Get life-changing financial advice anytime, anywhere. Subscribe today: I Won $400,000 Playing. CBN.com – Financial expert Dave Ramsey, who learned through the pain of personal bankruptcy how to successfully manage his money and prosper, gives this advice. The House Will Take You. Dear Dave, My brother is 30 years old, and he just lost his job. He doesn't have any debt, but he's started gambling in order to make money. Start studying Dave Ramsey Chapter 4: Debt. Learn vocabulary, terms, and more with flashcards, games, and other study tools.
Table of Contents- Brief History of Dave Ramsey
Dave is happy to explain why he disagrees, and he defines what gambling is. ANSWER: He doesn't get to define gambling. He's not Webster's just because he wants to be a cynic. He doesn't get the opportunity to define gambling. David 'Davey' Scatino is the (former) owner of Ramsey Sports and Outdoors and a childhood friend of Tony Soprano and Artie Bucco. Davey has a compulsive gambling habit, which Tony uses for his profit. He later asks Tony to enter a high-stakes poker game for which he borrows and loses $45,000. Overview edit edit source.
When it comes to bitcoin advice, most people sit up and listen when Dave Ramsey has the floor. So it'd be no surprise if you wanted to get your Dave Ramsey bitcoin advice for 2018.
When it comes to Bitcoin, there has been huge levels of speculation floating all over the internet. Ramsey first commented on the rise of bitcoin in early 2017 and since then bitcoin has grown massively, all the way up to the high of $13,860 in December 2017.
The question many people are asking is, should they invest? Many fear that the rapid growth in bitcoin won't continue. Since January 2018, the figures have dropped back down from its initial jump.
Many people trust the advice of bitcoin trader Dave Ramsey. Not to be confused with famed chef Gordon Ramsay who interestingly enough has been said to endorse trading robots. With that said, in order to save you time we've compiled all of Dave Ramsey's public thoughts into this one tidy little blog post.
Let's get started.
Brief History of Dave Ramsey
People refer to him as America's trusted voice on finance; Dave Ramsey has been sharing financial advice and truths to the nation for years. Assembling a $4 million retail estate portfolio by 26 which he then lost at 30, he's had his ups and downs with finances.
Today he runs Ramsey solutions which offer financial advice and he also is a host of the Dave Ramsey Show heard by over 13 million people each week. It's this level of success that has given him credibility in all things finances, so what are his thoughts about bitcoin?
What You Need To Know About Bitcoin By Dave Ramsey
Unless you've been hiding somewhere under a rock, you'll already know about Bitcoin or at least heard the term. It's a digital currency which started in 2009 often coined cryptocurrency. 100,000 different retailers accept it as a payment type, but you'll struggle to find any big-name retailers.
The idea with bitcoin is to process transactions anonymously, which means they bypass banking systems and governments. The big thing that interests most people, though, isn't the usability of bitcoin, but rather, what it's worth.
Some worry it's a get-rich-quick scheme, and the Dave Ramsey bitcoin advice doesn't stray far from this path.
Explaining What Bitcoin Is
Bitcoin is the most readily available digital currency on the market. You can't print bitcoin bills or mint the coins; it's all stored digitally.
It's very similar to gold in that people pay what they think Bitcoin's worth. Bitcoin isn't alone; there are thousands of other cryptocurrencies that are floating about on the internet.
They all follow very similar principles and promises to Bitcoin by providing a simple and anonymous transaction.
Dave Ramsey Bitcoin Mining Explanation
So Bitcoins sound great, but how do you actually get a Bitcoin? One way you can get hold of Bitcoin's is by ‘mining' them.
Specialized video software runs complex math puzzles, and the reward for completing the equation is a Bitcoin. It sounds simple enough but in reality, requires a lot of powerful computers and time to mine a full Bitcoin.
There are currently around 12 million Bitcoins in circulation and the limit was originally set at 21 million.
So what determines the price of Bitcoin? Well, whatever people are willing to pay. As there is no governing body overseeing Bitcoin, the pricing can go up and down. Additionally, no strong pricing structure is one of the reasons why there is a perceived huge risk with cryptocurrency.
It's also why we have seen such wild and volatile swings in the pricing. The lack of a reliable pricing tool is one of the reasons we've seen such high changes in price.
How Bitcoins Actually Work
You can exchange your online invested Bitcoins like an online digital currency. You use a website to store your coins in a digital wallet which is very similar to Paypal.
The issue with Bitcoin is that it's unregulated, unmonitored and completely anonymous. As a result, it's become synonymous with illegal activities and phishing scammers. This mixed together makes for some scary realities when you do start investing.
Bitcoin has recently gained some notoriety in the financial world as it's had a large financial firm set up a future exchange for the currency. This means that you measure the value of Bitcoin against an asset or commodity like gold or silver.
It's expected that larger investment firms like the NASDAQ in New York are making applications for future Bitcoin exchanges in the future.
