Is it enough to just understand financial management?

[Fredomago]

If you want to become rich from the scrath, then it involves more process than just anyone and yeah learning about financial management also comes under but not just learning they need to implement it in their life to see the changes.

I doubt any courses about finance is teaching about these to their students, it is something only we can learn from the experience of others not from books unless it explains about the wealth generation. But it is getting harder for every year passes, so start as soon as possible or you can never reach what you have planned for.

Indeed, it's tough as you need to practice whatever information and knowledge that you acquire, it's not something that after reading then just let it passed but instead, after reading or learning you need to strictly practice and observe if things have some influence in you, there are financial information that you can use to follow but it is very important to have that self-will to completely practice whatever you learned.

[Zanab247]

Financial management is important basically in business but I don't see it as the ultimate because if you have it and failed to utilize it wisely and join with others tactics required, it will be difficult to succeed, it's just an edge in line to generate and sustainable financial stability but in business growth smartness and some tactics which involves consistency, or trending and demanding business, that can bring more customer attention.

It required knowledge to know which direction you are going either good or bad, and it will not allow you to fall into losses when you have the knowledge. This is what some investors don't understand about financial management. There is no way you will have financials management skills and you will be lacking how to make profit from investment, because you suppose know when to buy and when to sell to gain profit that will force you to add other coins to your hodling. The Strategies you deploy in your investment are the major power that will push you to double your profit, because that is what some professional investors are using to make different profits from crypto investment

You don't need to just understand financial management without you know how to grow higher financially in a business, because financial growth will make you not to be in the same financial level with those who don't have the knowledge of financial growth.

[ChocolateBitcoinK]

If you want to become rich from the scrath, then it involves more process than just anyone and yeah learning about financial management also comes under but not just learning they need to implement it in their life to see the changes.

I doubt any courses about finance is teaching about these to their students, it is something only we can learn from the experience of others not from books unless it explains about the wealth generation. But it is getting harder for every year passes, so start as soon as possible or you can never reach what you have planned for.

Indeed, it's tough as you need to practice whatever information and knowledge that you acquire, it's not something that after reading then just let it passed but instead, after reading or learning you need to strictly practice and observe if things have some influence in you, there are financial information that you can use to follow but it is very important to have that self-will to completely practice whatever you learned.

You are just acquiring knowledge, but if you are not applying that knowledge in a practical sense, then how can you expect results from it? If you do not have the ability to apply it in practice, your knowledge is completely worthless. The bottom line is that we have to learn, practice, apply it practically, learn to use knowledge. We have to increase our practical ability, if we have the habit of consistency and observation, then we will have a solid foundation for improvement.

[Fiasem20]

Financial management helps an individual to become financially stable with goals.Just like it is said,in a written form financial management can be a easy thing while in the real world majority of individuals are battling with financial mismanagement.If you must manage your finances then you need to build a budget,don’t get enticed by flashy expenses,most persons have been unable to keep to their budget list because they want to get the most trending outfits,cars and so on.It isn’t wrong to get new items beyond your budget but it shouldn’t be an all the time thing.Lastly spend wisely.

[bangjoe]

Financial management helps an individual to become financially stable with goals.Just like it is said,in a written form financial management can be a easy thing while in the real world majority of individuals are battling with financial mismanagement.If you must manage your finances then you need to build a budget,don’t get enticed by flashy expenses,most persons have been unable to keep to their budget list because they want to get the most trending outfits,cars and so on.It isn’t wrong to get new items beyond your budget but it shouldn’t be an all the time thing.Lastly spend wisely.

Money management makes us aware of how to manage money, we will arrange funding allocations for many things that must be paid attention to and are important to have in life so that finances are neatly arranged which has an impact on financial balance, even if we have long-term projections it will be much better, that is the benefit of money management.
Money management also makes us know that the inflow must be greater than the outflow so that the actions chosen such as saving money and improving skills to get money coming in become a priority. People who have this level of financial awareness can usually live much better.

[Emjay24]

I doubt any courses about finance is teaching about these to their students, it is something only we can learn from the experience of others not from books unless it explains about the wealth generation. But it is getting harder for every year passes, so start as soon as possible or you can never reach what you have planned for.

Maybe it's about the books you read, but people's experiences are documented in books and some are practical experiences, read "Think and grow rich" by Napoleon Hill and see where people transformed desire into real wealth,  the thing is that most people just read those books as fictitious stories and rarely even practice the practical steps suggested in the books neither do they implement those steps described in those books in their life activities.

The good thing is that while implementing lessons learned from great books, we understand them better and build our own experiences from them.

