Right now, the United States Congress is involved in a bitter debate over raising the debt ceiling. Generally speaking, Democrats want the limit raised and Republicans say “what’s the point of a debt limit if you raise the limit every time you approach it?” Since this isn’t a political blog, I won’t go into American fiscal policy, but it is important to have a good grasp of your own fiscal policies.
When you play blackjack or any casino game, it is important to have a spending limit. Before you ever begin playing, you need to create a budget. Know how much money you can afford to lose. Then take that number or a lower number and make that your ceiling. You hope to not lose that much money (you hope to not lose money at all), but at the very least you have set a limit to where you won’t spend more money than that.
It is important to set a firm limit, a concrete number, instead of having a general idea because in the heat of the moment, it’s easy to disregard finances if you don’t have a concrete limit. If you’re having fun and just know that you’re about to go on a roll and win your money back, it can be hard to walk away from the tables. If you established a spending limit ahead of time, though, it’s much easier to quit when you should.
Make no mistake. Wagering on blackjack is spending. Unlike other spending, you have a chance to earn your money back, and then some. Still, it is spending because there is no guarantee that you will recoup the money you wagered. In fact, the odds say you will lose more money than you win over time. For that reason, budgeting a limit ahead of time is a must.