The difference between the rich and the poor is financial knowledge

[danherbias07]

No, not everything works that way. The rich have access to people with financial knowledge, and they have the money to pay them to work for them and make them more money. That's different.

When a rich guy asks a poor but intelligent man where he should invest his money in exchange for paying him 5 percent of the profits he will make. The poor, intelligent guy will tell him everything he knows because it's an investor who could somehow change his life through that 5 percent.
He suggested Bitcoin, and the rich guy became richer. The poor, intelligent guy somehow became middle class thanks to it. Still, it's the rich guy who will be in the media to say that he is the wiser one.

[ZAINmalik75]

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

A degree or a certificate has nothing to do with financial knowledge in general, because someone who might not have proper education can have more financial knowledge than someone who has education, because it all depends on general knowledge and experience that a person needs to have if they want to have good financial management skills. We often see people with no proper educational backgrounds having employees with far more education than them, they hire people with great knowledge and high-level of educational backgrounds, but the boss has management knowledge, so he's managing them.

It is true that those who have easy access to financial tools will generally have more knowledge than those who don't have them, but that doesn't apply everywhere. A lot of people with proper education end up wasting all their wealth on useless things and then have start over, sometimes they make it back, sometimes they don't and have to spend the rest of their lives in misery.

[Hardyrobust]

There is nothing wrong with having degree or the poor chasing degree, the main issue is lack of financial management or a good knowledge on how to manage money. Without a good financial knowledge it will be difficult for anyone to be able to manage their finances even if they have degree.
Having a degree pave way for so many opportunities , and knowing how to manage your wealth can save you from mismanagement of funds. There is need to strike a balance between having a degree and gaining financial knowledge.

[JoyceBTC]

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

Currently, even the poor man can’t chase degree again because chasing a degree cost a lot of money. So due to the inability to get a degree, they redirect their option into some skills, business or jobs that will generate money. Most poor persons don’t have the financial knowledge you are talking about because they lack information, maybe because of the environment where they find themselves, the people around them, that’s why networking is important in one’s life.

[fredericktaylor]

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 not that only a degree can bring success in life, a person must acquire knowledge and also needs financial resources. Just as money is needed to be successful in life, knowledge is also needed. Knowledge helps people to make proper plans and money helps to act according to that plan or implement it, so every person needs proper knowledge and money to get success in life. There are many big and successful businessmen in the world who do not have any degree. They went through difficult times in the beginning, they gradually became successful businessmen by using their knowledge, so a degree is not needed to become a successful businessman, but a degree is needed to increase one's knowledge and manage money in the right way.

[Abbatty]

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 see where you going, sometimes the mistake some persons make is that they get to believe that being a hard worker or being intelligent will get that financial stability or even being rich, but it about the type of knowledge we make a priority. Being educational intelligent might only get you an average life but being able to think about opportunities, business ideas and so many more is what will make you a rich person.

I’m not saying educational intelligence is not a priority in the world we live today but then we should know that it takes more than that to make you a successful person. We Should always make room to improve on business ideas, stocks, bitcoin, real estate and so many other that can gives us a financial breakthrough.

[Royal Cap]

What is your take

I don't think that rich people are rich just because they know more and poor people are just chasing degrees, because those who have a high income, a good network and surplus money to invest at the beginning have a better chance of turning around even after making mistakes. On the other hand if a person earns 400- 500$ a month, even if his financial knowledge is good, he still has to manage rent and family expenses first. The same is true for Bitcoin. Many people have made big profits from BTC but we usually hear more stories of successful investors. For me the real solution is not degree vs financial knowledge. A good education can open the door to income and financial knowledge teaches how to save and protect that income.

[ejikeme24]

Currently, even the poor man can’t chase degree again because chasing a degree cost a lot of money. So due to the inability to get a degree, they redirect their option into some skills, business or jobs that will generate money. Most poor persons don’t have the financial knowledge you are talking about because they lack information, maybe because of the environment where they find themselves, the people around them, that’s why networking is important in one’s life.

Nah, the poor can chase degree. most of the graduate didn't have it all I mean they were very poor, but since that's what they wants they decided to chase it without even minding Thier financial situation. I have seen a lot of students here going for side hustle when they don't have lectures, everything has to do with plan, there are some folks who think they can't Chase degree due to Thier financial situation not knowing that they can actually make it work if they have the determination. But I won't lie, in today's economy those who are poor barely talk about degree because they feel it's not necessary for now.

