In gambling, the golden rule for asset protection is knowing when to walk away from the table in order to minimize potential losses. All the evidence in the world tells us that taking chips off the table in good times is the best recipe for avoiding bad times. But many cannot help but gravitate towards risk.
It’s a story as old as time. You spin the reels and lose, and then you spin again and again. Before you know it, you’re chasing your losses and depleting everything from retirement accounts to your children’s college tuition. If you’re having trouble playing it safe, check out our guide for a few tips and tricks on how to protect your assets.
Create a secondary bank account for gambling.
Most problem gamblers admit that their lives took a turn for the worse when they started supporting their habit with money set aside for rent, utility bills, or a family vacation. So if you’ve started tapping into your savings for your next game, you’re in trouble. That’s why you should have a separate bank account solely for gambling purposes. By depositing the amount of money you’re ready to lose into a separate account, you’re shielding your assets.
Ask people you trust to keep track of your money.
If you have trouble managing your cash, let your loved ones do it for you. Aside from money, you can also place other assets, such as property and vehicles, in someone else’s hands. If you find yourself struggling to make rational decisions and anxiously think about selling your assets, it’s probably a good idea to hand your house keys to your wife.
Don’t gamble alone.
Having a friend looking over your shoulder can be a game-changer. Two heads are better than one, and by having someone who knows that you’re easily tempted to cross the line standing beside you, you can make more rational decisions. A friend can help you decide when it’s time to stop and make the gambling experience more fun.
Set a bank account withdrawal limit.
If you or your loved ones notice the first signs and symptoms of compulsive gambling, it’s time to take action. Don’t wait, and make sure to set a bank account withdrawal limit and take control of the money you spend on bets. You can also enable the Gambling Block feature that many banks offer to prevent your card from being used for gambling transactions.
Uninstall banking apps from your phone.
If you get accustomed to placing your bets while you’re on the go, you’ll be more likely to kill time by gambling. Consider uninstalling all banking apps from your phone, and you won’t be tempted to withdraw your funds in just a few clicks. Also, deleting gambling apps is a big step towards controlling your urges to spend more than you initially wanted.
Let your friends and family know that they shouldn’t lend you money.
This is the hardest one. Very few problem gamblers are honest with themselves about their problem. Once they finally come to terms with their addiction, they typically reach out for professional help. When you realize you have a problem, you can let your family and friends know about it and tell them not to lend you money under any circumstances.
The published material expresses the position of the author, which may not coincide with the opinion of the editor.