In poker, your bankroll represents how much money you’ve set aside exclusively to play.
Former World Series of Poker champion, author and decision strategist Annie Duke says that you should always play withinyour bankroll. If you have $2,000 in your pocket but have bills and outgoings totalling $1,500 then you don’t have $2,000 to play with, you have $500, and you should not play beyond that.
By playing within your bankroll you’re less likely to fall victim to the sunk cost bias - our tendency to chase our losses - or to bet more than you can afford to lose.
How much are you willing to lose?
Join Steve's mailing list at futuresquared.xyz/subscribe
Listen on iTunes @ goo.gl/sMnEa0
Listen on Spotify @ spoti.fi/2G2QsxV
Listen on Stitcher @ www.stitcher.com/podcast/future
Listen on Google Play @ bit.ly/FSGoog
If you've got any questions on this podcast feel free to send an email to firstname.lastname@example.org or tweet me on Twitter @steveglaveski or @future_squared
Follow me on Instagram: @thesteveglaveski
Like us? It'd make our day if you took 1 minute to show some love on iTunes, Stitcher or Soundcloud by subscribing, sharing and giving us a 5 star rating.
For more information on Collective Campus, our innovation hub, school and consultancy based in Australia and Singapore check out www.collectivecampus.io