Financial Lessons Learned in Vegas

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

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