[Rozez]

By effective odds, Sklansky is trying to point out the importance of those bets you have to pay on later streets to stay in the hand. So it's also essential that you mention how many players remain in the pot. Counting your effective odds is a little trickier when the pot is multiway (because you might have to call raises to stay in) so let's assume you're heads-up.

First, you'll have to call one small bet to see the turn. Then, if you miss, you'll probably have to call one big bet to see the river. Thus, you're real odds are 7-to-3.(The 5SB already in the pot plus 1BB from your opponent on the turn against your calls on the flop and the river)The probability
that you make your flush by the river is something like 1.8-to-1. so a call is correct anyway. Effective odds should be calculated when you have a strong draw on the flop(like the nut-flush draw). They are not so important when you hold
something like a small gut shot, which you are much more likely to fold immediately if you don't improve.

I just bought TOP myself and these ideas are new to me so if I didn't get it right, please correct.
Rozez