The difference between the rich and the poor is financial knowledge

[Rebirth01]

The rich man has information at his finger tips especially investment. The rich man has knowledge because he has acquired financial knowledge and a certificate to back it up but the poor man is always chasing degrees here and there. Here, education is not the problem but financial and investment knowledge are. Take Bitcoin for example,there are those who have made a whole lot of money from it. Those who made money from Bitcoin are those who have the knowledge of it. The poor man chases degree without financial knowledge,am not saying chasing degrees is a bad thing but rather am saying balance it with financial knowledge. What is your take

[Rruchi man]

The poor man chases degree without financial knowledge,am not saying chasing degrees is a bad thing but rather am saying balance it with financial knowledge. What is your take

The degree that is being chased is for the purpose of raising money; after money has been raised, it requires another special form of knowledge to be able to manage and multiply this money that you now have, and that is where financial knowledge or education becomes significant.

Financial education, or how to manage money, is not something that I think is taught directly in every school. Sometimes you have to be conscious about learning it because you may not find it as a conventional subject but the knowledge has been shared across many subjects like business studies, Economics, entrepreneurship, etc.

On your own, you will need to understand budgeting, savings, investing, taxes, insurance, money psychology, etc. for you to say you are financially educated. You also need to be able to source new information regarding finance on your own.

[Wiwo]

The rich man has information at his finger tips especially investment. The rich man has knowledge because he has acquired financial knowledge and a certificate to back it up but the poor man is always chasing degrees here and there. Here, education is not the problem but financial and investment knowledge are. Take Bitcoin for example,there are those who have made a whole lot of money from it. Those who made money from Bitcoin are those who have the knowledge of it. The poor man chases degree without financial knowledge,am not saying chasing degrees is a bad thing but rather I'm saying balance it with financial knowledge. What is your take

Depending on which country you live in, but these days degrees are quite expensive to acquire, and poor people don't have the means of acquiring them in the current dispensation of the economy.

Making money is far more easy than to sustain, spend and multiply that money, this time, certificate or degrees steps aside and real experience and skills come into play.

So, in conclusion, degrees are not the problem, but the ability of the holder to adapt himself to the necessary procedures, discipline, and risk tolerance to be able to make the difference in financial growth through investment and business.

[Don Pedro Dinero]

It depends. Partly, yes, but the key factor is a difference in behaviour when it comes to financial matters.

Anyone who spends less than they earn, and invests and reinvests, has the mindset of a wealthy person, whereas someone who inherits 10 million euros (or dollars) today, if they don’t have that mindset, will end up in the same situation as before they received the money – or worse. This is the case with lottery winners and NBA stars.

When we receive money, we all have a natural urge to spend it, and on top of that, these days it’s becoming increasingly easy for us to consume more and more – and even get into debt.

It’s not just about knowledge; it’s about controlling the person you see in the mirror.

[Marvelockg]

The poor man chases degree without financial knowledge,am not saying chasing degrees is a bad thing but rather am saying balance it with financial knowledge. What is your take

Maybe you should consider reading the portfolio of the people you are referring to as the rich and you will understand that they did not just get wealthy by sitting down and doing absolutely nothing. wealth is a product of intentional effort, sacrifices and knowledge acquired that was put into good use.

The edge that the rich have is that with their money, it is possible for them to get even more money and put their certification into a better use. the poor is disadvantaged because in most case, lack of finance and certain privileges' will always give the rich an upper ad over the poor.

[abhiseshakana]

based on my personal experiences, financial intelligence doesn't mean wealth and poverty not always because financial ignorance. High undestanding on something does not guarantee we can get fruitful margin, if we buy bitcoin on the beginning, we can get big profit, even we don't know much if  we buy earlier. Knowledge only increase decision quality not guarentee result.

I don't think it is wise using Bitcoin as proof that education is not important. I put bitcoin on investment post and in my investment portofolio, high potential return comes with extremely high risk, at the meantime bitcoin is high risk asset with high volatility, which mean i must have knowledge and skill to manage money and risk rationally. We must separated between degree and financial literacy, degree increase our earning power so we can maximize our investment, but without financial literacy we can not manage our income.

Comparing rich peaople and poor people, poor people often trade off human capital investment with today survival, poverty  remove our capacity to financing the journey toward our ambition, which ended with lowering standards because small certainty today more tempted than the possibility of a large profit in the future. Poor people learn that accept target without resources is non sense, high expectation with low support only create more pressure. On healthy economy family usually think study first, and the got job opportunity but on poor people mind that even studying doesn't guarantee can create money.

[Dr.Bitcoin_Strange]

The difference between the rich and the poor is more money that the rich person has. A rich person doesn't just get huge money in one night unless they inherited it, every rich person that made so much money didn't do that without paying some sacrifices, they devoted time to learn and worked on achieving their goals while the poor person probably didn't put enough energy to chase their dreams.

