The difference between the rich and the poor is financial knowledge

[MiF]

I believe that finance knowledge is necessary but it's a part of a whole story. Financial literacy can be equal for two people. And their results could be vastly different based on their capital funds. Income opportunities and risk taking. An individual who knows investing yet may not have much cash leftover to invest could also be a perfect expert. Bitcoin is an example again. It's not enough to be familiar with it to become wealthy other factors such as timing. Risk tolerance and how much money a person could invest in the cryptocurrency. While financial education can help to make better decisions. It can't eradicate structural inequities among people.

I do agree financial knowledge is just a component of the problem. Having an understanding of how money works is not the same as having enough money, or a good income or opportunities to be able to make money. Financial literacy may be the same in two people but because they begin at different points and have different risk tolerances. They can end up with completely different results.

An example of this is Bitcoin. It's important that people were aware of Bitcoin early on. But not everyone who knew it but didn't have a lot of spare money would have an equivalent result as someone who knew but does have a lot of spare money. The timing and attitudes to risk were also significant factors.

However I do believe financial knowledge is important as it can help them to make the best use of the resources that they have. It can cut down on the costly errors and enhance the decision making process over time. Although it won't eradicate inequality or ensure wealth. Knowledge capital opportunity, discipline, timing, and good luck or just being in the right place at the right time are likely to be a mix of factors that help you become wealthy.

[rachael9385]

It is always easy for those that are rich to get more opportunities that they need to elevate themselves financially but for the poor or average Man this is actually different. The rich needs always surrounds themselves with people that are on the same level as them because of what the informations that they share. But one thing that you should know is that not every Rich man has financial knowledge, some people are just opportuned to be rich, they don't really have what it takes to build from scratch like those that are trying to come up with no support.

[Iamgoat]

It is always easy for those that are rich to get more opportunities that they need to elevate themselves financially but for the poor or average Man this is actually different. The rich needs always surrounds themselves with people that are on the same level as them because of what the informations that they share. But one thing that you should know is that not every Rich man has financial knowledge, some people are just opportuned to be rich, they don't really have what it takes to build from scratch like those that are trying to come up with no support.

You are right. They say you network is your net worth but most times your net worth is also your network because you can only open certain doors when you have the financial resources to do so and this is where the rich people always have more advantage over the poor. There are some times you want break boundaries and penetrate some privileged places but lack of funds won’t allow yo because you will be said to pay some money before you can access those places due to they are privileged places. However there’s something I’ve also discovered which is even if you are from a poor background, don’t appear poor and always have something to offer. This is when you will be able to make money or have similar privileges. Same applies to the current conversation we are having here now. Even if you are not a rich person, which is always an advantage, you can still appear rich and develop some skill sets you can still use to attract wealth the. You can then use the money for your investments and. Whatnot. The only thing is as a poor person, you have to really strive harder and be very humility because it comes with its benefits.

[Ab de villiers]

A person's success is not only determined by how much wealth he has, but also by how he uses his resources. Understanding financial matters helps a person make the right decisions. Many people are not financially strong even after earning a good income because they do not save money from their income and save for the future, which is why they are not financially strong. In today's era, education and degrees do not make a person successful, but financial understanding and the skill of making the right decisions are also necessary. If a person learns to use his money properly, then over time he will create better and better opportunities for himself.

[Decimetre]

It is always easy for those that are rich to get more opportunities that they need to elevate themselves financially but for the poor or average Man this is actually different.

This is why it is usually said that the rich keeps getting richer (the poor keeps getting poorer)
Most of the opportunities that the rich get to make larger wealth are trust bound. At a certain level of wealth, your achievements speak for you and everyone wants to partner with you. A rich man can always have access to a non collateral loans but not a poor man because no one is ready to risk his money, so yes before a person attained such height, he already paid the price.

The rich needs always surrounds themselves with people that are on the same level as them because of what the informations that they share. But one thing that you should know is that not every Rich man has financial knowledge, some people are just opportuned to be rich, they don't really have what it takes to build from scratch like those that are trying to come up with no support.

I disagree with you on this. Every true richman is financially knowledgeable which is why he is rich. Being rich is different from having money at a given period. A person can get lucky and earn a huge amount of money, does that volume of money make him a rich man, I don't think. Money made by luck or opportunity needs higher financial knowledge to be able to sustain the wealth or the person can still go poor again.

[Unknown Op]

It is always easy for those that are rich to get more opportunities that they need to elevate themselves financially but for the poor or average Man this is actually different. The rich needs always surrounds themselves with people that are on the same level as them because of what the informations that they share. But one thing that you should know is that not every Rich man has financial knowledge, some people are just opportuned to be rich, they don't really have what it takes to build from scratch like those that are trying to come up with no support.

You are right. They say you network is your net worth but most times your net worth is also your network because you can only open certain doors when you have the financial resources to do so and this is where the rich people always have more advantage over the poor. There are some times you want break boundaries and penetrate some privileged places but lack of funds won’t allow yo because you will be said to pay some money before you can access those places due to they are privileged places. However there’s something I’ve also discovered which is even if you are from a poor background, don’t appear poor and always have something to offer. This is when you will be able to make money or have similar privileges. Same applies to the current conversation we are having here now. Even if you are not a rich person, which is always an advantage, you can still appear rich and develop some skill sets you can still use to attract wealth the. You can then use the money for your investments and. Whatnot. The only thing is as a poor person, you have to really strive harder and be very humility because it comes with its benefits.

Money has great power because they did not gain success, and they have no idea of versatility of business, and they want to get income daily. Rich people have relationships with rich people which is making them richer. Millions of people are poor and that is because they have relationships with poor people and people have mentality to spend money rather than earning a good amount of money. Thousands of people are rich at a young age and that is because they have friends who are rich and they have passion to earn a huge amount of money and they are making plans that are making them rich in a few years. Poor people have to establish their own business if they want to be successful at a young age.

[Jaycoinz]

There is a lot financial knowledge can do especially when it comes to building wealth but a common misconception is that those that are rich have more financial knowledge that those that are poor, that's not actually correct. There are lots of rich people that got their wealth from inheritance and just an opportunity, not because they have much financial knowledge. The reason why some people that are poor are still unable to apply the knowledge that they have is because they don't have an opportunity yet, having money isn't what makes a person rich but having ideas to stay rich is what matters.

This is fact, I do even feel the poor has more creativity when it comes to financial knowledge than the rich, it's not really easy to build riches from zero. The difference between the rich and the poor is that the rich has the financial backing or the capital to start that business or venture and the funny thing is they have the opportunity to restart even if they fail, plus the rich especially there posterity has the available network and privileges to to explore opportunities those starting from zero cannot even dream of, am talking about this from a place of experience as a low class nepo child, lol.

[Prince patrick]

Another war against the poor, this isn't correct, but there are some things you said correctly, let me also make things clear, most poor men really have the knowledge, yes, but they don't have the financial strength or background to be able to help them bring their knowledge into action, how many poor people have you met? And how many have you interacted with, some of them doesn't have the opportunity that the rich has, some of them chase after degrees while waiting for any opportunities that comes so they can grab. I have seen so many brilliant, knowledgeable, smart and creative poor people, but without money, all these things are useless, let me make something clear to you, most of these real estate gurus, they don't even know how to build a house, all they do is fund the building, but they don't understand the technical or creative side of it. But they have money to pay people to build them a house, and the poor people are the ones building the house and they get paid very little.