Financial Advice for a young millionaire

[iBaba]

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.

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[peter0425]

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.

I would advise him to be careful with who he trusts. Because nothing attracts more bad people than a huge lump of money.

Many will try to take it off of his hands but he should remember that even at a young age he can learn how to be better at handling his finances. No matter how immature he is right now he needs to step up and start making appropriate choices.

[DeathAngel]

I’d advise him to be very calm & don’t spend money on depreciating rubbish. I’d tell him to buy Bitcoin & hold for many years but also finish his studies in whatever field he desires. I’d advise him to stay away from fast cars & fast women.

[m2017]

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.

Financial (any) advice should only be sought from people with sufficient expertise. Let the young millionaire turn to professionals.

This forum is dedicated to cryptocurrencies and here for the most part they will advise investing in bitcoin (and altcoins). In my opinion (even though I am not a financial expert), this is a good recommendation if you evaluate the path that bitcoin has taken (from an electronic coin for geeks to an investment vehicle for institutional investors). But it should be noted that I would prefer to recommend diversifying the inheritance into various financial instruments. That is, under no circumstances should you invest all savings in cryptocurrencies.

[Gozie51]

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.

Maturity is the important thing here. So at such age he is probably not so clear with what he wants and how to go about it. There are different life's challenges that he is not use to and probably he would still be on the tetulage of his uncle and aunties and that makes whatever advise that would be given to be neither here nor there as he would be trusting on them and either they are already his trustees.

But if I would say depending on how mature he is, if he is more into crypto, he could buy portion of bitcoin for this season to run with the bull and taste himself on his capacity to invest then after he would cash out at the end of the bull.

I would advise leaving alot of money in the bank but to use some to invest in estate business. He can only go wrong with buying of land and properties if he went through wrong hand and get scammed all of his money. In other words, he should invest in land gradually in other not to be defrauded a whole sum of money , so as time goes on he can accumulate some more properties. The reason that he won't go wrong in buying of land is that such lands appreciate over time and then the lands become much more valued than when it was bought. In whole, he has to be careful and mature with time into another business area if he doesn't want to follow the line of business of his father. Wealth is created over time, you gradually build on your interest of business.

[AVE5]

Sometimes in life, some persons want to do it all by themselves and doesn't want to lean on anyone or projecting their dreams to be actualized on dependency or such as inheritance.
So as much as that in a case like this, the child shouldn't be distracted from chasing his dream. If he has some guidance the money should be directed to his bank account or where safe until the the child grows and understand the relevance of utilizing funds hopefully on productive utilities of producing incomes.
When he's grown up he can actually diversify his engagements maybe to considering to inherit that business portfolio of his father in the textile trading firm and same time chasing his calling of potentialities.
Everyone deserves that subject on choice making of engaging in what makes them happy when doing. So he can't be deprived from his will all because he needed to follow the path of his late millionaire father.

He'd be in need of the fund in due time if not now. So let him be allowed to focus and  discovers what's best suitable for the kind of his lifestyle.

[Smack That Ace]

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.

We are not in his situation and we have never been through anything similar nor have any experience, and we are not even financial advisors. So how can we give financial advice to someone? My advice is that he should go see a financial advisor to get the best advice instead of looking for useless advice online or from people with no financial knowledge.

Most people here are just retail investors, who are still working hard to make money every day, is it right to give advice to people who have inherited a large amount of money? Just because we are bitcoin investors doesn't mean we are financially good enough to give people advice.

[bitbollo]

The first advice I would give is to not look for finance advisors on the internet or generic advice online.
I would focus on "learning"as much as possible financial argument, understand laws of specific country, money management, etc etc...
Best advice is "trust no one". Just in case only strict family member no other people.

[SamReomo]

I would advice such person to go for investing because trading is in his blood as his father has been a trader and that's why investing is going to be easy for such boy.

When it comes to investing, I would prefer him to for Bitcoin because it can give him some good profits if he learns about it fully and then invest in it.

If his father has left millions worth of money for him then he could also go for real estate. And, if he goes with same line of business aka trading then he should learn about trading first at that's quite risky for new ones.

[bitzizzix]

Only a reliable and trustworthy financial advisor can do this and he should seek a financial advisor to get good direction and action for him, and never trust anyone other than a trustworthy financial advisor.
And I have a question, did his father not have a financial advisor or a lawyer or maybe someone he really trusted with financial matters when he became a millionaire. And I think his father certainly had some of the people I mentioned that he really trusted, and this will be a message to his heirs.
Because considering his very young age, there was no way he could do it alone. I think his father must have thought or planned it a long time ago, because he knew his position and situation and what he had to do before death arrived.

[SAHASAN]

If I found young millionaire I will advice following hash #:

# Search for elegant and religious teachings on how to live as an 18 year old.

# Check out the Sadh of Poverty Life.

# Never think of yourself as the wisest and the greatest because only people of lesser knowledge think this way.

# Pursue knowledge Get right knowledge

# Will give affection to children and respect to elders.

# Try to learn from everyone

# Try to keep the money/resources in small ways in a few ways instead of on one platform.

# Invest small amounts in any financial / business venture.

# Learn about why commodity prices rise.

# Learn about government controlled money and inflation.

# Do not trust or distrust anyone easily.

# Before anything do a good check (including past and history) Discuss with experienced people.

[Samlucky O]

I will advice him to divide the money into 4 parts, keep 2  part in a fixed deposit account 1part to Bitcoin holding to a certain maturity age maybe 30 years of age before having acces to it, and use 1 part to start up his life which is %25. Then he will still need to divide the 1 part which is the %25 into 3part, use 1 part to learn a skill which he has interest on, after which he will use the remaining 2 part to invest in the business and see how far it goes. Though the remaining 2 may depend on the gravity of the money. If the money is a huge amount, he may use it to try several businesses because he must surely loss alot before he will be mature to handle money issues. Then if the business is a nice one, when he is 30years of age, when he might be fully matured to withstand nature and challenges, them he can have access on the saved amount in the bank or bitcoin holding, because no matter how smart he is, he can not be smarter than maturity and what nature gives.

Before Most people where able to identify the type of business that is profitable to them today, they have encountered loses because as human being, the road to success is not that simple he must surely fail countless times before getting the perfect work that will earn him money before he can boldly touch the remaining amount.

I have made alot of mistakes in life that I spent money unnecessarily which I regretted later. But why I wouldn't blame myself is that I never met the right business on time and in life there is time for everything and I guess this is the time. But the funny thing here is human adjust to there understand. I may complain tomorrow that I made mist today because I saw a better opportunity than yesterday.

[Nwada001]

I believe such an amount of money is given to them either as a share of the company or as a wired transfer to an account that he can have access to, so the best advice I will give him is to don't spend the money.
 
He should look for something that he wants to do, try acquiring knowledge on that, and if he is still far from acquiring a degree, he should do that too. That can help widen his knowledge of things that he can focus on. 
 
He should not follow his friends within his age circle when sharing the news of the money in his possession, as those people might mislead him to take the wrong direction, which could lead to losing all the money.

[coinerer]

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.

It is very difficult to manage such a big industry at a young age but since the young man has inherited it after his father's death, he has to manage it both carefully. he now owns an industry so he always has to be alert. And he needs to select good and efficient employees to run his industry but since he is young and has no previous struggle with reality, selecting good and bad people will be a very difficult task for him. In the beginning he may face some loss as many will try to steal money by taking advantage of his weakness and they will be successful in the beginning.  And later he will automatically understand things and correct them

[0t3p0t]

Stay low key and humble just be careful in every decision you've made and hey! Let us just pretend it was you mate so I am not having a hard time explaining thing here. 😅 I think there is need for a financial advisor here since you said that guy has limited knowledge about running their own business and wealth. 

[shinratensei_]

just focus on growing first and get a proper education, lack of financial management capability and risk assessment capability might create disaster in the long run, if he could make that money to get whatever best education there is, growing his connections for his future career and maybe start side hustle with his money I think thats already fine, but im no expert at financial advice and none of my opinion holds value for financial advice either, what I want to say though, avoid being greedy and putting that money in danger, you know such amount of money is hard to come by you better take advantage of any safest investment there is and one of them is getting a good education.

I think anyone can agree that whatever the financial condition someone in, getting the best education there is might opens up the opportunity for many things later on its like investment but an investment that might pay off big time at the end of the day depends on the hard work, also having good education might helps with managing his inheritance as well along the way.

[Coyster]

It is easier to give financial advise when you are not the one in possession of the money, or the one who needs to apply the restraint. If your story is true, i don't know; but i think you can get financial advice from reading finance books, there are so many of them and they will help you understand how money works and how you can make it work for you.

Though in the meantime, i would tell you to go on with your life like nothing happened or changed, if you were schooling, continue, chase your career and don't change the status quo. If you are able to do that, you'll maintain and grow wealth.

[ndutndut]

Financial advice is very important, especially if you are still 18 years old, of course building a good financial foundation needs to start there. The reason is that the way you manage your finances at the age of 18 will have an impact on your financial condition in the future.

Of course, the first thing in my opinion is that you have to be able to control and be mature in making decisions because this is the most important thing for financial advice at a young age. And stop using credit cards or avoid using credit cards as much as possible. Because credit cards offer lots of choices that will make you tempted, so you can't get caught up in things that aren't important. Of course he has to think about investing from now on because investing can not only increase his assets but can also fight inflation. When he is 18 years old, all he really has is time, because time cannot be returned, so at a young age, don't waste time. Therefore, it is very important to start investing as early as possible.

[Kelward]

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.

I would advise him to be careful with who he trusts. Because nothing attracts more bad people than a huge lump of money.

Many will try to take it off of his hands but he should remember that even at a young age he can learn how to be better at handling his finances. No matter how immature he is right now he needs to step up and start making appropriate choices.

The biggest challenge he'll face is making the right decision and getting advice from others, a wrong decision can pull him down from grace to grass and the wrong advice can crumble the business. It'll be more difficult for him to make good business decisions if he wasn't close to his late father, business wise when he was alive, what he can do is gather business advice from different sources, dissect them and make his decision from the list. Being knowledgeable about the advantages of Bitcoin investment, all advice him to diversify and invest some of his funds into Bitcoin, for long term profit.

[slapper]

Money doesnt solve all problems. You must use this great tool wisely. Start with learning. You dont get a free pass with cash. Study money, investing, and philosophy. The power of knowledge earns respect. Dont love your family business? Thats okay. Dont disregard it. Know it, control it. Dont let inheritance rule you. Next, diversify. Not negotiable. Dont bet everything. Spread your investments and make money work for you. The sensible method to generate wealth and avoid risk.

Then, think large. Whats your legacy going to be? Spending money on highs or making something lasting? Business that transforms the world? Funding scholarships? Giving to a good cause? This is your chance to be rich and important. Choose wisely, construct a meaningful life. Nobody can steal your success.

