Maybe the reason why some persons become rich and others poor is relative to their knowledge about money. Some persons believe in smart work, while others believe in hard work; some belief in investment while others believe in savings or spending. A friend of mine once told me "If I spend all the money that I have, I get a new one and vice versa". That's what he believes about making money, so whenever he makes money, the first thing he thinks about is spending it. Just like my friend, everyone has their perspective about money, and this idea about money becomes equivalent to how much they get. It becomes a matter of one's decision to learn if one is not satisfied with how much he gets to how much he knows about money.
Books on finance only change our mindset to think in a different way that helps us attract much more than we always do. To me, I believe the poor are surrounded by some ideas about money that is nonfunctional or attracts just a small fraction of money, and the rich have an idea about money that seems to work just fine. If they're not satisfied, they seek more knowledge to increase the profit of their purse, thus, the knowledge about money is not limited, it only depends on which height an individual is satisfied.
If you want a change in your finance, you first don't need money, you need a change of mindset about money. It's the change in your mindset that helps you see in a broader sphere and helps you realize how to tackle financial problems of lack and sufficiency. To reach a certain level of financial intelligence demands a continuous increase in your knowledge of money, the more you know, the better the decisions you take that concern money.
The best financial adviser for you is yourself. No one can motivate you more than you have motivated yourself, if you are not satisfied with your current level of finances, then increase your knowledge about money; because you can't grow richer than what you know about money.
There are a lot of reasons why people might be in a lower financial class. While education and mind set are a huge part, some of it comes down to being trapped.
They are trapped in an inner city with little to no jobs. It costs money to move, its costs way more to eat and shop. you have to pay to travel anywhere to get stuff. You shop local and its all at the bodega - for smaller qty and much higher prices, not to mention lack of storage for bulk purchases if you can afford them.
Not to mention the financial education in this country is abysmal, almost like its planned to keep people ignorant and needing government assistance, add on the insane amount paper work, licensing and fees to try to start any small business and many have little to no way out.... until crypto. Crytpo - defi and the new web 3.0 with tokenomics can give them a path.
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I agree with you. It was tough coping with the process involved in establishing a business, and many taxes set by the government that discouraged small business. Crypto has being a breakthrough for many, all that is needed now is a good plan
I agree, it's important to understand money.
In addition to knowledge about money, one also needs to be willing to take risks in business & investments, and accept the consequences whether one succeeds or fails.
That's true, willing to take risk in business is also as important as the knowledge. Thanks for the feedback
It is important to work hard for money. As of late, I have been thinking that it is important as well to make the money work hard through investments, wise spending, money management, etc.
You're right, it was not wrong to think of hard work, but as our mind becomes sharpen, we realise there's a more better way like making our money work for us through investment. Thanks for your comment