[justdimin]

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.

Let me see: Elon Musk, the dude whose father owned mines, went to Canada as a South African, built a business thanks to others coding it, sold it, bought a company which already had cars, and just supplied it with money to get even richer. Jeff Bezos, dude who got 250k from his parents to start a shop, then got paid 7 million in the first year from friends of family for a cut of the company.

Warren Buffett, son of a senator who started with 100k in pre world war two era, which is more than millions today. You want me to go on? I am not saying there are no people who came from nothing; of course there are, nobody can deny that. But these people had a better life provided to them than it was to us. I had to work 8 hours a day, as a KID, not an adult, KID, just to be able to afford a piece of shit second-hand computer as my first.

None of them had to work a day in their lives for a privilege like that; they were already rich thanks to their parents. All they did was, instead of being rich, they became wealthy; kudos to them. None of them, and I mean NONE of them, could have started where I am and be who they are today. Could they be still better than I am doing now? Of course, maybe they would be millionaires already and not like me, but not billionaires. Nobody starts from absolute zero and reaches 100+ billion.

[GiftedMAN]

There is nothing wrong with having degree or the poor chasing degree, the main issue is lack of financial management or a good knowledge on how to manage money. Without a good financial knowledge it will be difficult for anyone to be able to manage their finances even if they have degree.
Having a degree pave way for so many opportunities , and knowing how to manage your wealth can save you from mismanagement of funds. There is need to strike a balance between having a degree and gaining financial knowledge.

The poor and the reach can afford a degree the difference between them is that the rich have more opportunities over the poor because of the resources they have which the poor will struggle to get because they will always be treated like the poor person they are. In terms of financial management, it is not something about your degree that sets you apart and help you to have good financial management if you study or you are closer to a good financial manager let's say your parents without going to school you are already brought up in a good way and you will be able to manage your finances well. If your essence of going to school is to study financial management it's cool but there will be no difference between you and the poor cause they can achieve the knowledge without having a degree.

[Botnake]

Well, its obvious that if you don't have knowledge about bitcoin, it would be impossible for you to chase bitcoin and invest into it. However, I cannot agree that financial knowledge are only limited for rich people that's why they keep sustaining their wealth in life, while those who are living as poor, they find it hard to build investment and wealth because they have never acquired financial knowledge.

Financial knowledge is free to acquire especially these days, even if you don't have formal education but you are resourceful and is willing to allocate your time studying online, given that resources are everywhere online, then even poor people can be knowledgeable financially if they really want to.

The only problem is, they lack the money to start potential business and investments, that's why they find it hard to establish their finances, but I'm not saying its impossible for them, maybe the process to accumulate wealth will be quite delayed compared to the rich people.

[letteredhub]

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

Do you really think that a person who is able to acquire some university degrees as you posit could be lacking of the least investment knowledge or financial knowledge? Am just not thinking this to be correct.

What such person is lacking is nothing except for connection which is what the rich has but the average poor man doesn't. With the right connections you can get the right information timely, you can get through where degree can't get you to. Just a call out in for you and a life changing opportunity is handed to you. That's mostly how the rich people propagate and perpetuate themselves up there and not necessarily by any unique knowledge you think the poor man with degrees is lacking of

[uneng]

There are so many variables that you can't generalize every riches as having knowledge, while poors not having it. Addiction can make knowledgeable people poor. Luck or criminal schemes can make ignorant people wealthy. You will find rich people of every kinds, the same as poor people of every kinds.

If there was a general rule to identify it and a general recipe to solve this issue, the world would be perfect.

[HelliumZ]

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

Rich people are rich because they have more financial knowledge and poor people are poor because they have less financial knowledge. Rich people limit their knowledge to thinking about how to establish a business by adopting proper planning and proper funding. And poor people are busy thinking about how to earn money and how to spend it. Their knowledge of business is limited and they cannot plan properly. Poor people spend time on degrees for the success of their business, but rich business people focus on how to improve their business rather than spending time on degrees.

[freedomgo]

There are so many variables that you can't generalize every riches as having knowledge, while poors not having it. Addiction can make knowledgeable people poor. Luck or criminal schemes can make ignorant people wealthy. You will find rich people of every kinds, the same as poor people of every kinds.

If there was a general rule to identify it and a general recipe to solve this issue, the world would be perfect.

