9 years ago investing131Jake

7 Ways To Get Rich Quick: The Gambler

The first way to get rich quick hides significant risks and requires hard work. The second way reduces the hard work in exchange to even higher risk. The third way we are going to discuss now. It is flexible enough and lets you trade risk for hard work or money for risk.

The Summary

Pick a gamble that you like, be consistent and eventually you’ll make the big hit. If you don’t want to rely entirely on luck, you can try sports betting or high risk trading. There is one big difference between the gambler’s way and the first two ways of getting rich quick. In the first two you either directly or indirectly provide value to the world. You are solving a big problem or helping someone else reach the people who need their solution. The gambler’s way is only about your riches – you don’t provide any value to the others. If you choose this way, leave with that and don’t pretend to be saving the world.

What Does It Take

It takes either a lot of luck, a lot of money or a lot of persistence – that’s why I wrote that you can trade hard work for risk or money. To make fortune by gambling you have to be lucky or to work hard in betting many times, calculating, following, keeping tracks etc. And finally, you can increase your chances for profit if you bet with large amounts (especially valid for sports betting where you can almost guarantee your winning by placing money in many combinations).

The Examples

The examples of people who became rich by gambling are everywhere. The examples of those who kept their wealth few years later are much less – not only because easy money is easy spent, but also because many of people who win the lottery don’t have any idea about business and investing.

If you approach gambling or betting professionally, your chances to keep your riches are better than those of the lottery winners.

The Downside

First downside is the risk. You may develop strategies and play for years and never win big. Worse, you may get attached to gambling and lose everything you have. There are many examples of such people.

There is another big downside of this approach that many don’t think about. With the “problem solver” or the “big deal” you are able to see real progress. If you work on a startup you will see how your product or service comes to completion step by step. If you are hunting for big deal, you’ll probably first make a progress by doing some smaller deals. With gambling your progress is not linear – sometimes you win, sometimes you lose. It’s hard to track some measurable progress which depresses a lot of gamblers who can’t win quickly.

How To Start

First ask yourself do you want to start at all. Gambling and betting can be a nice way to have some fun, but isn’t the best way to become rich. It’s not even a good way to become rich.