Gambling with your loan money

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
CanadianWolf
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Re: Gambling with your loan money

Postby CanadianWolf » Sat Aug 14, 2010 10:38 am

A future savings & loan bank president ?

Esc
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Re: Gambling with your loan money

Postby Esc » Sat Aug 14, 2010 10:42 am

If you are serious and want to take a really risky gamble with your student loan money, use it to go to law school. I've heard that game has bad odds, but the payoff can be good if you get real lucky. Just be real careful which "casino" you go to; they all have different house odds.

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JordynAsh
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Re: Gambling with your loan money

Postby JordynAsh » Sat Aug 14, 2010 10:44 am

Esc wrote:If you are serious and want to take a really risky gamble with your student loan money, use it to go to law school. I've heard that game has bad odds, but the payoff can be good if you get real lucky. Just be real careful which "casino" you go to; they all have different house odds.


Hahah so true.

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JazzOne
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Re: Gambling with your loan money

Postby JazzOne » Sat Aug 14, 2010 10:58 am

Esc wrote:If you are serious and want to take a really risky gamble with your student loan money, use it to go to law school. I've heard that game has bad odds, but the payoff can be good if you get real lucky. Just be real careful which "casino" you go to; they all have different house odds.

Hey Esc. I know you don't like to out yourself, but will I be seeing you at the law review orientation? PM if you'd prefer.

ScaredWorkedBored
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Re: Gambling with your loan money

Postby ScaredWorkedBored » Mon Aug 16, 2010 1:28 pm

soaponarope wrote:If you're going to gamble there are only 3 games you should play "." (in no particular order)

Poker is not one of them, unless you're Phil Ivey.

Roulette (European style). House odds are only 2.7% Safest bets are on black/red. American version house odds are at 5.2% (or something close to that) because they have more than one 0, i.e. 0, and a 00.

Craps. House odds are only a .1% however, its a complicated game, and in order to maximize your odds you need to know what the F you're doing.

Black Jack (my favorite). Assuming the house uses 8 decks, your odds are at .66% (the less decks the better for you, FYI). The norm though is 8 decks.

That said, the only way you can win at a Casino is playing with money to lose. Othewise, you'll be hesitant, and won't play the game correctly thus allowing the law of averages to work against you.

GL!


:shock:

You're posting about how the law of averages can work in someone's favor when they are playing negative expectation games. You don't have a clue as to what you are talking about, other than being right that a bad poker player is just dog meat because he can't beat the rake, let alone the rest of the table.

Unless you are an advantage player, gambling = certainty of losing money over the long run. If there's no human element, you're just hitting your head against a brick wall. You may lose money more slowly at craps than other games, but you still lose it.

People make livings playing blackjack, poker and sportsbooks. That's pretty much it. The skill level and time commitment required to make money at any of those is quite significant. Anything else is generally beaten by cheating and results in broken hands and/or jail.

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soaponarope
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Re: Gambling with your loan money

Postby soaponarope » Tue Aug 17, 2010 10:10 pm

ScaredWorkedBored wrote:
soaponarope wrote:If you're going to gamble there are only 3 games you should play "." (in no particular order)

Poker is not one of them, unless you're Phil Ivey.

Roulette (European style). House odds are only 2.7% Safest bets are on black/red. American version house odds are at 5.2% (or something close to that) because they have more than one 0, i.e. 0, and a 00.

Craps. House odds are only a .1% however, its a complicated game, and in order to maximize your odds you need to know what the F you're doing.

Black Jack (my favorite). Assuming the house uses 8 decks, your odds are at .66% (the less decks the better for you, FYI). The norm though is 8 decks.

That said, the only way you can win at a Casino is playing with money to lose. Othewise, you'll be hesitant, and won't play the game correctly thus allowing the law of averages to work against you.

GL!


:shock:

You're posting about how the law of averages can work in someone's favor when they are playing negative expectation games. You don't have a clue as to what you are talking about, other than being right that a bad poker player is just dog meat because he can't beat the rake, let alone the rest of the table.

Unless you are an advantage player, gambling = certainty of losing money over the long run. If there's no human element, you're just hitting your head against a brick wall. You may lose money more slowly at craps than other games, but you still lose it.

People make livings playing blackjack, poker and sportsbooks. That's pretty much it. The skill level and time commitment required to make money at any of those is quite significant. Anything else is generally beaten by cheating and results in broken hands and/or jail.



Where in my post did I advise he should gamble? I clearly stated that IF, (keyword there) you're going to gamble the aforementioned games I listed are clearly the BEST ODDS.

Secondly, you're assuming the OP has zero knowledge or skills in any of the games I mentioned. How do you know if he isn't already a highly skilled blackjack player?

Finally, go F yourself. I know what the hell I'm talking about.

rulagi
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Re: Gambling with your loan money

Postby rulagi » Tue Aug 17, 2010 11:51 pm

Stop being a puss about it. Just put it all on red.

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jayn3
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Re: Gambling with your loan money

Postby jayn3 » Wed Aug 18, 2010 12:17 am

awesome dude, good plan. it's not like the documents you sign for these loans state specifically that the money is only to be applied to school and related costs. and it's not like you can't just go get another $50k loan from your local bank if you lose it all. go for it!!

