The difference between the rich and the poor is financial knowledge

[cocadalcan]

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

People who made money from Bitcoin may have been experienced or lucky enough to do so. A large number of investors have done so. Many of them had degrees and some were less educated. So you cannot underestimate the degree because the people who made the profit are at the same level. Socially and nationally, a person with a degree is valued. Even if he does not have enough money, he is still a respected person. A person who makes money is respected because he has worked hard and worked smart to earn it and has become rich, but you need to remember that he will never be at the same level as the person with the degree.

[fruktik]

Actually you have made a point here...anyone who wants to understand the forum, the user should conduct a research through Internet, and also observe the forum by reading across the sections, reading mostly in a pinned posts in different sections...A pinned post is were you can locate necessary information we need to exploit in the forum....

Yes, that's my personal opinion. I already have some experience investing, mostly in securities, like company stocks and bonds. I built a portfolio of several dozen stocks and bonds. This way, I diversified my portfolio. But after a while, I realized it didn't help. My capital still dropped by 15%. I came to the conclusion that investing is quite risky and not suitable for everyone, even though I read a lot about it from forum participants.

[Umulala-alala]

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.

Some even after having the degree are yet to get a job, some has been unemployed for years now after after getting there degree. Been smart and acquiring some skills pays alot now, those who has established them self through skills and business are employing those with degree to come work for them. I believe people are now getting the awareness that been productive should come first even if you will have some degree it will be a least thought that can come later after getting your self established.

[hedgeh0g]

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 children of rich people are unmotivated. And this is their biggest weakness. They don't feel the weight of poverty behind them or the fact that if they stop earning, life will become unbearable. Therefore, they often fight for their happiness like sharks, and it's difficult to compete with them. Rich children, on the other hand, often hear about the importance of investing and see excellent results. But what's the point? They have everything and are eager to experience as many pleasures in this life as possible, and these pleasures are within their reach. Meanwhile, poor children see this on Instagram and strive, working two jobs, to at least get close to that result. And all that matters to them is not to forget that life goes on and they need to appreciate what they have. But also to try.

[tygeade]

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.

This is the same for the people in my country as well. A lot of people who graduated from college do either of two jobs. Girls usually end up being salespeople at shops; it could be make-up, it could be clothes, it could even be grocery shops. We do not have Walmart in my country, but imagine places like that, so they become cashiers there, etc. Boys usually end up graduating and then doing either Uber or doing food delivery. This is the type of thing college graduates will have to end up looking forward to because there aren't that many jobs for everyone.

If there are 40 graduates from a place, 10 of them could find a job because there are 10 jobs that hire, but then what other 30 of them have to do? Saying "be better at what you do so that people will want to hire you" will make 10 of them better, but since there are only 10 jobs for every 40 graduates, that means no matter how amazing they are, they can't have more; 30 of them will have to do other jobs no matter what. This means that we are going to end up with a lot of terrible futures for these kids, and some kids who are going to college even right now are aware of this, and yet they still want to make sure they get their title.

[Tmoonz]

The rich made the educational system and that's why we've been told that to finish college degree and have a beautiful and high-paying job working for them. It's only realized when it's already quite late for the person who understands that it only takes to a couple of experience and understanding to become financially knowledgeable. And that's what isn't taught by the rich, because what they want is a system that people only sees themselves as employees forever and enjoy the weekends through entertainment without too much to worry about their finances and future.

The education system doesn't guarantee high-paying jobs it only makes graduates job ready. Besides a productive mindset will look for opportunity to create their own employment opportunity either as an entrepreneur or through partnership. The current  inflation rate in our todays world is such that anyone who seek financial stability should prioritize their own investment as a plan for their future financial growth which is the secret to what the so called rich elites do.

Most wealthy people today have low educational background, and they are doing so well financially and even far better than those that has a good educational foundation, the dream of getting a high paying jobs as a graduate doesn't come to reality to all but only to a few, people can gain financial freedom through different means and just as you said by creating their own employment opportunity, I know of a man who studied electrical engineering up to the university level and after graduation he came back, looking for a degree job higher paying one at that for a long time but all to no avail, he later started a livestock farming in a small scale but today he is running in an extension and in a larger scale which means he is doing very well for himself.

[Peanutswar]

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

But we cant deny that if you are a rich person already there is a lot of opportunity came from you and tons of connections you made already compared with the poor man, this is the reason why money is an edge when it comes in the world. If you are kind of rich with a lot of extra money you can have a lot of time to use such ias increase your potential in terms of money, people, and knowledge but if you are a poor man all you need to focus is to earn money and how? thats the hard part you need to suffer. For me basically it depends on how you will treat the degree, others seen already their future with their current degree so they will use their knowledge to earn money, others just wanted to have a degree only but the faith brought them into different path, others seeing degree as a fallback only if their testing waters faith are aint for them. We have different struggles, challenges and opportunity so its too hard to compare yourself into others.

