In life and in poker we do take some gambles but we try to base our decisions on the information we have available. Sometimes this information is gathered by observation, sometime by reading and sometimes by listening. The source might be an expert or an experienced person or someone who is full of hot air. We don’t always know for sure what the results might be.
If we have done our homework and know what we are getting into, then we have done about all that we needed to do to assure a reasonable outcome. You can see how this analogy might apply to both life and poker.
When we are building a house, we either need to know a lot about the process or know someone else who does. It is up to us to find out if the information we are getting is the best possible. If we are playing poker, we need to know a lot about the process or know someone that does. You can either learn by personal experience or learn from the experiences of others. This learning could even be a combination of both.
Unlike a spin of the roulette wheel, we would like the results of our decisions to be a high percentage win, either in life or in poker (which could be one and the same). You don’t always win but sometimes you get close.
Take for example, us, the Brogans. We wanted to build a specific type of house with certain features. Some of these features were must have – like the energy saving features – some we could life without or put off getting until later. We based our house building on our available bankroll and bought a house that was within our ability to purchase and pay for. We were about 70% successful in getting what we wanted. Could we have done better? Probably, but the experience we gained will help us going forward.
When I play poker, I try to do the same. I have a certain amount of monies set aside for poker and I try to play within the limit that I feel comfortable and confident about.
What about you? Do you take risks for the sake of the rewards regardless of the cost? Do you try to find a ratio of risk and reward that works for you both in poker and in life? What are your thoughts about life and poker?