[bitbunnny]

Money corrupts people, we all know that. A great deal of money that gives you the feeling that you can have and do anything cooul be dangerous for anyone not just such a young person.
So my advice would be that he should be aware that all this money could easy disappear one Day and that he still needs education and think about his future. Also he shouldn't be focused only on himself and spend only for luxury and pleasures but also share a part of this money for some good purpose.

[Jody.Drummer]

If the business that is inherited is very large and the money circulating in it is also very large, then yes, the advice is clear, however, he must have good management of the company's money, make sure that any allocation of money is used for targeted things, and make sure to be careful and alert whenever you place your trust in people, including business partners, because usually money is a priority for everyone and sometimes business failure is usually always triggered by mistakes in managing money or carelessness in placing trust in someone (business partners) who ultimately put their trust in people who have evil intentions.

18 years old is an age that tends to still be childish or meaning that it has not really reached the mindset of mature maturity and clearly this can cause problems when making decisions, what is worried is that it is very likely that he will make careless decisions, and according to I'm too young to manage such a big business and it's too risky, but if for example they are someone who really wants to learn then maybe over time they can develop knowledge, skills and management which can become experience to become better in managing the company or business.

[jrrsparkles]

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.

If the father is a multi-millionaire then he should have financial advisors already who will come down the line to the kids once the inheritance passed. If not then having one is very important to decide how to manage the funds and if the person is not interested in working anymore then he should go for the passive investments like divdents that will give constact income.

[bettercrypto]

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.

Oh, when that person's situation is like that, he should be careful with the people who are close to him because that might be what will destroy him. You know people who, when they smell that you have a lot of money, suddenly become close to you, even though they are not really.

Being greedy does something different when they smell someone with a lot of money. He should be wise in handling the money left to him and learn to research first and study financial management so that what he inherited is not wasted, right?

[QuinielaPosible]

If the business that is inherited is very large and the money circulating in it is also very large, then yes, the advice is clear, however, he must have good management of the company's money, make sure that any allocation of money is used for targeted things, and make sure to be careful and alert whenever you place your trust in people, including business partners, because usually money is a priority for everyone and sometimes business failure is usually always triggered by mistakes in managing money or carelessness in placing trust in someone (business partners) who ultimately put their trust in people who have evil intentions.

18 years old is an age that tends to still be childish or meaning that it has not really reached the mindset of mature maturity and clearly this can cause problems when making decisions, what is worried is that it is very likely that he will make careless decisions, and according to I'm too young to manage such a big business and it's too risky, but if for example they are someone who really wants to learn then maybe over time they can develop knowledge, skills and management which can become experience to become better in managing the company or business.

If a young inheritor is willing to learn and actively seeks knowledge and guidance, they can grow into the role over time, gaining the skills and experience needed to manage the business

[Faisal2202]

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.

If the child needs more graduation in order to get enough mature so he can run the same business his dad ran, then that's the best and only option that I suggest following. Because his father must have left a lot that his family could eat without working, but work is important, and I hope there would be some sincere people who will not try to eat the business brick by brick.

Actually education is more important, because other will easily eat away the empire his dad has built, and the competitors will take advantage of it, as of textile industry, I hope the child who is 18 years old, must have some know-how of the business, as 18 years old person is not a child anymore.

[AnonBitCoiner]

18 year old boy does not have such an active mind so he cannot manage such a huge amount therefore he should give this money to a trusted individual of his family who can help him in doing something necessary with such an amount.

I think he should invest this amount in something beneficial but for this he should get financial advice from the elders of his family. If people get aware of this fact that this guy has a huge sum of money then everyone will pretend to be his friend but he should take every step with care.

[kryptqnick]

I'm going to assume it's a financial hypothetical because I don't think I believe it's a real story. I watched a video about teen millionaires just yesterday, and they seemed to be intelligent, nice people. Then again, those were people who built their own businesses, and this story is about inheritance, which should be taken into account.
I think that a good idea is to buy a nice flat to start living independently. A part of money should be put on a deposit account at a reputable bank to earn interest rate (which actually makes sense when the amount of money is big). I believe that it's also good to invest in good education, good in a sense that it'll give some soft skills and maybe hard skills that are in something the person's actually interested in. Finally, giving back to the community is a good idea. It's both good for other people, and for the giver because research proves that people actually feel happy when they help others. It can be done via donating a part of money to a cause, or establishing a socially responsible project, a charity, a scholarship fund etc.

[Eternad]

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.

Hire a professional financial manager and stop asking this crucial information that related to the fate of your finances. Asking someone anonymous online for what to do about your money is never a good idea because you don’t know the credibility of user here to give an advice.

If I will be on the boy situation, I will hire a financial manager or invest my money on trusted financial manager firms so that expert will grow it while I’m still young instead of investing it myself without any proper knowledge since I’m still young and probably greedy.

I will invest my funds on fund manager and choose less aggressive investment to make sure that will make profit with minimize risk while I’m still young.

[Razmirraz]

The first thing I would suggest to him is to avoid relationships that could make him fall into things that will make him forget how to manage his finances well. It is necessary to emphasize financial management to save these assets from being wasted, I will also remind him how his late father took great pains to accumulate these assets. He still has a lot of time to study, he also needs a guarantee of a more decent life for the future. Investing part of inherited assets should also be recommended to prevent the use of these assets in places that will not provide benefits for them in the future.

[Fortify]

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.

Keep your wealth hidden and don't tell anyone, not even your closest friends and family. Money - or just the thought of access to large amounts of it - can drive even the best people to do some crazy and unexpected things. You can treat your friends and family as much as you like, but you never need to share with them your financial health. It can breed resentment, begging, jealously, envy and all sorts of nasty feelings towards you, that people may otherwise have no interest in expressing. When you are that young though, it is an even more dangerous time as you still have a lot to learn about managing money and may have a very short term mindset, it's only as you grow older you'll learn from many mistakes.

[stadus]

I don’t think at such a young age he will be able to understand financial advices unless if he gets good education about financial aspects. He should become mature at least in dealing with financial decisions so that he will be more able to perceive financial advices more positively. If he can hire a professional financial adviser that will help him throughout his decision making, I really think that would be great. Digging into financial aspects is not easy, unless if he has been exposed into financial decision making while his parents are still alive.

[Queentoshi]

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?

If there is an already established business that is running and just need supervision, hire professionals for the role and keep the business going while he tries to learn about it so the professionals he has hired do not then try to cheat him out. If the father was just a trader who has gathered such a fortune, he does not need to be a trader too, he can invest that money elsewhere in something he has researched on and is sure will be able to multiply the money a bit.
He also needs to understand that this is a golden opportunity that he has been given which he does not need to squander because it can all go away.

[batang_bitcoin]

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.

He should keep it.
If he's doing fine then just let his maturing age come to him for him to realize how tough life is and that's going to help him decide, what's best for him to do with that kind of money. But I'm afraid that some bad influence might come to him because at that age, it's all about partying if he is not financially knowledgeable and he might just spend that money on nonsense things. But IMHO, that's the best that he can do for now, to keep it and don't spend all of it at once.

[Cryptomultiplier]

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.

He should keep it.
If he's doing fine then just let his maturing age come to him for him to realize how tough life is and that's going to help him decide, what's best for him to do with that kind of money. But I'm afraid that some bad influence might come to him because at that age, it's all about partying if he is not financially knowledgeable and he might just spend that money on nonsense things. But IMHO, that's the best that he can do for now, to keep it and don't spend all of it at once.

The boy seems so young and it is evident how clueless he is to know the situation of things and his responsibility. How are we sure the father before his demise ensured that a lawyer was in charge of the affairs of his Will, until the son comes of age and is responsible enough to handle such wealth.
The boy obviously has to complete his education but that doesn't stop him from engaging in his own passions and making friends. Good friends I mean, because the bad set of friends can send him down a spiral quickly.

[BD Technical]

Currently the millionaire who is earning good income is actually.  Can reach good places very easily and better by training can earn good money which is not possible for a common man, but thinking about future if you think or listen to one thing then you will become nearer even at young age.  In that case everyone will pay you and everyone will run for you.  Everyone will come when you are in danger or will be by your side all the time but if you are a fakir you will be poor if you don't have money.  In that case no one will come around you and support you so you have to support or achieve you to earn so much money at a young age of million years.  Basic or landing must be done which is not possible for everyone.  I will say one thing that you earn hard work and success is sure.

[wxa7115]

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.

My advice is simple, he needs to prepare himself, having money and not having money are both a problem, and while being millionaire at such an early age may seem like a good thing, what he lacks right now is the support of his family, so there are a lot of things he will have to learn by himself.

So he needs to stay away from any vices and people that will try to exploit him for the resources that he has, a thing that will isolate him for a time, but it has to be done if he still wants to remain rich for the foreseeable future.

[Poker Player]

It's difficult because at that age his testosterone is through the roof. The most important thing you have to do is control your impulses and think about the long term. If he manages to think about investing at least a large part of his money for profitability and keeps superfluous expenses like cars and clothes under control, he will have a bright future.

[LogitechMouse]

~

Ok, I will assume that the "BOY" you are saying on this thread is you because you will not create a thread like this out of nowhere, right?
Hmm, build your wealth, have emergency funds, continue investing, be as frugal as possible, and of course, be as humble as possible.

The first 4 things that I've said can easily be done with the help of your money especially the building your wealth part because you already said that you are receiving lots of money. The one thing that's hard to do is the final one. I'm not saying all of them, but most of them forgets the humility when they are rich or at least receiving lots of money.

Many shared their own advice to you OP. Now it's up to you to do it all or at least some of them. Good Luck.

[ancafe]

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?

Before giving advice, you must first identify the child's character and you must also know what he likes. Receiving such a large inheritance from his parents does not necessarily make the child mature, especially since he was not taught to be responsible for his life. In several cases that I encountered, those who inherited from their parents did not know what to do because when their father was still alive, they were not taught how to manage their finances well.

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.

This is even more complicated because he doesn't have the skills of his late father so the child has to look for something he likes. I don't dare advise him to get involved in bitcoin investment and if he is not previously familiar with this world. That's why children must be taught advice on managing finances and if they are interested in Bitcoin then you can teach them first before getting directly involved. His decision will depend on how he can utilize his parents' inheritance and if he misuses it then the inheritance will be used up in unproductive places.

[Dump3er]

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.

I guess the question is where the young boy stands at the age of 18 and whether everyone in the world knows who his father was. Otherwise, if there is still some level of privacy and secrecy about the wealth of that father, I would advise a young guy to stay as silent and undemonstrative as possible. This doesn't mean the boy should live a poor life, but living a demonstrably filthy rich celebrity life at the age of 18 probably almost guaranteed ends in attracting undesirable social circles. It's probably very hard, but those who can retain control over their lifestyle while becoming filthy rich at the age of 18 are destined to live a wealthy life both socially and financially for a very long time.