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KevinP
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Re: Gambling with your loan money

Postby KevinP » Mon Sep 27, 2010 7:28 pm

I was recently contacted by a Nigerian prince and he wants to give me a couple million dollars. All he needs is $3,000 in legal fees. If you want, I'll give him your email so that you can use your loans to pay the legal fees and get the money.

BeachedBrit
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Re: Gambling with your loan money

Postby BeachedBrit » Sat Oct 30, 2010 6:13 am

Barring legality issues I don't see any risk investing the money for spring semester in a 3-month CD. Even if the interest is already compounding it was going to do it anyway so you might as well return a little bit of interest. Also CD's at FDIC institutions are FDIC insured up to $250k so in the event the bank goes bust you still get your money (although maybe not in time for spring tuition being due so pick a bank with a strong balance sheet/reputation) BOA is a safe bet because they're way to big to ever fail during a liberal administration.

All the other gambling and/or stock market ideas are bad ones IMO.

Also anyone know the legality of doing the CD thing I just discussed?

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AreJay711
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Re: Gambling with your loan money

Postby AreJay711 » Sat Oct 30, 2010 4:28 pm

rulagi wrote:Stop being a puss about it. Just put it all on red.

Nah man put it on 00. Go big or go home.

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OnlyLivingBoyinNY
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Re: Gambling with your loan money

Postby OnlyLivingBoyinNY » Wed Dec 08, 2010 9:57 pm

So then Matt Damon says:

"you were lookin' for that third three, but you forgot that Professor Green folded on Fourth Street and now you're representing that you have it. The DA made his two pair, but he knows they're no good. Judge Kaplan was trying to squeeze out a diamond flush but he came up short and Mr. Eisen is futilely hoping that his queens are going to stand up. So like I said, the Dean's bet is $20."
Last edited by OnlyLivingBoyinNY on Mon Dec 20, 2010 2:47 pm, edited 1 time in total.

BlueDiamond
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Re: Gambling with your loan money

Postby BlueDiamond » Wed Dec 08, 2010 10:04 pm

I was seriously considering UNLV Law so that I could also bet on a game or 50 a day.. then I thought about being in an extra 10-20K in debt with 0 job opportunities and decided against it

I wouldn't do it with loan money though. If youre going to then why not a CD though? Yes, crap returns. But, better than no return?

Aqualibrium
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Re: Gambling with your loan money

Postby Aqualibrium » Wed Dec 08, 2010 10:09 pm

I feel it's my duty to mention the following thread every time I see op post:

http://www.top-law-schools.com/forums/viewtopic.php?f=3&t=137090&p=3603901#p3603901

InLikeFlint
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Re: Gambling with your loan money

Postby InLikeFlint » Wed Dec 08, 2010 10:11 pm

I'm taking a HUGE gamble with my loans. I'm using them to pay for my legal education.

BlueDiamond
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Re: Gambling with your loan money

Postby BlueDiamond » Wed Dec 08, 2010 10:14 pm

Aqualibrium wrote:I feel it's my duty to mention the following thread every time I see op post:

http://www.top-law-schools.com/forums/viewtopic.php?f=3&t=137090&p=3603901#p3603901


haha quite funny actually

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Kabuo
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Re: Gambling with your loan money

Postby Kabuo » Wed Dec 08, 2010 10:18 pm

soaponarope wrote:If you're going to gamble there are only 3 games you should play "." (in no particular order)

Poker is not one of them, unless you're Phil Ivey.

Roulette (European style). House odds are only 2.7% Safest bets are on black/red. American version house odds are at 5.2% (or something close to that) because they have more than one 0, i.e. 0, and a 00.

Craps. House odds are only a .1% however, its a complicated game, and in order to maximize your odds you need to know what the F you're doing.

Black Jack (my favorite). Assuming the house uses 8 decks, your odds are at .66% (the less decks the better for you, FYI). The norm though is 8 decks.

That said, the only way you can win at a Casino is playing with money to lose. Othewise, you'll be hesitant, and won't play the game correctly thus allowing the law of averages to work against you.

GL!


I used to be a marginally profitable online poker (less than 10k) player before I quit, and am still friends of two highly profitable poker players. This advice is hilariously bad. The funny thing is, these are all gambles or almost even money. Why would you willingly put yourself at a disadvantage in roulette? Mastering Blackjack is far more time intensive than mastering poker. Poker is about learning the rules, looking at math, and being disciplined with your bankroll. That's it. Anyone who can get a 170+ on their LSAT can absolutely scrape an additional 40k a year by playing 20 low buy in tournaments an hour online. Just be disciplined. That said, this is an intense time investment, and you're better off just not gambling your loans at all. If you do though, learn to play poker, and don't let it interfere with your LS performance. Absolutely do not play Roulette.

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ahduth
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Re: Gambling with your loan money

Postby ahduth » Wed Dec 15, 2010 8:35 am

yourdreamtheater wrote:Prop trader here --

I don't care about the other suggestions, but DO NOT invest in stocks or money market accounts. Judging from the fact that you lumped "horse racing" and "stocks" together, you don't seem to have a clue what you're doing. There's a reason that so many bulge bracket banks are having record years in trading year after year -- they prey on people like you.

Not sure about the legality of it, but a bond would be the way to go. I'm guessing you wouldn't be trading bonds -- you'd be taking in the interest payments, correct?


Haha, this. From horse racing to money markets - OP is a total flame. But yeah, people who think investing in the stock market is like gambling deserve to lose their money, since that's how they're treating it.

But to give a straight answer - options trading.




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