[ChocolateBitcoinK]

Financial management helps an individual to become financially stable with goals.Just like it is said,in a written form financial management can be a easy thing while in the real world majority of individuals are battling with financial mismanagement.If you must manage your finances then you need to build a budget,don’t get enticed by flashy expenses,most persons have been unable to keep to their budget list because they want to get the most trending outfits,cars and so on.It isn’t wrong to get new items beyond your budget but it shouldn’t be an all the time thing.Lastly spend wisely.

All this is just a waste, due to such waste people are very backward, due to this their financial condition is reduced. One should refrain from spending on what is not necessary, those who have such temptations always spend beyond their capacity and calculation. One should create a well-organized budget and spend it in a disciplined manner, luxury is just a waste of money, although people have desires and it is necessary to fulfill them, but of course it should not be excessive. In this case, we need to maintain the will and habit of maintaining limitations and control.

[SquallLeonhart]

you fit know how to budget, cut expenses, avoid unnecessary spending and still not grow if you are not strategic with income side…  Managing money is one thing, multiplying it is another thing entirely.

But still, without proper management, even the smartest and best business strategy can collapse.. If money is leaking everywhere, no level of smartness will save it for long..
So I see it like this, You need both management and strategy.. One will keep you stable, the other will pushes you forward..

It's clear that knowing how to budget and understanding financial management at least of your own personal income and spending, will allow you to be better than not. It is not going to make you rich all the time because for some people life is very expensive and bad things happen to you and you end up needing more and more spending to keep yourself alive.

But even in that case, while you may not become rich, you will do better than you otherwise would and proper budgeting will help you a lot. What we are not seeing here however is the people who do not have that kind of bad life, if you live a normal life, and save properly then you could grow your investments a lot and could become a very rich person eventually if you do it long enough.

[silpersurfer]

I doubt any courses about finance is teaching about these to their students, it is something only we can learn from the experience of others not from books unless it explains about the wealth generation. But it is getting harder for every year passes, so start as soon as possible or you can never reach what you have planned for.

Maybe it's about the books you read, but people's experiences are documented in books and some are practical experiences, read "Think and grow rich" by Napoleon Hill and see where people transformed desire into real wealth,  the thing is that most people just read those books as fictitious stories and rarely even practice the practical steps suggested in the books neither do they implement those steps described in those books in their life activities.

The good thing is that while implementing lessons learned from great books, we understand them better and build our own experiences from them.

Many books teach us to form wealth, but most people just want to be rich instead of really wanting to form wealth, the book Rich dad poor dad or Psychology of money will also be very helpful in money management and wealth creation, in it there are many points that we can implement in life, we will understand the art of managing money and the art of getting money is different, and the art of forming self value to attract money is also different in having attitudes and principles in life, this does not just lie in one point, the book is a picture of other people's experiences that are worth learning and trying.

[Ishicryptic]

Financial management helps an individual to become financially stable with goals.Just like it is said,in a written form financial management can be a easy thing while in the real world majority of individuals are battling with financial mismanagement.If you must manage your finances then you need to build a budget,don’t get enticed by flashy expenses,most persons have been unable to keep to their budget list because they want to get the most trending outfits,cars and so on.It isn’t wrong to get new items beyond your budget but it shouldn’t be an all the time thing.Lastly spend wisely.

All this is just a waste, due to such waste people are very backward, due to this their financial condition is reduced. One should refrain from spending on what is not necessary, those who have such temptations always spend beyond their capacity and calculation. One should create a well-organized budget and spend it in a disciplined manner, luxury is just a waste of money, although people have desires and it is necessary to fulfill them, but of course it should not be excessive. In this case, we need to maintain the will and habit of maintaining limitations and control.

What can help anybody to practicalize financial management is to write a budget for what they plan to spend with their income, since they already know it in theory writing a budget will help to practicalize it. It helps when you write down the goals that you plan to achieve within a timeframe it is from there that you can map out where every cent will be be allocated. After this stage is discipline to make sure that you don't deviate from the budget, any expenses that is not in the budget must be overlooked unless it is more important than everything in your list. I think only health matters that should make you to alter your budget not partying and buying luxurious things.

[junder]

You are just acquiring knowledge, but if you are not applying that knowledge in a practical sense, then how can you expect results from it? If you do not have the ability to apply it in practice, your knowledge is completely worthless. The bottom line is that we have to learn, practice, apply it practically, learn to use knowledge. We have to increase our practical ability, if we have the habit of consistency and observation, then we will have a solid foundation for improvement.

The thing that really has to be considered is unnecessary spending, the problem that I think happens to the majority of people is usually the habit of spending on things that are not really important. This can be a bad habit, therefore it must be able to eliminate it and the way is to think that what is needed is more important than what is wanted, so prioritizing what is needed is the right thing.

[abhiseshakana]

I doubt any courses about finance is teaching about these to their students, it is something only we can learn from the experience of others not from books unless it explains about the wealth generation. But it is getting harder for every year passes, so start as soon as possible or you can never reach what you have planned for.

