What do you do with your extra money?
Nonetheless good money management is always advisable.
The best part…
Money breeds money.
So if you plan well, you can earn money from your Matched Betting profit.
Let’s get started.
It is certainly not my business to tell you what to do with your money.
However, I can tell you what I do with my extra money and hopefully you will find some inspiration in that.
As mentioned in the “Avoid Gambling” guide, it is very easy to lose track of the value of money.
I speak from experience as I have previously lost a hefty sum to gambling. A few years ago, I lost €3000 in less than 2 hours on an online slot machine. I have come to terms with it now and it was probably a welcome wake-up call. However, when it happened, I felt so bad and I couldn’t believe how stupid I had been. I kept imagining all the things I could have spent that money on, but it was gone.
Now, this blog post is not meant to scare anyone but rather make you consider how you think about money and your finances. To be successful in Matched Betting you need to be highly structured and disciplined.
Those qualities can easily be transferred into the way you manage your personal finances.
What I used to do with the extra money I earned through Matched Betting?
That’s the honest but boring and unintelligent answer. I didn’t have a plan and I just left the money in the Bookmaker or Exchange accounts – until I lost a large chunk as mentioned above.
What I do with the extra money I earn through Matched Betting now?
I basically split the money into two pots. One pots goes towards investment and the other for “wants”. I’ll explain what I mean by that.
Let’s say I have earned €400 in a month through Matched Betting. €200 will go towards investments and €200 towards “wants”.
Investments: An investment is something that can potentially generate further profit. Personally, I have started investing in stocks. I knew very little about the stock market before and although I am by no means an expert I have found it very interesting to read and learn more about it. There are many other ways to start investing, if stocks are not for you. You could also consider other ways to create a passive income stream. The most passive and safest option, I believe, is to open an investment account with your bank and put your money in there.
“Wants”: The other €200 will go towards wants. By this I mean something I want to buy. This could be anything from a holiday to a new phone. For me right now it is a big-screen TV. My current TV is over seven years old and for a long time I have wanted a new TV. So every month I take half of my earnings and save up for a new 60’ TV. I don’t know yet what my next want will be but I am thinking of a summer holiday.
What do you plan to do with your money?
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