Hi, this is a life lesson to be learned, a true story from a great poker about honor, respect and reputation.
Honor – A Gambler’s Ace in the Hole
It is good insurance to have the reputation and respect that make it possible for you to borrow money, but borrowing is to be avoided.
The first time I came to Las Vegas, I lost my entire bankroll of $70,000, and I got up from the Poker table and didn’t ask anyone for anything. And the men who were at that Poker table will always respect me for that, even though I have loaned money to some of them, and they to me, since.
I was completely broke when I got home to Fort Worth. I got a $20 bill somewhere, and started grinding it out playing two cent Auction Bridge.
When I built up a little bankroll, I moved into richer company, and eventually returned to Vegas.
Don’t borrow from anyone you don’t want to loan money to.
I could’ve made a faster comeback by borrowing money, but you have to be careful whom you borrow from in the gambling business. And if you make up your mind to use the credit you have, you may not manage your money so well, or the money you borrow.
When you’ve mismanaged somebody’s money, it is hard to compete against him. It’s hard even to play in the same game.
Make it a practice never to be staked, never to borrow money if you can help it. And if you can’t help borrowing, borrow the minimum, and pay it back on the exact day you promise…or sooner.
You must maintain a reputation for honor in the gambling business. Your word must be your bond. It’ll be your Ace in the hole.