Financial education or 1million dollars - page 9.

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Quote from: BIT-BENDER on May 17, 2023, 02:54:20 PM

Well honestly financial education is very important and obviously very useful, I believe it should be like something everyone should aspire to have especially when they deal with financial system, investment, business and just wanting financial growth.
Having a good financial education has helped many progress in life and has used the knowledge they have gotten to actually build a substantial wealth for themselves for an average person who has limited Capital at their disposal it's best to have a good financial education.

But in this case you are comparing $1 million with financial education, well it's depends on the individual, I would choose $1 million to financial education, first you gave to understand Capital is key, when you have good capital you have a higher chance of succeeding, you can even employ experts to handle so tasks you have no knowledge about, if you aren't the wasteful type I think you can make good for yourself.

Financial education, financial knowledge as well as any knowledge are useful in our life. But having knowledge does not mean you will succeed or definitely succeed, it completely depends on how you use it. Financial literacy is not too difficult to achieve, anyone can get it through education, but how much is applied is what matters.

And the ultimate goal of financial education is still money, so I find OP's question superfluous. I don't believe anyone would ignore a million dollars and choose financial education when that knowledge can be easily obtained or you can educate yourself on the internet.

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Financial education is indeed a valuable asset that can have a profound impact on a person's financial well-being. It equips individuals with the knowledge and skills to make informed decisions, manage their money wisely, and build long-term financial stability.

While winning a million dollars may seem like an incredible opportunity, without the necessary financial literacy, it can be challenging to sustain that wealth in the long run. We often hear stories of lottery winners or individuals who receive a windfall losing their fortunes due to a lack of financial education and poor money management skills.

By prioritizing financial literacy, you empower yourself with the tools to not only make the most of a significant sum like a million dollars but also navigate the complexities of personal finance in general. It allows you to develop a solid foundation and understanding of how to grow and protect your wealth over time.

So, in this context, I believe that choosing financial literacy over a million dollars can be a wise decision because it sets you up for long-term financial success and ensures that you can effectively manage any financial windfall that may come your way.

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Quote from: robattfield on May 17, 2023, 03:01:29 PM

Financial education plays an important role in achieving success and maintaining stability. So if you don't know how to hold it, you will be in a bad situation when it comes to making decisions or managing expenses for investments and day-to-day expenses. Of course, $1 million may seem like a lot of money to many people, but that doesn't mean it will stay in your account forever. Therefore, it is necessary to upgrade the skills and mindset for financial management. Besides, additional knowledge related to finance. That way you will be able to build lasting wealth.

$1 million can finish in the blink of an eye but financial education will always remain with you forever unless you get some serious illness that make you forget things that you previously know like a memory loss sickness. I'll choose financial education because with financial education I can make more than the initial $1million price but if I choose $1 million, the money will keep on reducing.

If you have a poor money management mindset, no amount of money will be sufficient for you as you'll waste the money buying unnecessary things that you won't need in the future. Getting $1 million will end you like the lottery winners that ends up with nothing.

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Quote from: Kara3 on May 16, 2023, 02:10:04 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 are basically right about that, but have we ever thought for a moment why this tendency always applies to our children, even though this tendency is prone to occur from offspring whose parents have more financially. Yes. the fruit doesn't fall far from the tree, says the proverb, but in reality, parents now lack time for their families, especially their children.

Yes. Parents' educational orientation varies in terms of education, but remember that the biggest investment that we often forget is our own educational supplies by parents to our children whatever that is. it will be happen as the OP wrote if parents failed to educate their children, let alone 1 million dollars more than that will be wasted though not all at once.

Quote from: Oasisman on May 17, 2023, 09:56:03 PM

Quote from: Kara3 on May 16, 2023, 02:10:04 PM

Financial education or 1million dollars?

Pretty simple question. I'll definitely take the $1 million and I don't have much of a financial education. Why? simple, if I have the $1 million I'd keep it and plan for a business field that I'm most interested in and then study about finance and how to handle business effectively. Isn't it more effective when you are hands on with your business while your learning the steps gradually? You'll probably see more of the negative and positive sides of business than just being in school. It's like enrolling in a driving school but without an actual car that you can have for practice everyday. There's a huge difference between listening and actual learning. If you are listening while you have an actual learning, your mind will be broad to understand every single aspect of business.

I'm thinking yes, I agree with you about governance and it has a direct effect on our children. because there is a substantial difference between passive and direct learning in the field and of course there must also be assistance, especially for us as parents and this is where the function of coordination, executor and command runs.

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I see that the two things are related to each other, meaning that you need financial education in order to better manage your money, but at the same time you need money in order to be able to manage it and start your project.

If you do not have money to start your project, you will not benefit anything from financial education, and on the other hand, if you have money, but you do not have financial education, then most likely you will waste your money.

But if you are very rich, you can hire some academic financial managers who will manage your money in the best way. Wink

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Quote from: Kara3 on May 16, 2023, 02:10:04 PM

Financial education or 1million dollars?