Chasing degree is not the problem or the cause of poverty but poverty starts from people's mindset, some people easily give up without even try so hard while some people try and try until things works out for them. Some people too used the degree to become rich, so it's not about the degree but it's more about people's mindset, the effort they put to become better, the willingness to do what other are doing which could make them to succeed, example is Bitcoin that many people didn't invest on when they heard about it in 2012. Based on some people's thoughts then, they assumed that Bitcoin was a scam, this is the true reality of how some people miss opportunity.

[Achalugo BTC]

Maybe you should consider reading the portfolio of the people you are referring to as the rich and you will understand that they did not just get wealthy by sitting down and doing absolutely nothing. wealth is a product of intentional effort, sacrifices and knowledge acquired that was put into good use.

The edge that the rich have is that with their money, it is possible for them to get even more money and put their certification into a better use. the poor is disadvantaged because in most case, lack of finance and certain privileges' will always give the rich an upper ad over the poor.

On point, the rich do understand early that consistency, diligence, and patience are the keys to achieving their goals and to sustain it despite the challenges they may face. That is why they are always ahead of the poor. But the mindset of poor people is different and  they are not willing to take risks which makes them unable to handle pressure or put the right knowledge to use, it is not that they cannot do it but they allow the fear of the future to overshadow them, this prevents them not to take the risk to achieve success.

[Dreadboost]

Anyone who spends less than they earn, and invests and reinvests, has the mindset of a wealthy person, whereas someone who inherits 10 million euros (or dollars) today, if they don’t have that mindset, will end up in the same situation as before they received the money – or worse. This is the case with lottery winners and NBA stars.

If this were really the modus operandi to get wealth, I would be wealthy by now. To spend less and to invest are not the challenges. The challenge is investing the money in the right asset or business. So far, I have tried two businesses over the last 2 years, with little return. I hold a fraction of Bitcoin in this bear market. The point is that earning, investing, and reinvesting are not an assurance of becoming a wealthy person. It is a process to become wealthy, but there is a probability of not becoming wealthy after doing all of it.

You stated genuine facts because wealth surely starts from the mindset. How we think, respond to situations, and make decisions concerning finances and wealth building. All of them sum up to build a well-disciplined individual in a world where people live luxuriously beyond their paycheck.

[Doan9269]

Talking talking about the mentality the rich has compared to the poor, the difference is there and that is why being poor or rich begins with the mindset, some things have to be decided by us right from what we have conceived from our mind and the mentality we have to convince us to go after what we desire to achieve in life, you should not feel inferior by our ambition or let our current situation weigh us down, we should be well determined to go for the best and also give it all its requires to achieve excellence in everything we do.

[Somto9Light]

Anyone who spends less than they earn, and invests and reinvests, has the mindset of a wealthy person, whereas someone who inherits 10 million euros (or dollars) today, if they don’t have that mindset, will end up in the same situation as before they received the money – or worse. This is the case with lottery winners and NBA stars.

This is true, people do not really understands the logic in spending less than they earn. Though it is not easy to spend less than you earn due to inflation and the amount that people earn but if they can manage to spend less than they earn, they have already solved half of their financial problems because they won't enter into debts and any extra income can be save gradually till it has gotten to a big amount then they can invest it on something valuable while they still retain their initial source of income. For people that get the opportunity to receive a huge amount of money without stress, it is easy for them to lavish it because they don't really feel the pain of making that huge but someone who saved little by little and save up a huge amount, he will use it judiciously so that he won't go broke again.

[trendcoin]

The path from poverty to wealth depends on financial knowledge. I agree with you on this point because our mental frameworks impose this on us, but as humans, we have certain weaknesses. We don’t approach everything with our minds. Most of the time, we act on our emotions. And when we act on our emotions, things don’t go as smoothly as they do on paper. That’s why I think we need to consider adding willpower and similar virtues as complementary elements to knowledge...

[Onyeeze]

The rich man has information at his finger tips especially investment.

Both the rich and the poor have same information, but the difference is that the poor may not be capable to invest because of lack of finance..

The rich man has knowledge because he has acquired financial knowledge and a certificate to back it up but the poor man is always chasing degrees here and there.

You're mocking people who is pursuing a degree, dont you know that before someone become successful you most sacrifice, anyone who is busy chasing educational degrees it's laying a foundation, and in future his degree will make him to be a rich person.

Those who made money from Bitcoin are those who have the knowledge of it. The poor man chases degree without financial knowledge,am not saying chasing degrees is a bad thing but rather am saying balance it with financial knowledge. What is your take

If you dont have knowledge you will not invest in bitcoin, anyone who is chasing a degree is not poor, is building future, at this point you said that chasing a degree is bad, so without chasing a degree how can you acquire knowledge, sometimes check the content of what you talk.