[Ayers]

Most wealthy people today have low educational background, and they are doing so well financially and even far better than those that has a good educational foundation, the dream of getting a high paying jobs as a graduate doesn't come to reality to all but only to a few, people can gain financial freedom through different means and just as you said by creating their own employment opportunity,

that is quite a bold claim. do you have any evidence to support it? did you know that around 2/3 of the world's 100richest people are college graduates, and some even have graduate degrees?
the remaining third includes people like Gates and Zuckerberg, who dont have college degrees but did attend some of the world's top universities. in other words, most of them have strong educational backgrounds.

i can hardly find anyone among the world's richest people who has a low level of education.

I know of a man who studied electrical engineering up to the university level and after graduation he came back, looking for a degree job higher paying one at that for a long time but all to no avail, he later started a livestock farming in a small scale but today he is running in an extension and in a larger scale which means he is doing very well for himself.

as the previous member said, a degree does not guarantee a high paying job. it simply help graduates become better prepared for the workforce, develop the mindset and foundation to actively look for opportunities, create their own jobs, start a business...

my question is, would that man have come up with the idea and made a plan to start livestock farming if he hadn't received a proper education?

[ndutndut]

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 has to be admitted that financial and investment literacy is one of the factors in building wealth, not just a degree. But not all poor people have the opportunity to invest because they are limited by capital. There are actually many poor people who understand investments, but because they don't have the capital, they are forced to find jobs and having a degree is one way to get a job. This is different from people who are already rich they just need to learn about investments and then can easily invest.

So for poor people, sometimes a degree opens the door to jobs, because without a job you also can't invest. So we really can't underestimate those who are pursuing a degree. What I mean is, financial literacy and investment are indeed the keys to building wealth, but capital is still a big barrier for poor people. So many people go after degrees because they often become the entry point to jobs first, then they can start investing. Don't underestimate formal education, but also prioritize learning about finance especially since information is now more easily accessible to anyone through the internet. The only thing that makes a difference is the willingness to learn and apply it.

[Grace333]

What stops the poor from actually getting to a financially stable point is knowledge, there are some informations that those that are poor can't have access to because they don't really have the cycle of friends that would introduce them to all of that. some people that struggle financially have the idea that they have to work extremely hard to be rich but they don't know that just a single information is all it takes to get them from where they are to a more stable point financially. This is the reason why the rich will keep on getting richer, it only takes someone that's curious enough to be able to step out of their comfort zone and seek the knowledge needed to become financially stable.

[pawanjain]

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 as if they are charging money to gain this financial knowledge. In the current generation, anybody with an access to the internet can gain immense knowledge in any field.
Whether it be cryptocurrency, any other financial domain or be it any other industry in itself. The knowledge is just right there, you just have to go grab it, gain it.

[Bitcoin.com97]

You should understand that wealth is not built in a day ,those rich men started somewhere,which could be the education,where they acquires degree and financial management before venturing into whatsoever that helped them get to the point where they are .

Sometime the poor man many have the knowledge but lack support or may not be financial stable to pursue what they desires, sometime ago ,a friend of mind has a knowledge that can generate money but no money to fund it ,but same idea was shared to a rich man ,which he accepted the idea and boom he succeeded in it ,now it will look like he lack financial knowledge but in sense he doesn't even the finance to do it , it's not good to undermine the power of degree,that same poor man can still get a decent job after the degree.

[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.

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 think we should actually change this mindset of looking down on people with degrees without a job or thinking people who chase degree will amount to nothing or just end up being an employee. Chasing a degree is very very good and any one who has the opportunity to, should do it because some persons wish for that opportunity but aren’t privileged to.
The only thing people should just having in mind is that having a job after chasing a degree isn’t guaranteed depending on where you find yourself, so to be on a more safer side, attach a skill to your degree or own your own business. Regardless, a degree is important.

[snowpega]

Yes, that's my personal opinion. I already have some experience investing, mostly in securities, like company stocks and bonds. I built a portfolio of several dozen stocks and bonds. This way, I diversified my portfolio. But after a while, I realized it didn't help. My capital still dropped by 15%. I came to the conclusion that investing is quite risky and not suitable for everyone, even though I read a lot about it from forum participants.

