You might have heard this one before – don’t bet more than you can afford to lose. It’s good advice, and it’s also bad advice. It’s bad advice because you could end up losing a lot of money if you don’t know how to gamble. It’s good advice because you have a safety net.
Don’t Bet too Much
It is highly recommended to always set a limit for how much you’re willing to bet and stick to it. Keep in mind that what you’re willing to bet might change depending on your financial situation. If you’re in debt, for example, you might be willing to lose only a small amount of money to get out of debt.
Know when to Stop
If you don’t bet enough to lose what you have, you can always stop.
You shouldn’t bet more than you can afford to lose because then you could end up in debt, which would be very unfortunate.