian due to the question at the end, but figured I deserved to be in the Wall of Shame section.

So, disclaimer: my stache was only 20k (19k now), but I feel like such an idiot. I'm 19 and have recently made great progress with my stache, 20k since December through side gigs while at university. One of these consisted of me sitting playing roulette for hours on end risk-free (long story). Since that has dried up, I have hit a brick wall with my progress. I then thought I was super clever and had figured out online roulette - started playing with my own money. That didn't turn out great. And even though I stopped myself and realised what an ass I'd been, I still have a thought stream right in the back of my mind telling me to win back what I lost before I quit (When I reason through it I realise this is ridiculous, obviously). I believe this is all because I'm becoming impatient with financial progress. Being a college student, I have no regular income to see steady gains as most on this forum are able to.   

I suppose my question is, does anyone have any tips on how to fight that feeling of not making any progress, and how to keep on going and find new ways to spur into the next phase of growing one's net worth?

I would read books to build your financial foundation. In the beginning you can track the number of books read. Then when you have money when you are older you can pull the trigger and take action. 

shanghaiMMM

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Re: I just gambled away 5% of my stache...
« Reply #23 on: April 17, 2016, 11:27:34 PM »
I did something very similar at university.

My friends and I played poker together in the kitchen and began to play online. I was getting pretty good. Then I played once when I had had a few beers.... You can guess how this ends! I lost a few games, chased the losses and ended up losing close to 1000gbp.

I felt sick to the stomach for days but in the long run it was a valuable (but expensive) lesson!

I also didn't have a 19k buffer as you did, so be grateful and consider yourself fortunate to have a great stache at a young age and to walk away now before it eats further into your stache.

Primm

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Re: I just gambled away 5% of my stache...
« Reply #24 on: April 18, 2016, 06:37:26 AM »
I'm very interested how you gamble risk-free (long stories are good) because if that was possible we would live in a whole different world

Not sure if it's allowed (I only gambled twice in my life: once on my 18th birthday and won 25, once later and lost 25), but I presume if you had a LOT of money you could just bet the minimum on red (or black) at the roulette.
You win: you cash in and bet again the same
You lose: you double your bet.
If the minimum bet is low enough and you have a good amount of liquidity I guess you can tilt the math in your favor.

That's been proven to be a fallacy, as the expected value of each bet is still negative.  Mathematically you WILL eventually hit a "bad luck streak" and lose 5, 10, 15 times in a row until your bankroll is wiped out before you can get the final win you need to get back to even.  The casino is happy to let you try to execute this strategy, which I have a feeling is what connor did and caused him to lose 1k.
https://en.wikipedia.org/wiki/Martingale_(betting_system)

If you're around Vegas there is a gaming system that is truly "risk-free".  Go with 2 friends (so person A, B & C) to a roulette table with casino match-play vouchers.  Usually casinos will hand out match play vouchers to new rewards cardholders or to people staying at the resort.
A bets $10 on black with a $10 match play, B bets $10 on red with a $10 match play, C bets $2 on Green 0+00 (no match play allowed).

Payout results:
Black = (+10+10MP)+(-10)+(-2) = +$8
Red = (-10)+(+10+10MP)+(-2) = +$8
Green = (-10)+(-10)+(+34) = +$14

Regardless of the outcome you will be up at least 80% whatever your black/red bet is, more if you get green, thanks to taking advantage of match plays designed to get you gambling.  Collect winnings, repeat in varying amounts if additional match play vouchers exist ($5, $10, etc.).  Then move on to next gaming establishment.  You can vary this up with odd/even or 1-18/19-36 bets so you don't stand out (although you probably will).

Generally not worth the time to execute (takes 30 minutes plus your personal data to get a $10 match play, divide $8 among 3 players, walk to next establishment...so you're basically getting $5/hour and risking being kicked out of a resort).

My son and his friends did a version of this when they were 18. Saved up their dough, flew to another city and spent the weekend at the casino. Made enough to split their winnings so they ended up with several thousand each, and then were politely escorted out and told to never come back. Still, they had fun.

MgoSam

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Re: I just gambled away 5% of my stache...
« Reply #25 on: April 18, 2016, 08:58:20 AM »


My son and his friends did a version of this when they were 18. Saved up their dough, flew to another city and spent the weekend at the casino. Made enough to split their winnings so they ended up with several thousand each, and then were politely escorted out and told to never come back. Still, they had fun.

