Record Keeping

Money (Mis) Management

Money (Mis) Management Part 2

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Money (Mis) Management Part 2

Why is money management so hard for so many, when many know of its importance?

Advertising, or lack of it is probably one reason.

Just look at all the money on advertising the fast food industry spends promoting their products.

There is a lot of advertising done by betting agencies & that’s fair enough, it’s legal so they should be able to advertise. They all also display on their websites about being of age & to gamble responsibly.

Just to clarify, I’m in no way apportioning any blame on the betting agencies, but being told to gamble responsibly doesn’t do much for a lot of young players.

We’re happy when we have a win & unhappy when we have a loss.

One of the most important things i’ve ever heard was this, & i’m sure plenty of you have heard it, but I will say it anyway:

                           “THERE IS NO LAST RACE, IT IS ONE LONG RACEDAY”

To all the young players & older ones like me who have struggled with money management in the past, it is worth embedding that saying into your memory & repeating it to yourself when you’re behind on any given day & the urge to back something to get square for the day sets in.

Another thing that you should implant into your memory is this:

Losing runs are part and parcel of the game. As sure as the Sun rises in the East & sets in the West, losing runs will occur. It’s how we handle ourselves during these inevitable runs that determines how damaging they are to our bankroll if we have one, or to our overall financial situation.

One of the betting agencies, says to “bet with your head, not over it” I applaud them for it, but it doesn’t delve anywhere near deep enough into the subject.  Again, it’s not their job to teach us, as a lot of their customers do have sound money management skills & it is a skill that we all need to acquire if we aspire to having a chance of being long term winners betting on horses.

The sooner you start to consciously think about it on a regular basis, the sooner you start on the road to having control over your bankroll. For those that just take a portion of their incomes to bet with, like I did for many years, you will even find yourself handling that better.

Thoroughbred racing is a great game & I love it, as i’m sure virtually everyone who reads this does as well.

Part 3 we look at record keeping

Until next time. Good management & good luck.

Tony

Ps Should anyone have a question they would like to ask, feel free to drop me an email at

[email protected]



Comments

David Pell

Tony, great stuff. Looking forward to more. David

9 months ago

Brock

Yes! Been thinking a lot about this.

8 months ago

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