Topic: Financial education or 1million dollars - page 11. (Read 1383 times)

Lol I wish someone can give me this offer in real life, it will be very stupid not to go for the 1 million dollars, that's enough to send 4 people including myself back to school and get the good degrees and still have a lot of money for long term investment, I do have a long term dream of making a million dollars someday either through crypto investment or my other business, do you think this is possible? People make millions of dollars from shiba inu, a meme coin for that matter, I will do the same and I hope I get lucky, though I am not going to invest in meme coins, there are other good projects that I can invest money on right now.

No knowledge is lost; it's true that one who is not aware and misinformed is likely to miss great opportunities. In today's world, academic education is not the only thing one needs to learn; financial management is another thing that needs major attention. Without financial education or any form of financial knowledge, one is bound to only survive on luck.

A million dollars is tempting, which almost every one will want to choose over financial education, but the truth is that every point in time has exactly what it needs to solve that moment's problem, so when a million dollars come to the table, I will be among those who will go for the funds first. It's when you have money at hand that's when you will start thinking on how to make good use of the money. If your brain can't be productive enough, that's where financial management experts come in. With a million dollars, one can actually acquire any kind of knowledge they need. To answer your question, I will take the 1 million dollars.

That's going to be an easy answer. You got to do so much less compared to having an education or something. You can just invest it into a business and hire someone who knows it as well and make sure that you have the right people working for you then that's it. It's definitely ideal to know the whole business, but you can learn it as you go along the way.

Definitely $1M is life-changing money and there's no thinking else about it.

Silly question op. Who in their right mind wouldn't choose 1 million bucks? It's a life changing amount for many, many people which is why it's an easy call. I would take the money and use it in a wise manner.

Financial education helps for sure, but money is just money at the end of the day. Think!

Stupid question, similar like a question to choose one million dollars or marry the third person on your Instagram.

Someone who have a good understanding about financial education can't become rich or make money if they're not working and only focus to learn the theory. To become rich you need to have both of them, financial education and how to make money.

Yes financial education should be taugh in schools, especially in high school before you are an adult and start to get loans. There are some loans which are fine like mortgages. But way too many people are getting into huge credit card debt, auto loan debt and they becomes slaves to the debt.

It’s very easy to fall into this hole. You get some unexpected expense and don’t pay off the credit card, then you are charged interest. Then if you lose your job it gets worse. And eventually you need to declare bankruptcy.

     -  I have seen and watched many people like that on television who went from being poor to suddenly rich because of winning the lottery but later returned to being poor because of the lack of proper money management as you say.

Then to be practical, of course I will choose the 1M$ and then I will invest most of it in business apart from house and land and cars, real estate, and livestock and stock market, and for bitcoin as well, so that the money will grow even more.

Indeed, it is almost impossible for a financially educated child to have a financial deficiency in life, but that does not mean that this deficiency cannot happen to the child. Because of his negligence and carelessness he can also be the cause of financial deficiencies in his life even though his father has repeatedly taught him about it.

I have never questioned this, because I already know that anything that is not taken care of properly, will always have bad results in the future. I will not set an example for lottery or lottery winners in this case, but I prefer to see and set an example for a child who receives an inheritance but in the end he also falls into poverty because he is unable to manage inheritance well in his life. And maybe all he's thinking about is spending what he already has without thinking about how I can get more income through the capital inherited from his parents.

Yes, 1 million dollars is very enough capital to make a business in life and I also believe that that much capital can be managed properly will provide better income, but on the other hand if it is not managed properly and correctly, everything will run out without any residue . So this all depends on the education and mindset that a person receives in his life, either from his own father or from other people where he studied.

For Fun only I think most of the member here would take the 1 Million dollar including me since people who got here mostly know the risk and basic of investment or still learning about investing.

1 Million dollars is a lot of money If I had to choose between financial education or 1 mio like I said before I would definitely take the 1 Mio put on the mutual fund and some of blue chip stock or buy and ETF with a dividend stock in it. Buy a couple of house and a land in a strategic location in a country like Indonesia and rent it out and stay active on crypto industry and voila

Congratulation you have already made a passive income strategy.

but that is just story the reality is

The truth is that financial education isn't as complicated as it seems. You don't even have to be taught with it. It seems to me you only have to be properly exposed to how your parents manage your finances well and you will do good. If both of your parents are wise spenders and don't squander money on useless things, and they're both good on you, and their financial discipline has so much impact on your life, you will be as good as them when you grow up.

Here in my country there are Chinese people who have been doing good business generation after generation. Obviously, financial management is in their blood. They're disciplined when it comes to money and business. Business is their culture, their second nature. I doubt all of them finished business or finance-related courses in the best universities. It's probably just that starting at a very early age, they're already shown how to properly handle money.

