Knowing When to Walk Away When You Are Ahead
Trying to make money fast is always something people think about. There are a ton of get rich quick schemes out there and some are great and some are not. Knowing when to walk away from stocks, the poker table, and property is an important thing to know. Those more fortunate with money don’t get rich by throwing their money away on stupid things; they do by making good investment choices and researching their investments prior to spending money on them.
Knowing when to buy and sell stocks can be tough if you are an average Joe. You think you know good companies to invest in by reading the daily reports and buying into them when the price is low thus hoping to sell them when the price is high but that’s not all you should consider. You need to think about how much you’re willing to invest today, basically lose today and then how long you can go without that money. Stock prices might plummet past the point you bought them, so you need hold on to them longer, if you have waited months for the stock price to go back up its time to sell just above the breakeven point. Don’t worry about what might become of that stock and get your money back.
Getting more than your investment back is the point of gambling, and casino gambling is a great way to make quick money. Obviously this isn’t for everyone and it takes time, of course you have to bet a lot to make a lot but it could be worth it in the end. Sitting a poker table with only $100 won’t get you rich, but betting $100 on one number at the roulette table and hoping it hits will give you a good amount of money to start your night off with. Try to win big in the beginning of the night so then you have more money to play with the rest of the night, if you’re not lucky then try again, but once more. If you are out way more than you wanted to spend, it’s time to walk away or you could go deeper in the hole.
Don’t be greedy and only bet what you can afford to lose, and not everyone has the will power to do that. It’s hard to lose money when making investments, whether its stocks, property, or casino games, knowing when to walk away is better for your wallet.