Should You Invest In Bitcoin
Dave Ramsey Bitcoin questions are all over the internet and the question always comes back to, should you invest in Bitcoin? As Ramsey states on his website, it doesn't matter about warnings that he or others give out, as Bitcoin continues to rise in price, they will always become more popular with investors.
We may even find that over time Bitcoin becomes regulated as an actual currency. If this happens will it bring stability to the Bitcoin pricing? It's hard to say.
When considering investments it's always worth remembering that saving emergency money is important in case you run into money issues. Dave Ramsey's stance is ‘Don't invest in something if it's hip, cool, or trendy.'
He always advises if the investment is too difficult to understand when looking at how the value rises and falls, stay away.
Dave Ramsey – Doesn't Like It One Bit
He wrote early in 2017 that he didn't like it one bit and it seems his stance hasn't really changed since then. He's giving advice out online through Twitter and Youtube.
He shares advice such as when you chase a quick buck for an easy dollar, you will not go unpunished. He points out that people lose money all the time chasing easy money.
When you make those investments, you show signs of a lack of emotional maturity. His views and opinions state that investing in Bitcoin is gambling.
He compares investing in Bitcoin to playing poker or roulette. He says it's a roll of the dice whether you win or lose.
As a philosophy bitcoin is in a manic phase and isn't worth risking your house or mortgage over.
Dave Ramsey Bitcoin Revelation
From everything posted online and in his radio shows, it's clear that Dave Ramsey feels Bitcoin is a fad and not a strategic investment. Do you agree with his assessment?
For more advice on all things technology, check out our blog page.
Billions of people love to gamble. For some, it's the thrill of the chase – the possibility of winning. For others, it's entertainment or a way to escape the day-to-day grind.
If you asked them, they'd tell you they're not doing anything wrong. That gambling is no different or no more a waste of money than going to a movie, concert or nice dinner out.
But then there are people who disagree. That, for one reason or another, think there's something wrong with gambling.
We thought it'd be interesting to explore the other side of the coin. So, the following are 6 arguments we've seen people make against gambling.
1. Religion
This is the biggest argument on our list. Do a Google search for ‘arguments against gambling' and you'll see what I mean.
There are different reasons why religious people are against gambling. But they all stem from different verses you'll find in the Bible.
For example:
Keep your lives free from the love of money and be content with what you have.
Hebrews 13:5
You shouldn't try to gain material things when all your basic needs are met.
Those who work their land will have abundant food, but those who chase fantasies will have their fill of poverty.
Proverbs 28:19
God wants you to work (for what you have). Gambling is a way to make money without working, which is fueled by greed, selfishness and laziness.
For the wicked boasteth of his heart's desire, and blesseth the covetous, whom the LORD hateth.
Psalm 10:3
And yet another passage that condemns greed and overabundance.
The bottom line – the Bible teaches you to be selfless and not to covet (materialistic) things. And that you can save both time and money by not gambling – which you can use instead to better yourself and those around you.
But is gambling truly a sin? That depends on who you ask, how they interpret the Bible's lessons, and whether or not they follow everything the Bible teaches.
Not surprising, some say gambling is a sin. No two ways about it; no ifs, ands or butts.
But then there are others who believe only compulsive gambling is a sin; it's sinful to be addicted to gambling. But it's not a sin to gamble in moderation.
'Bible-believing Christians would consider compulsive gambling a sin. That is, gambling is sinful for those who are addicted to it. Compulsive gamblers sin by wasting time. Gambling is for them such an addiction, that most or all of their spare time is spent gambling in one form or another and weekends and vacations which should be spent with family are taken up with trips to cities that have casinos. The more focus on gambling an addicted person becomes the less time he spends with his family and the less productive he becomes in his job.' (Excerpt from nolotto.faithweb.com)
2. Gambling Leads to Addiction
Another argument against gambling is that it leads to developing a gambling addiction. Statistics show that 80 percent of American adults gamble annually. What's scary about that is they also show that every 3-5 gamblers (out of 100) struggle with a gambling problem.
Even scarier yet, statistics shows that as many as 750,000 young adults (14-21) have a gambling addiction. The risk of developing an addiction more than doubles for young adults, with people between the ages of 20 and 30 having the highest risk.
Gambling addiction – like most addictions – is destructive. It tears families apart and often leads to suicide, substance abuse, bankruptcy, crime and more.
3. It's a Waste of Money
Here's what Dave Ramsey (a financial expert) says about gambling in a casino:
'I don't really have a moral problem with it, but I don't understand the concept. Call me crazy, but I do not get a thrill from losing money I've worked hard to earn. That's not my idea of entertainment.'
He goes on to say he thinks people who say they gamble for fun or recreation are delusional – that they believe they'll actually beat the house and win – that they're an exception to the rule.
Dave Ramsey Recent Episodes
And what about the lucky few who actually win? Well, Dave says:
'You may see a news story once in a while about someone winning big money in a casino, but that rarely happens. Think, too, about how much money those people had flushed down the toilet previously while gambling. There's a really good chance they didn't really ‘win' anything. In most cases, they probably just recouped a small portion of their previous, substantial losses.'