Financial education increases along with the greater the wealth that is managed, a person must really have a real wealth value to know how many challenges must be faced in each variation in the number of wealth. I wouldn't say that someone with a low net worth score doesn't have a financial education base, only that it's their level of experience.
Not a few millionaires who fell bankrupt instantly despite years of maintaining good wealth. To learn new financial lessons, you sometimes have to pay dearly.

That is true financial education is very important to anyone of us because with the right thinking and discipline, we will be able to manage our finances really well. If you lack of financial education what ever the amount we have big or small it would end up nothing. I had known some rich people who born rich because of their parents but their goal is to spend all the money they have and did not even think of what the future will brings, now they ended up broke they have to sell all their properties and even bubble their debts on different banks. Financial education would really help us to manage our funds and do not spend too much on things that we do not need.

Yes, just like what my parents have told me that they may be no treasure that I'll inherit from them. But they can give me the education that I can treasure forever and this is also including financial knowledge and money management.

True, they've got no idea how they'll retain that wealth they've obtained and this is also making people believe that if you haven't worked hard for the money you've got, it will also be spent easily.

I agree. We're all striving to reach that goal and the thing here is, even if we're financially educated, we're keeping up with this goal but we don't know how long will it take us to be there. But anyway, we're all aware of our expenditures and that's still making us educated financially on that matter.

Investment capital may not always be in the form of a financial investment. Investing in knowledge can be of equal value. Especially if we value the effort invested in learning as an investment.
Investment in knowledge is an investment in yourself that can help you realize your goals and lead a more luxurious life. So, i advice you don't underestimate the power of investing in knowledge ; it's a valuable asset that can yield huge returns that you may not expect it very well by now. It's a renewable resource that can be continually improved by time and would represent a lifetime treasury.

seriously, you can have 1 million dollars and self studying financial education if you're conscious enough, the thing with the people you mentioned aren't really self conscious that they just thought it's good ignoring financial education but generally most normal people would outright find how to manage their finance the second they got their hands on 1 million dollars, probably investing it.
like many have said, it's self restraint that is of essential, even if you have best financial education in the world, whats the use if you couldn't restrain yourself from getting all the things you have dreamed of within a night which also means spending all the money you got within a night, a theory become futile when there's no real implementation.

People lose their wealth not because of lack of financial education, but because they don't have any common sense. You don't need to study to understand that if you spend more than you earn, you will become broke. People who have unsustainable spending habits just don't have basic self-control.

But I would say 1M is better than financial education, because financial education won't teach you how to make 1M, it can only teach you how to preserve it and grow it, but it won't help you get from zero to hero.

That's true people spend a fortune to get the right education for their children, education is everything it's a lifetime fortune, and being financially educated also means you have graduated and had a stable job.


Not handling your fortune properly is the worst that can happen to you, you have no control over your spending and you basically get the things you want, financially educated is all about keeping what you have and growing it, it's getting the things you need and controlling what you want


$1 million is small for the financially educated and they know if they will not spend, save or invest it properly it will soon get out of their hands, and it is too big for the uneducated because they think its a lot of money and they can spend more than what they need.

I see this as an imagination or a total fabricated lies which is caused by the lack of proper understanding of the word Finaance and Education. Financial education doesn't stop some one from going bankruptcy and lack of financial education doesn't stop anyone from becoming successful because I have seen a lot of people who have had the opportunity to attain some level of financial education yet they still struggle to be successful in terms of their business and company but on the other hand someone who has no financial education has been able to be successful because he's able to do his business with diligence and accountability.

Some reasons why most people who were lucky to be lottery winners go back to square one as said by the Op is their greed and addiction to gambling, and to rich kids, they always fail to make use of their inheritance properly because they never worked for it and because they never worked to make the money they will always want to waste the money because it didn't cost them anything to make it not because they lack financial education.

You don't need to have one or the other. If you are giving huge amounts to your kids you could just give them to a trustee with a necessary skills. Someone who could oversee that your kids get the education before and weekly allowance before they can get their hands on real money.

Financial education itself doesn't guarantee you a future. People can be erratic and things like unmedicated ADHD or Bipolar disorder can make you lose everything you have, no matter how educated or smart you are.

Exactly, this money can be lost completely if one does not have financial education to guide him/her through the process. There are people who swear to their lives that they can handle large sums of money or that acquiring it will lift them out of poverty for the rest of their lives, but this is not always the case because some lack financial education and squander the money on things they don't need just to impress the masses.

I don't need any additional financial knowledge to be able to advise myself on how to spend a million dollars. I'll invest it wisely in a profitable business and take further financial management classes if necessary to learn how to double my earnings over time once the investment has started off.