Winston wrote: ↑August 3rd, 2020, 5:33 pm
Why did you say you disagree with this though?
- I disagree with the premise that people "are not taught" how money works. Most people have to teach themselves how money works through trial and error or finding out for themselves.
The video is true that the education system doesn't teach anything about how money works or the macro scale that is explained in the video. Schools and universities don't teach that of course.
Learning how money works is a personal process that must be experienced; it cannot be taught. What CAN be taught are good financial habits. My parents (mostly my father) did several things right with me as a child to plant the seed.
- They permitted me to have a paper route at about age 12, I learned about the work/reward continuum and how to associate work with money.
- My father then took me to a bank and permitted me to open my own account and required me to deposit half of my earnings. He made saving fun for me and used to praise me as it grew.
- I remember my father explaining what the Dow Jones Industrial Average was and his encouraging me to follow it on the news. It made very little sense to me until I got to college.
All of these experiences together lit a burning desire to understand finance and how to make money. So I think there is a process of exposing children to these concepts which later leads to them pursuing it themselves. Without the early exposure, there is an uphill battle to overcome.
I also disagree with you that only high-IQ people can became rich. There are too many examples of financially poor geniuses (financially struggling PhDs, engineers,inventors, and scientists.) there and too many wealthy low-IQ people (Dr. Dre, YouTube millionaires like Pokemane) out there. I think it comes down to financial ambition, risk tolerance, and overall persistence which all can be present in anyone regardless of IQ level. IQ is only relevant to how quickly these people learn and overcome errors.