Yes Chuck, try telling that to Asian people

[theking]

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‘You can never break the casino’: NBA legend Charles Barkley reflects on losing $25 million in Las Vegas

NBA legend Charles Barkley knew exactly what it took to win on the basketball court.

Widely regarded as one of the greatest power forwards in NBA history, the Hall of Famer landed an MVP award, two Olympic gold medals and made 11 NBA All-Star appearances during his 16-season career.

While “Sir Charles” may have felt lucky and masterful on the court, his good fortune and discipline didn't always extend to the gambling tables of Las Vegas.

On a recent episode of the "Club Shay Shay" podcast, hosted by former NFL tight end Shannon Sharpe, Barkley spoke about his former gambling problem, which saw him lose $25 million and the respect of his closest friends.

“I had to change my mentality because you can never break the casino, [but] they can break your a--,” he said, reflecting on losing some of his NBA fortune to high-stakes betting. While gambling may be enticing, there are other ways to build your wealth, where the odds of success are more in your favor.

A high-risk habit
Barkley is not shy about his “love” for gambling. He told Sharpe he used to go to Las Vegas and play $25,000 a hand, determined to win $1 million dollars in a single night.

“There’s probably been seven times that I won a million dollars,” he said. “But there’s probably been 25 times I’ve lost a million."

He went on to explain some of the feelings he experienced. He said, “I got such elation [by winning], but then when I would lose a million, I was so depressed … No matter how good it feels winning, when you lose, it just f—-ing sucks.”

When his habit got “out of hand,” Barkley quit gambling and his friends challenged him. He recalled them asking why he wouldn’t quit when he had won a significant amount and why he always had to chase the $1 million mark.

“Gambling is really just peaks and valleys,” he told Sharpe. “You’re so excited when you’ve got all that money laying in front of you, but [on the flip side, when you lose] like you’re depressed for a week … and then you’ve got to send a bill to your financial people and they yell at you.”

The most money Barkley ever won in one go was $5 million. But the financial risks he took over the years to achieve that gambling goal may have overshadowed his success. Here are three ways to build your wealth without relying on the luck of the draw.

Get a grip on your finances
Building wealth is easier when you have a strong financial foundation. This means: getting your debt under control and setting a budget.

You need to understand what your debt profile looks like and where higher interest rates — perhaps on your credit card or your car loan — might be weighing you down and outpacing the money you’d make saving and investing any excess income.