Topic: Financial education or 1million dollars - page 10. (Read 1318 times)

As a financial advisor by trade, I have my father to thank who taught me about finance from very early on. He instilled in me basic financial principles such as saving money, investing, keeping a budget, living within your means etc. He also taught me about stocks from very early on. I remember thinking to myself “I’ll never be able to understand the stock market fully, it’s so confusing” but he helped me to understand and now I’m a financial advisor, which makes me laugh as I now fully understand.

That said, financial education absolutely does not guarantee financial stability what so ever. So saying it’s nearly impossible, is just not true. I know plenty of financially educated individuals whom are poor savers and investors and are completely unstable financially.

I will prefer 1 million, will work on the very famous strategy called "Fuck Around And Find Out" and whatever works for me, will invest in that.
Also, buying some Bitcoins out of that $1m will be really awesome idea I would say.

In my opinion, $1,000,000 is more valuable than a financial education. 

A lot of people who have received a very good financial education do not have their own business and do not even invest.  Graduates of prestigious financial universities work as chief accountants and financiers as employees in someone else's business. 

A good financial education does not guarantee wealth.  An IT specialist, engineer, chemist, biologist and oilman is even more likely to get rich than a financier. 

At the same time, if you start from scratch, then in my opinion, it is easier to get a financial education than to earn 1,000,000 US dollars.

I agree, of course people would pick 1 million dollars as they already know and have already background when it comes to how to make their money grow in many different ways. If people lack of knowledge those 1 million dollars could still lose in just years if not used in a proper way like more on spending than investing. You could still attain some knowledge if you're already rich since there's no late knowledge since everyday we have the chance to learn.

A large sum of money? Who needs it if it can vanish into thin air like a Houdini rabbit? What about the lucky winners you mentioned? A casino owner or con artist with shady intentions undoubtedly benefited from their money. Isn't it a great laugh?

Here's a twist, though. What if we infused the curriculum with financial education? That's just right! Instead of struggling with the Pythagorean theorem, today's youth are solving the mysteries of finance, taxes, and retirement. Radical? Possibly. But imagine if you could teach an entire generation to be frugal such that they wouldn't waste a lotto victory. That's an interesting idea!

Personally, I have observed numerous instances where children from wealthy families have squandered their inheritance due to a lack of understanding about how to effectively manage their newfound wealth. In addition, their negative attitudes and reckless behavior have only served to exacerbate the situation, resulting in their fortunes dwindling far sooner than anticipated. It is indeed a precarious situation when someone possesses a million dollars and the knowledge and skills to multiply it further. Those fortunate individuals who possess both elements simultaneously can be considered exceptionally lucky.

Interestingly, it is often said that the journey to making one's first million is the most challenging endeavor to accomplish. This statement reflects the significant hurdles and obstacles one must overcome in order to reach such a substantial financial milestone. Achieving this feat requires perseverance, strategic thinking, and a deep understanding of financial principles.

However, it is important to note that while accumulating wealth can be a worthwhile goal, it should not overshadow the importance of personal growth, well-being, and the pursuit of happiness. True prosperity encompasses more than just financial success and involves finding a balance in all aspects of life.

In conclusion, managing and growing wealth effectively requires not only the acquisition of substantial financial resources but also the wisdom, knowledge, and responsibility to make sound decisions. Striking a harmonious equilibrium between wealth and personal development is the key to long-term success and fulfillment.

That's really a question I was also asking before I reached my conclusion concerning the OP's topic. There are people who have financial knowledge, a very good one at that, and they can even educate others, but they themselves have not made a million dollars.

Normally, gaining financial education would make one more exposed to ideas on how to make money, how to grow wealth, how to diversify investments, and how to make more money, but another thing is that not everyone will be that patient or go through the initial stage of acquiring wealth; not all will finish the race, and it is not guaranteed that they might not stop half way.

You can't speak for everybody. Obviously, there are still people who will chose financial education.

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I know that even at my stage, I still need more financial education, but if I receive an offer that is close to OPs, then I will just take the money and learn other financial education courses that I am lacking.

A million dollars is no small amount, and this is a superfluous question. Even if you ask financial experts, and financial advisors, will they choose 1 million or continue pursuing their financial career? I bet all would choose money over anything. You should remember that what is our ultimate goal. We go to school, work, invest...Do we want to make much money? So why not choose money and then you will have all you want because money can buy everything in today's world.

That's right, one million rupiah is not a small nominal, but if we can't manage it well, it's the same as zero, how much money do we have, if we can't manage it well, it's only temporary happiness.

Financial education is something people usually want in order to earn a lot of money, and no financial education guarantees getting $1 million. However, the argument about losing the money without the education is also relevant. If I got to choose, I'd choose the latter, but only because I feel like I'm financially educated enough to start managing the money and because I can self-educate once I get the money.
And the money is absolutely life-changing, even though being rich isn't among my life goals. It's truly enough for many things in life.

