Money Management – or in my case, mismanagement.
I started wagering over 40 years ago, let’s say I was 18. Saturday consisted of going to the local TAB with my $10 – $30, that I hoped to multiply by 10, 20 or even 30 times – as did the group of 10 – 12 regular punters I mixed with.
Sure enough, nearly every week one of us had done just that by day’s end & the rest of us wished it had been us. Funny thing is that each time I hit it big, the money never lasted long, as all I did was try & win even more. Normally, a week or two & the big win was gone, and it was back to betting with $10 – $30 again.
Not only was money management never mentioned in my group, I doubt that any of us had even heard of the term, I know that I certainly hadn’t.
As I had gotten older (not wiser), I had my own business, therefore my weekly punting bank grew considerably, but money management was still nowhere to be seen. Making the same mistakes, but now only losing more money.
You’ve all heard the old saying “keep doing what you’ve been doing & you’ll keep getting what you’ve been getting?” Well, I was very consistent, I must say!
One thing that I started doing differently was going to the track. I started off semi regular but it grew on me pretty quickly, the buzz of live racing, running around the betting ring, etc.
The benefit of going to the track was that I was out of my little cocoon of 10 – 12 punting friends. I got to know other regulars, the majority were like myself, not very good managers of money. Occasionally, I would overhear someone mention the subject & it really grabbed my attention.
I would like to say that it turned me around there & then, but unfortunately it did not. I did start giving money management a lot of thought though. I was starting to think about the most important part of wagering, aside from being able to select the right plays.
The funny thing is that I became better at managing my money when winning, than when I was losing – the dreaded ‘chase’ was still a big part of my game.
That’s it for Part 1, if I struck a chord, I hope you read the following parts & know that it doesn’t have to take you as long as it took me, to start having control over your bank.
By Tony Lorch