[Spaceman1000$]

The rich man has information at his finger tips especially investment. The rich man has knowledge because he has acquired financial knowledge and a certificate to back it up but the poor man is always chasing degrees here and there. Here, education is not the problem but financial and investment knowledge are. Take Bitcoin for example,there are those who have made a whole lot of money from it. Those who made money from Bitcoin are those who have the knowledge of it. The poor man chases degree without financial knowledge,am not saying chasing degrees is a bad thing but rather am saying balance it with financial knowledge. What is your take

It's not only the poor man that chases degree,  both the poor and the rich do chase degree, this is because the entire concept of a degree is to build your knowledge on a particular subject matter, that is why we have medical Doctors, Programmers, Engineers, these knowledge are important in our society, so we can build stability, it's not for Poor or Rich,  education is for everybody. However if you talk about financial stability or knowledge, I think it's individualistic, people can use the knowledge they have from their education to look for money, so to a large extent, being educated can help too.

[snowpega]

Chasing degrees was never a bad thing unless the course you are studying doesn't give you skills in this field. So it is always better to focus on learning the execution in real time of what you are studying, whether you get the point or not. So the education system was never wrong, but we are lazy in learning things or being skilled in the field we are educating ourselves in. Apart from this, there is no doubt we should also focus on our financial knowledge.

We should observe everything around us to become a successful person in life, no matter if we are in our education phase. The more you learn, the more you will grow and become stronger. Those who think we are in the education phase and we will look into financial matters later always stay behind in life unless they have generational money inherited from their elders, haha.

[Sammye3]

The rich man has information at his finger tips especially investment. The rich man has knowledge because he has acquired financial knowledge and a certificate to back it up but the poor man is always chasing degrees here and there. Here, education is not the problem but financial and investment knowledge are. Take Bitcoin for example,there are those who have made a whole lot of money from it. Those who made money from Bitcoin are those who have the knowledge of it. The poor man chases degree without financial knowledge,am not saying chasing degrees is a bad thing but rather am saying balance it with financial knowledge. What is your take

It is safe to conclude that bagging a degree does not guarantee financial freedom, but financial intelligence does. There are a lot of people out there who did not attend the best of schools or achieve the best degrees but are successful billionaires today. The reason is because they understand how the financial world works, it's not something that bagging a degree guarantees.

But that does not downgrade the importance of education, it is also essential that one acquires the basic education alongside the race for a better future. The poor people do not decide to be poor, life is unfair and does not equate success with the amount of hardwork done, smart work is what guarantees success.

[stompix]

The difference between the rich and the poor is financial knowledge

Let me guess...you're poor!
Let me guess more, instead of actually improving that you're making 3 lines of text topics win, which you claim to know it all!
Click on profile, yup, was right on the money from the start!

Both the reach and the poor

Talking talking about the mentality the rich has compared to the pool,

This is getting so damn funny, what's next , the lich and the door?  

This is true, people do not really understands the logic in spending less than they earn.

So people always spend more than they earn..."ad infinitum" because this is how economics works, right?

[bitbollo]

knowledge ! thats all !!! that can come from good habits on money management, a good position with work, or just have the right education.
Most of difference probably it's not matter of knowledge related to financials... you can be very stupid with your health and make another kind of disaster Rich families, in general, will have access to better information, better schools, better networks.
They can easily get (and pay of course) for the better service in any case. Or they should at latest...

[coin-investor]

The poor man chases degree without financial knowledge,am not saying chasing degrees is a bad thing but rather am saying balance it with financial knowledge. What is your take

I agree education isn't all about finishing college or getting a degree; it's also about learning financial knowledge, where you can manage your finances and know where to find opportunities.
I have seen uneducated people reach financial success because of their strategy, because they know where to find and explore opportunities. They prefer starting a business rather than earning a degree and becoming an employee.
But I want to emphasize that there's nothing wrong with getting your degree.

[Freeveto]

The rich man has information at his finger tips especially investment. The rich man has knowledge because he has acquired financial knowledge and a certificate to back it up but the poor man is always chasing degrees here and there. Here, education is not the problem but financial and investment knowledge are.

Don’t you think you are taking it too hard?
The degree you think poor man is chasing is to find a way for himself to be self dependent since he don’t have the opportunity and the information you claim the rich has, they go and chase skills and qualifications in order to be useful to the society, I think it’s good to appreciate that.

Take Bitcoin for example,there are those who have made a whole lot of money from it. Those who made money from Bitcoin are those who have the knowledge of it. The poor man chases degree without financial knowledge,am not saying chasing degrees is a bad thing but rather am saying balance it with financial knowledge. What is your take

If a poor man have choice, they will also chose to hold bitcoin if they have the opportunity to hold the bitcoin, but since they don’t have, it’s hard for them to hold bitcoin for long. It’s not good to blame them, they are not our problem.