Financial education or 1million dollars

[hatshepsut93]

Have you wonder why most lottery winners have gone back to square one after winning or most rich kids losing their inheritance due to poor/bad management of funds, it's because they lack financial education.

People lose their wealth not because of lack of financial education, but because they don't have any common sense. You don't need to study to understand that if you spend more than you earn, you will become broke. People who have unsustainable spending habits just don't have basic self-control.

But I would say 1M is better than financial education, because financial education won't teach you how to make 1M, it can only teach you how to preserve it and grow it, but it won't help you get from zero to hero.

[1714522421]

1714522421

[JeffBrad12]

seriously, you can have 1 million dollars and self studying financial education if you're conscious enough, the thing with the people you mentioned aren't really self conscious that they just thought it's good ignoring financial education but generally most normal people would outright find how to manage their finance the second they got their hands on 1 million dollars, probably investing it.
like many have said, it's self restraint that is of essential, even if you have best financial education in the world, whats the use if you couldn't restrain yourself from getting all the things you have dreamed of within a night which also means spending all the money you got within a night, a theory become futile when there's no real implementation.

[coupable]

Investment capital may not always be in the form of a financial investment. Investing in knowledge can be of equal value. Especially if we value the effort invested in learning as an investment.
Investment in knowledge is an investment in yourself that can help you realize your goals and lead a more luxurious life. So, i advice you don't underestimate the power of investing in knowledge ; it's a valuable asset that can yield huge returns that you may not expect it very well by now. It's a renewable resource that can be continually improved by time and would represent a lifetime treasury.

[tabas]

Financial education has always been a game changer in the financial state of a man, it is the best education a father can give to his children because once you are financially educated, it's near impossible not to be financially stable.

Yes, just like what my parents have told me that they may be no treasure that I'll inherit from them. But they can give me the education that I can treasure forever and this is also including financial knowledge and money management.

Have you wonder why most lottery winners have gone back to square one after winning or most rich kids losing their inheritance due to poor/bad management of funds, it's because they lack financial education.

True, they've got no idea how they'll retain that wealth they've obtained and this is also making people believe that if you haven't worked hard for the money you've got, it will also be spent easily.

On the other hand 1million dollars is truly a life changing amount of money but if you are not financially educated, you will lose it all on  the long run,
I don't know if anyone sees it the same way I do?

I agree. We're all striving to reach that goal and the thing here is, even if we're financially educated, we're keeping up with this goal but we don't know how long will it take us to be there. But anyway, we're all aware of our expenditures and that's still making us educated financially on that matter.

[axxo]

Financial education has always been a game changer in the financial state of a man, it is the best education a father can give to his children because once you are financially educated, it's near impossible not to be financially stable.

Have you wonder why most lottery winners have gone back to square one after winning or most rich kids losing their inheritance due to poor/bad management of funds, it's because they lack financial education.

On the other hand 1million dollars is truly a life changing amount of money but if you are not financially educated, you will lose it all on  the long run,
I don't know if anyone sees it the same way I do?

That is true financial education is very important to anyone of us because with the right thinking and discipline, we will be able to manage our finances really well. If you lack of financial education what ever the amount we have big or small it would end up nothing. I had known some rich people who born rich because of their parents but their goal is to spend all the money they have and did not even think of what the future will brings, now they ended up broke they have to sell all their properties and even bubble their debts on different banks. Financial education would really help us to manage our funds and do not spend too much on things that we do not need.

[noorman0]

Financial education increases along with the greater the wealth that is managed, a person must really have a real wealth value to know how many challenges must be faced in each variation in the number of wealth. I wouldn't say that someone with a low net worth score doesn't have a financial education base, only that it's their level of experience.
Not a few millionaires who fell bankrupt instantly despite years of maintaining good wealth. To learn new financial lessons, you sometimes have to pay dearly.

[Darker45]

The truth is that financial education isn't as complicated as it seems. You don't even have to be taught with it. It seems to me you only have to be properly exposed to how your parents manage your finances well and you will do good. If both of your parents are wise spenders and don't squander money on useless things, and they're both good on you, and their financial discipline has so much impact on your life, you will be as good as them when you grow up.

Here in my country there are Chinese people who have been doing good business generation after generation. Obviously, financial management is in their blood. They're disciplined when it comes to money and business. Business is their culture, their second nature. I doubt all of them finished business or finance-related courses in the best universities. It's probably just that starting at a very early age, they're already shown how to properly handle money.

[dansus021]

For Fun only I think most of the member here would take the 1 Million dollar including me since people who got here mostly know the risk and basic of investment or still learning about investing.

1 Million dollars is a lot of money If I had to choose between financial education or 1 mio like I said before I would definitely take the 1 Mio put on the mutual fund and some of blue chip stock or buy and ETF with a dividend stock in it. Buy a couple of house and a land in a strategic location in a country like Indonesia and rent it out and stay active on crypto industry and voila

Congratulation you have already made a passive income strategy.

but that is just story the reality is

[G_Besar]

Financial education has always been a game changer in the financial state of a man, it is the best education a father can give to his children because once you are financially educated, it's near impossible not to be financially stable.

