Financial education or 1million dollars - page 4.

Dzwaafu11

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Quote from: Dr.Bitcoin_Strange on May 16, 2023, 01:21:36 PM

I will take the $1 million, then use some to aquire financial education and how to expand the money through business, Bitcoin investment and other investment. It's as simple as that.

This is because you have already received financial management training. Did you know that people who lack financial education never consider making an investments? Instead, they spend all of the money that comes their way, no matter how small or large, and as a result, these individuals often look back on their lives with regret.

But what I also want you to understand is that, despite what you said, that you will use some part of on your financial education, spending $1 million and a certain amount on your financial education won't actually happen in that way. Do you really believe that a man with I million dollers in his bank account will enroll in a financial education program? I'm confident that they won't go, just like me I won't since I won't even consider investing to grow myself; the reason for this is that there is no financial education.

Dr.Bitcoin_Strange

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Quote from: GiftedMAN on June 06, 2023, 01:10:56 PM

I agree with you because taking the 1million dollars will probably give you the financial education and a good establishment if spent wisely

You said probably, and since it's not definitely, that means there's a 100% chance that what I think is a correct decision for me can totally be a wrong decision for another person. I have seen people squander $2k in a day, $10k in a week, then tell me what $1 million is within some months, just leaving life lavishly until the money gets exhausted. That's when they realize they need to do something meaningful or even acquire financial education.

Sincerely, not everyone is good with money management. It's just like a baby that is still crawling; anything that that baby sees on the floor, he or she picks it up and puts it into their mouth. That's how some people feel when they see huge amounts of money. Most of the time, when you don't have money, you will make really big plans, but the moment the money drops, all the plans will disappear from your head, and you will start lavishing the money until it vanishes. So, I will say some people should go for financial education before getting any huge amount of money. Why? Because a tree was once a seed before it grew to become a tree. It is better to start from scratch because when you have so many that you can't manage, you can lose total control.

Franctoshi

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Quote from: Dr.Bitcoin_Strange on May 16, 2023, 01:21:36 PM

Quote from: Kara3 on May 16, 2023, 01:10:04 PM

Financial education or 1million dollars

I will take the $1 million, then use some to aquire financial education and how to expand the money through business, Bitcoin investment and other investment. It's as simple as that.

Literally majority of people would prefer taking the 1 million dollars instead of financial education, but in a real sense if one do not have financial education, I wonder how he or she will be able to manage such an amount of money without getting it squandered and still go broke in the end, Despite the fact that we will prefer taking the 1 million ,however knowledge is key to whatever thing that you do. someone with proper financial knowledge can grow a $1000 into becoming 1 million dollars and even more.

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Quote from: Marvell1 on May 29, 2023, 08:40:40 AM

Quote from: Sebas.tian on May 29, 2023, 12:08:51 AM

I think, financial education will help you to grow higher financially and materially in the community because it will be difficult for you to experience failure in your investment like the way some investors are failing in their investment this days, just because they don't have the knowledge of financial management. Don't forget that 1million dollar will finish, if you don't have financial education because I have seen many people in my environment who inherited huge amount of dollars from their late parents but Because of lack of financial education they finished the money within two years without a single financial achievement.

It is true that when we do not have financial knowledge, even if we own 1 million dollars or 10 million dollars, we will lose everything if we do not know how to manage and use it properly. But having financial education and high knowledge does not guarantee you will make 1 million dollars in life, and there's also no guarantee you can turn that $1 million into several million dollars with your knowledge.

If given a choice, I would choose 1 million dollars without thinking because when I have a lot of money, I will buy knowledge that will help me know how to manage and use money wisely. It's more than just having financial knowledge that can't make money.

I agree with this opinion that when someone does not have financial knowledge, however much money he has, it will be used up for nothing. and vice versa, when you have financial knowledge but you don't have any money or capital at all, what happens is that your knowledge about finance is useless because there is no application related to that knowledge.

And if I had a choice between a financial education or a million dollars. if possible I will choose both, with me having financial knowledge and one million dollars, the knowledge I get will be immediately useful because I already have money to manage and the one million dollars given to me will not be in vain because I already have the knowledge to manage it.

GiftedMAN

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Quote from: Mr.suevie on June 04, 2023, 04:39:21 PM

Quote from: Dr.Bitcoin_Strange on May 16, 2023, 01:21:36 PM

Quote from: Kara3 on May 16, 2023, 01:10:04 PM

Financial education or 1million dollars

I will take the $1 million, then use some to aquire financial education and how to expand the money through business, Bitcoin investment and other investment. It's as simple as that.

I was about reading down but your answer to this post caught my attention and I think I will also do the same thing and I think also that probably the best thing to do. Take the stack of cash the use it for some formal financial education and then invest the rest after being exposed through my studies on proper financial progress and freedom.

