Concentrate on Financial education rather than Wealth.

[Solosanz]

We see many people around us who have a lot of money. But that doesn't mean they are rich. the person who knows how to use his income, well and saves some of it for emergency. That person succeeds in becoming financially strong and living well. Even if our income is low We should spend according to a plan. Person earns a lot of money but spends it inefficiently, which causes him to fall into financial crisis. It's not just about making funds its about to managing. it is necessary that we spend within a circle. And focus on increasing savings. All successful people's understood the importance of money and spent it only on their personal needs.

Nah, if they have a lot of money, they're rich.
If they not have a lot of money, they're not rich.

If you said they have a lot of money and they're not rich, that's mean you didn't even know how much is actually "rich people".

Rather than financial education or wealth, I would advise people to learn skill to get a job instead, it's the most important point.


Wealth without financial management, they would become poor in the next few months or years.
Financial management without wealth, it's wasting time and effort.
However, having skill will make you able to survive and make money, then you have to learn money management, the last is your wealth would be huge after many years of consistency.

[Davidvictorson]

So many people who are struggling and focused to make wealth and become wealthy do not have the ability to manage the wealth. But on the other hand, one who do not have financial education cannot make wealth, because making wealth requires discipline and knowledge, so it is the knowledge that will help you to build smartly, on how to budget, manage, save and invest wisely.

If you do not have the knowledge it will be difficult to be wealthy and if you eventually become wealthy without the financial knowledge you will lose your wealth carelessly within a short period of time, because building wealth starts with education and not going after wealth blindly because the financial knowledge will help you to recover your money even if you have any lose but you can't recover your wealth without the knowledge. So, in all, I will say that knowledge first before anything.

[criptoevangelista]

Most people were raised without any kind of financial education. It was just about working, paying bills, and nothing more. I don’t blame our parents and grandparents though, they came from a different time when work was better paid and it was still possible to buy a house or things like that. Nowadays the world has changed and all the information we need is in the palm of our hands, which wasn’t the case for the previous generation. So I don’t think we should blame ourselves for this, we can change the game and start taking care of our finances now, no matter our age.

[Josefjix]

Knowledge is power and the key to financial literacy is action, so many investors knows enough about finances but cannot grow money because of lifestyle. There are some who doesn't know much about finances but is wealthy, the difference is lifestyle.

Where I am, the wisest and the most wealthiest people are sometimes illerate while the reverse is the case for literates. It's not about knowledge, it's about action. Those who put in the action and grow money is the best not those with lots of knowledge but cannot maintain money.

[Kelvinid]

People can be wise and gain financial wealth even without proper financial education, but did you notice in the long run that those wealth being accumulated end up still totally gone. Probably because there is no proper handling of finances and no financial education is applied, so it turns out spending their wealth is the best remedy for their problem.

However, if they focus on financial education in the first place, at least they could have manage their wealth well and grow them, instead of spending them to solve their financial issues.

[Questat]

Both making money and financial literacy is important. You easily lose your money without financial literacy but you ain't investing anything without making money.
From my experience though, starts making big money from e.g your salary and you'll start to find a way to take advantage of your money better.

Money is important, that's already given. But at some point, if you want to grow your money and double your wealth, one should know financial literacy as well because it will be a great help in creating more value of your money, either through investing that is proven to double or triple the amount of your capital.

Financial literacy should serve as your foundation. Because once you build a strong foundation, it will be easier for you then to accumulate different types of wealth.

[SUPERSAIAN]

If you don't have money, you don't make money. So what if you're financially literate, so what if you don't? If you earn money and have a regular income, you already have some financial literacy through your investments and the knowledge and experience you've gained over the years. You learn by losing. This may sound counterintuitive at first, but it's a good way to learn.

[Darker45]

While I won't say books and workshops and seminars are entirely worthless, I'd say anybody who truly desires to be financially responsible doesn't have to have all those things. For me, it's all a matter of common sense, character, values, responsibility.

Living life beyond your means isn't a matter of ignorance. It's a matter of discipline. Moreover, you don't have to attend a seminar to learn how to save. You only have to have the right mindset. If you always buy the latest iPhone at its first release but you're buried in debt, that's not because you missed reading a book. That's because you missed developing in yourself a sense of responsibility.

I disagree that "Bitcoin is one good way through which an individual can liberate their self from from poverty". You always have to go back to step one. Otherwise, you'll sell it after a little profit to book a ticket and a hotel for a nice vacation.

[348Judah]

Financial illiteracy is the process were an individual lacks the ability to take the right financial decisions and steps in making sure that one is liberated from financial lack and stagnancy. Financial education should be a very important aspect of every individual if anyone is interested in becoming financially buoyant and independent.

You're right, one thing after the other, there are steps to take in doing something, they also follows by order in other to achieve the best productivity from doing them, while as you have mentioned, we don't have to go after money when the major solid background to help sustain the money has been found missing, we needed financial education in life, so we can improve on all aspects and start well in managing our resources and the people more effectively

[X-ray]

If you don't have money, you don't make money. So what if you're financially literate, so what if you don't? If you earn money and have a regular income, you already have some financial literacy through your investments and the knowledge and experience you've gained over the years. You learn by losing. This may sound counterintuitive at first, but it's a good way to learn.