Not at all, don't fear anything or don't step back; rather than running away from investing, you should learn about many risk management strategies which can help you to reduce risk over your net investment. Investing is never wrong; rather than managing it, running away is never a great solution, mate. For now, I just advise one risk management strategy: never put all your money in one pocket and follow a diversification strategy.

This can then somehow reduce your net risk over your net investment. One who always fears never becomes a successful person. Rather, we should always keep searching for the solution. Maybe you were making some mistakes that were causing you to lose your money, right? So just improving that mistake by finding a solution can bring you out of the problem. Well, this is my point of view. What do you think?

[Woodie]

Dont know how to stomach all this...So how do we treat inherited riches? Are we going to say this was the doing of having knowledge, i don't think so! I think both rich or poor require the knowledge to stay on top of their game, for example a rich person will need to have the knowledge of how to protect their money, they will have to know how to avoid paying taxes legally,  they need to know best assets to invest in without putting in much of the capital,  unlike the poor that learns financial discipline by having to work with whatever resources are available to them...honestly financial knowledge is a must have for both parties but alot of factors need to be considered,  like are willing to give up your friends to be able to stay focused etcetera.

BTW  with some of the stories of how people become rich like Trump getting a loan from his dad,  Jobs creating his Macintosh computer from the garage and other stories, sometimes its about having the dream that makes the difference.

[Rhow]

The title seems to oversimplify the subject. Financial knowledge is certainly important. It is certainly necessary to know how to earn, control expenses, save and where to invest. However, it is not true that only poor people chase after degrees. Both the rich and the poor get education. But for most poor people, a degree creates opportunities for getting a good job and increasing their income. Again, it is not the case that having a degree will make poor people rich. Along with a degree, financial knowledge, practical skills, hard work, patience and good decisions are also necessary. Similarly, having financial knowledge does not guarantee being rich.

[leonair]

The title seems to oversimplify the subject. Financial knowledge is certainly important. It is certainly necessary to know how to earn, control expenses, save and where to invest. However, it is not true that only poor people chase after degrees. Both the rich and the poor get education. But for most poor people, a degree creates opportunities for getting a good job and increasing their income. Again, it is not the case that having a degree will make poor people rich. Along with a degree, financial knowledge, practical skills, hard work, patience and good decisions are also necessary. Similarly, having financial knowledge does not guarantee being rich.

One big thing is that the poor like to work hard but are not willing to take any risk by investing their money. That is why they cannot earn much money by their physical work because it is never possible to become rich by making big profits without investing. Then someone works hard in a job and gets a certain amount of salary for it, from which he ends up with the maximum amount of money to meet his own expenses and even if they save the remaining money, they do not want to take any risk to generate profit by investing it in any potential asset. That is why the economic knowledge of the rich and the poor is different. The rich invest their money and make more profit by taking risks but the poor focus more on saving their cash despite the high inflation rate.

[Pikiboy]

Financial knowledge is not something that's been taught in schools to a certain extent. A poor man may be sound in education, but in his quest to become a rich man he lacks the actual knowledge that'll aid his financial freedom. Sometimes, it's not even about the issue of education, it's the fear of acquiring financial knowledge and not ready to take the risk.

The rich man acquires this knowledge and puts it into use, though being cautious of the risk involved, he'll want to start one step at a time when investing and watches out for the result, if it works fine, and if it doesn't, he seems other opportunities to grow financially.

Aside connections which the rich man already has, he began from somewhere. Hence, the poor man should take a bold step to gain mentorship in order to understand how wealth is created or gotten, understand what risk management is about, understand the planning, spending and investments involved in financial literacy.

[slapper]

This is too neat a take to be reality. Financial knowledge matters. But saying it is THE difference between rich and poor? But that is a lot of work on a single variable. Most rich folks did not obtain their riches by reading the right books. They had money to start with. Or connections. Or they were born into systems which already worked for them.

Yes, there are some people who have made a fortune with Bitcoin. But there are those who also "had the knowledge" and still crashed. They may have been sent in at the wrong time, panicked at a dip or been scammed by garbage project. Their knowledge did not save them.

I think it is better to be talking about access and systems, and not just about people who do not know enough. The knowledge is available to all on YouTube for free.

[Jostle]

It is not just about financial knowledge. One key factor is the ability to make the right decision (i.e. the "decision-making"). Many people made the wrong decisions about important things, and then this leads to them becoming poor. Another key factor is the not being impulsive (which is also a characteristic in itself).

To become "richer", there must be (1) education (e.g. financial knowledge), (2) learn proper decision-making process, and (3) remain calm. All these can be trained. Some are harder than others.