Pretty simple question. I'll definitely take the $1 million and I don't have much of a financial education. Why? simple, if I have the $1 million I'd keep it and plan for a business field that I'm most interested in and then study about finance and how to handle business effectively. Isn't it more effective when you are hands on with your business while your learning the steps gradually? You'll probably see more of the negative and positive sides of business than just being in school. It's like enrolling in a driving school but without an actual car that you can have for practice everyday. There's a huge difference between listening and actual learning. If you are listening while you have an actual learning, your mind will be broad to understand every single aspect of business.

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Actually in this case I think it's not an option because both are still very important.
I might look for other options by trying to get to that. The reason is quite clear when we have education but don't have money this is also difficult, but on the other hand when we have money without education and knowledge of financial management this will also not last long.

If we choose one, for example, in this case we choose money for the reason that it can be used as part of education, it seems very capable, but when we have received money, is there a guarantee that we will remember about it. I don't think everyone will do that. On the other hand, when we direct ourselves to financial education, it will also be a little complicated because not everyone who understands will be successful and successful there, because regardless of what is used, it is only about theory and theory, not any practice.

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To be honest, I would absolutely take 1 million dollars and then invest some of them in financial education. In fact, money without knowledge is definitely worthless. It is actually necessary to invest in yourself by feeding your mind with education otherwise you won’t succeed in any business or field you are interested in. Moreover, being competent in financial management could help you in order to take a shortcut way to achieve your business goals and reach financial stability. Also, digital marketing is essential nowadays but unfortunately there is a plenty of entrepreneurs who don’t give a value to it, you need to build attention to entice clients or customers , if your project is not widespread and seen in internet , you would definitely face troubles

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Quote from: Kara3 on May 16, 2023, 02:10:04 PM

Financial education or 1million dollars

If you had said learn a skill or take a million dollars I would have picked to learn a skill but in this case I would choose $1000000 over financial education assuming that I am already financially educated. Even if I will not I will still pick a million dollars considering my introverted personality. With a million dollars I can set up a small business and hire someone to manage it for me why I on the understudy the person. Think of it as using a bullet to kill two birds. On one hand I am building a business on the other hand I am learning financial education, responsibility, and accountability from someone experienced.

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Financial education is very important else how will one use 1million dollar to the greatest advantage?
Many of us went to universities and still don't know how to make reasonable investment that would yield double profits. Giving some of us this huge amount is just like handing us a credit card or giving us license to enjoy to maximum.
Financial education should be taught and introduced to younger age bracket range from seven at least. So as it becomes a second nature to the leaders of tomorrow.

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Quote from: Lanatsa on May 17, 2023, 04:53:25 PM

Quote from: goldkingcoiner on May 17, 2023, 03:29:47 PM

Quote from: Kara3 on May 16, 2023, 02:10:04 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?

Well, if you give an imbecile 1 million dollars, you cannot really expect him to use it as a jumping board into higher riches, can you? He will simply see it as a coupon for material wealth, and he will spend it on a car, a house, jewelry, expensive clothes and so on... Of course it will not last him for a long time because he does not have the long term mindset in the first place.

You do not have to be financially educated to know that you can make more money by investing your current money into the right places. You do not even need to do any research. Just take a look at the top 10 stocks and invest in those. Personally, I would put it most of it into Bitcoin. But to each his own. Tongue

On someone who do came from unfortunate way of live or simply being poor for the rest of his life and on the time when he/she received that amount suddenly then its right that he would definitely be spending it

up on buying up a car or a house or whatever he do have in mind as long his budget or money would really fit out and wouldn't really be minding about future stuff and would really be having those good plans on how to make it use on a wise way or something that would really be that making it last long via investment. It would really be unlikely to happen unless if there would be some sort of financial advisor whether a professional or one of your loved ones would be giving out such advise on how you should gonna spend money but somewhat it would really be depending since not all would really be listening on that particular time or moment when you do able to held that huge money.

This is the main difference of those people who do have educational background on which you are pretty aware on how to make things more sustainable if ever you would be given up some money.
Even myself would definitely be minding on how to make it last long and sustaining.

Come to look at on different stories from those lottery winners who had been spending up their money or winnings like a mad man on which they do point and buy like this and like that without having control.

They would be having in mind that they have lots or tons of money which they could spend on and not something that would really be that totally be spend out all, until the day come on where they dont have any money from their pockets or bank accounts and this is where they would be starting that they should be needing to save up. Yes, you did able to buy lots of houses or cars or whatever liabilities that you have purchased earlier but the question is, how you would be able to maintain them if you dont have that sufficient funding or support after all the years to come? For sure those properties and things
would really be ending up on getting in sale just because you cant maintain them and this is where realization happens that you should have make use of those money on a wise way but well
its already that late.

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Quote from: Kara3 on May 16, 2023, 02:10:04 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?

Education alone is not sufficient. You need to be very hard-working and also lucky to become a millionaire. I know lots of people with great education, degrees etc who would make very poor entrepreneurs. And equally many people with only school of life behind their backs who are great businessman and are very well-off. And even if you're hard-working and lucky you're not guaranteed to earn 1 million. So I'd choose 1 million it's a no-brainer. Cool

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Quote from: goldkingcoiner on May 17, 2023, 03:29:47 PM

Quote from: Kara3 on May 16, 2023, 02:10:04 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?