I vouch learn by losing. I think there are many edge cases where learning from book isn't enough and there are so many knowledge that people aren't willing to tell.

I've been investing for a long time. I know even the most experienced people can trip at some point especially at dire times such as financial crisis. One very important lesson that I've learned is to act fast and ride hype train once in a while to make some small gain but matters to the portfolio.

I wouldn't be where i'm now if I haven't experienced losing and learn about many things to prevent that from happening again.

[Btcslop]

I agree with financial education to be very important and the first thing because it is the one that attracts wealth and to sustain wealth you need the knowledge to do that. Some people stumble into riches overnight maybe by a divine connection due to their positioning theirselves but they easily lose that wealth even as faster than they got it and they return to struggle. Some wealthy people when they die, their children are not able to sustain the wealth and grow it because they lack financial education. To learn how to nurture wealth is very important and that is not only about investment in physical things but to invest in human. Investment in human development I hear is the greatest investment because when you may be falling, you get support from people that you have invested in.

The truth is, it’s not the amount of money that matters, but the mindset and depth of knowledge that determine whether someone becomes wealthy or remains poor. Without education and financial awareness, money never lasts. However, environment and opportunity also play a big role. Even with the right knowledge, it’s difficult to build wealth without proper opportunities.
I agree with your point, but what do you think — can everyone develop this kind of mindset, or is it somewhat an inborn ability?

[LogitechMouse]

Both making money and financial literacy is important. You easily lose your money without financial literacy but you ain't investing anything without making money.
From my experience though, starts making big money from e.g your salary and you'll start to find a way to take advantage of your money better.

Just to add to what you said, yes you can use your own salary to invest, and at the same time, be financially literate as well with the help of... the INTERNET.

I mean we already have lots of videos online where people are teaching the basics of financial literacy to those newbies out there. What do we only need is the initiative to do some research, and have some free time to watch these videos and you will have a glimpse of how to become financially literate. Also, we also have AI tools like ChatGPT or Gemini or any others out there where you can just tell to them to make an outline of the basics of financial literacy. You're investing your money, and at the same time, you're learning as well.

Why concentrate on one if you can do both? I mean you can create wealth still while learning. Just focus on the safest type of assets like the blue chips if you're into the stock market, or Bitcoin if you're into crypto. I know that it's a bit more risky to invest if you don't have the knowledge and many are recommending the newbies to not invest if you don't have any knowledge at all, but it doesn't need to be always that way especially if you have somebody beside you that will help you learn more about financial literacy or education.

[Gozie51]

I agree with financial education to be very important and the first thing because it is the one that attracts wealth and to sustain wealth you need the knowledge to do that. Some people stumble into riches overnight maybe by a divine connection due to their positioning theirselves but they easily lose that wealth even as faster than they got it and they return to struggle. Some wealthy people when they die, their children are not able to sustain the wealth and grow it because they lack financial education. To learn how to nurture wealth is very important and that is not only about investment in physical things but to invest in human. Investment in human development I hear is the greatest investment because when you may be falling, you get support from people that you have invested in.

The truth is, it’s not the amount of money that matters, but the mindset and depth of knowledge that determine whether someone becomes wealthy or remains poor. Without education and financial awareness, money never lasts. However, environment and opportunity also play a big role. Even with the right knowledge, it’s difficult to build wealth without proper opportunities.
I agree with your point, but what do you think — can everyone develop this kind of mindset, or is it somewhat an inborn ability?

If it is inborn ability to have financial education and ability to be wealthy is in two ways. Yes you can have that ability from family upbringing like parents intelligence. Like some times the gen of intelligence, being wise and wisdom is passed down to children from their parents. With this they can shine more and easily understand financial education and intelligence especially from their parents knowledge and build from what is on ground for them. At another instance, destiny is also part of it. If someone is destined for success then they will succeed. That is why you see some people out of nothing, they get connected and grow to stardom, grow in finance etc, that is because they are naturally built for that stage by destiny.

[ChocolateBitcoinK]

Low income is never a problem but the real problem is the lack of knowledge on how to use the income properly. If a person cannot make the right financial decisions, no matter how hard he works, he will keep making the same mistakes again and again. Nowadays, everyone is focused on earning money, but if they do not have education in financial management, they will not be able to retain the money they earn and it can be lost very quickly. As income increases, problems also increase and financial knowledge is necessary to handle life's problems. Financial literacy is not just knowing information but also developing behavior and attitude related to money in oneself. Income can be increased by investing, but this process is not possible in a day, it requires patience and proper planning. However, when someone enters into investment without knowledge or financial planning, it becomes risky. Financial improvement will come only when financial management is correct along with earning money.

[AgriTrack]

You won't succeed on accumulating wealth if you don't have the required knowledge and potentials to keep you going. Financial literacy is a must, financial knowledge should be at utmost level in order to gain financial success and independence. Easy accumulation of wealth will be smooth sailing if you set priorities and stick to your plans to achieve your main goal. Where there is financial literacy is seen, that's where financial success comes with huge wealth ownership happens.

