Monday, March 28, 2011

Bad spending habit: Gambling

    Gambling is the act of risking or giving something of value for the opportunity to obtain a benefit from a game or contest of chance or skill. In other words, when you are gambling you put your money or property with the risk of losing it all in order to earn quick money. With great risk come with great earning return as this is often not the case in gambling.

    In Malaysia, we can find plenty of gambling activities almost everywhere such as buying lottery tickets, playing mahjong, going to casino, online betting, sport betting and etc. With easy access to a variety of  gambling venues and online gaming, anyone can involve themselves into gambling activities including minors. For those who have minors in their house, please take good care of them and don't let them involve in such a spending habit.

   Gambling can lead people into financial hardship. Some people have such bad habits with gambling that they lose their houses and everything else they own. They may be in staggering debt on top of that. Now that there is online gambling, they cannot even get away from their bad habits by staying home. 

  Why would someone obsess with gambling so much? Here is the list of reasons that i could think of:
  1. Getting rich quick / earn money quick
  2. For entertainment 
  3. To be sociable  
  4. To escape from problems 
  5. For excitement                                   
    You can come out with good excuse and reason for your gambling habit but it will hurt your wallet in a long run.  There is no one in this world ever able to make a living through gambling. If there is someone like that exist, we can see his face all over casino and listed in Forbes 5 wealthiest people. No one able to earn a lot of  money within a short time of  period.

    From my own personal experience, I have been witness how a gambler devastating effects of gambling habit to his own personal finance and life. I had a friend of mine in high school, who using his own pocket money given by his parents to gamble everyday without fail. He isn't born with a silver spoon in one's mouth yet using his parents hard-earned money to earn more money. 

   After losing all his money in gambling, he will start going around to ask his friends to lend some money so that he win back the money that he lose. Over long times, he have a lot of debt which are unpaid and his friends start to dislike him & will try to avoid him at any cost. To make matters worse, even without any money left his will use his pencils, pen as a bet in gambling. He lost a lot of friends and money because of his habits. He still haven't even learn his lesson till he graduated from his school. Since then, i haven't heard any news regarding him afterwards.

    Bad habits can be very expensive to maintain. Never mind that they are annoying to others. Do not think about the pain you cause yourself, if you do not want to. Just remember that your bad habits are hitting you in your wallet where it hurts. Gambling is a matter of choice. Pick your choice wisely and break your bad spending habit now.


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