The difference between the rich and the poor is financial knowledge

[free-bit.co.in]

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.

In reality, education, degrees, financial knowledge, experience, and skill are all important and can complement each other. If we can have all of these thing, we will have a much better advantage in building our future. But I find it strange that many people pit them against each other instead of combining them.

Wealth is the result of a combination of many factor, not just one or two thing. So what we should do is make the most of what we have and combine them. In this way, we can shorten the time it takes to achieve our goal.

Just look at the successful and wealthy people in the world. Is there anyone who became rich purely because of financial knowledge without education, skill, or experience, or the other way around? Most of them have most of these factor.

[Tamaperdana]

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

Broadly speaking, your assumption is correct, because it's undeniable that people with financial knowledge can become rich and have a lot of money. Because they essentially have and know how to make money, it clearly doesn't seem difficult for them.

So, if we're talking about earning money and becoming rich, I think financial knowledge plays a crucial role. However, it's undeniable that currently, people who could be considered poor sometimes don't pursue knowledge they simply want a degree so they can later be accepted into a company. Even though that won't make them rich, it might just make them more affluent.

But yes, I won't blame such people, because everyone has their own comfort zone. But if our goal is to have financial freedom, of course, that won't be enough just to have a degree. Because it's clear that knowledge and capital also play a very important role in the initial foundation.

[bangjoe]

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

Having knowledge and skills is key, some people pursue degrees because to open access to more positions and also pursue the skills and knowledge that educational institutions provide, having a degree indirectly certifies learning efforts.
Financial information does not guarantee that someone will invest or manage their money well, not a few people do not care about it, so it must really arise from every individual if you want to be rich, the fact is that there are still many who are lazy in the era of open information like now?

the hardest part is mental in my opinion.

[Bitcoin_people]

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 can collect various information in exchange for half, but here a poor person has to work a lot to collect that information and needs a degree. In today's society, rich people have a price, rich people can buy anything they want with money. However, in one case, there is no difference between rich people and poor people, especially their own knowledge, here the rich cannot buy knowledge with their money if they want. So the poor also have enough knowledge, the rich also have it, in that case, knowledge can never be bought with money. However, in the case of degrees, the poor can achieve it with their knowledge and experience, while the rich are always able to achieve high degrees with money. However, in the case of Bitcoin, it is completely different, whoever has money can buy more and invest. Especially rich people can always buy more Bitcoin with their money if they want, but a poor person cannot do this because of their financial problems. Basically, in today's society, we can see that financial problems are the biggest problem, where there is a very big difference between the poor and the rich.

[LastKiss]

~snip~ What is your take

Financial knowledge is something that everyone wants to become rich, it's useless to have a lot of money without any financial knowledge because it may be spend on something that we don't need. I wouldn't agree that poor people always chase degrees, degree is not something that determine whether we will become rich or not. Many people with degrees have better options to choose their path while those without degrees have more limited options so it's up to us how we use the opportunities we got. If we fail to take the opportunities then no wonder this statement comes up.

The question is where can we get financial knowledge? From the internet, expert or friends? All of them may give us different financial knowledge and different ideas about what we need to achieve to become rich. Another different between the rich and the poor is their mindset, both of them may have financial knowledge, but the poor mindset only lead them to spend their money on unnecessary things, the poor have the knowledge but choose not to use it because the temptation to spend is so strong. Therefore, becoming rich is not only about having financial knowledge but also about having the right mindset.

[Rockstarguy]

If becoming rich is all about gaining knowledge, everyone would have become rich by acquiring it, but being rich goes beyond this. For someone who is starting life from zero, becoming rich has to do with good opportunities, and this is why someone who has worked very hard and is knowledgeable still struggles because the right opportunities haven't shown up; timing also matters.

For many people who are rich today, opportunity played a significant role in making them who they are now. To become rich, one just has to equip oneself, work smart, and wait for the right opportunities.

[Bright0515]

First of all, a person can have money but still be poor, meaning that what they have is going to get exhausted at some point because they don't have the knowledge to keep it. There are lots of people with money but they don't have financial knowledge these people also fall under the category of people that are poor all because of their maturity level mentally. Financial knowledge goes a long way in making sure that you have a proper plan and also don't make any mistakes that would affect you or make you stagnant financially.

For those that are financially boyant and also Smart enough they actually have more advantage because it easier for people that have money to make more money compared to those that are trying to make money or still struggling financially.

[Ab de villiers]

Wealth and knowledge are two different things and both have their own importance. But in my opinion, it is not right to form an opinion about a rich person that he is a rich person only because of money or that he has no idea of the problems and difficulties of this life. As far as the difference between the rich and the poor is concerned, the real issue is not only wealth but also education, training and equal distribution of wealth. If a poor person gets opportunities, he can do a lot with his abilities. Similarly, if a rich person has received a positive and good education, he can also use his wealth for the benefit of others. Poverty does not kill the hard work and ability of a poor person. A better society is one where the rich understand their responsibility, the poor are not looked down upon and every person should be given equal opportunities to prove their abilities.

[9ja Amaka]

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.

Very true. I know of three ways to be rich. The first one is to be born with a silver spoon. Luckily, those who were born into wealth get rich without much effort.