So they

a. Had fun
b. Made several thousands
c. Were told to never return to a casino

That sounds like win, win, frickin' win to me!

dandarc

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Re: I just gambled away 5% of my stache...
« Reply #26 on: April 18, 2016, 09:09:01 AM »


My son and his friends did a version of this when they were 18. Saved up their dough, flew to another city and spent the weekend at the casino. Made enough to split their winnings so they ended up with several thousand each, and then were politely escorted out and told to never come back. Still, they had fun.

So they

a. Had fun
b. Made several thousands
c. Were told to never return to a casino

That sounds like win, win, frickin' win to me!
Yeah - particularly item C.  Kind of wish I had lost quickly the first time I set foot in a casino.  Never make the "gambling = fun" connection, and how different my life might have been . . .

MgoSam

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Re: I just gambled away 5% of my stache...
« Reply #27 on: April 18, 2016, 10:20:17 AM »


My son and his friends did a version of this when they were 18. Saved up their dough, flew to another city and spent the weekend at the casino. Made enough to split their winnings so they ended up with several thousand each, and then were politely escorted out and told to never come back. Still, they had fun.

So they

a. Had fun
b. Made several thousands
c. Were told to never return to a casino

That sounds like win, win, frickin' win to me!
Yeah - particularly item C.  Kind of wish I had lost quickly the first time I set foot in a casino.  Never make the "gambling = fun" connection, and how different my life might have been . . .

Yeah, this happened to me when I was in Vegas many years ago. Of course I was 19 (fake ID) and stupid with my gambling and so me and my money were promptly separated like the fool I was.

In a way it is a blessing. I generally spend a week or two in Vegas each year for the past 5 years and haven't wagered a red cent. I like it better that way. It also makes me appreciate how cheap Vegas will be as the city has been subsidized by the gamblers, there's plenty of great food for not all that much if you know how to look and now that we stay at the Mardi Gras hotel off the strip, my clothes don't all reek of casino smokers when I return.

Primm

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Re: I just gambled away 5% of my stache...
« Reply #28 on: April 18, 2016, 07:37:46 PM »


My son and his friends did a version of this when they were 18. Saved up their dough, flew to another city and spent the weekend at the casino. Made enough to split their winnings so they ended up with several thousand each, and then were politely escorted out and told to never come back. Still, they had fun.

So they

a. Had fun
b. Made several thousands
c. Were told to never return to a casino

That sounds like win, win, frickin' win to me!

'Zactly!

shelivesthedream

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Re: I just gambled away 5% of my stache...
« Reply #29 on: April 19, 2016, 07:49:14 AM »
I'm trying to cut down on how much time I spend arguing with people on the internet, but I just had to comment as an act of public service. I am saying this because I believe it will help you and because I care about random strangers on the internet. So take a deep breath, but on your big girl (boy?) pants, and square yourself up to this.

YOU ARE BEING AN IDIOT.

For fuck's literal sake, you are studying Economics and Management at Oxford so you are obviously not thick but you thought gambling was a good way to get rich quick? You have posted before about how much you hate your degree, how you were good at school but suck at university, and how impatient you are to grow your stash. You are young. You are inexperienced. You feel desperate. I get this. I get all this. But when you ask for advice you have to LISTEN. Draw a line in the sand here and move on with your life. If everyone could get rick quick, everybody would be doing it. There is no easy route.

I refer you back to this post from around six months ago: http://forum.mrmoneymustache.com/ask-a-mustachian/starting-out-in-oxford-uk-advice/msg886066/#msg886066 Have you done any of it? If not, why not?

Here are a few options for you, of which you could do some or all:

1. Take a break from financial stuff and focus on getting a life. You seem obsessed with FIREing at 30, but for what? What are you going to do then? AFAIK you don't have a number because you have no idea what your expenses are. Stop trying to scheme your way into making money and instead hang out with your friends, join a load of societies, do some volunteering in the holidays... Do you actually have any hobbies or interests right now? Have some FUN. Hopefully, this will give you a dream. When you have a dream to work towards, then get back to FIRE. If you have the kind of personality that needs something to work towards right now, why not pick something like health. Take up running and eating vegetables.

2. Have counselling/therapy. If the above doesn't work and you are still so chronically unhappy with your life and yourself that all you can think about is FIREing at 30 and nothing else, take advantage of the free access to counselling and therapy you can get through either the university or the NHS and work on your depression.

3. Work on your degree. Tell your DOS you are struggling and DO WHAT THEY SAY. There are a few Oxons/Cantabs on this board - post asking for advice and FOLLOW IT.