[Moreno233]

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?

On a hilarious note, where I come from, it is only a millionaire that have right to advice a fellow millionaire . In such a society, you lead by example and it is totally out of place for someone that is not a millionaire to offer advice to a millionaire because the later need the advice more to be able to get results. The beauty of this system is that everyone is motivated to aspire to be the best, not easily distracted by anything and taking advice mainly from people who have achieved the targeted results. The means of achieving the result is also very important because it must be legally and morally acceptable else such results will be taken with disdain.

For the case of inheritance, the boy do not need any advice from anyone because he would have already gotten all the information from the dad and probably learnt his line of business. If he failed to learn anything from the dad, it will be a waste of time advising such a young lad.

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.

In my country, children are taught the line of business of their parents from childhood. The benchmark for education is high school and the child can comfortably handle the business. If the child is not interested in that line of business, then he should pursue his interest, seek relevant knowledge in his chose passion.

[legendbtc]

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?

On a hilarious note, where I come from, it is only a millionaire that have right to advice a fellow millionaire . In such a society, you lead by example and it is totally out of place for someone that is not a millionaire to offer advice to a millionaire because the later need the advice more to be able to get results. The beauty of this system is that everyone is motivated to aspire to be the best, not easily distracted by anything and taking advice mainly from people who have achieved the targeted results. The means of achieving the result is also very important because it must be legally and morally acceptable else such results will be taken with disdain.

For the case of inheritance, the boy do not need any advice from anyone because he would have already gotten all the information from the dad and probably learnt his line of business. If he failed to learn anything from the dad, it will be a waste of time advising such a young lad.

Not only in your country, but in my country too. OP surprised and somewhat amused me when he wanted to give financial advice to someone whose father is a millionaire. It's like a poor person trying to teach a rich person how to get rich. We want to give advice to someone, first we need to know who we are and where we stand in society compared to them. How can we arbitrarily give advice to someone when they are better than us in every way?

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.

In my country, children are taught the line of business of their parents from childhood. The benchmark for education is high school and the child can comfortably handle the business. If the child is not interested in that line of business, then he should pursue his interest, seek relevant knowledge in his chose passion.

If that boy was born into a business family and even if he did not want to continue the family's career, they would definitely have a different direction for him, they would arrange everything without our intervention. LOL.

[batang_bitcoin]

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.

He should keep it.
If he's doing fine then just let his maturing age come to him for him to realize how tough life is and that's going to help him decide, what's best for him to do with that kind of money. But I'm afraid that some bad influence might come to him because at that age, it's all about partying if he is not financially knowledgeable and he might just spend that money on nonsense things. But IMHO, that's the best that he can do for now, to keep it and don't spend all of it at once.

The boy seems so young and it is evident how clueless he is to know the situation of things and his responsibility. How are we sure the father before his demise ensured that a lawyer was in charge of the affairs of his Will, until the son comes of age and is responsible enough to handle such wealth.
The boy obviously has to complete his education but that doesn't stop him from engaging in his own passions and making friends. Good friends I mean, because the bad set of friends can send him down a spiral quickly.

I think that the boy has given some background by his father when he's still alive, given the idea of how the business works. But I agree to OP that he's going to need some time for him to realize that it's a thing that he shouldn't just do when he feels it because it requires attention and dedication. The time will come that he's going to focus on it but as you've said that he should study for now and for me, keep the money, spend money for education first while keeping it.

[pusaka]

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.

My advice is simple, he needs to prepare himself, having money and not having money are both a problem, and while being millionaire at such an early age may seem like a good thing, what he lacks right now is the support of his family, so there are a lot of things he will have to learn by himself.

So he needs to stay away from any vices and people that will try to exploit him for the resources that he has, a thing that will isolate him for a time, but it has to be done if he still wants to remain rich for the foreseeable future.

In fact, in my opinion, someone who has a lot of money at a young age, not from hard work, is a bigger problem. The reason is that they don't understand how difficult it is to get money, so usually they will be surprised, especially if from childhood they were used to getting things easily without effort.
Well, of course, when someone has a lot of money and it is known that someone doesn't understand money management well, there will be many irresponsible people who will try to take advantage of it.
His parents should have prepared everything, I mean if they know that the child is an only child who will receive all the wealth they have, then they should teach him from childhood, don't pamper him too much, let the child be independent even though they are very capable of providing for themselves. all the necessary needs.

[Marvell1]

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.

My advice is simple, he needs to prepare himself, having money and not having money are both a problem, and while being millionaire at such an early age may seem like a good thing, what he lacks right now is the support of his family, so there are a lot of things he will have to learn by himself.

So he needs to stay away from any vices and people that will try to exploit him for the resources that he has, a thing that will isolate him for a time, but it has to be done if he still wants to remain rich for the foreseeable future.

In fact, in my opinion, someone who has a lot of money at a young age, not from hard work, is a bigger problem. The reason is that they don't understand how difficult it is to get money, so usually they will be surprised, especially if from childhood they were used to getting things easily without effort.
Well, of course, when someone has a lot of money and it is known that someone doesn't understand money management well, there will be many irresponsible people who will try to take advantage of it.
His parents should have prepared everything, I mean if they know that the child is an only child who will receive all the wealth they have, then they should teach him from childhood, don't pamper him too much, let the child be independent even though they are very capable of providing for themselves. all the necessary needs.

But you forgot one thing, the guy the OP is talking about was born into a business family, and business people like his father wouldn't be stupid enough to not teach their children anything. Furthermore, not all young people are shallow or incompetent in making money and doing business. 
Don't rush to judge others just because they are younger than you, we need to know where that person comes from, their living environment, education level...Don't always underestimate young people when they are considered the future of the country.

I personally don't have any advice because I believe he comes from a business family and his father is a millionaire. I don't think we are better than them in business, making money or managing finances so us giving advice is like a farce to them.

[Rockstarguy]

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.

Normally I can't advice him in any investment for him to go into, but I'll let him know whatever he thinks is good for him to invest the money, hee should be very careful to make good finding to have a proper understanding because when money is not handled very well it is possible to lose all and this will be the beginning how one got broke.

Most people at this age they don't really know what money is and they would want to do whatever they like because the money is available.  If he is the kind of person that takes advice I think it is possible for the money to go into good investment.  But if he is the type that is not ready to do something better with the money no amount of advice can on him.

[yudi09]

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.

Don't get caught up in a life of extravagance. Live simply even though he has a lot of money and inheritance. Hang out with people who are focused on discussing opportunities for the future. Avoid being in an environment where people like to talk about complaints. Invest in a type of investment that can be a hedge like Bitcoin for the long term.
Focus on learning and completing what you learn in college must be put into practice in business even if you are not interested at first but one day you will be interested.

[michellee]

Try to learn to continue his late father's business in the textile industry. That was the best advice because, after all, he was able to earn a lot of money through his father's efforts. He must be able to develop his father's business even bigger in addition to opening new businesses in other fields.

He must be able to manage the wealth he obtained from his late father's inheritance well. And by studying his father's business, he could develop it even bigger. But it won't be easy because there will definitely be many obstacles. But if he is not interested in continuing his father's business, it looks like he will just waste the inherited money.

However, someone who is not an adult and inherits a lot of money can forget to manage it. This is something to avoid before anything happens and he really needs financial advice from a financial expert.

[Alone055]

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.

I'm no financial expert to be advising a millionaire even if it's an 18-year-old boy, however, I can say that if he isn't interested in the same line of business as his father, he should go for what he wants to do himself. He should first complete his education and then start working on creating the business that he has always been interested in or wanted to do.

Apart from that, I feel he will need to stay safe and secure because there is a lot of evil out there, and people in this era can do anything for money and financial gains, even the family members can't be trusted when it comes to this.

If the widower is a strong woman, she should be able to manage things until her son becomes eligible and learns everything so that he can take all the responsibilities.

[Fiatless]

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.

My advice for him is to gain more knowledge about the line of business he is interested in. He should go for an apprenticeship or gain knowledge from reliable sources. He shouldn't invest a huge sum in the business at the beginning because he could make costly mistakes which can lead to a loss of funds. Let him start small and grow gradually after gaining experience.

Due to inflation, keeping his money in fiat until he graduates from college might not be an ideal option. Maybe investing in areas like Bitcoin, stock, real estate, or precious stones could be some good options. However, he needs to do his research before investing.

I would advice such person to go for investing because trading is in his blood as his father has been a trader and that's why investing is going to be easy for such boy.

There is no scientific proof that the offspring of a business person will possess trading genes that will make them successful in business. There is no guarantee that this young boy will succeed because his father did well in business. There are many successful businessmen whose children waste their wealth because they lack business skills. Most offspring that were successful in their family businesses were interested in it and learned from their parents.

[Frankolala]

He should invest 10% of the money in bitcoin, and concentrate on his studies till he finishes college. Which after college, he can start learning his father's business, since that was the business that gave his that such huge amount of money, but he should do his in a more civilized way.

It is hard for a 18 years old person to be with such amount of money without being misled or without mismanaging it. This is why he needs to grow and learn about life and how investment works, so that he can pass on the wealth to his generation.

[goaldigger]

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.

First of all, his family should prepared him to be more ready when the time comes and they should hire someone where they can fully trust that young child because that's a lot of money to deal with and yes they cannot force that child to continue the business, so a proper plan is a must here. If I can give a financial advice, I will just ask them to hire some financial expert or a lawyer that is a true protector of that child and not into money, by this they can assure that their children will last longer with their millions and can even multiply it over time.

[God bless u]

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.

Look I would not advise him to trade in crypto as it's very risky and he is very immature to handle such a large amount of money in trading.

I would rather advise him to complete his graduation and then do MBA in order to have a better sense of business and it's related activities. Till then continue the set business of your father and then shift to your interest business after you have enough confidence that your business can run better than your father's business.

[Sorryfor]

I think the best thing for the inheritor of his father's money to do is to stay in touch with one of his closest and most trusted people, and stay away from those who might harm him in the pursuit of money And since he is young, he can decide what to do with that wealth now that he is not involved in business now, but after he is educated in higher education? Because an eighteen-year-old person can never make a proper decision about how to use his wealth in the future. It is better if he completes his studies well and also if he wants to do business in future then take future advice from those who are experienced in this field And don't spend extra money unnecessarily and don't be too luxurious And it is best if he takes the advice of an experienced person.

[TheUltraElite]

Education first as well a property for his future family and getting some deposits in the bank as a first line thing. Then they can consider riskier assets like stocks, bonds and more property. But always prioritize their education and skills first because they need to work to get paid in future otherwise the entire money stash is going to get slowly decayed.

However a lot of things will go into this, what the kid actually wants, what the rest of the family wants to do, how much assets they already have and so on. They might want to hire a professional to help them.

