Hey everybody, I'm in Nevada on vacation. Actually, we're at Lake Tahoe on the California side. Right there at the light, that's the California-Nevada state line.
And this is a casino. In Nevada, gambling is legal, and as soon as you cross the border from California, at most entry points, there's a casino right there to capture the California people who want to gamble. Now, if you've been listening to our podcast for any length of time, you know I constantly talk about the slow, steady, diligent way of making money.
But guess what? There are a lot of people out there trying to make some quick money. And in fact, in California, there's a lottery. I think it's available in many states in the United States.
But the jackpot hit $1 billion. And when it hit $1 billion, I thought, "I gotta buy some of these tickets." So I really ponied up and bought two U.S. dollars worth, which was two tickets, for my chance to win $1 billion.
Oh man, the thoughts going through your mind! What would happen if you actually won? But then, none of my numbers were even picked. I mean, I was so far out of the picture.
It was a waste of two bucks. Now, two bucks, what is two bucks? I can afford two bucks. But the concept behind it is real.
So I looked up some stats using a Grok AI program. And there are two main reasons why people gamble. Now, the first main reason is entertainment and excitement.
And I got to thinking about this: for entertainment and excitement, there has to be a much cheaper way. Because I was looking at the odds on the slot machines in the casino. You have a one in 49,836,032 chance to win a big jackpot on a slot machine.
Those are horrible odds. And I get that you're wanting the entertainment; maybe somebody enjoys doing that, or whatnot.
But those are lousy odds. Blackjack is better; the house only has a one-half to 1% edge over the player if they're playing a basic strategy, following a plan on how to play. I know how to play blackjack; I mean, I know the basics of it.
But I know there are ways that you can strategize when to hit, when to stand, when to split, all that kind of stuff. But that's not bad. So for entertainment, especially if you walk in saying, "I'm only going to spend X amount of money," then it's okay. Roulette is a 1 in 38 chance and has a house edge of about 5.26% on most bets. According to the Bureau of Labor Statistics, you have an 80% chance of staying in business after the first year.
It does go down a little bit after that. And by the time you get to year five, you have a 50 to 60% chance, which means the edge is in your favor. And so it comes back to how do we look at life? Many people, many people want the risk factor.
They want the fast path, and it just doesn't work overall. Now, yes, I know there are winners in lotteries and winners in casinos and stuff like that.
But it's not the same in life. You're playing the long game; you're not playing the short game.
And so the concept that I talk about frequently is to get a quality business plan, keep steady with it, keep putting money away, and buy assets to create cash flow and let it build.
When your asset that creates cash flow spins off cash flow, and you don't need it to live right now because you've got a business, put it into more assets so that you can continually build your product. So today is going to be a shorter video because I'm on vacation.
We're getting ready to drive into Nevada and go see some things. But I want to encourage you on this podcast, in making money and building your life, not to risk getting into gambling.
I'm not saying that if somebody walks in and spends 50 bucks and they can afford it that it's a bad thing. But don't take the shortcut.
Don't think that you're going to hit the jackpot. Put all your money into that and don't secure your future. The way we live our life matters and it will determine where we come out to, especially in our older age.
When we need the resources that we built during our working years. So, hey, thanks again for stopping by. Like, subscribe, make a comment on your asking question.
We will get back to you. We appreciate you coming by and I will see you again next week.
Comments
Post a Comment