Well, if you give an imbecile 1 million dollars, you cannot really expect him to use it as a jumping board into higher riches, can you? He will simply see it as a coupon for material wealth, and he will spend it on a car, a house, jewelry, expensive clothes and so on... Of course it will not last him for a long time because he does not have the long term mindset in the first place.

You do not have to be financially educated to know that you can make more money by investing your current money into the right places. You do not even need to do any research. Just take a look at the top 10 stocks and invest in those. Personally, I would put it most of it into Bitcoin. But to each his own. Tongue

On someone who do came from unfortunate way of live or simply being poor for the rest of his life and on the time when he/she received that amount suddenly then its right that he would definitely be spending it

up on buying up a car or a house or whatever he do have in mind as long his budget or money would really fit out and wouldn't really be minding about future stuff and would really be having those good plans on how to make it use on a wise way or something that would really be that making it last long via investment. It would really be unlikely to happen unless if there would be some sort of financial advisor whether a professional or one of your loved ones would be giving out such advise on how you should gonna spend money but somewhat it would really be depending since not all would really be listening on that particular time or moment when you do able to held that huge money.

This is the main difference of those people who do have educational background on which you are pretty aware on how to make things more sustainable if ever you would be given up some money.
Even myself would definitely be minding on how to make it last long and sustaining.

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Quote from: Kara3 on May 16, 2023, 02:10:04 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?

Well, if you give an imbecile 1 million dollars, you cannot really expect him to use it as a jumping board into higher riches, can you? He will simply see it as a coupon for material wealth, and he will spend it on a car, a house, jewelry, expensive clothes and so on... Of course it will not last him for a long time because he does not have the long term mindset in the first place.

You do not have to be financially educated to know that you can make more money by investing your current money into the right places. You do not even need to do any research. Just take a look at the top 10 stocks and invest in those. Personally, I would put it most of it into Bitcoin. But to each his own. Tongue

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Quote from: Kara3 on May 16, 2023, 02:10:04 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, one million dollars may seem like a lot of money which could even last you a lifetime if you know how to manage it and if the place where you live is on the cheap side, but that is the problem in this particular example, as the person receiving that money will not know how to do this, so they will spend their money in all kind of stuff they do not need and soon they will find themselves facing all kind off financial trouble precisely because they did not knew how to manage their money, so without a doubt I prefer the financial education over the money.

robattfield

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Financial education plays an important role in achieving success and maintaining stability. So if you don't know how to hold it, you will be in a bad situation when it comes to making decisions or managing expenses for investments and day-to-day expenses. Of course, $1 million may seem like a lot of money to many people, but that doesn't mean it will stay in your account forever. Therefore, it is necessary to upgrade the skills and mindset for financial management. Besides, additional knowledge related to finance. That way you will be able to build lasting wealth.

BIT-BENDER

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Well honestly financial education is very important and obviously very useful, I believe it should be like something everyone should aspire to have especially when they deal with financial system, investment, business and just wanting financial growth.
Having a good financial education has helped many progress in life and has used the knowledge they have gotten to actually build a substantial wealth for themselves for an average person who has limited Capital at their disposal it's best to have a good financial education.

But in this case you are comparing $1 million with financial education, well it's depends on the individual, I would choose $1 million to financial education, first you gave to understand Capital is key, when you have good capital you have a higher chance of succeeding, you can even employ experts to handle so tasks you have no knowledge about, if you aren't the wasteful type I think you can make good for yourself.

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Quote from: cryptoknightt on May 17, 2023, 11:00:49 AM

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.

The amount doesn't matter because even if an uneducated fellow is given one billion dollars he will still become poor with time since he will not have the financial knowledge to take the right decision on his finances, this is because while a financially educated fellow is calculating how to invest the money and the uneducated fellow will only think of spending the money buying things that do not have any real long term value, with profits yielding potential.

So knowledge is indeed power, and before anyone makes any decision that could yield good results there is a need to attain some level of education in that direction.

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Quote from: Kara3 on May 16, 2023, 02:10:04 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?

Money alone can't do everything. If an uneducated person gets $1M, he won't be able to use it properly. But when an educated person gets $1M he will know the proper use of it due to which he can use this money to lead his life very well and invest in potential areas to be more profitable. So besides money, financial education is also necessary for every person.

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Quote from: ChiBitCTy on May 17, 2023, 12:56:46 PM

Quote from: Kara3 on May 16, 2023, 02:10:04 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?

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.

Even if we are knowledgeable and educated about finances, we may still struggle to put it to use. Not simply something we should know, but something we should practice and make a habit of, is good financial management. Because I could still handle my money properly even if I received a large sum of money, if given the option, I would prefer one million dollars over financial literacy. If we don't have money or are having financial difficulties, it will be difficult to apply financial literacy but if we have enough, we will be able to apply all the financial management knowledge that we have.
I would be practical and grab that huge sum of money and be sure to manage it wisely because being financially knowledgeable won't actually make you rich.

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