4. Take a year out. Talk to your DOS about this. Tell them you are struggling and need a mental health break. Take a year out to temp, volunteer, kick around, revise your academic work, whatever... Oxbridge will do anything to make sure you don't drop out if you don't want to.

5. If you do want to, drop out. Why the fuck are you even doing this degree? My degree wasn't some shining example of awesomeness but I didn't HATE it. I too struggled with the transition from school to university. I wondered if I wanted to be there when I found the work hard (for, like, the first time in my whole life) and didn't have some vast passion for my subject. I decided that as I had got in I would complete the degree but made a conscious decision that I would do enough and stress enough to get by but no more. I aimed perfectly by getting a 60.25 (lowest possible mark for a 2.i, which is what most employers ask for). Knowing that I was doing that made the grind better. Get a temp job or wait tables or tutor A Level students or something for six months while you decide what to do next.

Just remember, THERE IS NO MAGIC PILL. It takes TIME. LOTS OF TIME. You will realise in a few years (I'm 25 and look back on my 19-year-old self with horror, no doubt my 30-year-old-self will be tearing its prematurely grey hair out over me now) that you didn't know jack shit at 19, but that loads of people gave you loads of great advice and you are now ready to listen to it.

Please also read this: http://www.mrmoneymustache.com/2011/10/07/how-to-tell-if-youre-a-complainypants/

(Also, even if it required no actual progamming ability, totally put that Twitter script thing on your CV. That's fucking hilarious and an awesome example of proactive thinking.)

gillstone

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Re: I just gambled away 5% of my stache...
« Reply #30 on: April 19, 2016, 09:37:44 AM »
The early days of building a stash can be difficult.  Growth seems to happen a glacial pace and you are one big emergency from watching it evaporate.  Mad Fientist has a great tracking spreadsheet to see your growth.  Even small growth is a great way to see progress. 

As for the gambling losses...You messed up, as long as you learn something from it ("don't gamble" being a good lesson) you'll be fine.

MgoSam

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Re: I just gambled away 5% of my stache...
« Reply #31 on: April 19, 2016, 09:55:22 AM »
Goddamn shelivesthedream, I read that and it helped kick me in the butt today. Thank you!

matchewed

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Re: I just gambled away 5% of my stache...
« Reply #32 on: April 19, 2016, 10:04:17 AM »
Learning is part of progress. You're in university to learn. That doesn't mean you can't make money or work side gigs, just don't hold yourself to the standards of people in their later 20's and 30's who are in a different phase of life.

TheAnonOne

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Re: I just gambled away 5% of my stache...
« Reply #33 on: April 19, 2016, 12:26:53 PM »
Ok, so gambling can be a bad habit and obviously not a path to get rich. We go to Vegas every-once-and-a-while with southwest points (Fly for free) and the hotels are very cheap. We also bring some cash to gamble with and stick to the higher-odds games (BJ,Craps mainly)

Occasionally, they comp our room nights and we have great food and an even greater time. Even if we lose its a fun trip, and at that, we only lose about 50% of the time (oddly enough, very similar to the odds of the games...) :)

It's all in the mindset.

Kaspian

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Re: I just gambled away 5% of my stache...
« Reply #34 on: April 19, 2016, 12:50:18 PM »
I suppose my question is, does anyone have any tips on how to fight that feeling of not making any progress, and how to keep on going and find new ways to spur into the next phase of growing one's net worth?

Fucking hell, dude--you're 19!  Well done on the start, but even 10-year FIRE is a long-term plan with market ups and downs.  Tips?  YES!!  Go to the library and check out some books on patience.  (I'm not being patronizing on that--seriously, read a few books about it.)

greaper007

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Re: I just gambled away 5% of my stache...
« Reply #35 on: April 19, 2016, 01:36:57 PM »
I only made money gambling for free (sort of) once.    I figured out in Vegas that they'll give you free drinks at the bar (quicker service than out on the floor) if you have $10 in the machine at the bar.   At the time they'd pour pretty much anything, so I was drinking $10 martini's (this was about 15 years ago) when I noticed the bartender watching me.   So I started to play video poker.  Right away I got four of a kind and made $150, I ordered another martini, and cashed out.

That $150 paid for almost the entire trip.   I was in college and we booked 4 to a room and I got a free plane ticket from my dad (who was a pilot at the time).    I still use this for free drinks in vegas but the rules are tighter now.   You have to put $20 in the machine and they generally won't serve top shelf anymore.    It's still a good way to get free beers though, and you don't have to wait ages for a cocktail waitress.