Making a living from gambling can be both fun and rewarding if done properly. Of course, it can also offer a number of challenges. That is why it is important to consider how you manage your finances while earning a living from gambling.
The Strategy
While there are different strategies in terms of what games to play and how to play them, there is an overall strategy in terms of how to approach gambling itself. Important points to remember include being cautious about drinking while gambling; this is key to keeping a clear head, which means making better decisions about when and how much to bet. Also important is getting rest; just because you can play all night does not mean that it is the wisest strategy from a financial standpoint.
Setting and sticking to a budget should be another, quite key, part of your strategy. Figure out what is reasonable for you, and stick to it. Never gamble what you cannot reasonably afford to lose.
The Perks
There are quite a few perks for those who embrace gambling as a way to earn a living as a lifestyle. While getting comped for small things such as a free drink can happen even for more casual gamblers, casino comps for high-rollers can be quite lavish. Free rooms and meals can be just the beginning when it comes to perks for those who are willing and able to bet big. Access to some of the best suites, private jet transfers, and limousine use are just some of the things that a high roller may be lavished with by a casino that is looking to get him or her out onto the floor.
When considering how to manage your finances while making a living from gambling, don’t forget the comps. Also, look for any rewards programs that might be offered; these too can help stretch your budget. These things will help you save money in some important areas of your budget- freeing up more money to be applied elsewhere.
The Uncertainty
While gambling can be an exciting way to earn a living, part of that excitement comes with the uncertainty of the revenue stream. A huge win might not be the beginning of a winning streak; instead, it may precede several major losses that pretty much offset whatever you just won. That is why it is important to save some of your winnings; each time you win big, make sure that you save a percentage of that money. Stash it away in something stable such as a savings account or certificate of deposit (CD) so that there is money to offset the less successful times.
The Tax Aspect
Fortunately, when it comes to tax time, there is the chance to take some of the sting out of those losses. It is possible to write off your gambling losses to the extent of your winnings. In order to do this, you must itemize your deductions. You also must have kept a record of your winnings and losses.
In Conclusion
When it comes to gambling as a way to earn a living, it is possible to do manage your finances so that you can live comfortably even during those periods when there are more losses than wins. Do it correctly, and you can enjoy an exciting and fun lifestyle of which others only dream.
