The difference between the rich and the poor is financial knowledge

[viljy]

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

This is a false idea deliberately instilled in the poor. Of course, there is a difference in knowledge, but it is not knowledge that determines whether you will be rich or not. Even with two university diplomas, a person can work as a courier. In reality, the determining factors are: the necessary social connections, family relationships, inheritance, belonging to a powerful group, etc. Among personal qualities, these are cunning, determination, and enterprise.

I personally knew some wealthy people, and believe me, they were very far from having a PhD in economics. Or to put it even more simply: in the 90s, one such person had a TT pistol, while the poor didn’t. That’s the whole difference. To justify their right to wealth, the rich instill all sorts of ideas in the poor — about knowledge, or about being blessed by God, or something else.

[Saltysugar99]

Just because someone is rich, has investment knowledge, has certificates, has information, it is not a guarantee. Similarly, it is not right to think that someone is poor, he only runs after a degree and does not have financial knowledge. I agree with your point of balancing education and financial knowledge, but I have a slightly different opinion on what you are making about the rich and the poor. You say that a rich man has information, financial knowledge and also has certificates. Which certificate makes a person a good investor? One can have an economics degree. One can have three certificates on finance. Again, a person without formal finance education can manage his income, expenses, savings, debt very well and can make disciplined investments year after year. There is an interesting counterpoint to rich people. A rich person can survive financially even if he makes mistakes, whereas the same mistake of a poor person can be much more damaging. Therefore, it is better not to judge people's investment ability by using the rich or poor label.

[SamReomo]

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.

I think anyone who's smart enough knows that financial knowledge is far more important than degrees. The ones having degrees will work as employees and those having financial education increase their income exponentially overtime and become the boss. So it's always better to learn financial education rather than wandering behind the degrees that makes you nothing but an employee.

[Taricoins]

I think Knowledge is really important, another aspect is the circle you find yourself, it's hard to build wealth or riches alone and one thing I have found out in this part of the world is different companies CEO's mostly come from the same group from small. Another thing that separates the rich from the poor is the financial edge, you might have the knowledge and take a bridge loan and still fail but if you have a financial edge, you will have the chance to try again.

There is this population influencer turn business tycoon once said he receive up to 500k dollars thrice for a business setup from his uncle before he got it right. This is one importance of financial edge.

[Cossyblack]

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

So you're literally saying it's only poor people that chased after degrees? your wrong mate because both the rich and the poor go to the university to get educated to get a degree after graduation. Something you don't know is that,the university doesn't teach you how to be financially rich, you are the one who will discover your ability to unlock the doors to your financial freedom.
The way a rich man and a poor man thinks is different and their ability to invests,rich people invest in multiples investment to grow and expand their wealth over time but the poor doesn't think the same,they work to survive.

[Decimetre]

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

So you're literally saying it's only poor people that chased after degrees? your wrong mate because both the rich and the poor go to the university to get educated to get a degree after graduation. Something you don't know is that,the university doesn't teach you how to be financially rich, you are the one who will discover your ability to unlock the doors to your financial freedom.
The way a rich man and a poor man thinks is different and their ability to invests,rich people invest in multiples investment to grow and expand their wealth over time but the poor doesn't think the same,they work to survive.

Poor people solely believe in hard jobs, a practical lifetime job that you can lay your hands. They are not smart beyond the meniacs. But the rich are innovative, they think outside the box, they create wealth from where the poor-minded people can not conceive. Somehow the degree chasing is evident because the poor focus more on getting the degree while the rich minded people obtain degrees for approval sake to chase their real goals.

Financial knowledge is a completely different area that is not taught in class rooms but when you apply your class room knowledge, you can figure out real wealth creation. Chasing degrees are not bad, but chasing degrees as if it all depends on the degrees is the reason behind many degree owners being poor.

[Rebirth01]

The first is aquire education first which is the first step of someone who want to breakout from poverty and then aquire knowledge or askill to support your degree. And if you want to upgrade then get another certificate that will make you a professional in the degree you already have. The thing is especially where i came from some parents don't know about professional certificate that will upgrade the child to make him or her a professional. That been said, those who started industrial revolution never acquired the type of degrees we are are pursuing today but knowledge and skills made them known today. The rich man or woman today gets information and worked on the information by investing in it and after a couple of years the person becomes richer. He or she did not go back to school to aquire another certificate to get rich. The rich people take risk to be what they are today not too many degrees. In all you seek, after education,seek for skills and knowledge. In my part of the world,we have too many people with a lot of different degrees yet they are poor and those with one degree and skills are doing well more than the ones with many degrees.