Maybe it's about the books you read, but people's experiences are documented in books and some are practical experiences, read "Think and grow rich" by Napoleon Hill and see where people transformed desire into real wealth,  the thing is that most people just read those books as fictitious stories and rarely even practice the practical steps suggested in the books neither do they implement those steps described in those books in their life activities.

The good thing is that while implementing lessons learned from great books, we understand them better and build our own experiences from them.

Many books teach us to form wealth, but most people just want to be rich instead of really wanting to form wealth, the book Rich dad poor dad or Psychology of money will also be very helpful in money management and wealth creation, in it there are many points that we can implement in life, we will understand the art of managing money and the art of getting money is different, and the art of forming self value to attract money is also different in having attitudes and principles in life, this does not just lie in one point, the book is a picture of other people's experiences that are worth learning and trying.

I think many people fail to be rich because they don't follow pattern to be rich, they skip some step and easily missed the basic step building wealth. Many people want to jump to investation step without strong financial foundation. Wealth accumulation always strat with financial safety first, cashflow stability, minimum emergency fund for 6 months, risk protection, debt management with zero debt if possible, after all step pass we can do investing massively. Many people do investing using daily necessity money, it is very dangerous when there are shock wave, financial condition will be collapsed.

Building wealth identically with survival endurance / durability, resilience and sutainability, so many failed in understand financial planning purpose not to get maximum benefit but to keep life continuity, ensuring we reach our goald and the most important thing reduce possibility we screwed our financial condition, simply said your financial structure must be pressure resistant, strom resistant,  and shock resistant

[liasbaa]

I doubt any courses about finance is teaching about these to their students, it is something only we can learn from the experience of others not from books unless it explains about the wealth generation. But it is getting harder for every year passes, so start as soon as possible or you can never reach what you have planned for.

Maybe it's about the books you read, but people's experiences are documented in books and some are practical experiences, read "Think and grow rich" by Napoleon Hill and see where people transformed desire into real wealth,  the thing is that most people just read those books as fictitious stories and rarely even practice the practical steps suggested in the books neither do they implement those steps described in those books in their life activities.

The good thing is that while implementing lessons learned from great books, we understand them better and build our own experiences from them.

Many books teach us to form wealth, but most people just want to be rich instead of really wanting to form wealth, the book Rich dad poor dad or Psychology of money will also be very helpful in money management and wealth creation, in it there are many points that we can implement in life, we will understand the art of managing money and the art of getting money is different, and the art of forming self value to attract money is also different in having attitudes and principles in life, this does not just lie in one point, the book is a picture of other people's experiences that are worth learning and trying.

You can become very knowledgeable by reading books and learn about fund management but the main thing is that you have to be hardworking. You need a working environment and above all if your country is poor you have to build your position through skills. We blame the social and state context for our own financial situation. This blame is right but many people survive against the tide and earn money to meet the needs of their families.

To manage money you have to earn and prioritize meeting basic needs. Only after meeting basic needs you have to learn about the art of money management and apply it in practice. Although the principles and ideological education are made in the context of social and economic conditions, you have to apply your own higher knowledge.

[justdimin]

The thing that really has to be considered is unnecessary spending, the problem that I think happens to the majority of people is usually the habit of spending on things that are not really important. This can be a bad habit, therefore it must be able to eliminate it and the way is to think that what is needed is more important than what is wanted, so prioritizing what is needed is the right thing.

That unnecessary spending is what the humanity does to go on, otherwise we would all go mad. There are not a lot of people who would be poor in the sense that they can't even afford pasta or rice or whatever, those are cheap stuff, and most of us would be able to live off that.

But you do not get to live a life where your home is basically a cabin and horrible and small so you pay very little for it, eat rice and bread and pasta and potato everyday, have no tech for yourself (maybe phone if job requires it) and just live like that and hope to save enough that way for 10 years to then become rich. That would not make you rich, that would make you mad and you are not going to see the end of your experiment because you will go mad.

[Yeesha]

The thing that really has to be considered is unnecessary spending, the problem that I think happens to the majority of people is usually the habit of spending on things that are not really important. This can be a bad habit, therefore it must be able to eliminate it and the way is to think that what is needed is more important than what is wanted, so prioritizing what is needed is the right thing.

That unnecessary spending is what the humanity does to go on, otherwise we would all go mad. There are not a lot of people who would be poor in the sense that they can't even afford pasta or rice or whatever, those are cheap stuff, and most of us would be able to live off that.

But you do not get to live a life where your home is basically a cabin and horrible and small so you pay very little for it, eat rice and bread and pasta and potato everyday, have no tech for yourself (maybe phone if job requires it) and just live like that and hope to save enough that way for 10 years to then become rich. That would not make you rich, that would make you mad and you are not going to see the end of your experiment because you will go mad.

