Mantra Motivation #8: "Money Saved Is Money Won"

Money saved is money won is true in both poker and life. In poker, making a correct lay-down and saving some precious chips, often means the difference between success and failure--especially in tournaments. In cash games, it usually means the difference between a winning session and a losing one. Occasionally you will fold a winning hand, but in both poker and life, you cannot succeed unless you know how to fold or even take your existing profit (chips) off the table. 

This is also true in the stock market. Many investors stay too long in the market and hold onto a stock that went way up and is now on its way down. They will cross their fingers and hope that the stock will go back up, instead of simply taking their profit and selling when it reaches a certain loss level. This “Wall Street Casino” even offers a stop-loss feature for traders and investors. It is designed to limit an investor's loss on a security position. You can set a stop-loss order for 10% below the price at which you bought the stock. This action will limit your losses to that amount.  

You can do this in poker too. Let’s say you are up $300 in profit, and you lose two hands which sets you down to $270. Just use the 10% rule and pick up your chips off the table and leave! I also have been known to say, “You never go broke taking a profit off the table.” It’s true, whether that’s in poker or in the stock market.

Then, of course, there is another truism. In life, always saying yes to people will make you a people pleaser. That might make you popular for the moment. However, it will often allow another person's problems to become yours. It’s better to be less popular by saying no when necessary, as you’ll avoid a lot of grief. 

There is a wise old saying, "No good deed goes unpunished." This has been true on numerous occasions in my own life. You cannot save, or rescue, everybody. I found this out the hard way from my own experiences. In the end, the person who needed to be rescued the most was me. This does not mean I don't try to help people anymore--I do. I’m just more careful about who I try to “save.”

All of this relates to both life and poker. In poker, be selective about what starting hands you play, your position, your chip count, your opponent's chip counts, and take your profit off the table when you can!  

In life, be selective about your investment risk tolerance,who you try to help and why. Remember this, by calling all the time in poker you are not always helping yourself. By helping people all the time in life, you are not always helping the person who is asking for your help. Sometimes you need to let them figure it out for themselves and take your time back. Time saved is time won, too!