A very thoughtful one here which I believe is a good idea especially for some one who has not made such amount before, I agree with you because taking the 1million dollars will probably give you the financial education and a good establishment if spent wisely but also getting a good financial education will help you manage the money by investing it wisely but considering the question of the op I think the best option for me is the 1million dollars. Apart from taking the money and attaning formal education which you earlier suggested, you can also use your initiave to employ a good financial manager because I have seen a lot of business men and women who have made it without having any financial education what they do is to establish a business then get qualified staffs to run the business for them.

kojektea

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the two must be equal. Because if you choose one, I don't think it's enough, for example, if we choose financial education, if we don't have assets, can we apply that financial knowledge. whereas if we have 1 million dollars without good financial understanding, we will be very easy to spend it in useless things, I understand that 1 million dollars is a lot but if it is used to buy expensive things that have no value when used, it just a waste of money.

Blowon

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both are needed, but I don't think you have to have that kind of money to start managing. try to manage money from small things, because if we get 1 million dollars at once even with the education we have lived it doesn't mean we can't be wasteful with all the education we have.

flyingcarpet

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Quote from: Kara3 on May 16, 2023, 01:10:04 PM

Financial education has always been a game changer in the financial state of a man, it is the best education a father can give to his children because once you are financially educated, it's near impossible not to be financially stable.

Have you wonder why most lottery winners have gone back to square one after winning or most rich kids losing their inheritance due to poor/bad management of funds, it's because they lack financial education.

On the other hand 1million dollars is truly a life changing amount of money but if you are not financially educated, you will lose it all on the long run,
I don't know if anyone sees it the same way I do?

You have written assuming that you always reach a general conclusion in your sentences. This general situation may differ from person to person. For example, a person with financial education may also lose money. A person who has received financial education may not get the desired efficiency from his investments. There are several factors that affect this situation. So my choice would be $1 million. Then I can spend this money on education. Today, this money can be a good start for our goals. So this is my choice.

Gallar

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Quote from: Kara3 on May 16, 2023, 01:10:04 PM

On the other hand 1million dollars is truly a life changing amount of money but if you are not financially educated, you will lose it all on the long run,
I don't know if anyone sees it the same way I do?

In any field, knowledge is definitely always number one and the most important aspect in starting or managing a particular field. Likewise with the financial sector, if someone is blessed with one million dollars, but doesn't know how to manage finances, and doesn't know how to develop money so that it can increase. It is certain that sooner or later the one million dollar bill will run out, and not produce anything meaningful. Never mind a million dollars, even a hundred million dollars if the person holding it doesn't have enough knowledge about finance or managing finances, I'm sure the end will still be the same, that is, it won't produce anything meaningful.

So your opinion is indeed true, that financial education that starts from childhood is indeed very important and must be used as the initial foundation for everyone who wants to achieve success in the future. Even though it doesn't guarantee 100% you can become successful just by learning about financial knowledge, at least the steps that have been taken are getting closer to the name of success.

nara1892

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Quote from: kawetsriyanto on June 04, 2023, 04:50:37 PM

Quote from: nara1892 on May 25, 2023, 02:47:30 PM

I'm not saying that it has to be 1 million dollars in this case but of course we realize that when we want a proper education then we need money to determine that.

Of course, we need money for education. Whether it is big money or small money, it depends on government policy related to educational programs. In some countries, it may be expensive but in other countries, it may be a bit affordable for the society.

I think we have to return to another paragraph for my post in this regard because, as I said before, even though there may be government policies by making learning or fees there cheap, this does not mean education is evenly distributed.
Not meaning to belittle, but in this case schools with high fees are indirectly more serious about the education provided to their students because indeed they are required to do so with expensive fees that were previously issued in contrast to education which tends to be cheap and even free because with things like that the educators actually look more relaxed.
Although maybe in this case the big cities in big countries are different, the average for underdeveloped countries and even developing countries tends to be the same.

huu78

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Quote from: naikturun on June 05, 2023, 10:09:19 AM

I think your advice is true, because I feel that right now, I was too pushy to trade, so I lost almost all of my money, I realize now I should do a split portion of it.
because trading will not always be profitable, so there must be another plan to deal with it when it happens.

You shouldn't force things like that because, everything won't be possible to go according to your wishes.
at least you learn from it and in the future if faced with a situation like that you can avoid it.

naikturun

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I think your advice is true, because I feel that right now, I was too pushy to trade, so I lost almost all of my money, I realize now I should do a split portion of it.
because trading will not always be profitable, so there must be another plan to deal with it when it happens.

Semar Mesem

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Of course I will choose $1 million, in my country $1 million is a sufficient value to start a business such as a restaurant, and I think financial education will be more effective if we actively search the internet, moreover a lot of financial education is only theory so it does not match needs and reality .

kawetsriyanto

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Quote from: nara1892 on May 25, 2023, 02:47:30 PM

I'm not saying that it has to be 1 million dollars in this case but of course we realize that when we want a proper education then we need money to determine that.

Of course, we need money for education. Whether it is big money or small money, it depends on government policy related to educational programs. In some countries, it may be expensive but in other countries, it may be a bit affordable for the society.

