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7 poker lessons for personal finance (first three anyway)

Here’s a summary of a little article I found online that I thought was interesting. These tips are really good for life in general as well as how to keep tabs on your Benjamins. And with the sheer buck nutty insanity that is our economy right now, everybody can use all the help they can get.

Lesson 1 – Have Patience

Just like you don’t want to go calling the big blind with any two cards just to be in the game, you also don’t want to fly headlong into the market. Be patient. Study the playing field just like you would the other players at the table and make your move when you’re sure your position is strong and can get maximum return on your investment.

Lesson 2 – Stack Management

Just like you need to be aware of the relative value of your stack on the table, you also need to make sure you are aware of your personal holdings. You can only go bandying about money you can afford in either the stock market or the poker table. You can’t risk the rent money, even on a calculated gamble

Lesson 3 – Learn from your mistakes

Seems obvious enough but many people don’t do it. I don’t know how many times I see people stay in with a rag ace only to get beat on a subsequent round. And not just once, they do it over and over again. Why, because it pans out once in a while so they don’t think about all the times they lost with it. Same thing with your personal expenses. Don’t make the same mistakes over and over again. Pay attention, crunch the numbers, and see what’s really paying off.

Check out the rest of the list on Sunday.

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