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Author Topic: Financial Advice for a young millionaire  (Read 932 times)
junder
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April 26, 2024, 04:30:02 PM
 #121

Want or not business from the family must continue to be run and about it can or not necessarily there is still time to study while still young.
It is true that we can give advice to anyone without waiting to be so or become a billionaire but with open thinking and different situations make us more free to see from a broader view so that it can provide input that may be good and can be accepted.

Management of financial is not an easy thing especially when still young with the many influences from young people who choose to stay in a comfort zone make it difficult for someone to get up and try to be able to manage business or finance so that it can remain stable.
And I think this is going or but a necessity that must be carried out consciously and responsibly.

If indeed the business is already running well it is also very impossible to stop so it is better that we have to continue it, right what you say, whether or not it depends on us, but if it can't it doesn't matter because indeed to accept new things we have to adapt first to be able to accept and run it, unless indeed from a long time already understand it because it often helps our parents' business processes. Because when the business is already running, in my opinion, the children only have to enjoy the results, with work that might not be as bitter as their parents when they pioneered and established the business.

That's right, surrounding associations can certainly influence us, especially if we can't manage finances properly. Managing finances is not easy because there will be many temptations that can affect us such as socializing around, with a young age it is not easy to stay away from socializing around. And it is also rare for young people to succeed at a young age by starting their own business, even by continuing their parents' business, sometimes it still falls apart because of the influence of the surrounding social environment that attracts them to enjoy youth just for fun.

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April 26, 2024, 08:57:27 PM
 #122

To first not go by what anyone here says.  Now I could properly guide one, and so can some others, but most can't, and really there's no way for you to know if I'm legit, or if anyone is , for that matter.  I guess I could provide my CRD #, which for an American is your virtual code, that identifies you as a financial advisor.  If someone is trying to work with you and your finances and can't product this, you know they aren't legit.   

But my advice is to work with a season advisor who is open minded.  Don't go to a bank for one (Chase, Wells Fargo, Bank of America), don't go to a company like Northwestern Mutual who thinks it's okay to sell everyone Whole Life Insurance, nor a company like Fisher Investments who encourages people to "We hate Annuities and you should to", ie sell them before out of surrender, as well as produces a brochure chalk full of bullshit and won't address it (a buddy and myself wrote them a letter as members of a large broker dealer firm, and they refused to address it.  We pointed out the lies, misconception and hypocrisy.  AMAZING that the SEC allows it.  Well, pathetic, not amazing).  Best firm to hire someone to help would be an independent one..Raymond James, Edward Jones type.

Never go to free meal financial meet ups ( just had a client tell me about being invited to one, she told me she "ended up feeling back for the guy, and bought an annuity from him for about 30k.  Nothing wrong with that, technically, until she told me it was the Allianz 222 which is a bonus annuity and famous for being utilized as a scam by advisor.  No such things as bonuses in finance, at all !!! 

Be careful out there everyone.

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April 28, 2024, 09:28:38 PM
 #123

What financial advice would you give to a young boy, probably, at the age of 18 who just received a whole lots of money from the inheritance of his late father who was a trader and multimillionaire in the textile industry?

The boy is the only child of the widower and does not seem to be interested in the same line of business and even when he does, he requires more maturity to be able to manage the business such as graduating from the college, etc.

Does those child not have other close relatives such as uncles or aunts? Usually those who are born as sole heirs have uncles or aunts who always stick to their parents' business and that often happens, I'm confused about what advice to give to that child, if he has good close relatives then he can continue the business he inherited his father but if he has evil relatives, he would be better off selling the business and going to college.



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April 30, 2024, 04:19:03 AM
 #124

Does those child not have other close relatives such as uncles or aunts? Usually those who are born as sole heirs have uncles or aunts who always stick to their parents' business and that often happens, I'm confused about what advice to give to that child, if he has good close relatives then he can continue the business he inherited his father but if he has evil relatives, he would be better off selling the business and going to college.
If someone has inherited a business from their parents, of course they will be able to manage it easily if they are ready to manage the business their parents inherited and if they are not ready to manage a business, I think they can learn about the business so they can manage it well. be kind and don't waste what his parents have inherited from him because it would be very detrimental if they squandered what his parents have inherited from him, for now it will be very difficult to choose people who we can entrust to be able to run a business and it will indeed be better well, we manage as best we can and continue to study well what we can do to make the business continue to grow.

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April 30, 2024, 05:05:17 AM
 #125

What financial advice would you give to a young boy, probably, at the age of 18 who just received a whole lots of money from the inheritance of his late father who was a trader and multimillionaire in the textile industry?

The boy is the only child of the widower and does not seem to be interested in the same line of business and even when he does, he requires more maturity to be able to manage the business such as graduating from the college, etc.

To be honest, maturity does not come with the age but with the responsibility. I remember when my father died, I was 19 years old and fortunately I had a job where I was getting about $100 per month back then. The only mistake I made was, that I trusted some closest people who are my relatives but later I saw their true faces when I was about to start construction to build my own home.

So, my advice is, never to trust anyone. Not even your relatives. Do whatever you want, you will learn from your mistakes. Try to be a hard-working man and never think that you will earn like your father without working hard.

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