The second way is through personal effort. Pursuing a professional career can make you rich through education, skill, or talent. But this one requires consistency and effort to become successful.

The last one is with help from relatives or strangers. In recent times, we call it connection. The source were the wealth flows will extend to an individual if they have the legit connection.

[Leahized]

Broadly speaking, your assumption is correct, because it's undeniable that people with financial knowledge can become rich and have a lot of money. Because they essentially have and know how to make money, it clearly doesn't seem difficult for them.

Well, how should a person manage himself to be financially knowledge? Clarification is that acquiring substantial knowledge and gaining external experience through obtaining a degree is inevitable. Because I have heard stories from the past, even if a fool has hundreds of wealth, he loses all wealth at the end of the day. So to be wise enough to either retain or sustain wealth requires a sufficient amount of study.

But both rich and poor people can be financially literate. But a poor person is not able to invest large amount of money for financial problems. So based on this situation, hard work brings its own prosperity. However my personal advice is not good to aim to be rich all the time. Because living independently is the best.

[Floxynice]

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 do not agree with you. The rich also chase degrees and still end up successful. So, degrees is not be the problem, but something else.

To me, I think that the differences between the poor and the rich are:
One has access to information, the other does not
One has access to opportunities and people, while the other does not
One is not scared of taking risks, while the other is.
One is just lucky, the other is not
One already has generational wealth created for him by his family, the other does not.

These differences are peculiar to each individual. You might possess all the qualities and be ready for greatness, but may just never be lucky to meet the right opportunity.

[Fiasem20]

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

Both poor and rich chase degrees,I honestly don’t know what you’re actually pointing at.Probably you haven’t seen a rich individual that has acquired so many degrees,you don’t have to generalize it rather it’s a choice people make individually and not collectively.Most people are acquiring so many degrees because they want to use the degrees to acquire wealth,the world has evolved and you can monetize your knowledge to earn some active income.Since acquiring knowledge and so many degrees isn’t a bad idea it would be wise if you monetize you knowledge,for instance creating a platform on any social media platform especially YouTube and lecture your viewers and subscribers,they’re a lot of tutors that earn from their knowledge on YouTube just like Ninja Nerd a famous medical YouTube channel.

[Tamaperdana]

If becoming rich is all about gaining knowledge, everyone would have become rich by acquiring it, but being rich goes beyond this. For someone who is starting life from zero, becoming rich has to do with good opportunities, and this is why someone who has worked very hard and is knowledgeable still struggles because the right opportunities haven't shown up; timing also matters.

For many people who are rich today, opportunity played a significant role in making them who they are now. To become rich, one just has to equip oneself, work smart, and wait for the right opportunities.

Yes, your assumption is absolutely correct, because basically knowledge is not enough to make someone rich. Because if we have knowledge, but we don't try to implement or apply that knowledge properly, yes, I think the results still won't be good. So with that, it's clear that the combination of good knowledge, a good work ethic, capital, and also a little luck will clearly give someone great potential to become rich.

Although basically it is also uncertain, but yes, realistically, we can assess that the opportunity is better. And besides, to become rich, one thing is truly the foundation never giving up in any situation. Because in this world, the winner will be the one who never gives up, and this has been proven by the many stories of people who have now become millionaires. So, keep up the spirit to everyone so that we can become financially free.

[buwaytress]

So there're a lot of great points here. Knowledge, education, yeah, absolutely. But take out those who got lucky (whether or not they'd admit it), and the more important factor is access. And that, is something many rich people would not care to admit, whether it's ego or simply a failure to understand that access is what got them into positions of opportunity. Hint: money and standing can typically buy that access. Lack of access is the underlying reason for the lack of everything else.

It also helps explain a lot between the posters here and their opinions.

[Comeacross]

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

And do you really think you can acquire financial knowledge without degree? Real financial literacy come through degree. Acquiring degree is not the problem here, the problem is how the system is designed. Imagine studying accounting where you're taught the principles of accounting but not how to invest. What do you really account for when you don't have any investment? I would rather suggest that financial education should be made mandatory in our learning institutions irrespective of the course you're studying instead of kicking against the degree at whole. Without the degree, do you even think it's possible for people to study about bitcoin?

[Antotena]

Very true. I know of three ways to be rich. The first one is to be born with a silver spoon. Luckily, those who were born into wealth get rich without much effort.

The second way is through personal effort. Pursuing a professional career can make you rich through education, skill, or talent. But this one requires consistency and effort to become successful.

The last one is with help from relatives or strangers. In recent times, we call it connection. The source were the wealth flows will extend to an individual if they have the legit connection.

Those born with silver spoon grow into wealth but not all of them knows how to keep wealth because the way they understand wealth affect them. There are some people that are born into wealth, they understand it and makes their life better and when they grow, they makes more wealth from there but for don't because they get over pampared and forgot that the person that made the money for them to have that silver spoon made a lot of sacrifices for them.

Another thing we need to consider is that talent is there but it's not enough to make you become rich, you need luck too. If talent is enough to make money, I believe some people that I used to be in class with are going to be richer than me but at some point, I had a hedge than them which makes me ahead of them and that hedge is luck. If they see the kind of opportunities that I had, maybe they will be better than me but they are not and they are talented than me in person.