Comments on: Do you gamble?

By: Ned Sitz

Ned Sitz — Wed, 18 Aug 2010 22:35:56 +0000

This is an excellent blog here! I just bookmarked it. I have got a poker fan page over on Facebook. If you wanted to see: http://www.facebook.com/pages/Poker-Players-Only/136818223026737

By: FinancialBondage.org

FinancialBondage.org — Wed, 16 Jun 2010 22:24:41 +0000

I use to buy lotto tickets. Not anymore.

By: Bern

Bern — Fri, 04 Jun 2010 21:38:18 +0000

On the contrary…I was just saying that some people snicker at gambling but turn around and don’t realize they may be gambling with their retirement accounts.

You are correct, you can’t deduct gambling losses. On that same token, you can’t deduct losses in a 401k either.

By: dramon

dramon — Fri, 04 Jun 2010 16:14:04 +0000

Bern,

So you are saying you get better returns over the long haul gambling versus investing?

Gambling earnings are taxes as well and are reported to IRS if over a certain amount. ( you can deduct gambling losses from this)

By: Bern

Bern — Fri, 04 Jun 2010 12:36:26 +0000

The question is, are people gambling away their retirement with qualified retirement plans?

1. You can pick your investments like you can pick your games.
2. You can pick games, like your investments, that have a better chance at winning.
3. You have as much control over these investments and how they perform as you do on a roulette table.
3. The casino is designed for the house to win. The government can win big on your 401k when retirement is here: taxes.

Just some thoughts…

By: dramon

dramon — Thu, 03 Jun 2010 03:31:08 +0000

Over the long haul, the casino always wins. I agree that it is a form of entertainment and if you can afford it and treat it like that it is fine.

The only thing I do at casino’s is go to the buffet, which can be a good value as it is supported by gamblers.

By: Kevin

Kevin — Wed, 02 Jun 2010 12:51:30 +0000

The only people you hear about are the winners. It’s the people going broke because they don’t win are the silent majority.
I usually only play a game of poker every now and then with my friends, and maybe pick up a lottery ticket every now and then. I’m not too fond of losing so I choose not to try and lose by gambling a lot.