[coolcoinz]

My advise would be to get someone trusted to manage funds for him. The safest way would be to divide the inheritance into 3 parts (or more) where 1 part would go to a manager who invests it for you. Not a single trusted person, but a well known company that does it for millionaires. They'll take their fee, but won't scam you. There are firms like that with decades of experience. They'll put it in real estate, gold, ETFs and it will be their job to pull out in case of problems, he won't have to do anything. I had some money invested in fund that followed the bonds and it was making me 6-7% last year, which isn't bad when banks pay you 4% on your savings.

Second part should go towards education and all the basic needs. With that kind of money he can get to a private school, finish whatever studies he wants, get a driving license and a car, maybe learn to fly and get a pilot's license. There's nothing that he can't go for at this point.

As for the third part, I'd tell him to buy bitcoin. It's probably the best investment in the world right now if you're ready to wait 5-10 years.

[Y3shot]

He should invest 10% of the money in bitcoin, and concentrate on his studies till he finishes college. Which after college, he can start learning his father's business, since that was the business that gave his that such huge amount of money, but he should do his in a more civilized way.

According to OP he is not willing to continue with the same business of his dad. Had it been he was into the business of his father before he died, it would have been easy but now he is not interested and he is confused on what to do with the money. If he is willing to learn about bitcoin and understand it, it won't be bad if some of the money being invested into bitcoin.

It is hard for a 18 years old person to be with such amount of money without being misled or without mismanaging it. This is why he needs to grow and learn about life and how investment works, so that he can pass on the wealth to his generation.

That's true. Most people at 18 have not really experience the hard way of life, so they see money as just paper. I just hope even if he want to misuse the money not just everything,  then when he is back to his real sense 😃 he can manage the one left to start up something.

[Gaza13]

Even though they are only very young, by getting an inheritance from their father, it is best for their immediate family to continue to guide or control their father's business so that it continues in the right direction. At a young age, sometimes they can't manage what their parents have, The child must need time to gain experience like his late father. This is the importance of direction or control from those closest to the child, otherwise the industry that has been built for a long time will experience bankruptcy.

[darkangel11]

I guess I'd tell that person to start learning, reading about how to invest, how to manage money. I know it's hard when you never had big money and suddenly you have a fortune with no idea what to do with it. The first idea in your head is to throw a party, buy yourself a car, show off - but it's the worst thing you can do, right next to giving it all away.
What I'd tell him is to not touch it for a few weeks, but prepare to do it at slow pace. Get some bitcoin because that's always a good choice, but don't spend more than 10% of the inheritance.