Financial education provide a foundation for the creation of wealth. It give you knowledge about taking the risk, about investment strategies  and principles of sale and purchase. Financial education is not only give you the idea about accumulation of the wealth but it also tell us about managing or growing the money or business effectively. An individual with financial education is capable of  increasing the ratio of wealth. Success is attached with financial literacy. But in developing countries people  have the aptitude of focusing on making money rather learning or getting financial education that's why mostly projects not generate high profit. Here govt should focus on introducing the such Institute that promote financial Literacy. so that people can increase their wealth or standards of living

[Stepstowealth]

You won't succeed on accumulating wealth if you don't have the required knowledge and potentials to keep you going. Financial literacy is a must, financial knowledge should be at utmost level in order to gain financial success and independence. Easy accumulation of wealth will be smooth sailing if you set priorities and stick to your plans to achieve your main goal. Where there is financial literacy is seen, that's where financial success comes with huge wealth ownership happens.

Financial education provide a foundation for the creation of wealth.

The reason I think most persons are more in a hurry to just get wealthy without acquiring any form of financial education is because at the stage and level where they could have acquired such education without the pressure of responsibility because they had guardians and parents who carried their needs and sorted it out for them, they ignored it, or maybe did not consider it to have any importance learning about how to multiply and keep money they did not have yet, and to make things worse on some level, their guardians and parents did not help. This can be why you have people who now just want to get wealthy because now they have the idea that the time to spend on education is no longer on their hands as they now have responsibilities pressing on their necks.

[Agbe]

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snip.

The reason I think most persons are more in a hurry to just get wealthy without acquiring any form of financial education is because at the stage and level where they could have acquired such education without the pressure of responsibility because they had guardians and parents who carried their needs and sorted it out for them, they ignored it, or maybe did not consider it to have any importance learning about how to multiply and keep money they did not have yet, and to make things worse on some level, their guardians and parents did not help. This can be why you have people who now just want to get wealthy because now they have the idea that the time to spend on education is no longer on their hands as they now have responsibilities pressing on their necks.

I agree with you on this very important point that you have made.one very important reasons why most people is more concerned about making money rather than giving attention to the processes involved in making money is that, people don't start early in life to realize the need of taking responsibility for themselves.responsibility is one thing that makes people to start early, most people hide under their parents until it's too late for them to know the processes involved in making money that is why they are only concerned about making money quick which doesn't goes well with such people.

[dezoel]

Financial education provide a foundation for the creation of wealth. It give you knowledge about taking the risk, about investment strategies  and principles of sale and purchase. Financial education is not only give you the idea about accumulation of the wealth but it also tell us about managing or growing the money or business effectively. An individual with financial education is capable of  increasing the ratio of wealth. Success is attached with financial literacy. But in developing countries people  have the aptitude of focusing on making money rather learning or getting financial education that's why mostly projects not generate high profit. Here govt should focus on introducing the such Institute that promote financial Literacy. so that people can increase their wealth or standards of living

This financial information is not really taught in schools. It comes with experience so anyone who is dealing with money will sooner or later get this knowledge. Some might takes years and might have to undergo a few down sides before they can gain this knowledge but some are really smart and will learn from other's mistakes.

We all should be smart here. Staying in touch with successful people around us or learning from their experiences will save years and maybe a few losses. Once we gain financial education is when we can really start building and most important, preserving wealth. Without financial education, we might still make money but will have no real thought of preserving it.

[lixer]

If you don't have money, you don't make money. So what if you're financially literate, so what if you don't? If you earn money and have a regular income, you already have some financial literacy through your investments and the knowledge and experience you've gained over the years. You learn by losing. This may sound counterintuitive at first, but it's a good way to learn.

I vouch learn by losing. I think there are many edge cases where learning from book isn't enough and there are so many knowledge that people aren't willing to tell.

I've been investing for a long time. I know even the most experienced people can trip at some point especially at dire times such as financial crisis. One very important lesson that I've learned is to act fast and ride hype train once in a while to make some small gain but matters to the portfolio.

I wouldn't be where i'm now if I haven't experienced losing and learn about many things to prevent that from happening again.

We all have learnt something from our experiences. A successful person does have a lot of stories to tell to their kids or maybe their grand-kids. They did not become successful overnight but had to grind some really harsh days and sleepless nights.

What we learn after losing is really very precious and that will never be taught elsewhere. Books will give us theoretical knowledge which is somewhat useful but is is worthless without practical knowledge and practical knowledge only comes from real-world. Financial education is vast and we can't master all of it. It takes lifetime to learn few major aspects and depending on it, we can secure our financial lives. Investing time in gaining financial knowledge will always  pay itself in the future.

[Japinat]

Wealth does not happen in an instant, the person accumulating wealth should be financially educated first so that he will be able to take leverage as much as possible. And when that happens, he will no longer feel uneasiness and doubt, because he knows well the thing about obtaining wealth and maximizing the process in less time.

Where there is financial literacy, accumulation of wealth easily follows. Unlike those who risk their life savings over an unsecured decision, not only they will commit failure but they will definitely lost all their life savings in just a minute.