The difference between the rich and the poor is financial knowledge

[Ojima-ojo]

When you see someone who is financially balanced and successful, you should know that he is leaving on that class based on his financial knowledge, people don't just achieve financial freedom by luck, it takes decipline, knowledge and practices to achieve success in finance's.


If we are to make a statement about having money and having financial freedom, we should always point out the tool that make someone rich and the other poor is not about the money in their possessions, but the level of knowledge and decipline between both is what create the class between two individuals.

[DYOR+BTC]

When you see someone who is financially balanced and successful, you should know that he is leaving on that class based on his financial knowledge, people don't just achieve financial freedom by luck, it takes decipline, knowledge and practices to achieve success in finance's.


If we are to make a statement about having money and having financial freedom, we should always point out the tool that make someone rich and the other poor is not about the money in their possessions, but the level of knowledge and decipline between both is what create the class between two individuals.

Discipline is a very important factor to consider when talking of financial stability,  many where once rich but because they lack this desired Disciplinary qualities it now becomes very difficult to control that finance that got to them.
Apart from Discipline,  I will not also forget to identify mentality as one of the difference between the rich and the poor, the mentality of maintaining that capital is one of the strongest contenders of life because when ever money comes then only will different options of life knocks to see your response and at this stage,  if that mentality is not there it becomes difficult controlling it

[Fara Chan]

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.

All of these can be trained by anyone if they have patience and don't rush into expecting results. Because achieving great results and becoming rich requires several processes, some of which are as you mentioned, because education and decision-making will always be different at every moment. Moreover, currently, global economic conditions are always experiencing significant changes, so steps must be truly neat and precise. Furthermore, there are other factors such as competition that continues to arise in any situation, so everyone must also be resilient in order to continue moving forward in achieving their own goals in the economic sector.

[abhiseshakana]

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.

All of these can be trained by anyone if they have patience and don't rush into expecting results. Because achieving great results and becoming rich requires several processes, some of which are as you mentioned, because education and decision-making will always be different at every moment. Moreover, currently, global economic conditions are always experiencing significant changes, so steps must be truly neat and precise. Furthermore, there are other factors such as competition that continues to arise in any situation, so everyone must also be resilient in order to continue moving forward in achieving their own goals in the economic sector.

Matter of fact reight decision doesn't always produce right outcome, especially on this VUCA condision, there are urcertainty which sometimes we failed to predict. I said right decision are our choice that realistic based on circumstance, information and our risk management skill and ability when we must take or chose a decision. Sometimes it produce bad outcome and so,metimes it become solution of our problem.

We must also separated that being calm different with passive behavior, what we should train and prepare are SOP or a system to take decision on shock condition. Taling about learan, i know that knowledge is easy to be learaned, decision making we need intense traineing anf simulation, dor discipline we need to get used to it, for controlling our emotion what actually we need is experiences and the last risk management is need knowledge and skill.

After all, many people forget to increase their earning power, with all above explained at least we can catch any good opportunity coming.

[Ojima-ojo]

When you see someone who is financially balanced and successful, you should know that he is leaving on that class based on his financial knowledge, people don't just achieve financial freedom by luck, it takes decipline, knowledge and practices to achieve success in finance's.


If we are to make a statement about having money and having financial freedom, we should always point out the tool that make someone rich and the other poor is not about the money in their possessions, but the level of knowledge and decipline between both is what create the class between two individuals.

Discipline is a very important factor to consider when talking of financial stability,  many where once rich but because they lack this desired Disciplinary qualities it now becomes very difficult to control that finance that got to them.
Apart from Discipline,  I will not also forget to identify mentality as one of the difference between the rich and the poor, the mentality of maintaining that capital is one of the strongest contenders of life because when ever money comes then only will different options of life knocks to see your response and at this stage,  if that mentality is not there it becomes difficult controlling it

There is a joke that is created around those who have money and along the way to lose it and don't have any more, means they were classified as rich but they couldn't control and sustain their finance's to attained the freedom of financial success, so automatically you know that it's easier to make money, but the reason hard job is to control and sustain the money, how you spend Nd what you spend money on today determine if you will have the money tomorrow.


