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4 more personal financial lessons

Here is the rest of the list of personal financial lessons that can be learned from the great game of poker. What can’t it do?

Lesson 4 – Don’t Buy Into Appearances

People put up fronts at the poker table. Everyone knows that. Figuring out what exactly the front is may be more difficult if they are good at it. But don’t forget that people do it in life too. Keeping up with the Jones’s is a great way to put you in debt. How much do you think Mr. and Mrs. Jones owe on that new car? I’ll keep my used hatchback thank you and enjoy my credit score and peace of mind.

Lesson 5 – Don’t Go On Tilt

Getting a bad beat is hard to handle sometimes. No matter how cool you are, sometimes there is a hand that gets to you. The good players feel that way too but the difference is they don’t play under those conditions. Walk away from the table for a bit when you feel a tilt (which requires some self-awareness that only comes with paying attention to yourself). Same is true with your money off the felt. When something gets you down, don’t drown your sorrows with a spending spree you can’t afford. If your stocks lose value, don’t panic. Stay cool and make a dispassionate decision when your able.

Lesson 6 – Understand What the Other Person is Thinking.

In poker you try to read tells. Hiding your motives and trying to figure out the motives of others is the crux of the game. In a way, life is a lot like that too. We try to make the world around us predictable while keeping ourselves unpredictable. The trick is to become more conscious of that natural way of operating. Don’t let someone who may have an ulterior motive get away without you recognizing it.

Lesson 7 – It’s a Grind

Like any job, poker is a grind. Day in and day out you have to go to work just like the vast majority of other people. But if your doing something you love and its getting you by comfortably, you can appreciate it for that very reason. Enjoy life, becseu some people have to work their entire lives away just to survive and others make a ton of money, but hate what they do. My uncle always says, “I don’t have to go to work, I get to go to work.”

Hope these were helpful.

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