Topic: Financial education or 1million dollars - page 7. (Read 1366 times)

For me these are two choices that we must unite, so I will choose 1 $ million to learn investment problems and will develop a business that can indeed give us profits, because without money all the things we want to do are difficult to live including investing, so learning investment problems is directly on the capital of 1 million without having to take formal education, Because financial education has not been able to fully give us success, and today very many people succeed without higher education they only have capital then try to invest or do business.

But how many people have you met who are financially educated and can make 1 million dollars? Having knowledge and being educated does not guarantee you will make a lot of money, having knowledge is one thing, and using it effectively to achieve results is quite another. But if you have a million dollars, it will be easier to be financially savvy, you can even hire a financial advisor to guide you through everything. There is no reason to turn down $1 million and choose financial education if we have the choice.

That's good reasoning, but the problem with that is that you already have money, and that is a lot of money. Are you sure you can control it on your own? If not, imean can you now focus more on education about financial literacy? or you are just now going easy peasy because you've got that huge money and you are thinking about the other side, like how do you spend it, what you will do to it, your focus may have gone. This is like winning a lottery; before winning, you'll say you'll put it in business or make an investment, but by the time you win, you've forgotten about it because you're busy purchasing stuff and partying. The mindset of people who got rich quick or got that huge amount of money is very different when coming from 0 to hero.

Talking about financial education only applies to fathers who have a stable source of income and he has far more time to teach his children to reach the same level of thinking as him. Then think about how a father who leaves early in search of sustenance and returns home when his child is asleep and what kind of nurturing can be given to his children, even when they can't be together.

Your parable is far to interpret the lottery with children who get inheritance and then lose it in how to manage it? I mean, there's almost no formula for talking about wealth by gambling, lottery or anything like that. Inheritance is true of how a child is educated to properly manage gifts and is also inseparable from the financial education they receive from their parents or in formal education.

But back to how the child is as an adult, early education from parents is a fortress and it must be important enough for them as a support in their life as adults. But sometimes the environment leads them in the opposite direction and it's not just financial advice that needs to be taught by parents, but self-character and how to live life with various considerations that need to be taught too. If only financial advice is given, children may not necessarily walk straight when they are older and have more real life responsibilities towards their families.

Not everyone has the same story and not everyone is in that condition. There are children who fail at first and in the end they succeed in getting up to fight many times for their failures. There are children who succeed but ultimately fail and cannot fight back. There are children who succeed late because the process they are going through encounters big obstacles, but upbringing as you say makes them never give up and in the end they go through it all.

I believe human life opportunities are different and enjoying the process is the way to achieve financial success and parental education will usually apply when children are faced with various problems. But to measure financial success it is almost different from one child to another because wealth is different. Therefore, talking about the systematic number of someone who is categorized as rich in what count?

Neither did I mention that he was wrong, after all, he only gave us the option to choose here, and no one can pass a judgement in that regard. My point was to pass across the pros and cons of the two options and still made known my choice if I had been given the opportunity. To me, it will always be better to have the money first, it's leverage, and you can proceed to learn how to utilize it to make more afterwards.

I will even advise such a person to diversify the investment/business. If I were the one that has a whole $1M at my disposal, then I would learn 5 different businesses and invest $200K in each. This is because any business could fail, if about 2 fail, the remaining 3 might succeed if well planned.

Surely I will choose $ 1 million, with $ 1 million, of course I can make a business that will develop, now it is very easy to find financial education, even on the internet everything is easy to get, someone who is proficient to become financial education is not necessarily able to produce $ 1 million, but with $ 1 million we can pay financial experts to teach us the best.

Financial education no doubt, I don't need examples of rich kids or lottery winners, I myself am good example, I've blown lot of money that was handed to me on a silver platter.

I would personally take the 1 million without thinking too much about it. Why? Because in my personal situation Intend to be a person who tries not to spend money in useless things and also try to save it from inflation.

So If I suddenly had 1 million, my life style would not change suddenly, but rather would try to make small changes to live more comfortably.
Perhaps, I have got more financial education than other have, I do not know, I do not want to pretend I am special. What I am trying to say is that I would not blow all the money and then declare myself in bankruptcy after a year or less.  

It is way easier to not be responsible with money we have not worked for, after all.

1 million $ will quickly run out if someone's financial management is not good, it will be long-term otherwise, especially for gambling 1 million is only seriphan for reliable gamblers and often wins large numbers of lottery but all will not stick if they don't have education in managing Money
So education is important for financial matters

Yes that is very volatile especially when we are discussing in this environment and especially in the crypto market it is easy to happen, I have also witnessed a lot of people profiting big investments in short term then they lose themselves and then go into debt in their investments.
Greed, bigotry, blindness, ... are lessons that need to be learned in the process of self-development, even if it is learned from any field, it is also necessary to recognize their mistakes to create the right experiences. Money or achievements will also have different recognition criteria, when we have experience, we will completely know how to control and use it properly.

You do have a point since having financial education and awareness doesn't mean you are already insured to earn money by the next day. Sometimes having financial education is only a starting point since there are also factors that may greatly affect you like creativity and ability to utilize your resources. Having money is good but it will only took a few minutes for it to be gone if you are not careful, a million dollar nowadays is nothing specially if you don't know where to spend it. If I have a chance to be given that amount I wouldn't spend it immediately but instead i'd like to learn a thing or two before using it.

