Horse Racing: How to Deal with Money Management

How to deal with money management is one of the hardest things for players to accept. Not because it’s complex and not because it’s really hard to do. But because most players don’t consider it important enough. Which is a very bad habit to have at the races. The habit of a loser. This is a case where what the player won’t consider is why his money won’t last long enough to earn money. Managing your money means taking into account every penny and penny and recording in detail how, when, how and why it is used.

Accounting and bookkeeping are aspects of the benefit limitation. It is a simplified accounting and bookkeeping. Money management is the process of knowing where you are spending your money today and having a well thought out plan for where you want it to go in the future. Dealing with money management in racing requires: (1) setting specific goals and being absolutely specific. How to win $500,000 for a specific age. Such as: it will be short term (less than 5 years), medium term (in 5 years) or long term (achievable in 5 years or more).

In addition: (2) get organized: this helps you not to waste time and effort on things and to have a place for everything. Have a log or directory listing all your wagers and only your race information. (3) keep track of your spending at all times. Always: spend less than you earn. Keep track of your bets: when, where, won, lost, how much the ticket costs, etc. When you go to the track have a small notebook or tracking worksheet of some kind. Keep your tickets whether you win or lose. Always review them later. (4) preparation of the budget.

A budget is simply a plan for what you want to do with your money on the track. Reserve money specifically for horse racing and racing only. This is a main rule of Profitcapping. And put money for all the other things somewhere else. Never mix them. Add up how much you spend at the track each time you go. (5) save money – because in the process of making money on the track along with budgeting, investing in races, spending and monitoring your cash, you have to learn to save for everything including races. In the process, you will become an experienced money manager.

You will be someone who knows where every penny is spent. In racing you have to manage your money – very – well. This is an important part of the benefit limitation. People lose for many reasons and one of the BIGGEST is: undisciplined money management. You need above all good money management skills. This is partly how to deal with money management.