[skarais]

~~~

Don't get caught up in a life of extravagance. Live simply even though he has a lot of money and inheritance. Hang out with people who are focused on discussing opportunities for the future. Avoid being in an environment where people like to talk about complaints. Invest in a type of investment that can be a hedge like Bitcoin for the long term.
Focus on learning and completing what you learn in college must be put into practice in business even if you are not interested at first but one day you will be interested.

Yes, there are things that must be changed if the recipient of the inheritance wants to become the same successful person as his late father. He has to study business and build it, of course in the business he is interested in. Of course it doesn't have to be the same as what his father had, but it's always good to expand an existing business instead of building a new one.

There are many people who get inheritances as described by the OP in the real world, but unfortunately some of them do not succeed in maintaining it because they fail to manage their finances and end up in poverty. Not everyone can become a businessman, but of course they can still study hard as long as they are interested in it. Investing in bitcoin is good, but of course there are many other assets that he can choose to hedge such as gold, property and others.

[Furious 7]

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.

With the conditions he lives alone now I would not advise to do anything before he knows himself and the qualifications he is good at because it is precisely suggesting something against the money he currently has clearly gives a big risk only one thing is certain that I can suggest is not to trust someone too much because in the end it could backfire so if he wants to manage the inherited money he has then he must really learn well and find the right person to be used as someone who is considered trustworthy.
That is important because before starting something he also has to learn especially with his very young age sometimes a life that is less controlled, especially in terms of thinking that is still immature, can actually destroy himself so that if he wants to be successful with the money he has then he must try to change his behavior, attitude and of course become mature periodically so that he can decide well about his own future.

[Obari]

Since his already over 18 years and that’s the actual age of maturity accepted globally, I think, with the right management team, the kid will be able to take over the activities of the business and still succeed without much stress except the system, I mean the internal system is corrupt without love then a lot would definitely happen.

I think the best thing to do, is let the mom run his affairs for him until his of age and if the mother has the capacity, then she should try as much as possible to be his personal adviser at all times and genuinely, the kids mother would naturally be the right person that would give that son the right and genuine love he desires and all the support the kid needs emotionally.

[bestcoins1]

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 most appropriate advice for an 18 year old child is about how he will treat the money in the right place so that he does not engage in wrong habits when he already has a certain amount of money. Because most young people who are still 18 years old will certainly find it easier to spend their money on things that are sometimes less useful for the future, so they need to be given advice so that they know how to treat money properly so that they don't immediately become poor in a short time.

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.

It doesn't matter if a child is not interested in the business left behind by his father, because he can run another business as long as he is able to run it with the business capital he already holds in his own hands (money). And if he doesn't want to close the business that his father once ran, he can look for someone else to run the business again with an agreed income deal. So that the young man can still enjoy the results of his father's business while running other businesses that he can master himself.

[_BlackStar]

-snip-

Yes, there are things that must be changed if the recipient of the inheritance wants to become the same successful person as his late father. He has to study business and build it, of course in the business he is interested in. Of course it doesn't have to be the same as what his father had, but it's always good to expand an existing business instead of building a new one.

There are many people who get inheritances as described by the OP in the real world, but unfortunately some of them do not succeed in maintaining it because they fail to manage their finances and end up in poverty. Not everyone can become a businessman, but of course they can still study hard as long as they are interested in it. Investing in bitcoin is good, but of course there are many other assets that he can choose to hedge such as gold, property and others.

The main point I agree with about this case is on interest. Everyone has their own interests in business and anything else that makes them able to make money. We realize that money is needed - then managing it is the way to save us from poverty. Every one of them who fails to manage their finances wisely - is likely to fall into poverty and be in debt everywhere, that must be the bitter reality that must be experienced by those who fail to manage their finances.

Inheritance or inheritance is money that is relatively easy for anyone to spend. Many cases occur where the money runs out within a few years just because they continue to spend it on needs and a luxurious lifestyle - while the money is not used to make more money. It is impossible to maintain financial stability if the beneficiary does not have the ability and interest to earn more money.

[Jody.Drummer]

If the business that is inherited is very large and the money circulating in it is also very large, then yes, the advice is clear, however, he must have good management of the company's money, make sure that any allocation of money is used for targeted things, and make sure to be careful and alert whenever you place your trust in people, including business partners, because usually money is a priority for everyone and sometimes business failure is usually always triggered by mistakes in managing money or carelessness in placing trust in someone (business partners) who ultimately put their trust in people who have evil intentions.

18 years old is an age that tends to still be childish or meaning that it has not really reached the mindset of mature maturity and clearly this can cause problems when making decisions, what is worried is that it is very likely that he will make careless decisions, and according to I'm too young to manage such a big business and it's too risky, but if for example they are someone who really wants to learn then maybe over time they can develop knowledge, skills and management which can become experience to become better in managing the company or business.

If a young inheritor is willing to learn and actively seeks knowledge and guidance, they can grow into the role over time, gaining the skills and experience needed to manage the business

Yes because on the other hand it is good to learn something from an early age or from a relatively young age where you have a lot of time to learn something freely in order to become someone who has a lot of knowledge, insight and also knowledge, but yes maybe it also depends again on the intention and sincerity of the person in his learning period. But if for example the scenario as told by the OP where his parents inherited the big business when his son was still at a relatively very young age then I think this is not easy to live with especially if for example he doesn't know much about how to manage and organize the business properly, although on the other hand he can learn but I think the time is very short to learn everything because the business is already running which may be no other way but he has to really spend more time learning everything.

[Mrbluntzy]

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.

If the boy has any good uncle or aunty who he can truly confide on, let him allow that his relative to support him in managing the business affairs, then he should also make inquiry about a professional manager in such field who can run the business professionally. While these is going on, he should also start preparing himself towards how to handle the business. He should start making plans to acquire the best training that can help him run the business. Since his father have succeeded to build a booming business, I will advice him to learn how to even take the business to another higher level. If he want to start building his own business from scratch, he doesn't how difficult it will be for him. There are so many ups and downs  in starting a new business.

[mirakal]

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.

Normally I can't advice him in any investment for him to go into, but I'll let him know whatever he thinks is good for him to invest the money, hee should be very careful to make good finding to have a proper understanding because when money is not handled very well it is possible to lose all and this will be the beginning how one got broke.

Most people at this age they don't really know what money is and they would want to do whatever they like because the money is available.  If he is the kind of person that takes advice I think it is possible for the money to go into good investment.  But if he is the type that is not ready to do something better with the money no amount of advice can on him.

I think for me, the only thing I am going to advise him is learn to educate himself on how to make his funds grow and become more secured in his management. I don’t want to suggest certain types of investments since it’s for him to discover as to what type of investment he is going to be more inclined with and be more comfortable with. As long as he foresees a positive future for whatever investment he will take some risk, then let him do it with his own knowledge and perspective. It’s okay to create mistakes at first and commit some initial losses, the important thing is he learned a huge lesson from it, one thing that he will definitely make use for his future investments.

[boty]

Since his already over 18 years and that’s the actual age of maturity accepted globally, I think, with the right management team, the kid will be able to take over the activities of the business and still succeed without much stress except the system, I mean the internal system is corrupt without love then a lot would definitely happen.

I think the best thing to do, is let the mom run his affairs for him until his of age and if the mother has the capacity, then she should try as much as possible to be his personal adviser at all times and genuinely, the kids mother would naturally be the right person that would give that son the right and genuine love he desires and all the support the kid needs emotionally.

That's right, of course children who are over 18 years old will be able to easily run the business if there is no interference from the business they are running and they must also be able to learn it so they can solve any problems they face.
Letting the mother take care of the business and preparing their children to accept the business inherited from their parents will of course be better because if the parents take care of it of course they will think about how they can run the business so that it can survive well and develop so that they can give back. best for their children.

[coinerer]

Since his already over 18 years and that’s the actual age of maturity accepted globally, I think, with the right management team, the kid will be able to take over the activities of the business and still succeed without much stress except the system, I mean the internal system is corrupt without love then a lot would definitely happen.

I think the best thing to do, is let the mom run his affairs for him until his of age and if the mother has the capacity, then she should try as much as possible to be his personal adviser at all times and genuinely, the kids mother would naturally be the right person that would give that son the right and genuine love he desires and all the support the kid needs emotionally.

That's right, of course children who are over 18 years old will be able to easily run the business if there is no interference from the business they are running and they must also be able to learn it so they can solve any problems they face.
Letting the mother take care of the business and preparing their children to accept the business inherited from their parents will of course be better because if the parents take care of it of course they will think about how they can run the business so that it can survive well and develop so that they can give back. best for their children.

Yes, until a person is an adult, they cannot make good decisions. Because maturity does not come in them. So the habit of children is not cut in them. so at that time it is not possible for him to perform a big responsibility like managing the business. But not absolutely impossible.  Many times stories are heard that many are doing many things at a young age. It is possible for everyone to do something good if they try.  A lazy life does not allow one to do great things

[angrybirdy]

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.

Maybe the only thing I can advise him is that he should study more carefully where it is right and good to put the big money he has and he should also know well the people he can trust. He needs to be more attentive to things, knowing that he has a lot of money in his possession, and if he can handle a business left by his father, it would be better if he continues it, just don't let the things he inherited go to nothing  because nowadays, young people are very lucky to have generational wealth from their family.

[ancafe]

That's right, of course children who are over 18 years old will be able to easily run the business if there is no interference from the business they are running and they must also be able to learn it so they can solve any problems they face.
Letting the mother take care of the business and preparing their children to accept the business inherited from their parents will of course be better because if the parents take care of it of course they will think about how they can run the business so that it can survive well and develop so that they can give back. best for their children.

That's why parents always give the advice that we should study every business that our parents have so that when divert us we can carry it out. Running a business is not easy because there are many things to learn and when children don't have a good understanding of business they can actually make the business go bankrupt and lose everything. If the child is not ready, perhaps the company would be better managed by his mother or a trusted person who has the skills as you say because maybe they are much better prepared to run it.

Young people must have the ability to seek financial freedom and if they have an inheritance from their parents then they should be able to learn first so that the company can be run better. I believe we are destined with different stories and not everyone will be lucky when running a business, investment or other work so we have to recognize each other's skills before deciding.

[Dunamisx]

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?

Lets even forget about the condition attached to hi, as long as he is at a tender age, it is always very important to advise him on the right decision and steps to make so that he will not miss on the opportunity he already had, firstly, he should know that money is spirit and has seasons, if not utilized well then it can come and go, he should therefore be able to be accountable for every single penny spent, he should also know the difference between an asset and a liability, and he must never joke with making business investment.

[pusaka]

In fact, in my opinion, someone who has a lot of money at a young age, not from hard work, is a bigger problem. The reason is that they don't understand how difficult it is to get money, so usually they will be surprised, especially if from childhood they were used to getting things easily without effort.
Well, of course, when someone has a lot of money and it is known that someone doesn't understand money management well, there will be many irresponsible people who will try to take advantage of it.
His parents should have prepared everything, I mean if they know that the child is an only child who will receive all the wealth they have, then they should teach him from childhood, don't pamper him too much, let the child be independent even though they are very capable of providing for themselves. all the necessary needs.

But you forgot one thing, the guy the OP is talking about was born into a business family, and business people like his father wouldn't be stupid enough to not teach their children anything. Furthermore, not all young people are shallow or incompetent in making money and doing business. 
Don't rush to judge others just because they are younger than you, we need to know where that person comes from, their living environment, education level...Don't always underestimate young people when they are considered the future of the country.

I personally don't have any advice because I believe he comes from a business family and his father is a millionaire. I don't think we are better than them in business, making money or managing finances so us giving advice is like a farce to them.

Yes I'm also not judging someone younger than me, I don't have the right to do so, and if I did then I might be one of those people who doesn't have positive thinking.
I am also sure that with his life as a rich person he will definitely get a very decent education, I am even sure that they will be admitted to a prestigious or favorite school. However, I see that they often fail to educate a child's character, that's what I'm worried about. They do receive formal higher education, but character will be formed from within the home, that's why I mentioned the points I said before. Because for me character is very influential on a person.

[yudi09]

-snip-

-snip-

There are many people who get inheritances as described by the OP in the real world, but unfortunately some of them do not succeed in maintaining it because they fail to manage their finances and end up in poverty. Not everyone can become a businessman, but of course they can still study hard as long as they are interested in it. Investing in bitcoin is good, but of course there are many other assets that he can choose to hedge such as gold, property and others.

In learning business, he as the beneficiary must be strong with the process because not everyone is ready to go through the leaps and bounds. It is possible that his late father, in building a business, became a successful businessman with a lot of wealth and went through it very bitterly.

Even though he as the recipient of the inheritance is not interested in business, it seems he needs to continue it because business is one way to manage an inheritance. You are right that the business he does does not have to be the same as his father's, as long as it is still in a business context and not in another field. In other fields you may not be able to manage, let alone enter the world of politics.

[Assface16678]

In fact, in my opinion, someone who has a lot of money at a young age, not from hard work, is a bigger problem. The reason is that they don't understand how difficult it is to get money, so usually they will be surprised, especially if from childhood they were used to getting things easily without effort.
Well, of course, when someone has a lot of money and it is known that someone doesn't understand money management well, there will be many irresponsible people who will try to take advantage of it.
His parents should have prepared everything, I mean if they know that the child is an only child who will receive all the wealth they have, then they should teach him from childhood, don't pamper him too much, let the child be independent even though they are very capable of providing for themselves. all the necessary needs.

But you forgot one thing, the guy the OP is talking about was born into a business family, and business people like his father wouldn't be stupid enough to not teach their children anything. Furthermore, not all young people are shallow or incompetent in making money and doing business. 
Don't rush to judge others just because they are younger than you, we need to know where that person comes from, their living environment, education level...Don't always underestimate young people when they are considered the future of the country.

I personally don't have any advice because I believe he comes from a business family and his father is a millionaire. I don't think we are better than them in business, making money or managing finances so us giving advice is like a farce to them.

Yes I'm also not judging someone younger than me, I don't have the right to do so, and if I did then I might be one of those people who doesn't have positive thinking.
I am also sure that with his life as a rich person he will definitely get a very decent education, I am even sure that they will be admitted to a prestigious or favorite school. However, I see that they often fail to educate a child's character, that's what I'm worried about. They do receive formal higher education, but character will be formed from within the home, that's why I mentioned the points I said before. Because for me character is very influential on a person.

But do keep in mind that it's not all about education or how smart you are. Even if you are smart and intelligent enough, if you don't have the character to be a successor after your father or family member, where you get your inheritance, you will still not succeed or continue the legacy. The thing is, it's not all about how smart you are. If you don't have the character or guts to be responsible for what you have or burden that is passed down to you, you will not go anywhere. So learn first and build your character so that you will have a firm foundation so that you could succeed whether you have something that is passed down to you or being a young millionaire. Also, be responsible all the time. Don't get ahead of yourself just because you became a millionaire or inherited a fortune; remember to always be humble.

[Marvell1]

In fact, in my opinion, someone who has a lot of money at a young age, not from hard work, is a bigger problem. The reason is that they don't understand how difficult it is to get money, so usually they will be surprised, especially if from childhood they were used to getting things easily without effort.
Well, of course, when someone has a lot of money and it is known that someone doesn't understand money management well, there will be many irresponsible people who will try to take advantage of it.
His parents should have prepared everything, I mean if they know that the child is an only child who will receive all the wealth they have, then they should teach him from childhood, don't pamper him too much, let the child be independent even though they are very capable of providing for themselves. all the necessary needs.

But you forgot one thing, the guy the OP is talking about was born into a business family, and business people like his father wouldn't be stupid enough to not teach their children anything. Furthermore, not all young people are shallow or incompetent in making money and doing business. 
Don't rush to judge others just because they are younger than you, we need to know where that person comes from, their living environment, education level...Don't always underestimate young people when they are considered the future of the country.

I personally don't have any advice because I believe he comes from a business family and his father is a millionaire. I don't think we are better than them in business, making money or managing finances so us giving advice is like a farce to them.

Yes I'm also not judging someone younger than me, I don't have the right to do so, and if I did then I might be one of those people who doesn't have positive thinking.
I am also sure that with his life as a rich person he will definitely get a very decent education, I am even sure that they will be admitted to a prestigious or favorite school. However, I see that they often fail to educate a child's character, that's what I'm worried about. They do receive formal higher education, but character will be formed from within the home, that's why I mentioned the points I said before. Because for me character is very influential on a person.

No one can be perfect from an early age, including us. When we are young, we also have our own wildness and arrogance, but as we grow up we change in a more positive direction. To be able to grow up and know how to treat people, each person needs to experience life, theory alone is not enough. Just like why many children born into poor families, not fully educated, are still good children and know how to behave.
Not everyone born into poverty is a bad child with no future, and not everyone born into a rich family with a high education will definitely become a good person, useful to society.

[sokani]

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.

Honestly, it's not going to be easy for a young lad who's not used to handling such amount of money and managing a big business. Not to talk of combining it with schooling, it's going to be really challenging. If he wants to put someone in charge to run the business while he continues schooling, chances are the business might be ran down. I understand that the business is very important because it's going to support the family, so what I have to say is that he should go to the mom for advice and try not to squander the money on frivolities.

[skarais]

~~~

In learning business, he as the beneficiary must be strong with the process because not everyone is ready to go through the leaps and bounds. It is possible that his late father, in building a business, became a successful businessman with a lot of wealth and went through it very bitterly.

Even though he as the recipient of the inheritance is not interested in business, it seems he needs to continue it because business is one way to manage an inheritance. You are right that the business he does does not have to be the same as his father's, as long as it is still in a business context and not in another field. In other fields you may not be able to manage, let alone enter the world of politics.

Every businessman must go through a long process and along the way must accept the consequences, both profit and loss. There is no businessman who does not experience setbacks in the business he is involved in, but those who never give up will eventually rise and achieve success.

I have a true story about how difficult it is to manage finances when someone inherits but is not interested in the business being developed. The heir is the only boy in the family who in his daily life is busy with his own dark world. He was a drunkard, he was also a gambler and he had this bad habit since his father was alive. You can imagine how worthless money was to him while his father was still around, but after he got the inheritance you can definitely guess how the story ended.

[livingfree]

Honestly, it's not going to be easy for a young lad who's not used to handling such amount of money and managing a big business. Not to talk of combining it with schooling, it's going to be really challenging. If he wants to put someone in charge to run the business while he continues schooling, chances are the business might be ran down. I understand that the business is very important because it's going to support the family, so what I have to say is that he should go to the mom for advice and try not to squander the money on frivolities.

If I'm the kid or someone who'll give him an advice. I'd tell him to finish his studies because that will play a big thing in managing the business that's left on him and as well as to extend his networks for the benefit of his own and as well as his companies.

So, if he can hire someone to give him advise about how to run the company and on how to keep that money very well then I'd tell him to spend that money to that guru.

But not just those gurus that he can find on the web and have their expensive talent fees on one session. A guru that will be with him to guide him until he gets matured, I'm sure that many are willing to help him that are in actual business of textile as well as financial advisors, the real ones.