We have a lots of resources in the world but some countries failed woefully to utilise them. The resources are capable of changing our economics but due to the crisis occurring in some countries, the resources are being used for destruction. But despite the fact that things are moving upside-down people still struggling and ensure that they were able to put food on the table, they can't have or live a luxurious life but at least they can afford pasta, rice and other food stuffs, and also the things that they will need for their daily activities.

At lots of people can afford phone and even if they can't afford it, they struggle to get it because of it is important. You don't any job opportunity that you might have, and will require sending messages through emails, WhatsApp or whatsoever. But despite the fact that some salary are small and not enough to spend we still have to economize our money and resources in order to meet with our daily needs.

[AmoreJaz]

The thing that really has to be considered is unnecessary spending, the problem that I think happens to the majority of people is usually the habit of spending on things that are not really important. This can be a bad habit, therefore it must be able to eliminate it and the way is to think that what is needed is more important than what is wanted, so prioritizing what is needed is the right thing.

That unnecessary spending is what the humanity does to go on, otherwise we would all go mad. There are not a lot of people who would be poor in the sense that they can't even afford pasta or rice or whatever, those are cheap stuff, and most of us would be able to live off that.

But you do not get to live a life where your home is basically a cabin and horrible and small so you pay very little for it, eat rice and bread and pasta and potato everyday, have no tech for yourself (maybe phone if job requires it) and just live like that and hope to save enough that way for 10 years to then become rich. That would not make you rich, that would make you mad and you are not going to see the end of your experiment because you will go mad.

Well, people need to realize what's really important for them and survive in this crisis. Because let us put it this way, no one will help us but ourself, right? So need to think of contingencies how to survive in these challenging times.

[Peanutswar]

It's good if you have both an understanding of Financial management and Financial literacy because these concepts help you with your proper budgeting, learning from investment and earning and we know in this world it's hard if you dont understand these you can possible decieved with hte marketing strategy of the different companies such as taking loans, and having a bad debts. Again, we have a good debts and bad, the good one are the loans you take to create a cash flow, and the other one is the reason why you become poor and drain your money because of mishandling. Most of the people once they increase their source of income others increases their lifestyle too which is afterward not sustainable anymore reason for mishandling of money too.

[DiMarxist]

It's good if you have both an understanding of Financial management and Financial literacy because these concepts help you with your proper budgeting, learning from investment and earning and we know in this world it's hard if you dont understand these you can possible decieved with hte marketing strategy of the different companies such as taking loans, and having a bad debts. Again, we have a good debts and bad, the good one are the loans you take to create a cash flow, and the other one is the reason why you become poor and drain your money because of mishandling. Most of the people once they increase their source of income others increases their lifestyle too which is afterward not sustainable anymore reason for mishandling of money too.

I think that these two concepts are interrelated because there is no way you can be talking about financial management and financial literacy. There is no way that one can accurately run a business without these two concepts because everything about budgeting is linked to your understanding of financial management and financial literacy. So it's important that everyone should learn and understand what financial education is.

[puloweh555]

Financial management helps an individual to become financially stable with goals.Just like it is said,in a written form financial management can be a easy thing while in the real world majority of individuals are battling with financial mismanagement.If you must manage your finances then you need to build a budget,don’t get enticed by flashy expenses,most persons have been unable to keep to their budget list because they want to get the most trending outfits,cars and so on.It isn’t wrong to get new items beyond your budget but it shouldn’t be an all the time thing.Lastly spend wisely.

Money management makes us aware of how to manage money, we will arrange funding allocations for many things that must be paid attention to and are important to have in life so that finances are neatly arranged which has an impact on financial balance, even if we have long-term projections it will be much better, that is the benefit of money management.
Money management also makes us know that the inflow must be greater than the outflow so that the actions chosen such as saving money and improving skills to get money coming in become a priority. People who have this level of financial awareness can usually live much better.

Financial management isn't enough to achieve financial freedom or even simply survive in old age. But with good management you can manage your finances effectively and allocate them to more productive activities rather than consumer spending. And financial management will be more effective in achieving your goals. You should increase your income ideally having multiple sources of income is better for saving and investing.

Essentially, we can compare financial management to the brakes on a car. It's crucial to avoid overspending. But the engine (income) must be strong first so you can travel long distances without fear of breaking down. Especially in this technological era, if you're willing to hone your skills and have strong determination anyone can create their own business in this technological era by utilizing the internet to earn extra money. One way to do this is by utilizing this forum. Besides being a place to share insights and knowledge, you can also earn additional income.

[Gifte001]

Yes it's very necessary to understand financial management, because it will authorise you to build wealth also manage your debts, make your budget,  plan for golden years and make informed investment choices.