Indeed, it is almost impossible for a financially educated child to have a financial deficiency in life, but that does not mean that this deficiency cannot happen to the child. Because of his negligence and carelessness he can also be the cause of financial deficiencies in his life even though his father has repeatedly taught him about it.

Have you wonder why most lottery winners have gone back to square one after winning or most rich kids losing their inheritance due to poor/bad management of funds, it's because they lack financial education.

I have never questioned this, because I already know that anything that is not taken care of properly, will always have bad results in the future. I will not set an example for lottery or lottery winners in this case, but I prefer to see and set an example for a child who receives an inheritance but in the end he also falls into poverty because he is unable to manage inheritance well in his life. And maybe all he's thinking about is spending what he already has without thinking about how I can get more income through the capital inherited from his parents.

On the other hand 1million dollars is truly a life changing amount of money but if you are not financially educated, you will lose it all on  the long run,
I don't know if anyone sees it the same way I do?

Yes, 1 million dollars is very enough capital to make a business in life and I also believe that that much capital can be managed properly will provide better income, but on the other hand if it is not managed properly and correctly, everything will run out without any residue . So this all depends on the education and mindset that a person receives in his life, either from his own father or from other people where he studied.

[Mr. Magkaisa]

     -  I have seen and watched many people like that on television who went from being poor to suddenly rich because of winning the lottery but later returned to being poor because of the lack of proper money management as you say.

Then to be practical, of course I will choose the 1M$ and then I will invest most of it in business apart from house and land and cars, real estate, and livestock and stock market, and for bitcoin as well, so that the money will grow even more.

[adaseb]

Yes financial education should be taugh in schools, especially in high school before you are an adult and start to get loans. There are some loans which are fine like mortgages. But way too many people are getting into huge credit card debt, auto loan debt and they becomes slaves to the debt.

It’s very easy to fall into this hole. You get some unexpected expense and don’t pay off the credit card, then you are charged interest. Then if you lose your job it gets worse. And eventually you need to declare bankruptcy.

[Solosanz]

Stupid question, similar like a question to choose one million dollars or marry the third person on your Instagram.

Someone who have a good understanding about financial education can't become rich or make money if they're not working and only focus to learn the theory. To become rich you need to have both of them, financial education and how to make money.

[Haunebu]

Silly question op. Who in their right mind wouldn't choose 1 million bucks? It's a life changing amount for many, many people which is why it's an easy call. I would take the money and use it in a wise manner.

Financial education helps for sure, but money is just money at the end of the day. Think!

[crwth]

That's going to be an easy answer. You got to do so much less compared to having an education or something. You can just invest it into a business and hire someone who knows it as well and make sure that you have the right people working for you then that's it. It's definitely ideal to know the whole business, but you can learn it as you go along the way.

Definitely $1M is life-changing money and there's no thinking else about it.

[Nwada001]

No knowledge is lost; it's true that one who is not aware and misinformed is likely to miss great opportunities. In today's world, academic education is not the only thing one needs to learn; financial management is another thing that needs major attention. Without financial education or any form of financial knowledge, one is bound to only survive on luck.

A million dollars is tempting, which almost every one will want to choose over financial education, but the truth is that every point in time has exactly what it needs to solve that moment's problem, so when a million dollars come to the table, I will be among those who will go for the funds first. It's when you have money at hand that's when you will start thinking on how to make good use of the money. If your brain can't be productive enough, that's where financial management experts come in. With a million dollars, one can actually acquire any kind of knowledge they need. To answer your question, I will take the 1 million dollars.

[Outhue]

Lol I wish someone can give me this offer in real life, it will be very stupid not to go for the 1 million dollars, that's enough to send 4 people including myself back to school and get the good degrees and still have a lot of money for long term investment, I do have a long term dream of making a million dollars someday either through crypto investment or my other business, do you think this is possible? People make millions of dollars from shiba inu, a meme coin for that matter, I will do the same and I hope I get lucky, though I am not going to invest in meme coins, there are other good projects that I can invest money on right now.

[Dr.Bitcoin_Strange]

You made a very good point here,  but you need to understand what not many people think this way, most people don't know that the most successful people in life pays more for knowledge before even engaging their funds.

Even in the award winning book title Rich Dad poor dad, the author was spot on, because he knew the concept of financial education, he knew that formal education alone can't take him out of the rat race, so he devote more of his time after school in learning financial education from his friends dad, which is the rich dad.

Well, I guess I just answered the question based on the level of financial education I have already, and perhaps everyone doesn't think alike, as @Die_empty has said, some people will want to use the money to spend lavishly without even having a thought of investing or acquiring financial education.

