The difference between the rich and the poor is financial knowledge

[RGBTC]

I strongly disagree.
If economic and financial knowledge were the source of wealth, all economists and financial advisors would rank among the world's wealthiest people. Financial risk is dynamic and complex; conversely, people can sometimes achieve wealth easily or by chance. Financial knowledge based on theory and practice yields different results; you can learn financial theory anywhere, but you only gain true financial knowledge when you begin applying that theory.

[tabas]

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 a problem if someone chases degrees and other technical knowledge about life. That's how they've been grown and they are sticking to the traditional way of gaining knowledge. We can't force people to learn financial knowledge if they have a different point of view of how to make their lives better. We are in no position to say what's wrong and right for them if they have the belief to make things correctly. Being knowledgeable is a blessing for those who have knew bitcoin in the first place and invested in it. Because if someone has an idea about bitcoin and didn't invest in it, they're not different from those people you are saying chasing degrees, is that it?

[Onyeeze]

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.

OP did not think about this, once you're educated, you have foresight and you know what that you will engage yourself that give success, in university different lesson's are being learnt, which is possible to acquire financial knowledge from your studies, pursing degree does not really mean that you will only depend on your degree, other things you will learn how to handle the situation when it comes, but maybe op think that it's only for the degree that make people to go to school, so many things pointed out op is not good one, and you can't because of investment and forget about chasing of degree

[Cryptoprincess101]

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.

Who told you that the rich doesn't acquire a degree. Even if a rich man decides to undergo a short training on financial knowledge, it does not mean that they don't later sort to acquire a degree after wards. The rich loves educated people so why won't they also want to get a degree. The poor chases degree because they thought that it will get them good jobs and help them escape from poverty.
       In the past, it worked for most poor people because as soon as they acquired a degree, it was easier for them to get high paying jobs, and employment was very much available for degree holders then but now, that old belief has changed as companies are looking for people with skills more than the degree holders. It is mostly in government jobs that getting a degree is still a thing now.

[yhiaali3]

Knowledge is essential, but some jobs require certificates. Some jobs do not require certificates but require experience and knowledge, such as Bitcoin and cryptocurrencies. However, some other jobs do require certificates, and you cannot apply for some jobs unless you have a high degree.

It happened to me personally that I applied for some jobs online, but I was not accepted because they require university degrees and experience certificates, even though I have experience and knowledge in the job I applied for, but I do not have the required certificate.

[Frankolala]

I haven't seen any school where financial knowledge is taught because even your professor in the university doesn't have financial knowledge if not, he will be richer than his current status. Financial knowledge is what you learn from our everyday life based on how we understand our own financial situation. When you understand how money works, it gives you a proper insight on financial knowledge.

[Antotena]

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 couldn't agree more with what you have just said. If you see people that are doing better than you financially, you might think they are doing something extraordinary, that's true but the extra thing they are doing is the fact that they have access to information that you probably don't and that makes them richer while you are poor. You know what's even cool about financial knowledge, it's easy buy you will not know until you know how they play by the rules.

Anytime I see a rich person or wealthy man is asked on a TV how he makes his first millions and all of that and they start giving some useless talks, I know it all lies, no wealthy or rich person will disclose their financial information to the public because it will be like they are giving away their path to other people. They can give you small tips but they will never give all to people how the make their money.

[Dareo]

-snip-

It would not be right to see a degree and financial literacy as opposites. A degree can give a person the opportunity to earn an income and financial knowledge teaches how to use that income. Just because someone has made a big profit from Bitcoin, it cannot be said that he has succeeded because of financial knowledge, Sometimes timing and market conditions play a big role. Rather saving some part of his income for 5 years, understanding the risks and not investing all his money in the wrong place are also part of financial literacy. Whether he has a degree or not, everyone needs this knowledge.

[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

Okay, let's suppose I accept your opinion, but the question is, how did the rich become rich in the first place? Were they poor and managed to reach there through hard work, making the right decisions, and investing money using their knowledge? Or they inherited either whatever they have or at least had enough money to start making more money, because in most cases, the difference between a poor and a rich is not knowledge, but it's a lack of resources that a poor doesn't have to be able to do anything.

The reason why a poor person chases degrees or tries to earn money by any means possible is because they know they don't have anyone who is going to give them a financial push to begin whatever they want to do in life, whether it's a business, making investments, or anything. However, someone who is rich or comes from a rich background, they don't need to do these things because they know they already have the initial push available for them whenever they want to take it.

[DiMarxist]

In life there are area's of specialties and anyone who wants to succeed in any area that he ventures into should first invest in knowledge. Because that is the changing factor that makes the difference. When it comes to financial power know is also needed because there are allot of professors who have academic knowledge but is very poor when it comes to financial knowledge.

The mistake that most people, who are educated but is struggling financially is that, they mistake academy knowledge with that of finance. Infact most educated people see the uneducated as wayward but most times we have seen that, those who are considered uneducated are the people who are making it good in the area of finances.

People should give financial education the same strength and zeal, as they are giving to circular education because the difference between the poor and and the rich lies in how exposed someone is to financial knowledge.