[peter0425]

There are many people who get inheritances as described by the OP in the real world, but unfortunately some of them do not succeed in maintaining it because they fail to manage their finances and end up in poverty.

That is because they were probably let alone and they were given the impression that their money is forever and that they should just do whatever they want without giving any care in the world.

Those are spoiled kids that grew up without a sense of responsibility so it’s either you teach your kids young or you don’t give them all of your business and money unless you want it to be put into waste.

[aioc]

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

That's a big responsibility for such a young age I will advise him to get a professional financial and spiritual adviser who will guide him on how he will do with his inheritance, it is not easy for a very young age to handle such a huge amount, the temptation to waste that money through luxurious living is very high.

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.

He needs to be guided so he needs to hire lawyers, financial advisers, and moral and spiritual teachers to guide him on how to grow and mature so he can handle that huge inheritance.

[Agbamoni]

Becoming a millionaire at that young age is very overwhelming. What the young boy should do is to avoid some set of friends. Truly peer pressure and influence he mostly hangout with will certainly influence him to make bad decisions. Wealth should be maintained and not to be squandered. After abstaining from bad friends, he can start a business with 30% of the money, one that would be managed by his mother and then he can keep the remaining money for some time until he is wise enough to know a good investment to start.

[Jegileman]

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.

Financial advise for a young millionaire- should not seek for any advise from anyone at this age, he should rather build himself on a particular path that he finds interest in, let him diversify into them and gave detail understanding of them. After that, he can now shove which of those things he has learnt will be the best path to invest his money into. He shouldn’t rush and take things gradually, he is still in his early age and have a lot more to experience and learn. His wealth was built through active entrepreneur business from his family, he can also trade on that part even if it’s not directly as what originates the source of his wealth now.

[Promocodeudo]

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.

First of all I will have a good conversation with him to know his level of maturity before I can advise him, I know it might sound so absurd because of the age you mentioned but I have a reason for what I said, after knowing this I can now go on to to give him my advice, my advice for him will be he should beware of people who comes his way at this time because of what he has, investment should be his priority it must be in the textile industry, his investment should spread across other sectors so that money will be coming different angle, I will advise him that at this point he should not spend on things that can not bring money to the table unless they are necessities, finally he should choose friends so that he will not be influenced by their actions or way of life.

[macson]

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.

i have never met someone like this, but if i knew him, i would tell the child to go to school first, running a business at a very young age will only end in losses, surely the company founded by his father can run on autopilot because of management already good.

every person who has a big business must have predicted this, when he suddenly dies then someone has to continue, indeed these men definitely want their children to carry on but with someone who is still very young, it is very difficult to be able to run the company, and also politics in business it's disgusting, young people will only be down.

[AYOBA]

When it comes to financial matters, it is important for the only child of the family to know all the assets that his father left behind before deciding what and who to establish with the money. Since she is the only person that his father has, I don't think they will need to share any of the properties that the father left, they can only be for the child and the mother.

But my advice to him is that since the child is 18 years old, which is under age, which proves that his maturity has never been completed, it will be good to continue keeping the money inside accounts for him to add some age before he can decide which business to establish that will keep the money developing more than the one his father left before too late. Because one thing about money is that if a person doesn't have proper guidance that will lead him to become someone in the future, it can easily turn some people's lives into poverty.

[Dump3er]

-

Yes, there are things that must be changed if the recipient of the inheritance wants to become the same successful person as his late father. He has to study business and build it, of course in the business he is interested in. Of course it doesn't have to be the same as what his father had, but it's always good to expand an existing business instead of building a new one.

There are many people who get inheritances as described by the OP in the real world, but unfortunately some of them do not succeed in maintaining it because they fail to manage their finances and end up in poverty. Not everyone can become a businessman, but of course they can still study hard as long as they are interested in it. Investing in bitcoin is good, but of course there are many other assets that he can choose to hedge such as gold, property and others.

True, but is it the sole responsibility of an 18 years old son to maintain the inheritance or even grow it afterwards? I think it would be irresponsible if a father, who has an understanding about business, entrepreneurship and financial management, decided to hand over millions and millions without putting in place some security measures, some support of all different kinds. Money could be split into tranches, distributed over time or they could be tied to conditions that give the son enough of an incentive to at least aspire to do the right things in life. I think a father handing over a fortune to an 18 year old without any further conditions tied to it or any preparations is to blame, too, if things go wrong.

[Hamphser]

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.

Would like to suggest to have that someone financial advisor or study up some financial courses or whatsoever if he's really that serious on trying out to handle that huge inheritance that he gets.
Of course you shouldnt really be that make yourself that trusting up someone so easily nor really that spend up tons of money into something which is useless. Actually there would really
be those people whom he love or guardian or relative that might be giving out that kind of advise on which this is something that could give out some idea but just like on what others
been suggesting on here is that it would really be always best that you should really be having some kind of studying about financial management and business specially
if you do have this kind of funds which you dont even know on how to make use of it.

[angrybirdy]

Becoming a millionaire at that young age is very overwhelming. What the young boy should do is to avoid some set of friends. Truly peer pressure and influence he mostly hangout with will certainly influence him to make bad decisions. Wealth should be maintained and not to be squandered. After abstaining from bad friends, he can start a business with 30% of the money, one that would be managed by his mother and then he can keep the remaining money for some time until he is wise enough to know a good investment to start.

that's right! He needs to know well all the people that comes to his life because some of them are after his money only. When it comes to investing your money, prioritize having a good financial advisor that really cares for you and for your money, not just a simple advisor that having a lot of invites is the priority rather than keeping your money safe. Having a huge money is a priviledge nowadays and not all people are experiencing what's the feeling of being rich so you need to be more conscious to your circles.

[Dewiana]

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.

Financial (any) advice should only be sought from people with sufficient expertise. Let the young millionaire turn to professionals.

This forum is dedicated to cryptocurrencies and here for the most part they will advise investing in bitcoin (and altcoins). In my opinion (even though I am not a financial expert), this is a good recommendation if you evaluate the path that bitcoin has taken (from an electronic coin for geeks to an investment vehicle for institutional investors). But it should be noted that I would prefer to recommend diversifying the inheritance into various financial instruments. That is, under no circumstances should you invest all savings in cryptocurrencies.

\If you become a young millionaire, everyone is tempted by things that are not useful, such as drinks and women. So there needs to be steps so that finances can be controlled and continue to grow. Another way is to always be consistent with your main job and be able to divide your time and continue to invest on all fronts. Young people must be able to see investment opportunities in the digital world such as crypto trading and buying shares that have potential in the next few years. because young people the main key is not today but the future

[pusaka]

Yes I'm also not judging someone younger than me, I don't have the right to do so, and if I did then I might be one of those people who doesn't have positive thinking.
I am also sure that with his life as a rich person he will definitely get a very decent education, I am even sure that they will be admitted to a prestigious or favorite school. However, I see that they often fail to educate a child's character, that's what I'm worried about. They do receive formal higher education, but character will be formed from within the home, that's why I mentioned the points I said before. Because for me character is very influential on a person.

But do keep in mind that it's not all about education or how smart you are. Even if you are smart and intelligent enough, if you don't have the character to be a successor after your father or family member, where you get your inheritance, you will still not succeed or continue the legacy. The thing is, it's not all about how smart you are. If you don't have the character or guts to be responsible for what you have or burden that is passed down to you, you will not go anywhere. So learn first and build your character so that you will have a firm foundation so that you could succeed whether you have something that is passed down to you or being a young millionaire. Also, be responsible all the time. Don't get ahead of yourself just because you became a millionaire or inherited a fortune; remember to always be humble.

That's what I said before, a person must have character, because character is something that influences our future. Moreover, we must continue what has been passed down to us from our parents. That is a very big responsibility that we bear.
Knowledge can be learned at any time, even though we are not smart enough, but if we are active in learning, it will come to us. However, character is usually formed from childhood and it will stick until adulthood. So as much as possible we have to be able to prepare for that, I mean as parents they have to shape their children's good character, for example responsibility and other things. If you are an adult, your character will be difficult to change, because that character is already inherent.

[Furious 7]

There are many people who get inheritances as described by the OP in the real world, but unfortunately some of them do not succeed in maintaining it because they fail to manage their finances and end up in poverty.

That is because they were probably let alone and they were given the impression that their money is forever and that they should just do whatever they want without giving any care in the world.

Those are spoiled kids that grew up without a sense of responsibility so it’s either you teach your kids young or you don’t give them all of your business and money unless you want it to be put into waste.

Actually in this case I think when talking about the problem of failed inheritance it also depends on the situation of ourselves because we must have felt that young age is an age full of high curiosity and indeed it has always been a problem that is difficult to avoid because the big ego and high lust when given inheritance or wealth will clearly make us become more self-forgetful than before so it is necessary for us to look for the closest person who can keep us from going astray in the end.
So do not be surprised if in the end the wealth owned actually backfires and becomes destroyed because of the lack of boundaries in themselves so that they are unable to withstand the lust that young people have.
Inheritance can ultimately be a blessing but on the other hand if we who are given inheritance do not have boundaries and mature thinking, it can be even more difficult and sometimes it can backfire for our own destruction.

[uchegod-21]

There are many people who get inheritances as described by the OP in the real world, but unfortunately some of them do not succeed in maintaining it because they fail to manage their finances and end up in poverty.

That is because they were probably let alone and they were given the impression that their money is forever and that they should just do whatever they want without giving any care in the world.

Those are spoiled kids that grew up without a sense of responsibility so it’s either you teach your kids young or you don’t give them all of your business and money unless you want it to be put into waste.

It is not about being a spoilt kid or not. Whether a spoilt kind of a well trained kid, both could possibly fail to sustain their parents wealth if they are not financially educated. One thing is to make money, which is possible that everyone can make, another thing is to sustain the month which is so difficult. If a Father has found a particular way of generating money, and didn't teach the son, in the absence of the Father, the son will not be able to ensure continuity.

@OP, my advice is bitcoin and real estate. Bitcoin known only to him and real estate business everyone can see. Both cannot fail at the same time and they are just passive.

[Egii Nna]

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?

Many things are involved in starting up a business plan for an early adult, like you have mentioned because he is just 18 and again, he was not the one who worked for the money because it was given to him as an inheritance, which even if he is going to start a business, many will encourage him to continue with the business of his father. But the main thing to consider is the challenges that he is going to face in starting or continuing the business, which might include 

1. Financial management; this is the first challenge for him to face because financial management goes a long way in business, which includes not knowing the effective things that he is supposed to buy or invest in, and that will be due to the flow of money that will be coming to him as a result of the business, which can cause a drastic downfall to the business.

