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Lesko: Can Poker Make You a Better Investor?

By Fox 40 Staff.
Jason: What does playing poker have to do with good investing? Maybe more than you think. Greg Lesko of Lesko Financial explains. Greg.

Greg: Thanks Jason. We like to make the distinction between sound investing for the long term and the kind of buying and selling that traders do-- which is more like gambling.

But one financial expert recently sat in on the "World Series of Poker" and discovered that some of the insights you use to win at poker may have a benefit when it comes to other areas of your financial life.

For example: doing what you're passionate about. He noticed that poker players genuinely love the game and aren't only in it for the money.
That strategy has worked for many millionaires as well.

Jason: What other truths did he uncover about poker and personal finance?

Greg: Keep your head in the game. In poker -- as in finances, there are plenty of distractions--especially in a world over saturated by media.
The smart players focus on what's really important and block out all the rest.

Another thing he noticed is that you can be down but not necessarily out.
Poker players, like investors often suffer losses as well as gains, but sticking to a winning strategy over the long haul can really pay off.

Jason: any parting wisdom--for poker or investing?

Greg: Don't place too much value on the current wisdom or even what you observe at any given moment. Poker hands--and players--can be unpredictable...just like the financial markets. Be aware that there's risk involved, and know how much of it you're willing to tolerate.