After an error which was costly to the tune of the figures your discussing here. I would re-echo the sentiment "don't play with more than you can afford to lose". I was able to handle the loss, I wouldn't imagine a student would be able to afford to lose their student loan.
Originally Posted by etherz
A wise man told me don't argue with fools, cos people from a distance can't tell who is who ~ Jay Z
Not such a bad idea IMHO, because, after all, MBing is NOT risk free. Thus, one had better not risk money one could not afford to lose.
Not quite the issue in this case is it as the guy has only taken a 1k loan (so therefore only needs 1k) but could have had a 3k loan at virtually no interest and to be repaid as a percentage of his income - so taking a very callus view he could afford to 'lose' 2k if things went tits up.
Originally Posted by Super_Dash
Its an interesting question though - when does it become acceptable to risk large amounts of your own money for what should be a locked in gain.
I look at the bets I routinely put on now risking several k either at an exchange or dutching books and wonder at what point I became comfortable with it - was it before or after I had 'made' that much cash (and so could afford to lose it in theory) from advantage play?
From a sheer numbers point of view it would make sense to invest the proceeds of an interest free loan into this - particularly one where repayments are years down the line.
***note I am not suggesting that students who need their loan to actually live off follow this approach***
As others have beaten me to it, never, ever, borrow money from anyone under any circumstances to gamble with. This includes student loans.
Originally Posted by etherz
Anyone with a bit of a head on their shoulders wouldnt ever need to anyway, you can start with £100 or so and in a matter of weeks be at £1k+. As long as you are sensible and re-invest all winnings your float will just grow and when it is at a few £k+ start to consider taking some profits. I think that is one of the biggest and most common reason people dont make more from gambling, they spend the profits too quickly/early which will cripple you from then on and it is very hard to ever recover. But still DONT borrow money to gamble with.
Have a plan and stick to it
this is pretty much what i did anyway. my bank is almost pushing the £2000 mark and i only started with £50 of my own money and similar amount for yourself andy, good old RAF. Yes there was a time when my bank was all tied up but I dont think this will be a problem very often and I dont plan on taking any money out anytime soon until I actually need it so my bank is only going to increase.
Originally Posted by Andy
on another note, still waiting for the bonus from globet and bwin casino SUB these ARE taking time and therefore ARE tying up my bank for no good reason! hope they get a move on soon.
I'll have to say whilst I fully support the statement "don't play with more than you can afford to lose", I'd definitely recommend reconsidering the student loan, particularly as the interest rates are so low now that for a student it makes a lot of sense to have that extra money. I wouldn't suggest investing that money into MBing/BBing, but instead keeping the money separate for personal usage. Not only does it give extra financial security in such troubled times, but it also means he can keep reinvesting his profits into his float and let that grow even further, tying into Andy's post above.
A final point worth making, and something which has been discussed on this board before is what happens if/when these offers run out? Seems like a bit of a stretch, but stranger things have happened. Should you no longer be able to rely on advantage play for your income, what happens then? Just my 2 cents, but as always the final decision rests with the person making it
If I was still a student (finished a year ago), I'd be snapping up everything I was entitled to. It'd be such a wasted opportunity not to.
As for the interest rate of the loan: is it really 0.5% a year, including inflation? If so then why don't you loan as much as possible and invest the money by opening a deposit account. In my country, deposit interest rates are circa 5%, so you would be gaining extra 4.5% a year. Of £3000, that's £135 a year.
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