Episode 70: Gambling & Financial Discipline

“Habits are what creates success and habits are also what creates failure” – John

“1. Im not into it, 2. Im not good at it. 3. its only caused hardships for me, indirectly. I would rather just buy shit” – Cory

“90% of lottery winners go broke within 4 years.” – John

“Money doesn’t change your habits. If you get a bunch of money and your habits suck, it all goes away.” – Cory

“Simplify your life and focus on how to better it, not potentially damage it.” – John

“Instead of putting money on a number or a game, bet on you.” – Cory

EPISODE 70 INDEX:

  • Welcome Back: 00:30
  • Gambling Is Everywhere/Early Experiences With Gambling: 2:30
  • Using Gambling As A Source of Hope: 7:30
  • Strategies For Gambling Safely: 16:30
  • Bingo IS Gambling: 20:30
  • 17 Year Old John Fosco Gets Back At The Gambling Industry: 23:27
  • Cory’s Positive Experience From People Winning The Lottery: 27:00
  • Financial Discipline: 30:40
  • Gambling Advice From Cory and John: 32:40
  • John Butts In On Ronda Rousey’s Romantic Moment: 37:40
  • The Enormity of ACL Music Festival: 40:30
  • Closing Remarks: 52:30 

 

KEY TAKEAWAYS FROM EPISODE 70

When sports networks constantly talk about the betting lines it embeds the idea of betting into your mind. The nomenclature becomes a part of how the viewer looks at sports. Especially for young kids who follow sports just as closely if not more closely than adults. It sets the seed for forming a habit and as we know, habits set you up for success but they can also set you up for failure. Something that draws people into the gambling culture and this is the same thing that can make it dangerous, people who may be down on their luck so to speak, gain hope from playing the lottery or gambling. They may feel it is their only chance to get out of whatever negative situation they are in. This attitude is more prominent in lower income areas. Many, certainly not all, but many in these situations believe that there is no way out of their circumstance. Therefore they go toward gambling, something that could possibly help but is far more likely to dig them into a deeper hole. Gambling makes people feel something, like a drug. They get the adrenaline rush and become addicted to it.

A good attitude to take toward gambling if you choose to partake is get the chips for whatever you are willing to lose as a price for the fun of playing. That way if you lose a couple hundred dollars over the span of two or three hours you can still walk away happy because you had fun. If you wind up winning some money that is great but if you lose the money you allotted, you can walk away without remorse. People can create an atmosphere that is fake by putting money on sporting events. It makes every play the most important play of the game. You give yourself three hours of excitement but if you don’t bet on the next game you will not have the experience that you did on the first. This is where gambling becomes like a drug because people become dependent on it as their source of entertainment. Your high runs out if you stop betting. This is not to say you cannot gamble safely. It is imperative to have self awareness and recognize if you are able to stop yourself when you are ahead or have lost your allotted amount. Gambling, like drinking alcohol can be a slippery slope. Especially for those with a predisposition toward risk taking behaviors. So you must know yourself before you put money on the table.

So many institutions condone gambling and it is cleverly disguised as activities most of society would not think of when deliberating on the gambling issue. The lottery is certainly a form of gambling supported by the state and CHURCH BINGO is without a doubt gambling and can be dangerous to a low income household. Isn’t it more fun to just buy nice shit when you make some extra money? Or invest it to make more money? Rather than just losing the money and then kicking yourself for it in the end.

When Cory was starting Old School Gym and did not have much money, one of his clients won 28 million in the lottery and would help the gym purchase new equipment when it was needed. In addition, she and her husband paid for a year’s worth of training sessions up front. This worked as real game changer for Cory because he now had some cash on hand to invest in his business and operate on a different level. It is pretty crazy how stuff came full circle for Cory. The lottery was a source of stress during his childhood and then it wound up helping to fund one of his first businesses. Crazy how life works.

People go broke when they win the lottery because so many people who play the lottery do not have financial discipline to begin with and then when they win, the discipline to manage that kind of money is not there. Because the money was not necessarily earned, they never accrued the skills necessary to grow or even keep the wealth and this is the downfall of so many lottery winners. The money doesn’t change your habits. If your habits are poor then the money will go away.

John says personality plays a large roll in making the decision to gamble. There is no one who he knows that is living a better life because they have wagered money on sports, cards etc. Though he does know many who have had horrible experiences so his advice is to STAY AWAY from everything that involves wagering because if you do have the genetic predisposition you are in for a world of pain. Cory agrees and also believes that gambling is such a slippery slope and you can get wrapped up in it so fast that you don’t even realize it is happening. It is just not worth the risk. You never want to engage in something that could potentially detract from what you are ultimately working towards. It will ultimately tear apart your life if it grabs you. Instead of putting money on a number or a game, bet on you.

While backstage at the Red Hot Chili Peppers, the Max Effort Mafia entered into a conversation about their beginnings with Flea from Red Hot Chili Peppers. As they talk they realize that everyone standing in that group has been able to make a living from their passion. When it is your passion you cannot fake it. It is literally who you are and it can save your life and allow you to thrive because we are who we are. You can get wrapped up in what other people want you to be but that will not get you anywhere.

THE PODCAST CAN’T BE STOPPED!!

 

 

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