What Useful Lessons Casinos can Teach Us About Money

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Casinos. These places of glitter, with attractive ladies and sharp dressed gentlemen playing roulette or table games while listening to smooth jazz and sipping on a cocktail. Most of you probably consider casinos to be a place where the gentry (a traditional word for a social class just below nobility, but with their pockets stuffed) goes to lose fabulous amounts of money each night. And sometimes most of you are true. But casinos can also be an unexpected source for financial discipline – let me show you how.

1. Read the fine print

The first thing a casino can teach you is to always look behind appearances. Let’s take an example – the All Slots Casino.

The All Slots will offer its new players an amazing welcome bonus: $1,600 to start playing with. Sounds good? Well, it is – but it also comes with a price. The All Slots terms and conditions – which the casino requires its new players to read and understand before they accept them – state that all players need to play through their bonus amount 30 times before it gets transferred into their cash balance. The requirements are not hard to complete, though – sometimes it can be done in a matter of hours.

Just like in the case of a casino, you should always look behind any offer you get if it seems “too good to be true”. This applies to everything from loan offers to social games – there’s always a fine print to be read.

2. Impulse shopping is bad

The All Slots offers its players the possibility to cap their daily, weekly or monthly deposits to a certain amount. This way they can avoid spending more than they can afford under the influence of a winning (or losing) streak. These limits can be changed, of course, but the casino requires the players to wait for at least 24 hours before changing them – thus giving them time to reconsider. Needless to say, most of them will change their minds, not their deposit limits, after they give it a bit of though.

When you are on a budget, you usually can’t afford to make random purchases on an impulse. When you see the perfect blouse at the shop, and feel like you “must have it”, give it 24 hours. If you still really want it, buy it – but not before giving it a good amount of thought.

3. Take the safest risks

This is a lesson you can learn from casino players rather than the casinos themselves: choose the games that will offer you the most returns with the lowest risk. Sometimes players feel like placing all their cash on black 26 at the roulette table – but this almost inevitably leads to losing all of it. Instead, most players will go with a safer bet – like red or black – or a safer game altogether – like blackjack.

The lesson we can learn from here is not to take unnecessary risks. While the promised return might sound great, the risks might also be too high to take. It’s better to grow your bank account balance slowly and steadily than hoping for a huge return – and ending up with nothing.