2. Market competition; this is always a big challenge to him because it will be very hard for him to bring a new or different strategy to bring more customers to patronize his business, which will not only cause a downfall for you in the business but also a loss of a large amount of funds because market competition between other industries that are doing the same business with you is not easy, and if you are not used to it, it can cause other health complications for you, including depression and other mental health issues.

3. Business risks: it might be so hard for him to know the appropriate business risks that he is supposed to jump on, so these business risks might be influenced by market competition that will make him go to some risks that he can't afford to lose, which can cause a loss to his business.

So starting a big business will not be a nice idea to him at that age unless he tries a business or just focuses on having knowledge about the business. Even if he wants to continue the business, he can still do that, and he will get what he wants to achieve. All this will be based on the smartness of the child because if he is smart, he will do the business, and his loss will not be that much as a person who is not as smart as him.
 
 
 

[harapan]

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.

Becoming a millionaire at an early age wouldn't be so easy for that child,considering the level of pleasure and excitement at that age,and the expected responsibility from his late father.Honestly,the pressure would be too extreme on that child,and it will be difficult for him to eventually adapt.

First of all,I'll advice that he focus on educating himself more before trying any other thing Invest in education and financial skills to be precise.Secondly,the feeling and thoughts of him becoming a millionaire starts from his mind,so he should start trusting himself and focus on his ability to grow and learn because that's the only way he can develop interest in the business line.

He intentionally becomes a millionaire when he chooses to start trusting himself and focus on growing the company.But before then,the child's needs all the guidance,mentoring/coaching,and relevant support or backup for a successful and brilliant accomplishment.

[Mahanton]

There are many people who get inheritances as described by the OP in the real world, but unfortunately some of them do not succeed in maintaining it because they fail to manage their finances and end up in poverty.

That is because they were probably let alone and they were given the impression that their money is forever and that they should just do whatever they want without giving any care in the world.

Those are spoiled kids that grew up without a sense of responsibility so it’s either you teach your kids young or you don’t give them all of your business and money unless you want it to be put into waste.

It is not about being a spoilt kid or not. Whether a spoilt kind of a well trained kid, both could possibly fail to sustain their parents wealth if they are not financially educated. One thing is to make money, which is possible that everyone can make, another thing is to sustain the month which is so difficult. If a Father has found a particular way of generating money, and didn't teach the son, in the absence of the Father, the son will not be able to ensure continuity.

@OP, my advice is bitcoin and real estate. Bitcoin known only to him and real estate business everyone can see. Both cannot fail at the same time and they are just passive.

That inheritance would really be coming into waste if that kid wont really be able to handle it well on which the business should really be handled and would really be that overtaken or been changed of hands.
Of course it wont really be the same on how your father been handling the business but at least you are really that considering on continuing it all but well we cant really be able to tell because
the kid is still young and for sure he wont really be that not still hand be opened or really that willing nor interesting to continue on what his father do able to established.

We cant be able to point out whether he/she would really be that continuing or not. Just like on what most people been suggesting on here that financial education and awareness is something
that you would really be needing up to consider because if you wont really be that finding yourself that learning up things on your own or you are serious on doing so then you would really
be doing such step.

[topbitcoin]

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.

Becoming a millionaire at an early age wouldn't be so easy for that child,considering the level of pleasure and excitement at that age,and the expected responsibility from his late father.Honestly,the pressure would be too extreme on that child,and it will be difficult for him to eventually adapt.

First of all,I'll advice that he focus on educating himself more before trying any other thing Invest in education and financial skills to be precise.Secondly,the feeling and thoughts of him becoming a millionaire starts from his mind,so he should start trusting himself and focus on his ability to grow and learn because that's the only way he can develop interest in the business line.

He intentionally becomes a millionaire when he chooses to start trusting himself and focus on growing the company.But before then,the child's needs all the guidance,mentoring/coaching,and relevant support or backup for a successful and brilliant accomplishment.

Becoming a millionaire at an early age is truly extraordinary, because not everyone can achieve it. However, this is commensurate with the challenges faced and the responsibilities they carry. An important piece of advice to follow is to continue concentrating on education and acquiring the necessary financial skills. Investing in education will lay the best foundation for one's life. Additionally, starting with confidence and seeing your abilities grow and learn helps kids build passion and skills that are important for the business industry. So apart from children having to study academic knowledge, children also need to study non-academic knowledge, to hone their skills and to discover the child's identity.

Maybe we are not as lucky as this child, but we need to remember that the process of becoming a millionaire takes time and energy. To achieve any success, children must be provided with proper guidance, education and support. Through self-determination and commitment, as well as supporting pillars, this child has an open path to realizing his dream of becoming a young millionaire.

[naira]

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?

Depending on the child maturity, if he has long-term thinking, he should already understand managing inheritance. It's just that usually at a certain age there are representatives who have been prepared by the parents to guarantee or monitor everything that must be done based on the written inheritance. So, do you understand the child that far or do you only see him at a glance as a rich person's child?
Parents who realize they have a lot of assets will have prepared this inheritance well in advance, hiring their trust attorney to allocate it according to the will. But if there is no will and the child is unstable then I am worried that I will not be able to manage the inheritance well.

[Juse14]

A luck that no one else has. Becoming a millionaire at a young age is certainly the dream of many people, especially becoming a millionaire, perhaps for those born from poor families, just meeting their daily needs is quite difficult.

And my advice to this teenager is to ensure that his inheritance is well maintained. With all the limited abilities and skills he has, if he had to turn the money into a business to make a profit, it would probably be quite difficult for him to do this. because even though he is rich in wealth and has a large amount of capital, if he lacks experience and knowledge, it will be quite difficult for him to be able to build and manage a business, so what some people here say is true, besides he has to continue learning, investing be a solution so that its legacy is maintained.

[stomachgrowls]

A luck that no one else has. Becoming a millionaire at a young age is certainly the dream of many people, especially becoming a millionaire, perhaps for those born from poor families, just meeting their daily needs is quite difficult.

And my advice to this teenager is to ensure that his inheritance is well maintained. With all the limited abilities and skills he has, if he had to turn the money into a business to make a profit, it would probably be quite difficult for him to do this. because even though he is rich in wealth and has a large amount of capital, if he lacks experience and knowledge, it will be quite difficult for him to be able to build and manage a business, so what some people here say is true, besides he has to continue learning, investing be a solution so that its legacy is maintained.

We do wish for a life something like this, of course not all would really be having a family on which they do have a huge business on which we know that when it comes to inheriances then there's no other that would really be able to inherit those things other than on his kids if ever there's no one would really be able to get like his wife but since its been mentioned that his a widow then no doubt that his kid would really be the one on getting those things on which its true that we are really that wishing in a life specially on being that a millionaire. It is really just that there are people who are really that lucky but these kind of scenario or condition are really that rare or something that we cant see on day to day. Financial education is what this kid would really be needing. Making up that good handling with those funds could last up very long time because if it would be done on the opposite things then this could really result into disaster.

[White pawn]

Becoming a young millionaire is amazing, and a Good choice for your individuals,As a young millionaire you need to be very Discipline in your choices you make, because without being disciplined you can loss your focus,also Bad company of friends that will bring bad ideas and intentions.so when you're able to stand on what you want, nobody can change it.Another one as a young millionaire you need to be focused and have the mind sets of saving and investing your money.
When you start early to save you increase the amount of money you earn.avoid debts, save steadily and control the rate and speed of spending money.
Now you can be able to invest this money in any good and productive business of your choice,or you invest in companies and real estate,This bring good Cash at the end of the investment.Always save to have a balance financial account beyond your expectations.

[wiss19]

In what business he is not interested to? Since there are two mentioned there but I believe it was the Textile industry one because I seem to not like it as well. Trading is hard but I will still choose it over it. Another good thing about trading is everyone can do it or you don't need to have a college diploma/degree before you get started on here.

Graduating from college is going to be a long journey and many graduates still ends up to be jobless but learning on how to trade is I think won't take over a year. The boy must also have his own interests, E.g. if he likes to eat or cook, then building up a restaurant business would be a better option for him.

[moneystery]

i'm not a millionaire so i can't give him too in-depth advice, but i would advise him to be able to deposit his money and use that money for his needs, and then for his father's business he can start learning it slowly until he can master it completely. because after all, it was his father's business and even though he didn't like it, he certainly didn't want to see it destroyed and abandoned. so instead of someone else enjoying it or destroying it, it's better for him to take charge of it.

[fuguebtc]

In what business he is not interested to? Since there are two mentioned there but I believe it was the Textile industry one because I seem to not like it as well. Trading is hard but I will still choose it over it. Another good thing about trading is everyone can do it or you don't need to have a college diploma/degree before you get started on here.

Graduating from college is going to be a long journey and many graduates still ends up to be jobless but learning on how to trade is I think won't take over a year. The boy must also have his own interests, E.g. if he likes to eat or cook, then building up a restaurant business would be a better option for him.

First, did you become rich through trading? How much money have you made trading with your 1 year experience? Because this is the boldest advice I've ever heard, it's the first time I've seen someone advise others to drop out of college and become an trader to get rich. And to be able to give this advice to others, you must at least be rich and successful as a trader. If you haven't achieved anything significant then you are not qualified to give such bold and baseless advice.

By the way, it seems like you want to blame education when you graduate from college but are unemployed. Why don't you try asking many students who have graduated and have high-paying jobs, even after many years of working, they have become entrepreneurs, while you are unemployed? So is it your fault or the education sector's?

[Jody.Drummer]

i'm not a millionaire so i can't give him too in-depth advice, but i would advise him to be able to deposit his money and use that money for his needs, and then for his father's business he can start learning it slowly until he can master it completely. because after all, it was his father's business and even though he didn't like it, he certainly didn't want to see it destroyed and abandoned. so instead of someone else enjoying it or destroying it, it's better for him to take charge of it.

What must be considered in my opinion is that he must be able to manage finances well, with him receiving a lot of money or inheritance it does not mean that he can use it at will to do things that give pleasure only temporarily. he must be able to manage it well as you said that one of them is by fulfilling his needs, which needs must be met. It's just that not all young people can be like that, because every person or young person certainly has different attitudes and thoughts.

Regarding the business, I think there are two possibilities if he doesn't like it, he can just sell it and start the business he wants and dreams of, but starting a business from scratch is not an easy thing because it needs skills, determination, courage, and mature knowledge. The second possibility is that he can continue his business, if he doesn't like his business it is unlikely that he will leave it abandoned because it is not a good decision, he can continue it by adapting first because indeed to accept a new thing we have to adapt first, over time I am sure he will definitely like it. Because the business he is interested in is not necessarily going to make him comfortable in running it.

[GiftedMAN]

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.