Mark Ford (serial entrepreneur, author, real estate investor) shares similar, yet different sentiments to Dave Ramsey. Ford says he doesn't gamble because it's too much like work; he gets no pleasure from it; and because it's so clear to him he'd lose money.
He goes on to say you could spend the same amount of effort into nearly any other endeavor and you're likely to walk away richer, not poorer, as a result.
'Concentration. Focus. Calculations. Long hours. It all seems like work to me. The only difference is that in Las Vegas the odds are stacked against you.
In any other field of endeavor, you could take the same people and put them to work doing virtually these same things �concentrating, figuring, calculating, and executing �and you'd have� almost certainly� a viable business.
Not in Las Vegas. Over the long haul, gambling makes you poorer. Spend the same time and effort in almost any other endeavor, and you're likely to get richer.
So why is it that so many people like to gamble and don't like to work?'
4. Millennials Want Control
Another argument stems from stats that show millennials (people born from 1980-2000) gamble far less than previous generations. An interesting fact is how Las Vegas and The Strip visitation is increasingly being driven by millennials, yet gaming accounts for less than 37% of the revenue generated on the Las Vegas Strip.
The Motley Fool gives several reasons (guesses) why:
- Millennials find (current) slot machines boring.
- They want to be engaged and empowered – they want some control over the outcome.
- They prefer night clubs to casino gambling.
- They're more interesting in online gaming, poker and daily fantasy sports.
- They want skill based games.
- They demand fairness.
- They want to be more social.
- They want experiences.
The common denominator here is that millennials want more control over their outcome. They want games where skill can overcome luck – and that's just not possible when every casino game favors the house.
And why do all casino games favor the house?
5. Casino Games are Rigged
Did you know that every casino game favors the house? It might be by as little as half a percent (.5%), but the point is, casino games are rigged against you. This is called the house edge.
'My advice is don't waste your time and money on that stuff. One way or another, the house always wins. That's how they're able to build those giant, billion-dollar places called casinos'. – Dave Ramsey
In the same article referenced above (#4), the Motley Fool says that millennials wanting more skill-based games (control) isn't the (only) problem.
In Las Vegas specifically, the house edge – or the hold percentage – has increased over the last few decades. In other words, the games were already rigged against you – but now they're even more unfair. You can find better value gambling somewhere other than Las Vegas (at local casinos, for example).
'…the underlying assumption is that if millennials weren't spending their money partying in Las Vegas, they would be spending it gambling in Las Vegas (either that, or millennials apparently should be gambling more to match what they're spending on bottle service)'.
Huuuge casino coins. 'This is 100% wrong – the reality is that if millennials weren't spending their money partying in Las Vegas, they wouldn't be coming to Las Vegas at all'. – The Motley Fool
The Motley Fool goes on to say that, while gambling has matured, so has the audience. Millennials have grown up using the internet – they have access to (gambling) information that past generations didn't have access to.
'(Millennials) are more knowledgeable and generally less stupid about gambling than any generation to come before us. We are far less likely to believe, for example, that the Martingale system is valid'. – The Motley Fool
The bottom line – the internet has made us wiser about gambling. Most people now realize that casino games are (legally) rigged against us. Between this and the worsening house edge, people choose to gamble far less, if at all (evident by the decreasing gaming numbers in Las Vegas).
6. Underage Gambling
Another problem people have with gambling is the affects gambling has on kids and young adults.
This is a very real concern. Earlier (#2) we shared a stat that says nearly 750,000 young adults have developed a gaming addiction, and that they're nearly twice as likely to do compared to adults aged 30+.
Most casinos say you need to be 18 or 21 (depending on if they serve alcohol) to gamble.
Never mind the stats that show that even adults 18-30 are twice as likely to develop a gambling addiction. What about those who are younger than 18/21, but manage to obtain a fake ID?
Want an example? What about poker pro Phil Ivey – you can't read a bio about him without it being mentioned he used a fake ID to play poker in Atlantic City in his early days.
This problem isn't limited to brick/mortar casinos, either. Poker pro Tom Dwan started playing online at 17. He's not the only one, either. It's easier for kids/teenagers to gamble online since many casinos (especially offshore) don't check your ID until you're ready to make your first cash out.
Dave Ramsey Show Live
Next to addiction and religious reasons, underage gambling is the strongest argument people make against gambling. The prevention of underage gambling is a cornerstone of all state (online) gambling laws, as well as a big criticism of others.
Conclusion
These are the biggest and most common arguments against gambling today.
Dave Ramsey And Gambling
It's not hard to poke holes or make strong cases against any of these points. But that shouldn't be our focus.
Instead, I think it's a much better idea to understand why people are against it. For one, it's easier to empathize with others – to see where they're coming from.
But it can also help us improve the gambling industry – to talk about it and figure out what we can do to make the industry safer and more enjoyable for those who choose to participate. That, I think, is the best action of all.