Exactly. Rich and poor people are just the same, they just differ in what they have and what they don't have. But that does not mean that since you are a poor person, having that financial knowledge will be impossible. It does not require funds, but it only need time and priority. If you are a person who is willing to burn your candle just to gain financial knowledge, then it will be highly possible.

The same way goes for rich people. If they have financial knowledge, but don't have the right mindset and does not know their priority, they will always lost the opportunity to maintain and grow their riches.

[Makus]

A lot of people want to get rich but not everyone understands that getting rich comes with sacrifices, you need to do something or know something to be able to get to that point.The difference between the rich and the poor is opportunity and information but I would not just say that opportunities are everything because for you to be able to take advantage of them you are supposed to have the adequate financial knowledge. Another thing to consider here is that not every Rich person has the financial literacy as others but they have something else that the poor don't have and that's connection, the Rich only associates with the rich because this connection is what makes them richer and the poor doesn't have such an opportunity, a rich person can easily take advantage of an opportunity because they have the resources to make more, this is the reason why I said that it is not just about financial knowledge alone.

[Iranus]

Rich people are rich because they have more financial knowledge and poor people are poor because they have less financial knowledge. Rich people limit their knowledge to thinking about how to establish a business by adopting proper planning and proper funding. And poor people are busy thinking about how to earn money and how to spend it. Their knowledge of business is limited and they cannot plan properly. Poor people spend time on degrees for the success of their business, but rich business people focus on how to improve their business rather than spending time on degrees.

The wealthy don't become rich simply because they possess extensive financial knowledge, nor are the poor poor merely due to a lack of such knowledge. Income, family background, opportunities, and even luck all affect someone's ability to build wealth. Many people with financial knowledge still fail, while other become wealthy without much financial knowledge.

Besides, how can poor people start a business without capital or connection? So choosing to get a degree is a perfectly reasonable decision instead of trying to start a business without enough resource.

Everyone has a different starting point, so their goal and choice will also differ. We cant impose the same standard on everyone when everyone's circumstances are different.

[LUCKMCFLY]

It's a very good point, but believe me, knowledge doesn't guarantee you'll be rich. If you don't have the help or the resources, you can know a lot, but even then, escaping poverty can be very difficult.

Knowledge provides a foundation for being a more prepared human being, well above average. However, those who don't go to school often find ways to make money much faster than professionals with jobs that mostly just give them a better social status.

When a recent graduate looks for a job, they're often required to have years of experience, even though it's very difficult to get hired without prior experience in the first place. That's a huge flaw in the system.

Having a job doesn't guarantee you'll become a millionaire unless you're very lucky and get paid well above average. You can know a lot, but if you don't have the right contacts to help you, it's difficult to climb the ladder, even with high levels of education.

[Razmirraz]

A degree and financial literacy are both important if you want to be well-off. One does not replace the other, they actually work best together. Financial literacy teaches you how to handle money. It also helps you make smarter investment choices, like in Bitcoin or other tech assets. On the other hand, a degree helps you get better opportunities, look more professional, and think more critically. More than that, it gives you specific skills in a field that can actually increase your income. That is why a degree obtained through education often serves as the initial foundation for economic stability before you begin investing.

IMO, real wealth comes from balancing both, being good at your job and knowing how to manage and grow your money. Even though you have access to investment opportunities at your fingertips, but if you don’t have skills to earn first, you won’t have anything to invest. And if you’re great at your job but terrible with money, it’ll all just slip away. So, it is no wonder that the poor are always chasing after degrees here and there, because they are in the position of building, not managing.

[G_Besar]

Nah, the poor can chase degree. most of the graduate didn't have it all I mean they were very poor, but since that's what they wants they decided to chase it without even minding Thier financial situation. I have seen a lot of students here going for side hustle when they don't have lectures, everything has to do with plan, there are some folks who think they can't Chase degree due to Thier financial situation not knowing that they can actually make it work if they have the determination. But I won't lie, in today's economy those who are poor barely talk about degree because they feel it's not necessary for now.

In my area, poor people also rarely talk about their educational qualifications because they're more concerned with feeding themselves and their pockets, so they can eat tomorrow. In fact, if we examine it more deeply, poor people also desperately want a degree just like everyone else, but because their own barriers are financial or the cost of pursuing it, they tend to resign themselves to their situation and no longer think about education. Moreover, coupled with the example of unemployment that continues to increase after they graduate from college, this immediately triggers other thoughts in the minds of poor people, where their interest in pursuing education actually decreases.