Is education/knowldge the formula for wealth?

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username3016746
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#1
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#1
as in the more you know the more money you can make?
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Realitysreflexx
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#2
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specialised knowledge is key, and being able to make an economic profit with that knowledge.
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Reue
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No, you need to be able to exploit that knowledge. It needs to be in an area where there is scarcity which you can then exploit.
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username1292215
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#4
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#4
I would say persistence is the formula for wealth
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the bear
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#5
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#5
no it is not necessary

https://www.thesun.co.uk/wp-content/....jpg?strip=all
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Realitysreflexx
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#6
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#6
not sure if, the sun, should be commenting in knowledge 😂😂😂
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HateOCR
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#7
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(Original post by Got Milk)
as in the more you know the more money you can make?
No. Luck plays a factor too.
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username3016746
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#8
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#8
(Original post by HateOCR)
No. Luck plays a factor too.
True
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Axiomasher
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#9
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#9
(Original post by Got Milk)
as in the more you know the more money you can make?
It is no doubt an assisting factor but probably not the most important one and in some instances not needed at all. Being born into wealth and/or useful social connections is probably the most useful factor.
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12to16ELEMENOP
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#10
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#10
A lot of the points I make may have been voiced before, however, I ask that you read this post as if it is the first time you're seeing these points being made. Not because of an unwillingness to share credit or anything, but because new insights may arise as you look for the specific flow of the voice of an individual's argument.
No, of course not. First, wealth has no unanimous formula. Heck, it doesn't even have a commonly agreed upon definition- some may speak of money, others of love etc. For this question, however, I guess you're asking about monetary wealth, so I'll answer from that standpoint.
Education and knowledge are two completely different things. I could be an educated fool or an uneducated genius. On its own, education guarantees nothing- unless it is taken by the recipient. I could be in the best of schools and still gain nothing. I could also be knowledgeable, have a meager education and make my way in the world. However, education is a part of a larger concept: brand value. Despite how knowledgeable I am, I'm much more likely to be employed if I come from a well-recognized university. Education is also something of a joint marketing benefit- if I attend Harvard, I will be in the company of America's richest- this means that I have more rewarding (financially) networking opportunities, more privilege than someone from a community college; even though they may be more knowledgeable than I am, my education (not necessarily knowledge) has granted me opportunities that they did not have.
Wealth and education are often a self-reinforcing loop- the wealthy can usually afford a good education, and those with a good education are more likely to get a good job and so fuel the loop.
This analogy should help me make my next point: a musical instrument, on its own, has only potential. But when someone plays it, when someone uses it, it becomes valuable. The main concept here is that of functionality; knowledge isn't much of an asset unless it's used.
Knowledge is also a broad term- what you need is specialized knowledge. If I want to start a business, I need to know how to organize resources. My knowledge of ocean trenches, while fascinating and possibly insightful, is of less value here (but definitely not useless; knowledge of any sort is never useless, it just needs to be used aptly.)
A lot of people have knowledge, they just don't (or don't have the means to) apply it and make their knowledge profitable. This is where education fits in. What I said earlier about education and networking is an argument which cuts both ways. If I do have the knowledge, but lack the means, then if I also get a good education (using the Harvard example above), I can network (here, networking may be viewed as one of the means in making my knowledge profitable.)
To conclude a long but unfinished post: Clearly, wealth requires some form of proactive action- even those who have been born wealthy must ensure that they do not lose their wealth. Knowledge is a necessity, but not the sole necessity- it must be applied for it to translate into monetary wealth. Education, at its best, provides the means to facilitate this application of knowledge. At its worst, it acts as a perpetrator of the vicious cycle which makes the rich richer.
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