Financial Advice for a young millionaire

[Kriptogram14]

Those who get money easily will of course find it very difficult to manage it well so for them of course they really need a financial advisor to be able to help them manage their finances well so they don't spend it on things they don't need because if they don't use a financial advisor with their money what they have, of course this will be very unfortunate because it is very difficult for some people to manage their money well and for those who have experience in managing their finances well, it will certainly be easier for them to manage their finances.

Financial management is very important, with management we can manage our finances well, what's more, we get money easily, so it's easy for the money to run out by itself without getting stuck because we don't have management, it's really easy to spend money, but it's difficult. how to get money easily and without stopping, that's why we have to look after our finances well so that they don't run out in vain, by buying useless things we will spend money in vain without any definite purpose, let alone still blood Young people with easy income like that will easily spend the money, they need good financial advisors and management so that the money is not wasted in vain.

[pusaka]

Easy money that came is easier to spend because you didn't worked hard with that. We don't know on his case but maybe he'll give importance to that money.

It's best to hear him out and how's doing nowadays.

So, that's why he needs a real advisor on his case, it might be whoever that knows the cycle of the company or someone who's really great with money.

Those who get money easily will of course find it very difficult to manage it well so for them of course they really need a financial advisor to be able to help them manage their finances well so they don't spend it on things they don't need because if they don't use a financial advisor with their money what they have, of course this will be very unfortunate because it is very difficult for some people to manage their money well and for those who have experience in managing their finances well, it will certainly be easier for them to manage their finances.

They have never experienced what it's like to live in a tight financial situation, so they will act as they please with the money they have. For example, someone who was born into a very rich family (I'm not saying all of them, but some of them are). So they don't feel the difficulties that lead them to bitter experiences, so they can't learn from those experiences.
It's different if someone starts from the bottom and they have to work hard to be in a situation where their finances are very stable. Such people will usually be able to appreciate money more and they can manage their finances very well.
Money is an important factor in living life, so we have to be able to manage it well, or in other words, we have to be smart to appreciate the money we have.

[Miles2006]

Managing any business at that age (18) is surprising as he should not focus on the wealth neither the business at first, I will suggest they find someone who’s reliable and able to manage such business for the main time. I have seen several cases when a child fail to manage their late parent business etc after some time you observe the business is no longer functioning properly, I don’t think financial advice is necessary as the child needs a helping hand. It would have been more easier if the dad had educated the child before he passed away, there’s nothing wrong in educating your child about your asset, investment, business etc for future purpose like inheritance. From my opinion if there’s no reliable person to handle the business at that moment I advice the boy should settle for something else he can handle but, more preferable if he can continue the dad legacy.

[erep]

They have never experienced what it's like to live in a tight financial situation, so they will act as they please with the money they have. For example, someone who was born into a very rich family (I'm not saying all of them, but some of them are). So they don't feel the difficulties that lead them to bitter experiences, so they can't learn from those experiences.
It's different if someone starts from the bottom and they have to work hard to be in a situation where their finances are very stable. Such people will usually be able to appreciate money more and they can manage their finances very well.
Money is an important factor in living life, so we have to be able to manage it well, or in other words, we have to be smart to appreciate the money we have.

The fact is that many children of rich people have their own income and can manage their finances well because they have wealth from their parents and the support of many facilities that are used for educational purposes up to bachelor's degrees, from an early age they have been facilitated by international standard schools and take private lessons from professional teachers, knowledge they are above the average child, besides that they have access to jobs because their parents have a role in getting their children into government or company jobs. However, some children of rich people like you said above, they don't care about knowledge and they neglect useless activities, after their parents died they couldn't manage their finances wisely, they could only spend their wealth by lavishly buying expensive things and he doesn't think about what his financial condition will be like after he no longer has cash for living needs.

[Mahanton]

They have never experienced what it's like to live in a tight financial situation, so they will act as they please with the money they have. For example, someone who was born into a very rich family (I'm not saying all of them, but some of them are). So they don't feel the difficulties that lead them to bitter experiences, so they can't learn from those experiences.
It's different if someone starts from the bottom and they have to work hard to be in a situation where their finances are very stable. Such people will usually be able to appreciate money more and they can manage their finances very well.
Money is an important factor in living life, so we have to be able to manage it well, or in other words, we have to be smart to appreciate the money we have.

