Comments on: 7 Personal Finance Lessons from the Poker Table

By: Poker Chips

Poker Chips — Thu, 22 Nov 2007 02:44:08 +0000

Great post. I have played poker for a while and to be honest Lesson#5 is one that I struggle with every poker session. So here is a little tip I use when I catch a bad beat. Just sit out the next hand! Whatever the cards are, do not play the next hand and sometimes maybe 2 or 3 hands. Take a breather, run the bad beat hand back in your head to see if you could have done anything differently and take a deap breathe. Believe me, it has kept me from busting out several times. May seem like a no brainer, but try ot out yourself. It may work for you.

By: Let's Discuss Money

Let's Discuss Money — Mon, 22 Oct 2007 14:35:27 +0000

Great article. I play poker and spend a lot of time investing and trading in shares. One of my top tips would be to know when you’re beat and it’s time to walk away, whether you’ve suffered a terrible bad beat in poker, or you’ve invested in a stock which has dropped badly and triggered your stop loss.

Stay cool and rational, accept the loss and walk away. There’s always another day.

By: Harrison

Harrison — Tue, 16 Oct 2007 14:56:59 +0000

Well, I think patient is the most important one. I’m an impatient man and I always want to achieve my financial goal fast. However, I know I can’t do this as I need to be patient and make mind cold down to make a better decision.

By: Creative Investor

Creative Investor — Thu, 11 Oct 2007 20:25:27 +0000

Definitely enjoyed the parallels you drew here. I guess my poker/investing style is similar to yours, tend to go for sure things, kind of like value investing in the stock market. Although, for the most part, in the poker game just like in the stock market its not about the cards you hold its about how you play them. Even though I’m might be more of a risk-taker in the poker game, stealing the blind with an all-in on the bluff, in the stock market I’m sticking to the fundamentals. Interesting post for sure, nice job.

By: Money Socket

Money Socket — Thu, 11 Oct 2007 04:27:36 +0000

Great analogies. I like the part about appearances and keeping up with the Joneses. Thats probably the core of the spending and debt problem a lot of Americans are plagued with. How about another lesson too, don’t play the game unless you know what you’re doing. Since hold em got popular it turned many teens into future gamblers and they lose their shirt. Similar to aggressive stock play, risky real estate investment, etc etc.

Great post.

By: Patrick

Patrick — Wed, 10 Oct 2007 14:29:00 +0000

Great observations. I love playing Hold ‘Em, but I have to admit, I’m only roughly a break even player. I never win or lose a lot. Like you, I am tight-aggressive player.

One more observation: In poker, sometimes you need to go against your natural instincts to be successful. This is the same thing with personal finance as well. Selling when stocks are low, and buying when they are high might “feel” right, but it is not the right thing to do.