I have just come back from a six day trip to Las Vegas. Before you ask…I was not there for the Big Fight, or The Spice Girls (who were also in town last weekend) or even the gambling. I was there for a three day Entrepreneur’s Master Class hosted by Brad Sugars. More on that next week but in the meantime I just wanted to share with you some lessons I gained when I was there.
Well the first lesson is if you have a system, with rules….don’t break the rules. If you are investing in property, stocks or just gambling on the spin of a wheel or turn of a card, unfortunately those two natural human emotions of greed and fear start to play tricks with your mind.
When making any investments you need to set your strategy,
set your criteria of what fits the strategy and what makes a good investment then take action only when the opportunity meets those rules. This will help you to avoid making decisions based on emotions. Emotions will cloud your judgement. Any investment should be based on the facts and the numbers only.
Why was I reminded of this in Las Vegas? Well as I am sure you know all of the hotels are designed so that you can not possibly get anywhere in the hotel without passing through the casino with the intention that you may have a little flutter each time you pass through (and probably lose). I had very successfully avoided the temptation until the last day when I thought as part of the Las Vegas experience I should have a little gamble on the roulette wheel.
I once leant a system from the then president of the Magic Circle of how to win at roulette. Of course roulette is complete chance but there is a way of hedging your bets and generally beating the system. I sat down at a table and started to follow the system by applying the rules. And guess what… I started to win. At one point I was $250 up and then it went all wrong. For some reason I did not follow the rules. I thought I would have a few sides best as I was doing so well. Unfortunately, I started to lose some of these side best. I was with a friend of mine Andy Gwynn (who is also on my Property Mastermind Program). Andy said that is was very interesting to watch me when I was losing, as he could see the tension in my face as emotion took over. Needless to say I lost my winnings and original stake. Well easy come easy go but it just shows that you need to follow the rules you set yourself.
So How do you WIN in Las Vegas. Probably not at the Casio tables. But Las Vegas has so much to offer you can WIN by having a fantastic time there. Love it or hate it you have to admit that Las Vegas is an amazing place. Totally over the top, even more so than you would expect but certainly worth the experience.
Next week I will be sharing some of the key learning I took from the third Day of Brad’s Master class which was the property day.