The fact is that many children of rich people have their own income and can manage their finances well because they have wealth from their parents and the support of many facilities that are used for educational purposes up to bachelor's degrees, from an early age they have been facilitated by international standard schools and take private lessons from professional teachers, knowledge they are above the average child, besides that they have access to jobs because their parents have a role in getting their children into government or company jobs. However, some children of rich people like you said above, they don't care about knowledge and they neglect useless activities, after their parents died they couldn't manage their finances wisely, they could only spend their wealth by lavishly buying expensive things and he doesn't think about what his financial condition will be like after he no longer has cash for living needs.

Thats one of the advantage when you do have everything specially when you are just that a student or young on where your parents could really give out all the things that you do need from education and other things on which you would really be able to open up yourself on different level of learnings or key areas on which it would really be something significant or would really be that useful into the things that you might be able to encounter or would really be tending to deal with in the future. Compared into those who are really just that average or lacking up those things then you would really be having that kind of advantage and there's no way that
we could really be having that equal acquiring of knowledge on each individual, this is why if you are someone on the other side which is having that less then it wont really be  that bad to look for those information on which it would really be something relevant.

In regarding into the situation then as a young millionaire then you would really be needing up that financial advisor on which could be telling him about on how to handle those inheritances.
I do agree into some points that you shouldnt really be letting any relatives on this space.

[boyptc]

Easy money that came is easier to spend because you didn't worked hard with that. We don't know on his case but maybe he'll give importance to that money.

It's best to hear him out and how's doing nowadays.

So, that's why he needs a real advisor on his case, it might be whoever that knows the cycle of the company or someone who's really great with money.

Those who get money easily will of course find it very difficult to manage it well so for them of course they really need a financial advisor to be able to help them manage their finances well so they don't spend it on things they don't need because if they don't use a financial advisor with their money what they have, of course this will be very unfortunate because it is very difficult for some people to manage their money well and for those who have experience in managing their finances well, it will certainly be easier for them to manage their finances.

A person that have just received inheritance will certainly have hard time for it. But if his dad is too wise at all, he'd be welcomed to his company when he's still young and got taught on how the operations were done.

And then aside from that, he'd able to get some tips on how to spend money.

If not, then that's the best that he can do and that's to get a financial advisor.

[letteredhub]

Money and power attracts the wrong people more than it does with the good, and it's very difficult for the main to know who's trustworthy and genuinely behind you for you and not for the money especially for a young lad. At such a young age with all of that money and assets the person in best positive to manage the affairs while I learn from behind is Mother.  Being mature and the only person that can't think of taking advantage of your gullibility everything with go just fine. I know artists who Mothers were their managers till they got to a matured and experienced stage to handle and tackle matters well enough and they made success without being cheated, example Justin Bieber though his wasn't that of an inheritance like the Op.

[stomachgrowls]

Money and power attracts the wrong people more than it does with the good, and it's very difficult for the main to know who's trustworthy and genuinely behind you for you and not for the money especially for a young lad. At such a young age with all of that money and assets the person in best positive to manage the affairs while I learn from behind is Mother.  Being mature and the only person that can't think of taking advantage of your gullibility everything with go just fine. I know artists who Mothers were their managers till they got to a matured and experienced stage to handle and tackle matters well enough and they made success without being cheated, example Justin Bieber though his wasn't that of an inheritance like the Op.

And this is where you should really be careful with because one wrong move then it would really be causing for you to lose up that huge chunks or parts of the inheritance that you have get from your father.
Just like on what others been saying above that it would really be that impossible that you wont really be thinking up about your future and on how you would be spending or simply managing the money you do have.
Of course at young age you might be considering on having that spending into some other things but sooner or later you would really be having those plans that you should be managing it well
if you dont like on losing it all.

I agree that getting a financial advisor would be the nearest or simplest solution that you would be considering. Dont let that inheritance would come to waste
just because you didnt handle it well. Getting in touch with relatives advises and concerns will really be just that putting you at trouble.

[Jody.Drummer]

Managing any business at that age (18) is surprising as he should not focus on the wealth neither the business at first, I will suggest they find someone who’s reliable and able to manage such business for the main time. I have seen several cases when a child fail to manage their late parent business etc after some time you observe the business is no longer functioning properly, I don’t think financial advice is necessary as the child needs a helping hand. It would have been more easier if the dad had educated the child before he passed away, there’s nothing wrong in educating your child about your asset, investment, business etc for future purpose like inheritance. From my opinion if there’s no reliable person to handle the business at that moment I advice the boy should settle for something else he can handle but, more preferable if he can continue the dad legacy.