The keywords here are:
Decipline, patience, and risk control, this is what guarantee free steady financial flow.

[Anayochukwu]

You may be correct in what you are saying but only to an extent because being rich or poor doesn't depend on your financial knowledge capability, you may need more than financial knowledge to be successful and to be successful and remain successful you also need discipline and the need to be able to make right decisions. And I say that the difference between the rich and the poor is opportunity or background, there are poor people that have financial knowledge but lack the opportunity and finances to put it to work and rich people Chase degree more because chasing degree is even expensive so the rich afford it more.

[fruktik]

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?

This is a different matter. The investment risks in my case were related to the imposition of sanctions against my country. And company stocks began to plummet. I had an investment portfolio of almost 30 companies. This was quite good diversification, but it still didn't help me achieve a positive result.

No one could have predicted this development. It's a force majeure circumstance. Even experienced investors are not immune to this.

[MiF]

When you see someone who is financially balanced and successful, you should know that he is leaving on that class based on his financial knowledge, people don't just achieve financial freedom by luck, it takes decipline, knowledge and practices to achieve success in finance's.


If we are to make a statement about having money and having financial freedom, we should always point out the tool that make someone rich and the other poor is not about the money in their possessions, but the level of knowledge and decipline between both is what create the class between two individuals.

Discipline is a very important factor to consider when talking of financial stability,  many where once rich but because they lack this desired Disciplinary qualities it now becomes very difficult to control that finance that got to them.
Apart from Discipline,  I will not also forget to identify mentality as one of the difference between the rich and the poor, the mentality of maintaining that capital is one of the strongest contenders of life because when ever money comes then only will different options of life knocks to see your response and at this stage,  if that mentality is not there it becomes difficult controlling it

While financial knowledge and discipline are very important to building and retaining wealth. I wouldn't say it is just knowledge. Some people know what they want to do with money. And they don't do it for a variety of reasons, such as insufficient income. A sudden need for money, or a lack of opportunity. However financial wisdom is far more beneficial when backed up by discipline and the proper attitude. Making money is only part of the equation. It's also crucial to manage, protect and grow it. A person who suddenly inherits a lot of money. But is lacking the financial habits can easily lose it all. Whereas a person with little income who establishes financial habits can, over time, create stability. To me, the key is to have knowledge, then have discipline, and lastly have consistency, to make knowledge work.

[SamReomo]

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.

Well, that's a bitter truth but we must have to swallow it because most people who've degrees either work as employees or they're jobless. The ones who've financial knowledge can at least make some money here and there and even become rich by doing that, but those who spends many years to get the degrees will get disappointed if they don't get a job and if they for some reason don't get a job then things will be even more harder for them. Learning new skills is important alongside the degree as that can at least allow someone to earn something when a degree holder doesn't get a job. However, I still believe that financial knowledge is way more important than having a degree because it will support someone in long term.

[NewRevelation]

You may be correct in what you are saying but only to an extent because being rich or poor doesn't depend on your financial knowledge capability, you may need more than financial knowledge to be successful and to be successful and remain successful you also need discipline and the need to be able to make right decisions. And I say that the difference between the rich and the poor is opportunity or background, there are poor people that have financial knowledge but lack the opportunity and finances to put it to work and rich people Chase degree more because chasing degree is even expensive so the rich afford it more.

Everyone sure has a point. It's just so mixed. What could be a stumbling block for poor MrA may not be a reason while poor Mr B isn't rich yet. Of course, opportunity and background plays a big role in helping someone climb the lather of success. Some might have gotten the knowledge but have no opportunity. Some might also have gotten multiple opportunities, but they aren't ready because they have no knowledge to help them access the opportunity.

I'm anyway, the rich sure has a great advantage over the poor because the poor are faced so many restrictions. Whichever way, the mindset of the poor is utmost to him. There is a big difference between a poor man who relaxes because his is poor and don't do anything but looking for whom to blame his impoverished life on. While on the other hand, a poor man may be struggling, trying to earn some money so he can pursue some knowledge which may eventually take him out of poverty. It all depends on what you think and how you intend to combat poverty.

