From Gregory Stock’s The Book of Questions: Given one shot at a 50-50 bet that pays 10 times your wager if you win, how much would you risk? What if your chances of winning were 90 percent and the payoff were still tenfold?

To quote Jessica Biel’s character in the classic 2001 baseball rom-com Summer Catch: “If you want big rewards, you gotta take big risks.”

We’ve all been there. You’re at the casino, feeling lucky, and some high roller sidles up next to you and says “Hey buddy, wanna make a bet? I’ll give you even odds to double your money.” Tempting, right? But what if the payoff was ten times your money instead of just double? Now we’re talking some real risk-reward calculation!

Let’s break this down: if someone offered you a single 50-50 bet that pays 10x your wager if you win, how much would you be willing to put on the line? I’d go with 20% of my net worth, because the potential upside is just too juicy to pass up. Sure, there’s a 50% chance I’d lose that 20%, but there’s also a 50% chance I’d make a killing. With the right mindset, those are pretty good odds.

Now, what if the odds were even more in your favor – say, a 90% chance to win 10x your money? In that case, I’d be willing to bet 50% of my net worth, maybe even more. With just a 10% chance of losing your wager, it’s almost a sure thing. The potential gain is astronomical compared to the relatively minuscule risk. Fortune favors the bold, as they say.

So in summary, I’d be aggressive but not reckless with a 50-50 shot at a tenfold payout, risking 20% of my net worth. But if the odds were 90-10 in my favor, I’d really let it ride and put half of everything I owned on the line. That’s the kind of bet that can change your life if you win.

Of course, there’s no right or wrong answer here – it all depends on your own risk tolerance and appetite for high-stakes wagers. Some people would rather keep their money safely tucked away, while others live for the thrill of gambling big to win big. What do you think, readers? How much would you be willing to wager on a bet like this? Let me know in the comments! Just remember, only bet what you can afford to lose, know when to hold ’em, know when to fold ’em. Know when to walk away. Know when to run. The house always wins in the end.

Feature Photo by lil artsy