Thursday, 28 April 2011

Thrill Seeking

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The hot topic over at Cassini's excellent 'Green All Over' blog recently seems to be the ever-present thought for many - gambling on a full-time basis.  Let's get things straight - it's a mighty big step to take.  I can only speak from my experience when I say its' important to get the building blocks in place first.
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In case I've misled anyone in the past, I'll make it clear now that it's not a decision I took lightly.  Over the last 4 years I've re-invested winnings to build up a reasonable sized float and put enough aside to ensure that should any losing runs come I can manage for up to 12 months. I also reduced my outgoings wherever possible and cleared all of my outstanding debt, (bar my mortgage) to free me of any emotional baggage that could bring me down at the earliest opportunity.  It also helped to work out that by not going to the day job on a daily basis I would save £500+ a month by not having the need for a 2nd car.  The tax, insurance and petrol costs that go with it would vanish overnight.
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In addition, I also did a little SWOT Analysis to understand my current position.  My strengths were clear, I was making good profits and hadn't had a losing month.  My weaknesses?  Well, how would I react to being self-sufficient?  Would I crumble under the additional pressure?  These unknowns were certainly a weakness. However, the opportunities brought a smile to my face; I would have the opportunity to be my own boss, I would be able to see my family more, I would be in control of my own destiny and my earnings would be solely down to me.  I can't deny though that the threats weren't more of a concern.  Yes, Betting Exchanges might not be around forever, laws could change tomorrow and my edge might disappear, but as a trained Project Manager I took the decision that I had a path I could revert to if necessary. 
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Of course it's still early days, and it'll only be after 12 months of doing this that I think I'll feel totally comfortable in what I'm doing, but I'm not going to have any regrets now.  It would be a waste of everything I've done to get myself to this place.  This is the time for me to have fun.
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If you're in a similar position to where I was/am, all I can say is to make sure you have your bases covered and good luck!



6 comments:

AL said...

whats your edge? ;-)

Mark Iverson said...

Hi Al,

:-)

Mark

"PLAYING IT SAFE' said...

Hi Mark

Great post I stumbled across your blog tonight and have including you on my bloggers list and was hoping you would include me on yours.

Playing It Safe

http://vikingflasghip.blogspot.com/

If you have time Mark take a look and see what you think of strategy, the blog is over a year old and basically follows a service using a one percent a day method.

I would really appreciate any of your thoughts on just following one service and keeping all my eggs in one basket, I hope to have another service included soon.

If you have no time I fully understand and I will hopefully learn form your blog in the future, as I hope to make the move one day similar to yourself.

Only a manageable bank for me at the moment but at least a good strategy in place....

Dean

Mark Iverson said...

Hi Dean,

Many thanks for the comments.

I've added a link to your blog ;-)

I'm up to my eyes at the minute with cricket but as soon as I get chance I'll try and go through your archives.

All the best,

Mark

Mark said...

Hi Mark

First the quotation of the week and now this, whatever next?

http://tinyurl.com/6xsp4bg

Keep up the good work

Mark

Mark Iverson said...

Cheers Mark!

All awards welcome :-)

Mark