fbpx
U

Financial Lessons Learned in Vegas

November 15, 2013

Brian and Bo share funny stories and financial lessons learned from their recent trip to Las Vegas. They cover everything from playing the odds to knowing how to get free and discounted incentives. If you’re planning a trip or vacation in the near future this show is a must listen. Check below the show notes for a list of links to topics from this podcast like celebrity gamblers and the wizard of odds.

Brian’s Trip Tips:

  • Be disciplined with your budget and time management. Have a daily limit and stick to it, the last thing you want to do is end up broke after the first day.
  • Bring simple back. If you don’t know or understand what the rules of the game are, ask someone, find out the odds and figure out how you are going to bet or wager. It’s the same with investing, know what you are invested in and why, it’s not rocket science, so try to keep your strategy simple.
  • Do your homework and research prior to game time. Have a plan of action; know how you are going to utilize your money. The same ties in with your financial life, if you are going to have a plan for 3-5 days in Vegas, why not have a 3-5 year plan for your financial future.
  • Know your risk tolerance and gambling personality.
    • Safety player: Knows that the cost of gambling is paying for the entertainment that you are receiving in exchange for your money.
    • System player: Someone who looks for a statistical advantage in gambling. Most of the time you don’t have to bet to have a good time. If you are going with a group of people, watching them betting is often more fun than betting yourself.
    • Wild man: These are the people that are gambling for the emotional side of the game. It’s not uncommon for this personality to bet large sums of money.
  • You don’t always have to swing for the fences. Know when to take a single for the win. You got to know when to hold them, know when to fold them.

Bo’s Trip Tips:

  • Don’t bet against the house. The big beautiful buildings in the middle of the desert weren’t afforded by having the odds against the casino.
  • Be careful listening to the suckers around you. Someone is always willing to tell you how they have figured the whole thing out. Make sure you are taking advice from those that you trust and who practice what they preach.
  • Be careful letting good money chase bad money. If you have lost money don’t try to chase down the loss, most of the time you will end up losing even more money.

The Money-Guys Traveling Tips:

  • Try to travel with people who travel a lot, you can benefit from their incentives.
  • Registering for memberships to hotels and other destination locations can earn major discounts.
  • Often times comps are not in the form of cash, but playing cheap games or strategically being a part of an event can earn you free incentives.
  • You can find lesser known casinos that will offer discounted food and drinks just to get you in the door.
  • Pick up as much free memorabilia as possible. The guys went to the SEMA car show, if you plan to visit Vegas getting away from the casinos can be rewarding.
  • Research all of the rules or sites-to-see before you travel. This goes back to doing research and having a plan. Do not travel blind, you can save yourself a ton of money by researching and having a game plan prior to arriving at your destination.

Brian’s Black Friday Shopping Tips:

  • Download shopping apps.
  • Check out the ads, your local newspaper can be a great resource.
  • Do your research before black Friday.
  • Compare prices, we like pricegrabber.com.
  • Look for early bird shopper discounts.
  • Beat the crowd with night owl discounts.
  • Bring ads with you to the stores. Try to get stores to do price matches so that you can limit the amount of places that you have to visit.
  • Know the store policies. Pay attention to the fine print and know the amount of time you have to return an item.
  • “Charging it” can pay off. If you can limit and control your credit card debt this method can pay off. A lot of credit companies will reward you for making purchases on your card with extended warranties and cash back.

Links from this podcast

Top ten celebrity gamblers

The Wizard of Odds

Best Bargains on Black Friday

Most Recent Episodes

Dave Ramsey vs. The Money Guy: Which Strategy is The Best?

Dave Ramsey has an incredible legacy of helping folks get out of debt and take control of their financial lives. We agree on a lot of things, but there are a few points of contrast. In this episode, we’ll discuss differences between The Money Guy Show and Dave Ramsey...

Top 4 Financial Mistakes We Saw This Year! (2022)

We saw some wild financial mistakes this year during the bear market. From making extreme changes to portfolio allocation, chasing the hot dot, and using too much leverage, we’ll talk about some of the biggest financial mistakes we saw in 2022 in this episode.   In...

How Millionaires Build Wealth! (With Dave Ramsey)

Join us for a very special episode as we welcome personal finance radio host and influencer Dave Ramsey to The Money Guy Show! There’s so much misinformation out there about building wealth. We had the pleasure of having a great conversation about how millionaires...

Do These 4 Things with Your Finances BEFORE 2023!

There are unique financial opportunities available at the end of the year - especially this year with the market down. In this episode, we’ll talk about what you need to do with your money BEFORE 2023! In this episode, you'll learn: What you need to do with your money...

How to Win When the Financial World is Burning!

Lately it’s felt like the financial world is in chaos, with rising interest rates, a falling stock market, and high inflation. Let’s talk about how to focus on what you can control and how to minimize the time spent worrying about what you can’t control. In this...

Financial Advisors React to RIDICULOUS Money Advice on TikTok!

The most powerful time to get serious about building wealth is when you’re young. So, what is the younger generation learning? Financial Advice (good and bad) is being produced in massive rates across online platforms and TikTok is the new frontier. Is there good...

Loss Harvesting: Why Wealthy People Love It (And You Should Too!)

Tax-loss harvesting: what is it and should you be doing it? In this episode, we’ll cover everything you need to know about tax-loss harvesting, including whether it makes sense for you, how much it could save you in taxes, and how to eliminate the downside of loss...

The Market is Crashing! (Where Should You Put Your Money?)

The stock market has not had a great year so far. You might be asking yourself, “Since the market is crashing, where should I put my money now?” In this episode, we’ll discuss how to invest when the market is dropping and how to make the most of your money. In this...

Will Rising Interest Rates Tank the Economy?!

The Federal Reserve is raising interest rates to combat inflation, and many are concerned about how it will affect the economy. In this episode, we’ll discuss what rising interest rates means for your wallet and how to make the best of it. In this episode, you'll...

How to Be Wealthy By Age! (Can You Catch Up?)

How much does it take for you to meet your retirement goals by age, and what are some common traps your peers fall into? Learn more about how to be wealthy, mistakes to avoid, and exactly what a little extra saving can do for your retirement income. In this episode,...