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If you must play, decide upon three things at the start: the rules of the game, the stakes, and the quitting time. Chinese Proverb
Protect Yourself
The most obvious thing to protect yourself from gambling addiction is to never gamble, don't marry someone who might gamble, give birth to someone who might gamble, be born into a family where someone might gamble, befriend someone who might gamble, work for or with someone who might gamble, hire someone who might gamble or join an organization where someone might gamble.
Simple? The reality is that we all know someone who gambles, we may even gamble ourselves, but we also know someone who is a problem or compulsive gambler. Until a recreational gambler transitions into a problem or compulsive gambler, it all seems like fun and games. Harmless fun, like riding a motorcycle or going to the amusement park. However, no one knows who or when a gambler will sink into the abyss of compulsive gambling, it can happen swiftly and the aftermath is usually tragic and significant. So if you or a family member gambles, you need to take precautions to prevent the financial devastation that can and does occur with gambling addiction.
1. Understand the signs of problem and compulsive gambling. At the first sign that you or a loved one has a problem, seek help. The gambling addict will only stop gambling when he no longer has access to money. Signs of a Problem
2. If you or a loved one gambles, protect your finances. Financial Protections
3. Never take an ATM, credit card or a checkbook into a casino. Do not rely on leaving them in the car. LEAVE THEM AT HOME. If you or a loved one must gamble, then only take the CASH that you can afford to lose.
4. Take a watch and check it frequently. There is a reason that casinos do not have clocks, they understand that if you lose track of time you are likely to spend more money than you intended. Set a time limit and stick to it whether you are winning or losing.
5. Understand the casino comp system. Casino comps are the casino's way of getting you to come back. The casino determines the type and number of comps based on your history of gambling. THEY ARE NOT FREE. In order to earn comps, you have to gamble. When you gamble, odds are that you will spend more than you win. The casinos are only giving you back a portion of what you have LOST already in hopes that you return and lose more.
6. Never gamble alone. Take someone with you. Let them know how much you intend to gamble and how much time you intend to stay. Leave when your limits are reached, NO MATTER WHAT.
7. Write down what you have spent gambling. Most gamblers quickly forget about the losses. If you keep track of what you are spending it is much easier to see that in the long run gambling is a lousy investment. This also allows you to keep track of losses so that in the event of a big win you can offset the tax consequences with your losses. Usually, whatever wins you have don't amount to more than you have lost, but if you cannot prove your losses, you will end up paying taxes on your winnings even though you probably lost more than you won.
8. If you ever win big, STOP GAMBLING IMMEDIATELY. One of the worst things that can happen to a gambler is to win big. Most gamblers, who win big, spend their winnings trying to win even more. If you are lucky enough to beat the odds once, don't test your luck. We have all heard stories about "lucky" gamblers who keep winning, what they don't tell you is how much they have spent before and after winning. It is rare to find a gambler who has won more than he has lost, it may even be impossible.
9. If someone approaches you and expresses concern about the amount of time or money you are spending gambling, LISTEN. Generally, friends, coworkers and even family members try to ignore troublesome behaviors. If they have become so concerned that they are questioning you directly, there is a problem.
10. NEVER, EVER, EVER BORROW MONEY TO GAMBLE. If you are gambling enough to even consider borrowing money to gamble or pay off gambling debts, you have a problem.
11. Understand that once you are in debt, gambling is only going to get you further in debt. No one has ever won it all back, paid off all of their debt and quit gambling. It doesn't happen. It is not going to happen for you. Your family will be much less disappointed and angry with you if you just confess, get some treatment and move on with your life than if you further devastate them financially trying to win it back.
Copyright 2007
All materials remain the property of the author
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