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What to do with winnings!


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Most gamblers apply winnings to their Bankroll. WRONG! This gives you more bankroll than you need. And that causes you to stop watching your Ps and Qs - to get careless, to blow through the same stop losses that made you that money in the first place.

Scenario: Let's say you have studied, practiced and played to the point you have an 80% shoe win rate.

Lets say you have graduated from $10 units to $25 to $100 or more and perhaps you have hit 20 wins in a row several times.

The tendency is to be reckless with it.

What you need is a plan. A plan that will give you incentive to keep being careful and to keep winning.

It is not a game for you anymore. You are a professional now and you need to be thinking like a professional - now, more than ever. You need to keep that incentive fired up all the way.

Here is what you do!

You pay off your debts!

First your credit cards - then tear them up. Learn to live with a debit card only - as I do.

Pay off your cars and from now on only pay cash for cars - as I do.

Pay off your mortgage even if that takes getting a reverse mortgage.

Become COMPLETELY debt free. Become a CASH ONLY operative.

Do you have any idea of what that does? It triples your purchasing power - At least triple.

It triples your net worth.

It triples your real prosperity.

And it gives you a whole new comprehension of money and a whole new outlook on life.

It gets rid of those millstones around your neck that will only get heavier.

And you know what? You play even better. More selective, more cautious, more incentive to win!

It puts you in total control for a change instead of getting bounced around from one emergency to another.

Now, you can really live your life unmolested - with true freedom. Live your dreams.

Look, society teaches us that credit is good. Watch my lips - credit is bad.

Show me a guy with great credit and I'll show you a guy in endless turmoil. He doesn't own his life. The banks do.

The objective in NOT good credit. The objective is NO credit! - No credit because you never borrow money.

That all becomes a distant nightmare from long ago. You are free now! You are your own man. And what a man you are!

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Yes Ellis, before I met you I talked to you on the phone, and I guess you could sense the need in my voice. You told me if I could tighten my belt for one year, I could go on a cash-only basis in my life. I wish I would have listened!!! :frown:

You are right also about credit. Dave Ramsey a financial adviser says your goal in life is to have a credit rating of ZERO!!! He says if you can't pay cash for it, you cannot afford it! Period!

Peace, health, and Blessings,

Shannon

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Yes Ellis, before I met you I talked to you on the phone, and I guess you could sense the need in my voice. You told me if I could tighten my belt for one year, I could go on a cash-only basis in my life. I wish I would have listened!!! :frown:

You are right also about credit. Dave Ramsey a financial adviser says your goal in life is to have a credit rating of ZERO!!! He says if you can't pay cash for it, you cannot afford it! Period!

Peace, health, and Blessings,

Shannon

Never heard of Ramsey but I already like him!

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Thanks for making this thread Ellis as I've always been curious what people did with their winnings.

I must say I do own a credit card for several years now, but they are paid off immediately every time I receive the bill before the interest is applied. Never missed a bill. I pretty much use the card on things that I would be paying cash for, but I get rewarded with points. Those points add up for some nice bonuses.

I do like the idea of paying off all the debts though, as that seems like the most sensible thing to do. I'd like to stick to my credit cards since I know they will never get anything out of me. For $99 annual fee, I also get a free domestic flight within Australia each year. It's pretty nifty :)

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Thanks for making this thread Ellis as I've always been curious what people did with their winnings.

I must say I do own a credit card for several years now, but they are paid off immediately every time I receive the bill before the interest is applied. Never missed a bill. I pretty much use the card on things that I would be paying cash for, but I get rewarded with points. Those points add up for some nice bonuses.

I do like the idea of paying off all the debts though, as that seems like the most sensible thing to do. I'd like to stick to my credit cards since I know they will never get anything out of me. For $99 annual fee, I also get a free domestic flight within Australia each year. It's pretty nifty :)

Sure, it is fine to manipulate the system in your favor. Just don't become another victim of the system. That is exactly what the system is looking for - victims. The latest expose's on the banking industry here in the US should give you some idea of what kind of friends they really are. Some of them should be going to jail! Ha!

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