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What are we going to do if we go broke?

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Loaning money (21):

Risks:
Am i going to die, before paying back?
Will he die, before paying back?

Other important:
How well can I demo the repayment plan to the lender?

Change?

J♣:


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6 replies
Moderator
SDK1987
Joined: 12.11.2008

The best way is to try to don’t get in this situation in the first place.
If you spend more money in the month, then your income you are asking for trouble.

Cheers,
SDK1987


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Do you think we have other options than:

Job.
Freerolls.
A loan.
Social services.

K♥:


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Mmm..

Sounds you never been really broken.

You know these cards? K♣: K♦: K♥: K♠:
There are people who serve and people who serve.

It is all about faith.

Can you make more clear, why loaning money is propably worst opnion?

:Jx:


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jonny1971
Joined: 04.01.2017

Eazy start working to you get bankroll again


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Super Moderator
VorpalF2F
Joined: 02.09.2010

Originally posted by pahismail
Sounds you never been really broken.

You know these cards? K♣: K♦: K♥: K♠:
There are people who serve and people who serve.

It is all about faith.

Can you make more clear, why loaning money is propably worst opnion?

:Jx:
Well, I don't know if jonny1971 has ever been truly broke (in the sense of no money at all -- not just no poker money left)
I came very close to bankruptcy once. I moved to a new town, and had no job there. I expected one, but if fell through.

There I was, rent paid for one month, and I owed $3000 total, to two credit card companies, and a friend.
At the bank, I had a line of credit, that I intended to use to pay off the credit cards, but since I had no job, and had recently moved, the bank cancelled it.

Over the next several years, with part-time, then full-time jobs (often several at once) I got out of debt, then saved enough to buy a house.

How did I get into this mess?
It all started when I borrowed money on the credit card for car insurance.
Then the company I was working for closed business. I was living in Vancouver, which even then was one of the most expensive cities to live in. Unable to afford rent, I borrowed still more to make the move I mentioned earlier.

Now the lesson:
Borrow money only for such things as have lasting value.
"Lasting value" here means that the value of what you spend the money on will still exist when the loan is paid off.
It might makes sense to borrow money for things like cars, houses and investments.
It does not make sense to borrow to buy groceries, or gas -- or any consumable.

Borrowing money to play games is the worst of all because if you lose the game, you have no money, and no way to get more.

If a person is repeatedly borrowing money to play games, they have a problem -- possibly a severe one.

Throughout PokerStrategy.com there are articles on bankroll management.
Your poker bankroll should be some amount of money that you don't care if you lose

All the best,
VS


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