[Yeesha]

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 cannot directly say that financial knowledge is the difference between the rich and the poor. Because there is differences between financial knowledge, financial management and financial stability. There is a possibility for poor to become rich, and also for a rich to become poor. Mismanagement of finance can result in financial struggles despite being the most wealthy person in your community or in the whole world. Wealth accumulation will only be possible through this three means, financial knowledge, financial management and financial discipline. Even a poor can start investment with little amount and become wealthy if he follow those policies. And a very rich investor can become poor through neglecting those policies.

So, it is not right to say that financial knowledge is the difference between the rich and the poor, because financial stability is obtain through proper financial planning, and not the amount of wealth you already have.

[Compromise me]

It is basically a differences in financial knowledge that create gap between rich and poor. Earnings lot of money is not enough but spending wisely matters lot. It is behaviour of poor people that when they get extra money they prefer to spend it on their desire things. That's doesn't create any further income for them.Me and my friend both ends our education together or started our career same year. I always prefer to keep little amounts aside from the very first month. But he was against me, that how this little amount give benefits. But after few months i spend that money on purchasing of gold. I continuously repeat this, now i have handsome amount as a reserve, while my friend is still depending upon the salary. So this is basically lack of financial literacy and importance of investing.

[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

You cannot directly say that financial knowledge is the difference between the rich and the poor. Because there is differences between financial knowledge, financial management and financial stability. There is a possibility for poor to become rich, and also for a rich to become poor. Mismanagement of finance can result in financial struggles despite being the most wealthy person in your community or in the whole world. Wealth accumulation will only be possible through this three means, financial knowledge, financial management and financial discipline. Even a poor can start investment with little amount and become wealthy if he follow those policies. And a very rich investor can become poor through neglecting those policies.

So, it is not right to say that financial knowledge is the difference between the rich and the poor, because financial stability is obtain through proper financial planning, and not the amount of wealth you already have.

It is not wrong to say that financial knowledge is the difference between the poor and the rich because it is financial knowledge that will help you to make more money before you can talk of financial management and financial discipline. One can not manage the money he doesn't have, so it is right to say that financial knowledge is the basis of wealth in addition to financial management/financial discipline. The balance between income and expenditure is the determinant factor of wealth. The first thing is to make the money, another thing is to maintain the money safely, avoiding flamboyant expenses and reinvesting what you have earned.to bring in more money for you.

You can be having same income amount with a person and still be poorer than the person because you are spending yours more than the other person. So it's financial knowledge first before financial discipline and financial management.

[Inior]

It is true that making money is all about the opportunities that you are exposed to but a lot of times knowledge is actually what causes a huge divide between the rich and the poor, there are certain informations that the poor don't have access to and the major reason for this is because of their cycle, they don't have the right connections. The statement that says the rich gets richer is actually a reality because the networking gives them more informations and they continue to learn from each other. financial knowledge goes a lomg way when it comes to making anyone successful in business or creating sources of income.

[Junii]

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

Mate i will not blame poor people just because they are chasing degrees because from childhood the brain of most people are programmed like if they get good grades and a degree and also a good job their life will be secure. That is why many people follow the same safe path. I will blame a person who have a degree and still doesnot know how to invest a money or manage there money because investing is a different field and also schools doesn't taught to the kid how to invest but a person learn this by its own.

[Tungbulu]

You may be correct in what you are saying but only to an extent because being rich or poor doesn't depend on your financial knowledge capability, you may need more than financial knowledge to be successful and to be successful and remain successful you also need discipline and the need to be able to make right decisions. And I say that the difference between the rich and the poor is opportunity or background, there are poor people that have financial knowledge but lack the opportunity and finances to put it to work and rich people Chase degree more because chasing degree is even expensive so the rich afford it more.

Yes, opportunities can open the door to success but knowledge with discipline is what helps people to maintain their success. And that is what the rich have that the poor don't, the rich may be more willing to take risks to make sure they get what they want and are willing to take steps to maintain that standard of living, but the poor can't take any risky steps, as they may allow their emotions to control their decisions and this can prevent them from making right decisions that could benefit them.