But there's always a proverb my people would always say: "Whoever has tasted poverty will know how to manage any little money they get." Some people have really suffered poverty, and at the moment, if they see such an offer, they will definitely go for the money and then tend to improve their knowledge on how to manage the money, but not everyone can still think that way. Even if they have suffered poverty, the moment they get any money, they will just lavish it because they totally lack financial education.

But either way, both offers are very important: give some financial education and they will know how to generate income, expand it, and make it sustainable; give some who are already educated about financial handling and they will still manage the money well.

Your thinking pattern shows that you already have financial intelligence. A man that lacks financial education will never think of learning about investment. His only aim is to lavish money on luxuries and unnecessary wants. Some of these opportunists invest in projects they know nothing about because they were told maybe by friends that it will be profitable. Financial education is the ability to do your research, seek financial details, and learn the operations of a business before investing.

You are right, though. I find what you are saying quite interesting. Mostly, the aspect of making mistakes in their investment, as per a friend misleading them to invest in some sort of ponzi scheme or unreputable platform that can make them lose their money.
It was just like in a movie I watched, where the writer was just trying to express how two rich kid had different characters towards financial management despite the fact that they both came from rich homes.

These two different guys were living like gangsters in the street until their dad's death before they returned home, coming to seek inheritance, but it happened that their dad had willed everything to the motherless baby home (although not as if their fathers willed everything entirely). So they got angry and left, and that's when poverty totally struck them down. They were suffering until one of them realized that his dad still left a lot of money for him, so he began to read every business and investment book he could gather. It happened so fast that he started his little business and got to acquire all the inheritance his dad still left for him. When he took the money, his friend misled him into investing with a bad company that ran away with his money, but fortunately, he only invested a little with them. He used the money left with him to excel and became more wealthy than his dad. For the other guy, he suffered until he also found out that his dad still left a whole lot of inheritance for him, both houses and money. He took everything, sold the houses, and lived a lauxry lifestyle until he spent every damn thing he inherited.
Why I'm telling this story is because every person has a different sense of reasoning, and they will act differently if they collect that money.

[Merit.s]

Financial education has always been a game changer in the financial state of a man, it is the best education a father can give to his children because once you are financially educated, it's near impossible not to be financially stable.

Have you wonder why most lottery winners have gone back to square one after winning or most rich kids losing their inheritance due to poor/bad management of funds, it's because they lack financial education.

On the other hand 1million dollars is truly a life changing amount of money but if you are not financially educated, you will lose it all on  the long run,
I don't know if anyone sees it the same way I do?

Having financial education doesn't guarantee your success in business. If you are successful doesn't mean that you are the best in that area of business,it is because you are doing the right business which you are to excel on. Why do we go into business, is to make money to live a better life. And now you have been given the money which you want to go and look for,you are saying that you will prefer to get financial education first, so that you can start suffering from the scratch before you can become successful. What if you have started your small business and its trying to survive,and there is a change of government policy that didn't suit your business to grow and your business fails. C'mon $1M is enough for you to start up a business and never get broke for the rest of your life. If I was that person, I will take the $1M and forget about financial education. I will use $800k to invest in bitcoin and relax for four years and let's see how much my profit will be. And that person that has chosen financial education and started from the scratch,he will never make the kind if profit that I will get from my bitcoin investment in 20yrs time from his financial knowledge with no capital to start up something big. Our being successful in life depends on our decisions and understanding on every step that we take in life.

[lovesmayfamilis]

Actually you are of good point concerning educating your offsprings or children of financial management,  do you know that some children who has someone that render a good financial management advice to them doesn't take it serious, the things I know very well is that any child that is destined to be successful in life will definitely be successful because of the carrier it chose to be like, in the aspect of parental advice concerning financial management not all the children of rich person wants to be rich, so this is applicable to gospel preachers who their biological children deviate from what was expected them to be, many of them become wayward because of they find themselves in a golden environment, so that make many prominent people today they children lack the knowledge of management from my perspective.

Yes, indeed, many of us bury our talents without daring to open up. Namely, not everyone can declare themselves and their ideas, which could serve as reliable support in life if these ideas are supplemented with finances. Someone says that he is poor and will never be able to become successful since his whole family has never lived well. Another, having a million, will be sure that such an amount will always accompany him through life since his parents are rich. But there are people among us who, from childhood, have a financial streak, a tendency to correctly determine the right steps, and always strive to increase this knowledge.
Such people, regardless of their starting position—being poor or rich in their youth—regularly study all the subtleties of financial secrets, which leads them to stability in the future.

[cydrix]

The fact that many of these occur in our reality is not very clear. There are those who, if given the money, would know exactly how to use it and make it work for them. However, other people will be given a whole lot and won't be able to do anything with it. As far as history goes, this is as old as man himself.
Uninvested money is squandered money. Money runs out, and if you aren't earning any regular income, even in small quantities, you will eventually go bankrupt. This will only become apparent when you are approaching close to your breaking point.