"Do as I say ..." [Chapter 6]: Gambling with the Rent

This is one of the biggest no-no’s of being a serious poker player. The reasons for this are myriad. The first and most obvious is that if you lose, you’ll either get evicted or have to borrow money somewhere. From what I’ve heard, getting evicted sucks. And if you do end up borrowing, you’re probably going to have to lie as well so you don’t have to admit to your family/friends that you lost the rent money gambling.

Second, you are more likely to lose than you normally would be, because typically the consequences of a loss will hang over your head the whole session. This will cause 99% of players to either A) play too conservatively in order to avoid big losses, or B) play too loosely in order to make a big score in a hurry. Either way you’re not playing your best poker.

Third, gambling with money that you need to pay other obligations is a major indicator of addiction. It suggests a lack of self-control, and that gambling has gone beyond recreation or profession and has become compulsive. Once you begin to ignore your financial obligations just to satiate an internal drive, you have lost touch with reason, and may need professional help.

I don’t consider myself above this rule. In fact, out of all the poker axioms that I have passed on to you (bankroll management, not letting it get personal, etc.), this is the only one I have never violated … until now.

However, my situation was a little different than most. Generally, the rule is meant to caution people against deliberately waiting to pay their bills and instead trying to make some returns on the money first. In my case, I was actually about $150 short on what I needed. So for me, losing what I gambled with would not have been much worse than not playing at all – either way, I wouldn’t have had enough. It was a lose-lose situation. But if I played, at least I would have a chance to pay things off. And I decided it was worth a try.

Nevertheless, I was reminded of the rule. Had I lost and ended up borrowing money, it would have been easier to borrow $150 than $300. I took a risk, and it worked out for me. I earned what I needed, plus a little extra. But by no means do I ever want to be backed into a corner like that again … it’s just not a good feeling.

This is just advice … you can take it or leave it. Any pro will tell you not to risk money that isn’t unencumbered, and I would agree with them wholeheartedly. If you are a compulsive gambler and are going to play regardless, try to manage your bankroll so that the need to play doesn’t infringe upon your other liabilities. Your quality of life, and overall happiness will be exponentially better.

So like always, Do as I say, not as I do …