The racing industry presents one of the best opportunities going to earn a substantial return on investment yet because of the "mindset" that most people take to the track it is hardly ever realised.
Not that I'm knocking having a punt: Heading to the racetrack on a Saturday afternoon with a few mates to have a few beers and place a few bets can be a fun way to spend your money.
But I'm guessing that if you're reading this article, then you're interested in more than just gambling. You actually want to put a system in place that allows you to earn a consistent income from betting on horse racing.
Well it certainly can be done but to succeed there is a vital element you simply have to put in place first:
YOU NEED TO APPROACH BETTING ON HORSE RACES AS AN INVESTOR RATHER THAN AS A GAMBLER
Let's look at the difference between the two:
1.An investor has a principal amount of money and he is looking for a consistent return on that principal over an extended period of time. A gambler has an amount of money which he is looking for an immediate return on each and every time. The investor views time as a friend, not an enemy.
2.An investor regards his principle as sacred and will only risk a small percentage of that principle on any given opportunity. A gambler has no real respect for his money and has already (sub-consciously at least) earmarked that money to be lost.
3.An investor has a pre-defined plan for getting a return on his money and will work that plan to achieve his desired outcome. A gambler usually has no plan at all or chops and changes his plans as he goes along.
4.An investor expects that he will have losses along the way and doesn't panic when they occur. A gambler panics if he experiences a loss and tries to recoup that loss straight away.
Or to summarise - an investor employs a "business" mindset rather than a "recreational" or worse still "desperate" mindset.
If we look at what investors consider to be good return in other industries: top share fund managers are considered geniuses if they can manage consistent 15% per annum returns; real estate investors are more than happy with a 10% per annum return over the life of their investment; it boggles the mind to consider the opportunity that gamblers throw away when betting on horses.
The fact of the matter is that with a disciplined approach and good money management - a 15-20% return per month is quite easily achieved by betting on horses and all the profits are tax free!
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