The decision in a choice among pairs of casino gambles is determining which will be the most likely winner. An important personal decision that could serve as an analogy with the gambles is my choice of where to invest my savings. There are three ways that this decision is similar to a gambling decision. First, it could be a win-or-lose decision; if I choose wrongly, I could lose everything. Second, although there are criteria I can use to make my decision, such as the reputation and track record of different investments and investment houses, there is still an element of risk involved. Third, as with gambling, it is a good idea to diversify by not placing all of my money in the same place.
It has been said that life is really just a sequence of gambles. This statement can be argued either way, but the concept that life is a sequence of gambles is probably the most defensible. First, although there are many things in life that can be planned for, there are always unexpected events and situations that must be dealt with, so no plan or decision is a sure thing. Second, judgment is a subjective talent, so it is virtually impossible to make all decisions objectively; thus, all decisions are vulnerable to being wrong at some point. Third, we are not alone in the world, so even if we carefully shape our own future, other people will interfere and throw us a curve, so our decisions always have the element of gambling in them.
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