What Buffet has referred to as the ’stupid tax’ is one of people’s largest yearly expenditures, gambling. Most people view gambling as a recreational form of entertainment. A few people have a clinical compulsion to gamble and need to seek help. However, many people spend more money than they should at gambling, at least more than they need to.
When going to a casino, the first thing is to set a max loss as to how much you will spend. Remember, gambling is not ‘investing.’ The odds are against you, so you will lose money in the long run. It should just be viewed as a short-term thrill, so budget the maximum you wish to spend an evening/monthly on this hobby.
Another thing to do is research the rules of gambling games. Different games have different odds, some of which are much better for the player. This means you have a more likely chance at coming out a winner, or at the very least, you will get to gamble for longer with the same amount of money.