Dwayne Bryant asked:




A bettor must win 52.4 percent of his wagers to break even. Some bettors who win more than 52.4 percent of their bets still end up losing money. Why? The answer is because they do not use proper money management. Money management is just as important as picking winners. Here are some simple (yet sometimes difficult to follow) tips on proper money management.

My first piece of advice is to have money set aside for sports betting. This should be an amount you can afford to lose. It should not be money you need to pay your mortgage, car payment, utility bills or any other money you need to comfortably run your household.

My second piece of advice is you should never wager more than five percent of your bankroll. There are going to be losing streaks, which are unavoidable. It’s the law of averages and it happens to everyone. By keeping your bet percentage low, you are keeping yourself in the game until your luck turns around.

My third piece of advice is you should wager the same amount on each game. At most, have two levels of plays. Maybe you decide to bet two percent on regular plays and four percent on what you feel are really strong picks. But whatever you do, stick with the percentages you choose.

That brings me to my fourth piece of advice, which is do not chase your losses. That means if you lose four percent on today’s game, don’t bet six percent on tonight’s game. This is the quickest way to bankrupt yourself and the bookies are counting on you to fall into this trap.

My last piece of money management advice as it pertains to sports betting is you should never drastically increase your bet amounts. For example, you went 3-0 today. You bet $100 on each game, so you’re up $300 going into tomorrow. Tomorrow rolls around and you pick three more games, but this time you bet $200 on each game. You end up going 0-3 today. Because you doubled your wagers, you lost $660 today, which makes your two-day total minus $360. This also ties into betting the same amount on each game, but the temptation to double-up is very strong when you’re hot.

Sports betting is not just about picking more winners than losers. Money management is extremely important if you want to steadily profit in this arena. Your chances of success are much greater if you can follow the aforementioned money management tips.

Glenda

Joseph Kenny asked:




Foremost among the reasons that lead to marital discord are financial issues. Most couples are unable to or find it extremely difficult to broach the topic openly and honestly. Although the reasons may be different for each couple, being disorganized and unable to communicate are common.

In order to avoid serious consequences it is necessary to for couples to implement the art of budgeting and money management. Couples should avoid conflict over purchases made by each other and learn to respect each other’s opinions.

The initial step is to sit down and discuss the income and expenditure. If there is a lack of communication, which is the case most of the time, this discussion could end in a heated argument. It is important to decide on a strategy before hand, to prevent an ugly situation. For example, get up and drink a glass of water, take a few deep breaths and go for a short walk and then resume the dialogue or invite a friend to be a part of the discussion.

Make a list of all the bills that are pending and the amounts, highlighting the dates on which they need to be paid. Compare this with the joint income and in case of inadequate funds, try to find ways to reduce expenditure or increase income.

Document all facts and figures so that they are easily available to your partner. Make a separate file for documents and papers related to insurance payments, credit card statements, car installments, monthly mortgage, utility bills and expenses. Remove them from the file only when they are paid. Decide on a common place accessible to both, to keep checkbooks, receipts and all relevant financial information. If there have been withdrawals from the joint account, each partner should let the other know the reason.

Such discussions should be scheduled regularly. Financial planning should be an essential part of the discussions. Financial issues become stressful if not handled with care. Make a plan to ensure that both of you take turns to maintain checkbooks, file taxes and track investments. This will allow each partner to be aware of the financial details. Discuss and create a budget to suit both of you.

Try to visualize finances for the next five or ten years. Large amounts of money are required for buying a house or a new car. The different ways in which you could save for these purchases should be discussed openly.

When you set your goals, devise a strategy to achieve them. The plans would mainly comprise of eliminating debt and setting up a savings plan. One excellent way would be to save a certain percentage of the monthly income in a tax deferred account. You can also save and invest in securities and bonds.

Financial mismanagement is generally a key factor in wrecking a happy marriage. In order to keep finances on the right track, proper communication is essential. Regular discussions and mutual decisions on the family budget and savings are sure ways to maintain the harmony among couples.

Tyrone