I understand that people are not realizing the number, but at the same time that timeframe is the difference maker. In OP's question nothing is guaranteed, I mean think about it, you learn a lot about finance and that means you could make a lot of money but it also means that you may not make any money at all, aren't there any poor traders in the world? I am sure there must be and that's the key part.

I believe that we need to focus on that a lot more, we could make a lot more, but we could fail as well so we should focus on what we can do instead, that would be a lot better. I personally hope that the best thing to do is 1 million dollars, at least for me, just get that and no other money is needed, you can live with that as easy as you could hope for.

Having a million dollars or a substantial sum like $1 billion can really provide financial security and the potential to accumulate wealth. It is true that for a million dollars, you can choose to live comfortably and sustain yourself for a considerable amount of time. However, if you do not know how to manage them wisely, that money will soon run out. So learn to self-educate on how to manage money because it is a basic skill needed to be able to live in this society. In addition, it is also necessary to develop yourself and improve your education on financial knowledge that can help you profit with the money you already have. So, while certain aspects of financial management can be understood through personal experience and common sense, financial education provides a deeper understanding and a broad range of knowledge. and the ability to make informed decisions in complex financial contexts.

I will choose the 1 million dollars because if i have 1 million dollars i can hired a teacher and teach me about financial education or educate me about how to be financially free. I believe most of is here choose 1 million dollars specially to those who are in ASEAN country 1 million dollars if converted to some asean country currency is totally life changing you can build a big house and businesses with that amount.

But on the other hand we also need to pay attention that we will not get a proper education if there is no money in it because it is clear that currently our orientation towards money is still very large.
Actually, whether it is money or education that is chosen, all of them have conditions that trap them, I think, and we certainly know that everything we choose has consequences that must be accepted.
But that's just a supposition and I also expected something more when it happened because I prefer to take both and when we can take both why do we have to think about and only focus on one of them.

Both of these are very important right now so there's no need to choose either one because if both can be had then that's a good thing and we can still go for it.

If a person has huge sum of money but does not have any idea that how to use it and how to invest it so this sum of money will eventually ends up without any benefit so its necessary to have some planning according to the education about finance to make the better use of this money.

If a person has financial education then he can earn 1 million but if a person has no education and have 1 million so this money will be spend without any work to do or any other beneficial job.

You've already stated an example here. Financial education really can make one person rich, but that alone isn't enough. I don't know if this is true, but I'm thinking that there are still some people who are have the financial education, but still lacks a skill that will help them in achieving their goal, and that is to become a successful person.

That's why I feel sad for those people who are winning in lottery, but after a few months, they're back again in the streets begging, or what they usually are doing on a daily basis back before when they didn't won the lottery yet. I remember a news article a few years ago where there's a winner of a lottery, and he won a huge amount, but because he doesn't know how to use that funds properly, he might've spent it in some things that he didn't need, and in the end, those money are gone already, and he's back to what he usually is doing.

The lottery scenario that you shared is enough to answer your question already.

If you're financially educated, and has skills, you can make a million dollar in just a month at least or even lower. On the other hand, you having a million dollars, but financially illiterate will just lead to continuous spending towards things that you don't need therefore, you will lose that money without achieving anything.

If I would choose between the two, I'll go with the million dollars. Why? Because I can still get that amount, and still learn to how to handle money. I mean there are lots of information on the internet that you can use to gain knowledge, but earning a million dollars might took me a very long time (or worst my lifetime), to earn it.

@Kara3 is not wrong, and I totally agree with his argument, but he forgot one thing. We try to learn and improve financial knowledge but our ultimate goal is still to make a lot of money, if we don't earn a lot of money, then financial knowledge will become useless and thrown away.
I also know some people in my locality, who have financial education, but they are still poor, and more sadly, society doesn't recognize them because they don't have good results.
So, I will choose like you, I will select 1 million dollars without hesitation. Because if we had 1 million dollars, financial education couldn't be easier, we could even hire a top expert to teach everything about finance.

I perfectly get the gist, but one thing you have to know is that for you to gain financial education without having the financial empowerment to actualise it is worse than not learning at all. For example, people are mostly suffering and couldn't fulfil their potential in many cases not because they do not know what to do, but because they are not financially empowered to do it. Every facet of life has the business attached to it and I have seen poor and struggling people that are loaded with skills and potential but just thriving with little results because they couldn't get a substantial amount of money to actualize what they know in their field.

And as for collecting $1M, it's what I will go for as is the right choice for every right-thinking person. It's wise that people get the money and still go to educate themselves on how to make more money, it's only unwise to get the money but not know what to use it for. The gambling example you used is for those that are not ambitious, if they opt for any of the options given, they will still fail because they are foolish. A reasonable person will always want to use the money to make more money, and not blow it away for momentary enjoyments and frivolities.

Education that can be useful in everyone's life is clearly very important for everyone. But if faced with a choice of such a large amount of money, of course everyone will give birth to different thoughts in this regard because some people still think of choosing money as their capital to achieve more education. And I think it's also not a wrong choice because everyone who wants to have more and higher education, of course, must also have money to be able to achieve it.