Take a loan to gamble?

[randyrohm]

I say yes. Only if its a 401K loan or a home equity loan and you know what you are doing and don't have to explain it. In 1995 I used my income tax refund and an advance on a cc to play offshore. Plenty of big bonuses and savy guys to follow. Never would want to get anybody in trouble, but money is out there if you read hlf these post.

 

[JimmyHoffa]

You're kidding right?

 

[PixWinns]

With all do respect to you.

Never, prefer to wait for my next paycheck then to take a loan.

Thanks,

 

[randyrohm]

I did say if you know what you r doing!!

 

[JimmyHoffa]

I know what I'm doing. I also know I wouldn't take a loan against my retirement or my home to gamble.

Think twice before taking a loan to gamble Randy.

 

[winkyduck]

Real simple here

ONLY gamble with money you are OK in losing. if you can't afford to lose it - don't bet it plain and simple

Gambling with money you don't have - because you KNOW this bet has NO chance of losing yet it does - is a GREAT way to lose "insignificant" things like your car, house, pride, family - and even your life

Taking a loan to gamble means only one thing:

You have a gambling problem and need to go to "G.A." NOW!

 

[RPM]

Randy,

if you look at it as an investment, what % of the money will you have to win to justify the loan? the loan will probably be at around 7%...

 

[cincy_]

I say yes. Only if its a 401K loan or a home equity loan and you know what you are doing and don't have to explain it. In 1995 I used my income tax refund and an advance on a cc to play offshore. Plenty of big bonuses and savy guys to follow. Never would want to get anybody in trouble, but money is out there if you read hlf these post.

I didn't take a loan, but I did run up the CC - and it was the worst thing I have ever done in gambling.

 

[-Slim-]

if you "know what you are doing" how come you dont have the money already?

taking a loan to wager is the absolute worst thing you can do.

 

[Dante]

You're kidding right?

I hope he is if you taking LOANS to gamble please seek help from GA or someone:sad3:

 

[indysports]

come on guys, you are all piling on randyrohn like you have never hit the credit card or used "extra money" in your bank account to pay for gambling. Now I would never hit the 401k but everybody rolls through hard times and sometimes hitting the hip for a little extra to get through the dry times does benefit in the long run.... you guys are saying you have never paid a bill with money you won gambling ... come on guys

 

[-Slim-]

indy, taking a loan to gamble would be a big mistake for randyrohm, even if he makes a million bucks out of it.

it would be irresponsible to tell him otherwise. if anything the forum is trying to help him out

 

[Dante]

come on guys, you are all piling on randyrohn like you have never hit the credit card or used "extra money" in your bank account to pay for gambling. Now I would never hit the 401k but everybody rolls through hard times and sometimes hitting the hip for a little extra to get through the dry times does benefit in the long run.... you guys are saying you have never paid a bill with money you won gambling ... come on guys

Indy not piling on ..and maybe im a rarity but the thought of borrowing money from my CC to gamble never crossed my mind sir....I just think its not a good idea

 

[viking611]

My first ever deposit was from a credit card.

 

[PSA10]

If, and I mean this is a big IF........


If a loan must be taken, do it in the form of a home equity loan - at least that way you can deduct the interest on your tax return......

 

[Omni]

Vig is beatable. Vig + interest on a loan? That's a hell of a mountain to climb. Just think of the % you'd now need to hit.

 

[tatehill2000]

Thats a good plan,,,, the BIGGER the loan the BETTER,,,, Deduct the Interest from your taxes,,,

in 10 years you will have a million $$

lol
tater