Thursday, June 02, 2011

Know When To Fold 'em!

Someone recently emailed me a link to a video about Burt Goldman "the 84-year old man who jumps universes." Usually I just delete something like that, but I arrived at work way early, so I clicked on the link to watch.

Very interesting, but I did pick up on one fatal philosophical flaw in the presentation: there's a segment in the video where Goldman talks about NOT selling his artwork (one imparticular piece could go for $12,000 today): his reasoning is that his own kids will be able to someday sell the prints and have enough money to be able to "put their kids through ten colleges." No, no, NO!

I learned a lesson at the casino in Atlantic City. When you are playing games (gambling), and let's say you put a $5 bill in a video slot and in a few spins you are up to $12 or $20 - two words here to remember - "CASH OUT." Cash out, because "just one more spin" could easily lead to a reversal of luck, and that samll increase gone in a few flashes.

I encountered an elderly lady who mastered the technique at the Saratoga Racino. She was playing one of the penny video slots and had a fistful of cashier's tickets. I noticed she'd put a dollar or two into the machine, play a little, and when her balance had increased to $3 or more she would automatically "cash out." Using that method she turned about $25 into about $75 - and when her friends came along with an "it's time to go" message, she had a 60 cent balance on the machine she was sitting at, so she upped her bet to 40 cents, hit the spin button, and the wheels matched up just right: winning $11.59 on that spin! And yes, she immediately "cashed out."

The lesson here: don't hold out, don't wait, don't resist the temptation to continue speculation. If an offer comes along in your life that will bring you up financially (and you're not signing your life or any rights you'd regret signing away later) - CASH OUT!

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