Quote from: nara1892 on May 25, 2023, 02:47:30 PM

Not meaning to say people who don't have money don't have the right to education, but what I emphasize in this case is good education for now based on big finances and that is a fact that cannot be denied.
Nothing is free in getting something especially when talking about education. I don't know about education in other countries, but for now in my country, if I really want to do good education (good education), I have to do it quite expensively as payment for that education.

It is also the same in my country. If we want to get an education in our favorite schools (mostly private schools), we must spend a lot of money. But if we only want to get an education in public schools as average people, it can be cheaper. However, the public schools in my country are good enough, you can get proper education there.

Mr.suevie

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Quote from: Dr.Bitcoin_Strange on May 16, 2023, 01:21:36 PM

Quote from: Kara3 on May 16, 2023, 01:10:04 PM

Financial education or 1million dollars

I will take the $1 million, then use some to aquire financial education and how to expand the money through business, Bitcoin investment and other investment. It's as simple as that.

I was about reading down but your answer to this post caught my attention and I think I will also do the same thing and I think also that probably the best thing to do. Take the stack of cash the use it for some formal financial education and then invest the rest after being exposed through my studies on proper financial progress and freedom.

loopes

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Quote from: Kara3 on May 16, 2023, 01:10:04 PM

Financial education has always been a game changer in the financial state of a man, it is the best education a father can give to his children because once you are financially educated, it's near impossible not to be financially stable.

Have you wonder why most lottery winners have gone back to square one after winning or most rich kids losing their inheritance due to poor/bad management of funds, it's because they lack financial education.

On the other hand 1million dollars is truly a life changing amount of money but if you are not financially educated, you will lose it all on the long run,
I don't know if anyone sees it the same way I do?

I will prefer to have those money, 1 million dollars or any huge amount, because the chance of getting those huge amount of money does not come twice. So, after having the money but still uneducated financially there is an opportunity that extravagant behavior, poor money management, and other uneducated financial behavior will make me aware that financial education is important.

jaberwock

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Quote from: nesty on May 29, 2023, 08:07:14 PM

Quote from: Kara3 on May 16, 2023, 01:10:04 PM

Financial education has always been a game changer in the financial state of a man, it is the best education a father can give to his children because once you are financially educated, it's near impossible not to be financially stable.

Have you wonder why most lottery winners have gone back to square one after winning or most rich kids losing their inheritance due to poor/bad management of funds, it's because they lack financial education.

On the other hand 1million dollars is truly a life changing amount of money but if you are not financially educated, you will lose it all on the long run,
I don't know if anyone sees it the same way I do?

I agree with you that Financial education has always been a game changer. When it comes to choosing between financial education & one million dollars we need to consider the long term benefits. A million dollar can provide an instant financial security but of course it is not a guarantee that it could last long. Many people who won millions in example lottery but they quickly lose it because of lack of financial education. They tend to overspend the money that they have and without even diversifying the money, it lose so fast. That is why having financial education is important to be able to manage and diversify your funds the right way. Proper management of funds can lead to a long term financial stability.

Depends on the person. If he values money so much but fails on some aspects due to lack of financial education then yes. They could also go on the easy route and just pick 1 million dollars right away but like you said, this may not last for a long time because those people will prolly spend it non stop because for them having all the luxury thing in life is what makes them successful.

If we can only pick one, I think ill also prefer the 1 million dollars. I will only left some money and will use it to enroll my self to study about finances. I can also use some to hire a mentor and a financial manager. That should extend my money and possibly grow it.

hannahB4

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Is good to be financially educated but this is not the key to being successful. Many people today have the education but the wisdom to apply is not there for them. While someone who is not educated is wise enough to handle funds in the correct order, such individuals will be liberated financially.

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Quote from: Texac on May 29, 2023, 06:39:39 PM

knowledge is nothing if it doesn't help you make money.

HUH? Are you sure about that? Knowledge does not bring you money. Experience and the ability to utilize it in a way so that it could be implemented in works, brings money. Not every knowledge is worthy of making money, and not everyone uses knowledge to make money in the first place.
Yes, I will choose the money too. But after getting that, I will need to learn to keep it in such a way so that I can make it grow even more. If I lack in the knowledge to preserve money or grow it, overtime I will lose it all. The more money you have, the more you spend. That's the truth. This is why you need to learn the knowledge after acquiring the money. That's the reason I said we need both.

uneng

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I would grab the 1$ million dollars too, instead of financial education, but I think it's easy for most of us here to make this decision in the blink of an eye, since we already have basic knowledge about finances which can assist us when managing 1$ million dollars efficiently and growing it even more.

However, imagine if we didn't have a clue about finances, like most uneducated people around the world. That 1$ million dollars would be probably meaningless in our lives, thinking on long term results. We would probably buy useless things, promote expensive parties, share the money with family and friends who would also acquire useless things for themselves and in maximum 3 months all the money would be already gone.

I say that because once an acquainted of mine told to have won about 4000$-5000$ on the lottery and the first thing he did was to take the whole family to a big urban center to purchase clothes, accessories and to have fun. It just took one trip to waste the entire lottery prize on these superfluous stuffs.

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