The Financial Excuse Mentality, Do you have it?

 “Ninety-nine percent of the failures come from people who have the habit of making excuses.” ―George Washington Carver

Today during my normal hour long lunchtime phone call with Mr Fire, we picked up on something rather strange. One of the first things I loved about Mr Fire was his self awareness which I find is rather useful to me when I’m having a bad time with my mental health. He noticed that we had spent the majority of the phone call making excuses: Why we couldn’t make more money matched betting, How hard it is financially…. We basically had an excuse for everything! I have always thought we were rather positive people but if someone would have listened in to our call they would have thought the compete opposite.

So what is the excuse mentality? Firstly it really surprised me to learn its a real thing. I just thought making excuses was a part of life. The term excuse mentality is most often used in the workplace when people use it to justify under performing their duties.I think that whether people are on the journey to Financing independence or not, finances offer a lot of room for inventing excuses to avoid financial responsibility and its scary to think that myself and Mr Fire have succumbed to it without even knowing it existed!  I’ve come up with the term “The Financial Excuse Mentality”


What is The Financial Excuse Mentality?

It is when you fail to take financial responsibly by making excuses for the management of your personal finances. We currently have an excuse for the majority of our financial distress:

“We are only borrowing money till we get back on track”

“We cant get back on track due to needing so many new things for the new house”

“We’ve just bought a house so we are bond to overspend”

“Our food bill is so high as we are still stocking up on food incase we run out”

We have an excuse for everything! Maybe if we just owned up to what we are doing then we could actually get to work on fixing it!

Excuses stop us taking responsibility of our actions and can make us feel like victims of our own circumstance! Some excuses are justifiable and genuine but do the excuse themselves es offer the solution? do they change the situation? Excuses dont solve the problem they simply put a negative tint on it and can give you justification for not addressing the real issue.

How can you deal with The Financial Excuse Mentality?

  • Understand what the problem is and identify how you got there. This isn’t the place to launch all those excuses, its more about statement of facts. For me my Matched Betting goes like this:

~ I cant make that much match betting as I don’t have a lot of money to start with and the odds move to fast. I’ve only made £5 today which isn’t even worth it ~ see how The Financial Excuse Mentality has not only justified why I haven’t made more but has also belittled the £5 I have made. My excuse has cancelled out the positive act that I put time and effort into.

My statement of fact would be more like this:

~I have made £5 so far but I aimed to make £30. I haven’t spent that long researching Matched Betting so I could be missing out on offers. I have made £5 that I wouldn’t have made if I hadn’t have tried. Giving Matched Betting a try is important to me so I will concentrate on spending more time looking for offers and learning more about it ~

  • Use the statement of facts to create a plan of action

I said I need to spend more time  learning about Matched Betting and looking for offers. That’s my action plan.

  • Be consistent.

If I do my action plan once and then expect to make millions then I have set myself up to fail. This one takes a lot of self discipline as consistency is what makes a champion. If I aim to look at Matched Betting offers three times a week and research once a week and then stick to it, I am working towards my goal of making £30 a day.


So Mr Fire and I have this to work on for now and it will hopefully help us turn around our food budget. What Financial excuses do you make?




How to make money: What is Matched Betting?

“Frugality includes all the other virtues”–Cicero

I’ve heard a lot about Matched Betting over the past year when I was struggling with my job. It sounded like a quick way to make money and finally a way of leaving my job without sacrificing any income. I obsessed over every google search that had articles where people claimed to make £4k a month which was much more than my low paid job was offering. I even dabbled a little with a few hundred pound. Why did I stop? I got greedy. I accidentally forgot to put a bet on with the bookie and just went for the exchange. The result? I won. I cancelled my subscription with my Matched Betting Guide websites and went off without actually realising I was betting for real this time. I ended up losing £600 that I had made so I guess I didn’t really lose anything except for my faith in Matched Betting.

Of course I’m in a different place now and the need to earn some money is real! So I’m back to basics with Matched Betting as my mind has wiped the whole experience away clean along with the stark truth that I don’t think I ever really new what I was doing back then. Thankfully I am in the capable hands of Oddsmonkey (I get a little income if you sign up using my affiliate link)

what i mb


What is it?

Consulting the oracle of Wiki:

A betting technique used to profit from free bets and incentives offered by bookmakers.

So in layman’s terms (or more accurately, you know me saying it) Matched Betting is way of making a profit off the offers that bookies offer customers to either sign up or return and keep betting with them.

How it works

So a normal bet is the best place to explain and a concept everyone is fairly familiar with. You place a bet on an outcome of an event that you know or are very sure will happen. , when you place the bet you are “backing” that team to win.  If you win, you take your winnings off the bookie. If you lose then the bookie keeps your hard earned cash. This is where Matched Betting is different.

Imagine if you could “back” your team to win but also “lay” your team to not win. Well with Matched Betting and the help of a betting exchange you can.

This is the really simple version, and I’ll be updating this as I learn more.

Whats an exchange?

So an exchange gives you the opportunity to bet on something not to win. In MB terms that’s called laying. You bet on one team to win at the bookie and then bet on the same team not to win at the exchange. In more complicated terms It gives you the opportunity to be the bookie.

Whats the cost?

Its fairly low as all you really need is a subscription to one of the MB guide websites as Oddsmonkey (Affiliate link) they work out the bet matches for you to place your bets on and who to lay with (bet not to win). The main two are Profit Accumulator and my personal favorite is Oddsmonkey. After that you just need a little pot of money to get started. Some people say the more you start with the quicker you make money but I cant back that up.

How much can you make?

Anywhere from £10 – £40 per day apparently. I’ve even read of some MBers who make £4k a month! Again I dont know for sure but I will definitely keep you posted with my progress.

What are odds?

If our totally new to betting (like me) then odds can be very confusing! Again a betting guide website makes odds really easy to understand as they basically tell you which bets are good to use for matched betting. The hardest part then just becomes finding the button on the bookies to change from fractions to decimals!

MB Summary

So thats part 1 of my guide so far. I still need to cover liability and a few other bits but I’m still figuring them out!

what i mb

So do you do Matched Betting? How profitable is it for you?  Any questions or comments drop me a comment/email or tweet (still figuring out twitter though!)