[bakasabo]

I think the difference will be in real experience, than in financial knowledge. Rich have opportunities to have more tries, when poor will have only 1 attempt and must not fail. I believe that financial knowledge both have identical. Rich person might afford to have the best education, however poor person can get same information (or almost the same, or even different) from free online libraries using free access to PC in library (I dont know about your country, by in my you can go to library and use PC with internet for free, as well as take any financial book for 1-2 weeks).

[angrybirdy]

When it comes to financial knowledge, we cant  simply say that a rich people have an advantage over those who grow up poor... being born into wealth does not automatically mean someone knows how to manage their money wisely. some people who grow up with a silver spoon become spoiled and only good at spending their parents money without ever learning the value of financial discipline... and for those people who grow up in difficult financial situatiin often develop a stronger understanding of budgeting, saving and prioritizing their actual needs only, because they have experienced what it feels like to have limited resources, they may also become more intentional about planning for the future and spending their money on things that truly matter. Take note that this does not apply to everyone. there are wealthy people who are financially responsible just as there are people from poor backgrounds who struggle with money management and that's the reality.

[Pearl_20]

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

You can have knowledge of an investment and still not invest so this is not a matter of having financial knowledge but having the preparedness to become an investor despite the risks that is involved. It also takes courage and determination for someone with financial knowledge to excel because there are times when he will doubt his financial knowledge but determination and discipline is what will give him the morale to go ahead.

From my own understanding, this is not even about financial knowledge or chasing a degree, it is more of the ability to take financial risks, that is what differentiates a poor man and a rich man. A lot of financially stable people in the society today were once poor but most of them risk their money on one investment that they didn't even believe it will lead them to financial wealth.

[BALIK]

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.

I think anyone who's smart enough knows that financial knowledge is far more important than degrees. The ones having degrees will work as employees and those having financial education increase their income exponentially overtime and become the boss. So it's always better to learn financial education rather than wandering behind the degrees that makes you nothing but an employee.

I don't agree with this view. Having a degree doesn't mean you can only become an employee, and having financial knowledge doesn't guarantee that you will become wealthy.

There are many entrepreneurs and wealthy people who have university degrees, and there are also many people with financial knowledge who are struggling badly. So saying financial knowledge is more important would be an oversimplification and would undervalue the importance of a degree.

Don't put degrees and financial knowledge against each other when they can actually complement each other.

[ayojikun]

I think the difference will be in real experience, than in financial knowledge. Rich have opportunities to have more tries, when poor will have only 1 attempt and must not fail. I believe that financial knowledge both have identical. Rich person might afford to have the best education, however poor person can get same information (or almost the same, or even different) from free online libraries using free access to PC in library (I dont know about your country, by in my you can go to library and use PC with internet for free, as well as take any financial book for 1-2 weeks).

That represents the ease of access to learning about finance; however, not all countries provide libraries for this purpose. While such access makes it easier for the poor to learn, and financial knowledge serves as a guide, not everyone is able to put it into practice. The wealthy still hold the greatest opportunity to apply these concepts, as they have access to numerous supporting resources that can be easily utilized.

[LogitechMouse]

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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'm getting the fact that you don't need to have a degree in order to have financial knowledge, but I think you don't need to come to a point where you are saying that degrees are useless. While degrees aren't that have much of an importance anymore, I still believe that it's still helpful in one way or another.

Poor man is chasing degrees because that's what other people instill on their mind when they're young, and I know that because they did it to me as well. They say "go study hard and get a degree, and get a job", and while I got a degree already, I haven't used it still in order to get a job although it helped me in a different way of course. As for having financial knowledge, well we can all learn about Bitcoin because there's a thing called the "internet" that could help us. You know what the problem is? It's the lack of initiative of these people to learn more about it. They want to be rich, but they don't want to have time to learn it. What a stupid mentality that would be.

I have nothing against those poor people who chases degrees. I'm hating more those people who don't have the time to gain financial knowledge, but they want to be rich because of it. Knowledge is power as they all say, and we can get the knowledge that we need in just a few types and clicks.

[BlackHatCoiner]

Strongly disagree.

Financial knowledge leading to wealth is one of the mainstream lies to keep people poor by reading books. If reading a book could make you wealthy you would just read the damn book. But, there is no such book. It's just a comfy lie so they can sell books.