First thing first, since the boy is not yet out of school and he's the only son of his mother I think the mother is the person that needs to be advised more right now because she's the one that the young man will listen to more because he must be closer to his mom since he is the only child I believe the mother can't watch his only son to start spending the money he got from his father's inheritance lavishly on girls, exotic cars or wine. My advice is that the mom should get a good financial adviser for herself and the son with that the boy will understand the importance of investment and since he's still schooling, having a good business class would help him to understand the types of business he should venture into but right now I think I don't know the type of business to recommend them to invest in to because they don't have an idea yet so it's impossible for them to be successful into any kind of investment because they have zero knowledge about it.

[coinerer]

i'm not a millionaire so i can't give him too in-depth advice, but i would advise him to be able to deposit his money and use that money for his needs, and then for his father's business he can start learning it slowly until he can master it completely. because after all, it was his father's business and even though he didn't like it, he certainly didn't want to see it destroyed and abandoned. so instead of someone else enjoying it or destroying it, it's better for him to take charge of it.

op is at the age where he is learning a lot so he can manage his father's business now if he wants to. In this case he can take the advice of some special knowledgeable people instead of taking advice from public place and he will get good results. I myself will not give him any advice as I have no experience in running a business.  So I don't think my advice will work well for him. He should take advice from those people who are involved in the business and have long experience

[Yatsan]

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.

Enjoy it the way you want to and learn from your mistakes if ever you will be doing one or some. It is easy to tell them to spend it wisely or put it to an investment but not all young people are into that or even having understanding of what's right and what's not especially if it is with money. They may consider asking their older relatives about it and such but they could be taken advantage of in some instances.

The reason why I said to spend it on the way an individual would want to, is to also know the value of money. He/she could use it on things which are really not important such as luxurious things, and eventually nothing will be left. That is the time which he/she could reflect and learn. HmIt might light a fire within him to again reach that money thru hardwork of his own and be able to spend it as it should be. Failing teaches the best lessons in life. Consider that you are inheriting to an 18 years old boy and not a grown up man.

[Fortify]

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.

I'd suggest that they put a decent chunk, say 50% of it, away into some sort of trust fund that locks it away for a few more years. That way they can have a bit of fun, take risks and blow through all of it if that is what they choose - then they will have a sizable sum to fall back on when they realize how hard money is to actually make. They don't have to be wasteful with the first 50% but many people at that age in life have no idea about money and how far (or not) it can really stretch. When they haven't earned the money either, it have even less meaning to them. I'd warn them away from taking any drugs, but would expect them to drink a few alcoholic drinks along their journey.

[Volimack]

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.

As he is very young and has inherited everything from his father, he must now proceed very cautiously. It may be difficult for him to manage such a big business alone. You should learn about the business well beforehand and plan accordingly. Also take a reliable and skilled worker who can manage this business well you can learn a lot from this too.

[Strongkored]

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.

Go to a trusted financial advisor because they will be able to provide the right advice, for example when suggesting investing they will also provide investment options that are suitable for young people or when suggesting opening a new business they will also tell you which businesses are suitable for young people, and the boy just has to choose what to do so that he can get more money and can guarantee a better life.
However, he must be careful because there may be people who approach him and suggest things that look good but are actually fraudulent, and also if someone suggests investing in Bitcoin, he must also tell him everything including how to store this asset properly and so on so that investment goals can be achieved.

[teamsherry]

He should get a skill or go for knowledge, cause its better he does that than waste that money on life and from his age we can expect a lot of mistakes that he could make from involving in bad friends or drinking, smoking unhealthy gambling life and all that.

I would say he us more in need of a mentor and tutor than any other thing, he might not have enough experience to grow a business now, but its better he gets that money working with an investment while he gets himself in other with pursuing knowledge. I think that's all that can help him.

[DabsPoorVersion]

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.

The only financial advice I can give is to take full care of all the money he inherited, take responsibility for managing it, and not use it just to enjoy the life he has. Money is something that can be lost anytime if it's not used correctly. And since he has the opportunity to learn more and learning more skills by utilizing the resources he has, maximize it and be a better person to be able to successfully manage all those money.

[Mame89]

i'm not a millionaire so i can't give him too in-depth advice, but i would advise him to be able to deposit his money and use that money for his needs, and then for his father's business he can start learning it slowly until he can master it completely. because after all, it was his father's business and even though he didn't like it, he certainly didn't want to see it destroyed and abandoned. so instead of someone else enjoying it or destroying it, it's better for him to take charge of it.

Agree with you. I'm also not the son of a millionaire, but if you are in the position described by the OP, of course the best advice is to continue learning how to manage your finances well and use your money for productive things, not for waste. . The last one is of course business, study the business left by your father so that it can be continued and developed, even though we don't like it, we have to force this so that over time we can master it and can entrust the business to other people and we can continue the business that we like.

From OP's story we can conclude that it is important to educate our children about finances and educate children about the basics of entrepreneurship so that they can learn empathy, leadership and be independent in making money. So that when we are no longer around, our children can easily continue our business and continue to develop the inheritance we left behind. At least when his parents were gone he didn't just spend the inheritance he left behind but was able to develop it so that it continued to grow.

[angrybirdy]

i'm not a millionaire so i can't give him too in-depth advice, but i would advise him to be able to deposit his money and use that money for his needs, and then for his father's business he can start learning it slowly until he can master it completely. because after all, it was his father's business and even though he didn't like it, he certainly didn't want to see it destroyed and abandoned. so instead of someone else enjoying it or destroying it, it's better for him to take charge of it.

Agree with you. I'm also not the son of a millionaire, but if you are in the position described by the OP, of course the best advice is to continue learning how to manage your finances well and use your money for productive things, not for waste. . The last one is of course business, study the business left by your father so that it can be continued and developed, even though we don't like it, we have to force this so that over time we can master it and can entrust the business to other people and we can continue the business that we like.

From OP's story we can conclude that it is important to educate our children about finances and educate children about the basics of entrepreneurship so that they can learn empathy, leadership and be independent in making money. So that when we are no longer around, our children can easily continue our business and continue to develop the inheritance we left behind. At least when his parents were gone he didn't just spend the inheritance he left behind but was able to develop it so that it continued to grow.

On point! in order to have more knowledge and expand or spread the business and money left to him by his father, it would really help if he focused more on learning how to handle his own finances but right now, getting his own financial planner is the trend, especially if the child's forte is not managing business or finances, it's hard to insist because it might just make it worse if ever, so it's much better if we ask the person directly if he is willing to the suggestions that other people give him because at the end of the day, it's his own decision to follow.

[barisbilgili]

i'm not a millionaire so i can't give him too in-depth advice, but i would advise him to be able to deposit his money and use that money for his needs, and then for his father's business he can start learning it slowly until he can master it completely. because after all, it was his father's business and even though he didn't like it, he certainly didn't want to see it destroyed and abandoned. so instead of someone else enjoying it or destroying it, it's better for him to take charge of it.

Agree with you. I'm also not the son of a millionaire, but if you are in the position described by the OP, of course the best advice is to continue learning how to manage your finances well and use your money for productive things, not for waste. . The last one is of course business, study the business left by your father so that it can be continued and developed, even though we don't like it, we have to force this so that over time we can master it and can entrust the business to other people and we can continue the business that we like.

From OP's story we can conclude that it is important to educate our children about finances and educate children about the basics of entrepreneurship so that they can learn empathy, leadership and be independent in making money. So that when we are no longer around, our children can easily continue our business and continue to develop the inheritance we left behind. At least when his parents were gone he didn't just spend the inheritance he left behind but was able to develop it so that it continued to grow.

On point! in order to have more knowledge and expand or spread the business and money left to him by his father, it would really help if he focused more on learning how to handle his own finances but right now, getting his own financial planner is the trend, especially if the child's forte is not managing business or finances, it's hard to insist because it might just make it worse if ever, so it's much better if we ask the person directly if he is willing to the suggestions that other people give him because at the end of the day, it's his own decision to follow.

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.

[summonerrk]

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.

I would advise him not to rush to spend money. In such a situation, the most important thing is to learn financial literacy, and it is not taught in schools.
And unfortunately this is the case, although this is probably the most important subject that would teach young people to understand that money can make money.
So, in the case of a young man who has inherited a lot of money, it is best to choose a prestigious university and hire sensible teachers. All this is necessary because an ordinary 18-year-old teenager will not be able to properly manage such a lot of money, and he can spend it all on nonsense things.

[slapper]

i'm not a millionaire so i can't give him too in-depth advice, but i would advise him to be able to deposit his money and use that money for his needs, and then for his father's business he can start learning it slowly until he can master it completely. because after all, it was his father's business and even though he didn't like it, he certainly didn't want to see it destroyed and abandoned. so instead of someone else enjoying it or destroying it, it's better for him to take charge of it.

Agree with you. I'm also not the son of a millionaire, but if you are in the position described by the OP, of course the best advice is to continue learning how to manage your finances well and use your money for productive things, not for waste. . The last one is of course business, study the business left by your father so that it can be continued and developed, even though we don't like it, we have to force this so that over time we can master it and can entrust the business to other people and we can continue the business that we like.

From OP's story we can conclude that it is important to educate our children about finances and educate children about the basics of entrepreneurship so that they can learn empathy, leadership and be independent in making money. So that when we are no longer around, our children can easily continue our business and continue to develop the inheritance we left behind. At least when his parents were gone he didn't just spend the inheritance he left behind but was able to develop it so that it continued to grow.

Money management and business knowledge are essential, especially if you didn't start rich. Mastery, not survival, is the twist. You lead that business, learn everything, then follow your passion. It's practical and strategic. It's more than financial literacy when teaching youngsters. This is about developing leaders who think, empathize, and innovate. Not just inherit, they elevate. The legacy we should pursue. Individuals flourish with riches. More than money, make it about impact

[Baki202]

Becoming a young millionaire is amazing, and a Good choice for your individuals,As a young millionaire you need to be very Discipline in your choices you make, because without being disciplined you can loss your focus,also Bad company of friends that will bring bad ideas and intentions.so when you're able to stand on what you want, nobody can change it.Another one as a young millionaire you need to be focused and have the mind sets of saving and investing your money.
When you start early to save you increase the amount of money you earn.avoid debts, save steadily and control the rate and speed of spending money.
Now you can be able to invest this money in any good and productive business of your choice,or you invest in companies and real estate,This bring good Cash at the end of the investment.Always save to have a balance financial account beyond your expectations.

Becoming a young millionaire is actually a lot and comes with a great responsibility, and being a millionaire and young, you need a very high level of commitment to be able to manage that money because all your target will to want to make more money, decline matters a lot because you have to have a better way of controlling money especially in spending, and making money in millions is a very good start, you will set goals on how to make more millions. You hardly see millionaires with friends they always want to be alone but and if it may be that they have friends it will be old friends then business partners, and you are earning we should learn to take the habit of saving seriously.  And also thinking adding up ideas, and from talking to be you can have good ideas and you can start up a business from does ideas.

[junder]

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.

[ChiBitCTy]

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.

[Renampun]

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.

[Yukyzu]

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.

[Learn Bitcoin]

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.