Quote from: Kingbtc2 on January 17, 2024, 07:55:28 AM

Quote from: NewRanger on January 16, 2024, 04:46:59 AM

Experience without financial learning leads to huge losses. and I consider this also a reality, sometimes it tastes bitter and sweet. However, from what you wrote above, at least you need to have a good understanding of finances. As you said, it is recognized that the crypto space produces various characters and typicalities where we see many who achieve great success easily but still continue to fall into financial failure due to lack of knowledge.

Infact after aquiring wealth the person must have an understanding of financial education because getting money is one thing and managing the money is another area that is very important, otherwise the wealth will start to diminish until nothing will remain. Some people will sale their Bitcoin that they've been hodling for year in a bull run season, after cashing in on returns on years of investment, if they don't have a solid plan on what to do with all that money, they can spend it all on luxury items and partying, in the end if there's nothing else to fall back on financially they'll become poor. With financial education, the person will decide the percentage to use for enjoyment and luxury, then the rest has to be reinvested, so that the returns on investment will continue.

One thing I have always found to be very surprising is that people spend a great deal of time learning how to earn money, but very rarely will a person spend a significant amount of time trying to find ways to preserve the money they have made and accumulate it as wealth.

This is the reason you can find doctors that are making hundreds of thousands of dollars each year, and yet if you were to look at their financial statements you will see that they are effectively bankrupt, and this is because despite making so much money, they have no idea at all how to keep it and make it grow.