The real path to wealth is blood-sucking, it involves a lot of stress most can't handle, and requires loving the pain of rejection.

[Fawshahad82]

Hello everyone in my point of view the financial knowledge is one of the biggest differences between rich and poor people
Rich people learn how to earn save invest and grow their money.
Poor people may work hard but often lack knowledge about managing money.
Wealthy people focus on assets and multiple sources of income.
They make money work for them instead of only working for money.
They control unnecessary spending and avoid emotional financial decisions.
But knowledge alone is not enough discipline and action are equally important.
In the end better financial decisions can create better financial results understand 😊

[Pi-network314159]

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

I think you are contradicting yourself, being rich is not about aquiring financial knowledge. Being rich has to do with lot more than that. You might have financial knowledge but don't have self or financial discipline, you might not be rich because disciplinary actions needs to be taken more than having financial knowledge. Sometimes you might have financial knowledge on how to aquire money but not being Smart to control or utilize it properly is what makes you poor. Talking about Bitcoin, not everyone that invested in Bitcoin are rich, many are poor. And don't mistake investing into Bitcoin as being rich because anyone can invest. And lastly chasing degree is not a sign of being poor, anyone is free to chase their degree to any extent regardless of their status. Being rich is mindset, because rich people are know by tbe lifestyle they develop over time. Rich people start by thinking and gradually executing Their plans, a rich man is known by his actions rather than words, he is more seriously minded and takes business more serious than fun, he take any opportunity seriously. Most times The life of a rich man is often mistaken for a stingy person because they hardly release money whenever it gets to them, except for serious things or business.

[Cgrexp]

When it comes to financial knowledge, we cant  simply say that a rich people have an advantage over those who grow up poor... being born into wealth does not automatically mean someone knows how to manage their money wisely. some people who grow up with a silver spoon become spoiled and only good at spending their parents money without ever learning the value of financial discipline... and for those people who grow up in difficult financial situatiin often develop a stronger understanding of budgeting, saving and prioritizing their actual needs only, because they have experienced what it feels like to have limited resources, they may also become more intentional about planning for the future and spending their money on things that truly matter. Take note that this does not apply to everyone. there are wealthy people who are financially responsible just as there are people from poor backgrounds who struggle with money management and that's the reality.

Those who grow up in wealthy families. They are usually exposed to more financial opportunities. No matter how much financial opportunity they have, not everyone automatically becomes good at managing money. Many people grow up with limited resources and gain practical experience in budgeting and saving. But poverty does not always create good financial habits. Family status, parents' financial behavior, education, all these factors develop a person's financial knowledge and behavior. Even from wealthy families, due to not understanding the value of money, they can waste a lot of wealth. Similarly, if someone from a poor or middle-class family acquires financial education, planning and discipline. Then they can gradually improve their financial situation. Poverty does not automatically make someone financially prudent. In the same way, wealth does not automatically make someone financially inefficient. What matters is how much a person has learned from his experience and how disciplined he is able to apply that knowledge in practice.

[nara1892]

I agree with that, but one thing we must understand is that knowledge largely comes from education, not just from our environment. That's why people are willing to pursue education across countries and spend a lot of money. And we all know that a degree is also a requirement for employment and income beyond investment.
On the other hand, higher education can also teach someone how to manage money effectively, connecting them to broader knowledge to grow their money more quickly, one of which is investing. So, it's not that poor people pursue degrees without knowledge; in fact, it's the process of acquiring knowledge.

[Obim34]

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.

Logically, some people with great wealth are rich due to wealth transfer, not all rich people have better financial knowledge compared to a poor man. Most rich people are born into wealth, they are born and grown inside the foundation, while a poor man has to build himself into that capacity and manage to raise capital before undertaking financial risks.

Financial knowledge does not mitigate the risk of failing on a few attempts, while a rich man has enough funds to bounce back and try again, a poor man protects the little he has and hesitates before undergoing certain decisions. Financial knowledge is not enough, it is part of the factor.

[Findingnemo]

The ultimate goal of everyone in this world is to make money, and people try to make money in the ways they know. For rich people, it is easier with capital and a rich friend circle and easy access to loans, and there is a backup of money in case they fail with their attempt. But when call someone poor, they won't even have one among the many privileges I mentioned for the rich so the chances of making is lot harder for them. Over the generations, this can be changed.