Logicless Logic

financial advice.

went to cousins house to gamble. most frown upon gambling as a vice. but lets take a look at the educational side of gambling. lets use the familiar blackjack as the game.

firstly, i started off with NO MONEY. i borrowed say $10 from my cousins thick stack of $2 notes. this is the small scale version of an entrepreneur borrowing from a bank as capital to start a business which in my case, is gambling. but realistically it might be a food business etc.

secondly comes the risk taking. all entrepreneurs have to take risks. in my case, i had 4 cards with a total of 16 points. to open or not to open? as everyone should know, opening 5 cards means you win double or you pay the banker double. if i do not open i will have a slim chance of winning if the banker "bursts". however if i open, the card must be 5 or less. thus a calculated risk is required. ever being the risk taker i took one more card - and it paid off. however this might not always be the case. in another round i has 13 points with 4 cards. i was forced to take 1 more. i opened the last card and it was a 9. lost double. such is the risk-taking activity involved in entrepreneurship. take a risk and either win more or lose more. and sometimes one may not have a choice. which brings me to the topic of luck.

nothing goes as planned. you might know how to take the best risks and have the best business brains. if you are unlucky, all that counts for nuts. at best it will help to reduce losses. such is the importance of luck in the art of gambling and business. an example would be a friend who is really good in risk-taking. he has a pretty good hand. a 8 and a 3 to make 11. to get a 10 would be the highest probability since there are 24 aces, kings, queens, jacks and 10s in total in a deck of 52 cards. but he draws a card. its a 2. he has no choice but to draw again. then comes the 10. tough luck but thats the way it is. don't gamble you might say. but its the same with business. deals may or may not come your way and even if they do might come at the wrong time. in fact business IS a form of gambling. you make profits or losses. in short, pray that lady luck shines on you.

fourthly is the paying off. it is a good practice to pay off debts once you lose instead of owing them to you debtors. owing is a bad habit that leads to the thriving loanshark business. similarly in a business, pay your debts before you become really screwed. if you pay your debts on time, people will help you again. if not, the 20th floor of a hdb flat should be high enough to cause death.



lastly, when you start to make profits, return the loan to the bank. use the profits. like the way i put $10 back to the thick stack of $2 when i won abt $18, leaving $8 for me to continue with the "business". similarly in a business, when you make say $880000, return the $500000 borrowed.

unleash the entrepreneur in you. happy gambling! don't just leave it for chinese new year. good luck! mahjong might or might not be covered in future posts.

justin.

posted by justin @ 9:09 PM