What day is your payday
 

What day do you think is best to reconcile your books?

I like Mondays because it is slow and i have time to go over the weeks bets.
There maybe others that do this monthly but i like to adjust my percentage of bank bet at this time.

Do you pay your self a wage regardless of the balance?

I like to pay myself an amount equal to one bet amount and if i have profit for the week it gets split 3 ways, payme/savings/betting bank.

So even if i have a bad week i still get paid some money.

I pay myself 10% of ANY "income" that comes in by Tuesday's if possible.
This rule is set in concrete except if it rains.

For example, even as trivial as a refund on bottles, cans and milk cartons,
( S.A. does 10 cents refund on milk cartons, beer and soft drink containers),
and I have say $50.00 worth of refunds, $5.00 goes into a special 10 percent portfolio. I'm left with $45.00 to do whatever. The principle is, it took effort to get the $50.00, that effort has to be rewarded, 10%.

Ok, at the races, if I win $100, as soon as that $100 is grabbed, $10.00 is removed instantly and I play with $90.00
I never use the 10% portfolio to chase losses or bet with..it is not part of the betting equation, yet it's open for improvisation. It's simply a choice.

Over time, this 10% portfolio becomes a sizable amount and can be dipped into when things become awkward. But keep refilling it.

The experience and benefits, plus the personal achievement is rather gratifying using this simple 10% portfolio rule.


The ideas come from a book, it's been mentioned here before ages ago,
"The richest man in Babylon"....

I only do the first chapter or 2nd, where some history and the principle of the 10% is explained in more detail.
The rest of the book goes into loans etc...boring stuff to I may add.

Unfortunately, the laws of the land where tax and superannuation is concerned, "they" take your money first from the gross amounts

I would like to see a change if I was PM, where my gross earnings is my choice of what I do with it, therefore I take 10% out FIRST, and the Gov. can have it's taxes etc calculated on the remaining 90%.
It's MY money, I worked/gambled for it in my time,( effort), therefore it ought to be my constitutional right to pay myself first.

I 'pay' myself by closing up the betting shop browser after a win. In simple terms, I am 'banking' any profit which means I don't hand some(all?) of it back. My current target is 3.2% on capital per betting day and since I have set this mark, I have achieved it 22 / 40 times or 55% of the time.

Once a week I get an email with the record of my activity for the week, bet by bet. This provides an accurate reflection of where the week started and ended, up or down and by how much.

I like the idea of a 10% take off the top but not in lieu of the bank growing at an optimal rate so I will now consider taking 10% off the table each and every time the bank doubles; a bit like bank interest but higher and tax free e.g. at the 110% mark.This could then be drawn out via electronic transfer into a designated account i.e. play money and the bank would then get reset for the 3.2% target

Thanks for the idea Puntz.

Cheers LG

The 10% is an interesting idea, a few times i have been up a bit for the week than had a bad weekend as Sat is always the biggest betting day, i would calculate mine on the days profit, but remember everything you take out reduces bank grow that then reduces potential profit.

This is why i hate anyone that quotes potential return on a system because this is only true if you never withdraw money and no one wants to win with out enjoying it.

I have a different take on it.
I used to have my bank and split half winnings each week into reinvestment in the bank and half for wages.
I then realised I was ripping myself off from the compounding aspect.
It makes a massive difference over a year taking out wages, versus reinvesting the lot and letting it compound.
Money taken out cannot be compounded.
This aspect is magnified over a losing week or month. One is withdrawing from the capital.
Of course there is the negative psychological aspect, all that work for no reward, but since I've taken the blinkers off, the bottom line has improved immensely.

For what it's worth I do my reconciling once a month, two days before the cc bill is due to be paid. I leave my operating bank in place and put the rest into the credit card.

Chrome, i do understand the negative impact on the bank but from my point of view i need to see and spend reward for effort.

I have been a hack punter for years, plenty of ideas but never set out to go full time, since the change in my circumstances (aka cheating freaking ex) i have decided to do what she always hated, perfect revenge in my mind and going to see if i can make it, i am happy with my ratings and think they can do what i need so taking a wage each week is a must for me.

Agree with those sentiments Shaun - I withdraw 80% of winnings once, sometimes twice a week - got to see reward for effort while at the same time also give one's bank a bit of a buffer to help see out those lean times.

I was about to post some circumstances and how i started and what i do now,
When i read this "A WEEKLY WAGE IS A MUST" this is exactly correct.

I am sure others will continue to post, nothing yet is close to what i am doing.

Bit pressed for time now off to Geelong to coach B/ball but if,
Nothing is posted later close to my own will give my details.

Cheers.
Gary.f.