Keep You Betting

Talking Real Money - Investing Talk

Don McDonald

Education, Business, Investing, How To

4.5 • 811 Ratings

🗓️ 4 March 2024

⏱️ 27 minutes

🔗️ Recording | iTunes | RSS

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Summary

The very worst thing you can do with money is gambling. Unlike the stock market, which has had an upward bias due to general economic growth, gambling is a less than zero sum game for everyone but the house. Today we talk about the dispicable things that gambling promoters do to keep you filling their pockets. Listeners ask: What do we think of Schwab's Theme ETFs? Is it better to save pre-tax money for retirement or use post-tax dollars to get tax-free growth? Learn more about your ad ch...

Transcript

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0:00.0	Reality Radio for a really great future. We're talking real money.
0:10.9	Money drives us to do crazy things. It really does. And one of the things that we do more than we should, and we all know it's a problem, is gambling.
0:31.0	At one point in time or another, we've gambled on something.
0:35.7	In Tom's case, it's $100 on one spin of the slot machine wheel at Vegas.
0:42.8	Okay, unknowingly or unwittingly.
0:45.6	But still, it was a one-time $100 back.
0:49.6	I'm not going to live without the rest of my life.
0:51.4	Come on.
0:52.1	Yes, you are.
0:53.3	You are.
0:55.3	Well, the rest of my life. Years will probably be longer you are. You are. Well, the rest of my life.
1:15.7	Years will probably be longer than mine because you're in better shape. Well, and I'm not going to bring it up again. You're going to keep bringing it up. Exactly. You'll never bring it up again. If you had your way, that would never come back up. I, on the other hand, am a sadist. in, well, just a verbal sadist.'m a talk show sadist but we know we know it's not good for us right we know that gambling is a losing proposition it must be it cannot be anything but
1:24.3	a losing proposition you cannot have more winners than losers when you're
1:30.4	dealing with a true zero-sum game. And that means that for every winner dollar, there's got to be
1:37.1	a loser dollar minus the houses take. Ah, the old house stepping in there, kicking a little bit for them, huh?
1:45.3	Sure. The only one who consistently, except for one guy who owned a casino in Atlantic City,
1:51.8	makes money on gambling are the casinos, are the croupiers, are the bookies, are the middle people.
2:03.8	And gambling pertains to stocks.
2:07.1	We're going to get to that in a minute.
2:08.2	But in the past few years in this country, gambling has grown into this massive business empire,
2:20.9	headed up by not just your big casino companies like the MGM or the Semino
2:31.6	tribe in Florida.
	...

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