Learn The Basics of Money Management From Poker

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Learn The Basics of Money Management From Poker
July 30th, 2021 09:31

Money plays a big role in our daily life in a variety of ways. It is crucial to plan your finances wisely to ensure you always have funds available to deal with unforeseen situations. Still, many of us struggle to make healthy financial choices due to a lack of basic money management skills and discipline.

Poker is one of the most popular card games in the world. You can play Poker games online to hone your skills and win mind-blowing cash rewards. The game is fun,  entertaining, action-packed, but most importantly – it is the perfect game to learn money management techniques. 

Your bankroll is the amount of money you set aside just to play Poker. This money cannot be used for any purpose other than playing at real stake Poker tables. Your bankroll prepares you financially to stay in action and withstand the fluctuations. Playing recklessly or failing to maintain a strong bankroll can severely impact your game. A great defense against situations when you face a bad run of cards at the tables is practicing smart bankroll management. Bankroll is one of the most important aspects of Poker as it supports your game on a rainy day. The size of the bankroll varies according to a number of factors such as –

  • Game format

For a cash game, the player should ideally have at least 20 buy-ins available in his bankroll. That means if the minimum buy-in is INR 50, you should have INR 1000 in your bankroll. For an MTT (multi-table) tournament, you should have at least 40 buy-ins in your bankroll.

  • Your skills and experience

The games are available at micro, low, mid, high, and ultra stake levels online. You should only play at tables that suit your level of skills. In the world of investments, it is important to have in-depth knowledge of the market before you make a decision. Similarly, in Poker, you have to acquire the knowledge of all the practical ins and outs of the game before investing real money at the tables. You can play the game at freeroll tables to gain the experience of playing the competitive environment of a Poker room without investing anything from your pockets. Also, tracking your progress is important to identify the weak spots in your game and discover ways to fix them permanently. By reviewing the hands you played and noting the results in a Poker session, you can find out what mistakes you made at the table and which areas of the game need work.  

  • Type of player

Professional players play to make money so they need to maintain a dedicated bankroll. Casual players play to have fun, so a strong bankroll is not necessary.

Money gives us the freedom of choosing our own course of life. Many a time, we find ourselves unable to resist the temptation of spending money above our financial limits on unnecessary things.  You have to pay money for necessary living expenses like education, health care, insurance, electricity, fuel, etc every month. Also, unexpected expenses – medical emergencies, traveling, home renovation, car repair, etc – can knock your budget off track. You cannot avoid these expenses but you organize your spending habits to ensure you satisfy your basic needs, maintain your lifestyle, and save money. To ensure achieving long-term success, at the real money-earning game table as well as different walks of life, you must understand your limits and never exceed them. 

It is a dream of every Poker player to enter a high-stakes tournament with a massive guaranteed prize pool, but if your bankroll doesn’t allow you to join, it’s better to play at stakes your bankroll is comfortable with. A realistic budget helps you with your long-term goals, protects you from financial problems, and ensures that you always play Your A-game without any worries.

You should never play with money that you cannot afford to lose. Your bankroll must be based on your past experiences at the table as well as your future goals. Although it seems tempting to join the action at the cash tables, you have to ensure that the stakes are not higher than your bankroll before getting involved in the pot. Bad beats are inevitable. Poker teaches us the importance of creating and following a financial plan (budgeting) to save ourselves from unforeseen financial expenses. A plan helps you determine whether or not you have enough money available to do what you desire. Money management keeps your finances on track and opens up new opportunities to fulfill your dreams.

‘Online’ is the safest method of financial transaction these days. To play real money games, you can buy virtual Poker chips through any major payment method such as credit card, debit card, online banking, net banking, etc. 

Playing games is a fun and engaging way of spending your free time productively. You can play battle royale games (PUBG lite, Battlegrounds Mobile India, etc) or skill-based games (Poker, Rummy, Chess) to satisfy your hunger for thrill and adventure. 

To play online Poker, you can easily create an online account on Adda52. The site offers you the option to create your own private poker table where you can invite your family members, friends, or workmates to play with you. 

With your skills, experience, and talent, you can make big profits by playing at the Poker tables. With a little planning, you are ready to deal with the ups and downs and make good profits at the tables. If you want to become a successful poker player, you should always play with a cool and calm mindset and ensure that you never chase previous losses.

Poker is one of the best multiplayer games for PC and mobile. Poker apps are also available that you can download on your Android or iOS devices to play unlimited Poker games anytime, anywhere.

So don’t wait! If you want to learn how to manage your money wisely – start playing online Poker!

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Poker

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