[Maslate]

I believe there are poor individuals who have greater knowledge than the rich ones, but they lack the opportunities and privileges in life that's why if even if they want to chase their financial goals through investment, it will be very hard for them since every investment requires sufficient amount of capital, most especially for bitcoin where the amount is quite expensive, though we can still purchase a small portion of it.

And we can't tell also that the poor individuals aren't aware about bitcoin. With free internet, they can always take time to study bitcoin. They know bitcoin for sure, and just like anyone else, they want to invest too, but since they don't have extra funds to finance for bitcoin investment, they end up delaying investing in bitcoin.

[Nightwatchmare]

The difference between the poor and the rich when it comes to financial knowledge is that the rich untilize there time very well by investing on what will bring them money, not just money with the knowledge they will gain out of it. The poor only concentrate only on the money irrespective of how little it will be, the poor consider money first before knowledge. Why the rich will take a lecture even if it will cost them plenty of money just to gain knowledge on finance, because they know the value it will create for them in future.

[Sanitough]

I don't think that financial knowledge is the one that separates a rich person from a poor person. Everyone can have that financial knowledge most especially that we can see a lot of reliable articles that talk about financial knowledge all over the internet. Having no knowledge isn't an act of being poor, but those who refuse to study or acquire knowledge because they are lazy and have no real motivation to learn.

Those who are poor may have the same financial knowledge with the rich ones, but since they don't have the means to invest or get into business, that becomes a barrier why their lives remain poor. Unlike those who have good opportunities that come into their life, they can easily seize them and chase their dream goals in life.

Financial knowledge will always be there, but the opportunities given to the people that could change their current finances condition aren't the same.

[lionheart78]

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 agree, balance approach is the best option.  One should be financially literate just as he is academically literate.  We may be very successful in life career but have problems managing our financial activities due to being financially illiterate.  So I believe that after achieving an academic goal, we should also learn financial literacy.  It would be better if we could learn both at the same time during our school days.

[marrcelo]

Knowledge and economic theory are just the beginning to succeed, it is not enough to get that rich. The rich can invest and losing is just another investment. People with little money, invest and get lost, start from scratch all over again, this can delay years to have a better income.  The rich are not much affected by the infraction or high taxes and interest rates. Ordinary work, on the other hand, is greatly affected by government mistakes.

[leonair]

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

The poor are economically weak due to which they usually cannot think about investment. Their first thought is how they will meet their daily expenses. But the rich people are financially well-off and they can invest in any place they want, their situation is not like that of normal poor people. That is why the poor always remain poor but the rich keep improving their economic condition by investing their money. Saving alone can never make anyone rich, but the poor tend to save the most, while rich people, instead of saving, invest in risky investments that help them generate more money.

[Youngrebel]

I agree with the points you made, a lot of people are poor because they lack certain informations that is supposed to make them financially stable but unfortunately they don't have it. Information goes a long way when it comes to making money, a lot of people are not really opportuned to get exposed to certain informations.

There is a reason why they say that the rich keeps on getting richer that's is because they have the information that a lot of people that are average don't have access to. Knowledge is power and it is capable of taking someone from a level that they are in to a higher one if they are willing to learn.

It is quite fortunate that we live in a time and age where most informations about getting rich is no longer hidden, all it takes is the willingness to put in time to actually learn what the necessary things they need to know.

[stadus]

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.

Exactly. Knowledge can be easily acquired, but not everyone can apply it perfectly especially in real life situations.

However, financial knowledge may also be a hindrance, but what matters more is how these poor people stick with poor mindset. When they have money, they just focused on what it could bring in the present, forgetting about the future. So the result is, they end up as one day millionaire and spend on liabilities and disregard investing in assets.

While most of the rich people have rich mindset too. They make their money works to build a bright future.

[Accardo]

I haven't seen any school where financial knowledge is taught because even your professor in the university doesn't have financial knowledge if not, he will be richer than his current status. Financial knowledge is what you learn from our everyday life based on how we understand our own financial situation. When you understand how money works, it gives you a proper insight on financial knowledge.

Academia or professors have limited information about finance, how it works, and the necessary analysis required to stay on track with the right investments. As it is Finance is a very large settings, from investments, buying bonds, opting in for insurance plans, to trading assets in a risky market. Some internal financial advisors in banks find it a complex task to come up with the right investment for their company. Finance is not an easy place to master, it requires strong experience in the niche and high analytical skills. Smart Professors or Academia, for instance, rather work with financial advisers instead of trying to take financial decisions without the backup of an adviser.

[CryptopreneurBrainboss]

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 believe the difference is more than financial knowledge because most people can get educated on their finances but not many of them will have the ability to practice what they have been taught and I think the difference between the rich and the poor is the ability for the rich to practicalize all the financial education that they're been taught. But the poor are those that takes every opportunity that they see as a reoccuring thing, the poor thinks that life is fair but the rich understand that information is wealth.

What you do not know denies you of making money that you should have been making, Information is money as with the right information then you can make as much wealth as you want. Don't think that having the information without acting on it is going to make you wealth as that's an imagination that will never come to pass.

Everything that you can do especially to be willing to sacrifice everything you can to make money should be done because without money you won't be given the respect that you deserve and that should be a good enough reason behind you making good use of the opportunity you have to make money so you don't get neglected.