That's because a lottery winner is surprised by the big win he gets so he is unprepared and confused about using the winning money and in the end, they instead use it for a spree and buy things they don't really need. It also happens to rich children who receive an inheritance from their parents but are not prepared to know how to use their inheritance properly so that all their money will be used up without the remainder.

I don't think teaching children about finances takes 1 million dollars. Parents can teach him through the smallest things until they really understand how. And when they finally manage to get a lot of money quickly, they can use it well and even grow it bigger.

The choice could not have been wiser, LOL. I would also choose 1 million dollars, and for that money, it would be much easier to get financial knowledge if we did the opposite. Having solid financial knowledge but no capital starts with empty hands, and what will guarantee that we won't give up halfway? Moreover, for those who have solid financial knowledge or are already experts, how many people have already made millions of dollars? For this type of question, I don't believe someone would choose financial education and ignore $1 million .

I was build in such a way that I know how to manage my way out of anything, imagine been in possession of a million dollars, that's a lot and I can't even spend all this money before living this world, I am very contented with whatever I have and 1 million dollars is way too much for me, half a million is more than enough, things are hard in my country that's for sure but expenses are not like those living in other countries, with 100$ per month I will survive and live a ease life with my family.

I started from nobody to somebody and I used to save a lot, I started crypto as a airdrop and faucet hunter and I did this for years until I started making 30$ to 100$ from airdrops, this is who I am, so I don't need a lot to survive and not just to survive but to lead a good life too.

Let's be honest. If someone would ask you to choose among the two, majority would probably choose 1million dollars cause who would waste that amount of money right? We can get financial education after, but the that $1M is like a one in a million opportunity. But what's great about having financial education is it's for lifetime. Once you're financially literate and educated, you can make use of that knowledge whenever you need it.

Financial education is very important and I hope this kind of topics should be taught in higher education. A lot of people are struggling with their life because they don't know how to allocate their money properly.

Definitely, I would choose to be financially educated because no matter how much money you have, if you don't know how to manage it, you can still end up with nothing. I have heard numerous stories about people who won the lottery but, after a few years, returned to their usual lives because they were unable to manage their funds effectively.

When you have a lot of money, it is easy to get tempted, especially if you are a gambler. However, that is the quickest way to lose your money if you lack discipline. On the other hand, there are individuals who started from scratch and became millionaires through their efforts. Even if they face financial setbacks, they can recover and regain their millionaire status because they possess the knowledge and skills to navigate the game, unlike someone who simply stumbled upon wealth without the necessary understanding of how to grow their money.

yes I agree for that and experience will teach many things when we already have money.
financial education does not guarantee that we can get 1M and the loss is not obtained because of a lack of education but all because of ourselves.
our character has been formed and that is apart from money, if our character is bad even though we have received financial education it is not certain that we can manage money wisely.

Not practical to select financial education since at the end of the day once you finish that schooling you don't have anything and will strive to earn that amount and its almost impossible to earn that in span of 1 year especially when you are starting up. Much wiser choice is to pick that 1 million dollars then use it to have knowledge on finance or businesses so that you can generate more income coming from that amount given.

The fact that many of these occur in our reality is not very clear. There are those who, if given the money, would know exactly how to use it and make it work for them. However, other people will be given a whole lot and won't be able to do anything with it. As far as history goes, this is as old as man himself.
Uninvested money is squandered money. Money runs out, and if you aren't earning any regular income, even in small quantities, you will eventually go bankrupt. This will only become apparent when you are approaching close to your breaking point.

Yes, indeed, many of us bury our talents without daring to open up. Namely, not everyone can declare themselves and their ideas, which could serve as reliable support in life if these ideas are supplemented with finances. Someone says that he is poor and will never be able to become successful since his whole family has never lived well. Another, having a million, will be sure that such an amount will always accompany him through life since his parents are rich. But there are people among us who, from childhood, have a financial streak, a tendency to correctly determine the right steps, and always strive to increase this knowledge.
Such people, regardless of their starting position—being poor or rich in their youth—regularly study all the subtleties of financial secrets, which leads them to stability in the future.

Having financial education doesn't guarantee your success in business. If you are successful doesn't mean that you are the best in that area of business,it is because you are doing the right business which you are to excel on. Why do we go into business, is to make money to live a better life. And now you have been given the money which you want to go and look for,you are saying that you will prefer to get financial education first, so that you can start suffering from the scratch before you can become successful. What if you have started your small business and its trying to survive,and there is a change of government policy that didn't suit your business to grow and your business fails. C'mon $1M is enough for you to start up a business and never get broke for the rest of your life. If I was that person, I will take the $1M and forget about financial education. I will use $800k to invest in bitcoin and relax for four years and let's see how much my profit will be. And that person that has chosen financial education and started from the scratch,he will never make the kind if profit that I will get from my bitcoin investment in 20yrs time from his financial knowledge with no capital to start up something big. Our being successful in life depends on our decisions and understanding on every step that we take in life.