Are you wondering if gambling is good for earning a side income? While gambling is something that should always be kept limited to a hobby that you engage in when you have free time, it can also work well if you want to earn some extra money from it. In this article, we will talk about this in detail.
Can gambling be a main source of income?
The answer is a firm NO! Never be foolish enough to ignore your actual job and pick up gambling as your only source of income. Sure, gambling means earning money while having fun, and it is much more interesting than the desk job you do six days a week for eight hours at a stretch. Regardless, prioritizing gambling over that job will be a huge mistake and one that you would definitely regret.
The biggest reason behind that is stability. Gambling is not a stable source of income. There is a fickle chance of you making a stable $2000 every month and paying your mandatory rent and utility bills by depending only on gambling, even if luck is on your side. Gambling is all about luck, and there is a 50/50 chance of you winning and losing. Winning means you get the money; losing means, you lose the money.
So you never know. You might win a good amount of money in June and pay all your bills with that. But you have no main source of income, so you start gambling in July with the money you have left. You lose all that money with a twist of luck, and now you no longer have another stable source so that you will be penniless. Let alone paying bills. You might not even have the money to feed yourself and your family.
This kind of instability makes gambling a poor choice for the main income. Even if your job sucks, at least it is paying you something every month. So even if you run out of money in July, you will definitely earn some more in August. But with gambling, you might lose everything you won within a matter of minutes, and even if you gather some more money from here and there, the next significant win might not come in weeks.
Why is gambling a good side income?
Now that we have established that gambling is not a good choice for the main income let’s talk about gambling as a side income. Now that is something that can work well. You already have a stable source of income from which you’re getting money on a regular basis. You can fulfill your daily needs like food and monthly needs like rent and bills with it. For a bit of extra spending money that you want for luxury, you can choose gambling.
You can treat gambling as a hobby in that case instead of a job, and it should be something you only do after you’ve done all the other important work for the day. And while doing it and having fun, you also have the scope to get some extra cash on the side. If you earn some money from it, you can use it to buy something expensive for you or your family, or you can keep it aside as a saving for the long term.
The best thing is that, even if you lose the money in the next gambling session, it’s not going to have any significant impact on your overall financial condition. Because it is an “extra,” income, you will still be able to pay your bills; you just won’t be able to afford an additional luxury for a while. After you play some more, you can win it back again, and on and on it goes. That’s why it’s best to have it as a side income because the stability of a side income is not important.
How to make gambling the perfect side income?
You might be all excited to start gambling as a side income now, but don’t be too hasty. You should keep in mind and follow certain rules if you truly want to get the most out of this side hustle. Without these, even if you do try to use it as a side income, it won’t be of much use in the long run. Let’s take a look:
Play for a temporary amount of time:
Just because you have taken gambling as a side income doesn’t mean you should spend your entire free time doing nothing but this. Instead, keep a specific time of the day allotted for it. An hour should be enough once a day; the less, the better. If you’re playing slot games, especially, you can take about 600 spins in an hour which is more than enough for a single session.
Don’t take money from your main income:
No matter what happens, your main income should be reserved for everything but the gambling. This practice is important because people usually run out of money while gambling. They start spending money from their main income, which they lose because of their bad luck, and then become penniless. This happens more often than you can imagine. So never touch the important money, gamble from your pocket money that you’ve kept for yourself only.
Keep aside a certain amount from what you win:
Don’t spend everything you win on something. Instead, keep a percentage of it aside in your bank from what you earn on a monthly basis. The rest of the money you can use for yourself and spend however you want. At the end of the year, you will have a decent amount of savings.
Stop playing if you have too many losses:
Gamblers make the biggest mistake of keeping playing despite having multiple losing streaks because they think they will win it all back in the next spin/hand. But most of the time that doesn’t happen and before you know it you’ve lost all your money. So stop playing once you’ve lost more than what you can afford. Take a break for a few days. Start playing again once you have more money.
Don’t ignore important activities and play:
Your gambling shouldn’t become a bigger priority over the things you need to do and the things you should do. You still need to spend time with your family members. Moreover, you still need to go out with them. You still need to finish the office work you brought home. Some people even forget to eat and shower when they gamble. Don’t let your case be the same!
Don’t lend money if you have a complete loss:
Often, when gamblers lose all the money they had while playing, they either grab some from their main income or call a friend and lend from them. You should avoid both of these. As mentioned before, gambling is a very unstable source of money. If you lend a big amount to someone else, you might not be able to repay it easily, or you will have to repay it from your main income. It will also become a bad habit.
In conclusion, gambling is indeed good for earning a side income, but only when you are doing it the right way over at Malaysia online casino slot bonus. Please do remember to always safeguard your winnings and income during tough times like these. Play safe and enjoy! Live is short, must have fun!