Managing Money

> Conventional wisdom demands that some
> portion of ALL winnings need to be removed
> from the game to ensure the long term
> ability to continue playing.

> Does anyone participating in this forum know
> of any expert gamblers money management
> books or other materials that detail how to
> effectively play the statistical odds and
> remove the correct amount of winnings at the
> correct time?

Yep. It's called The Richest Man In Babylon...

"A part of all you earn is yours to keep. It should be not less than a tenth no matter how little you earn. It can be as much more as you can afford. Pay yourself first."

"I advise that you take the wisdom of Algamish and say to yourselves, 'A part of all I earn is mine to keep.' Say it in the morning when you first arise. Say it at noon. Say it at night. Say it each hour of every day. Say it to yourself until the words stand out like letters of fire across the sky.

"Impress yourself with the idea. Fill yourself with the thought. Then take whatever portion seems wise. Let it be not less than one-tenth and lay it by. Arrange your other expenditures to do this if necessary. But lay by that portion first. Soon you will realize what a rich feeling it is to own a treasure upon which you alone have claim. As it grows it will stimulate you. A new joy of life will thrill you. Greater efforts will come to you to earn more. For of your increased earnings, will not the same percentage also be yours to keep?

"Insure an income for thy future. Look thou at the aged and forget not that in the days to come though also will be numbered among them. Therefore invest thy treasure with greatest caution that it be not lost. Usurious rates of return are deceitful sirens that sing but to lure the unwary upon the rocks of loss and remorse.

"Counsel with wise men. Seek the advice of men whose daily work is handling money. Let them save you from such error as I myself made in entrusting my money to the judgment of Azmur, the brickmaker. A small return and a safe one is far more desirable than risk.

"Enjoy life while you are here. Do not overstrain or try to save too much. If one-tenth of all you earn is as much as you can comfortably keep, be content to keep this portion. Live otherwise according to your income and let not yourself get niggardly and afraid to spend. Life is good and life is rich with things worthwhile and things to enjoy."

The Five Laws Of Gold

• Gold cometh gladly and in increasing quantity to any man who will put by not less than one-tenth of his earnings to create an estate for his future and that of his family.
  
• Gold laboreth diligently and contentedly for the wise owner who finds for it profitable employment, multiplying even as the flocks of the field.
  
• Gld clingeth to the protection of the cautious owner who invests it under the advice of men wise in is handling.
  
• Gold slippeth away from the man who invests it in businesses or purposes with which he is not familiar or which are not approved by those skilled in its keep.
  
• Gold flees the man who would force it to impossible earnings or who followeth the alluring advice of tricksters and schemers or who trusts it to his own inexperience and romantic desires in investment.

Forget not the rich men of Ninevah who would take no chance of losing their principal or tying it up in unprofitable investments.

Gold wisely lent may even double itself with its earnings before a man like you groweth old. If you risk losing it you risk losing all it would earn as well.

Therefore, be not swayed by the fantastic plans of impractical men who think they see ways to force thy gold to make earnings unusually large. Such plans are the creations of dreamers unskilled in the safe and dependable laws of trade. Be conservative in what thou expect it to earn that thou mayest keep and enjoy thy treasure. To hire it out with the promise of usurious returns is to invite loss.

Seek to associate thyself with men and enterprises whose success is established that thy treasure may earn liberally under their skillful use and be guarded safely by their wisdom and exerience.

Better A Little Caution Than A Great Regret

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