Of course, because at that age a child usually has not reached the stage of perfect maturity, which means their mindset is still immature, while on the other hand managing a business is something that is not easy to do even if it is done by people who are used to it, and I will said that there is a difference between managing a business by someone who founded the business and someone who manages it when the business is already established or already running or is already big, because usually someone who manages it from the start must really know about various actions that should not be taken. .

This means that they are new people who are appointed by the business owner, regardless of whether they were appointed by their parents or not. They must really be willing to learn various things related to the business, such as in terms of management, risk management, strategies that need to be implemented or carried out during the business. weaken along with other things that may be needed, and the aim is as you said so that they do not become one of the people who make the same mistakes as other people who fail to manage the business inherited from their parents and in the end the business does not run.

[Gaza13]

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.

Yes, that's how it should be, if they have the uncles or aunts you mentioned above, of course they will not completely hand over to their children what their parents have built in the time required by their efforts which are not short. In my opinion, if he doesn't have relatives who are close to his father, like it or not, I think he should at least continue what his father built so that what his parents built doesn't just go to waste.

[Moreno233]

Those who get money easily will of course find it very difficult to manage it well so for them of course they really need a financial advisor to be able to help them manage their finances well so they don't spend it on things they don't need because if they don't use a financial advisor with their money what they have, of course this will be very unfortunate because it is very difficult for some people to manage their money well and for those who have experience in managing their finances well, it will certainly be easier for them to manage their finances.

A person that have just received inheritance will certainly have hard time for it. But if his dad is too wise at all, he'd be welcomed to his company when he's still young and got taught on how the operations were done.

And then aside from that, he'd able to get some tips on how to spend money.

If not, then that's the best that he can do and that's to get a financial advisor.

There is a popular practice in my country among the rich families in which they start teaching their children their line of business at a very tender age to prepare them to take over when they are done with studies. Even though all their heirs might not follow the same line of business, there must be someone to continue the family legacy and such is nurtured from a very young age and trained in school in line with the type of family business. This will ensure the family's wealth is protected and always transferred to the next generation and this practice is the reason some families are always rich from generation to generation.

[dezoel]

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.

Yes, that's how it should be, if they have the uncles or aunts you mentioned above, of course they will not completely hand over to their children what their parents have built in the time required by their efforts which are not short. In my opinion, if he doesn't have relatives who are close to his father, like it or not, I think he should at least continue what his father built so that what his parents built doesn't just go to waste.

That is possible because a child may not be in the legal age yet but if we can arrange things and make it possible, I think I will still choose my child over them because it's my pure blood and then our aunts and uncles can have a dirty secret that we don't know.

I already heard the same scenario like this in the past, so I'm only trying to be careful here and don't want the same thing to happen with me and my child. Each of us has our own rights and even if it's the want of our parents, we are really sorry but we can still be against with it and instead follow what our heart is saying because we know that we are going to be more happy and contented with it, than the other way around.

[RockBell]

He needs to get a true adviser on how he's going to spend that money. But if he has inherited a business, he should see himself fit on any of those position while being the successor of his pops.

We all will learn the lesson on this guy's story. Like to those that have been living with Bitcoin and have got decent amount of profits, you have to enjoy it as well.

It's not that we're going to live longer or forever but you have to take some of your profits before dawn comes to our lives because we don't know when it will come.

Being a millionaire at a young age comes with a lot of responsibility as result lact of experience to manage wealth, and one of the best financial advice is learn to resisting things that he spend money on . You can invest in a lot of asset classes like stocks, real estate, get shares and so on. Prioritize goals like purchasing homes, investing in education, get net business ideas to venture into. These will enable you get more profit and also help with good management of your money to a profitable avenue.

Being a millionaire at a young age paves way for greater success to become even a billionaire if he follows a good financial advice and also learn to spend his money wisely. Once a human is young the brain is vibrant and active so there is no limit to learning, education is the key to success so keep learning attend seminars, read books, follow financial talks it helps in boosting your knowledge of your financial capabilities.

[oktana]

If he doesn’t seem interested in the same business then he shouldn’t delve in the business. At least for a while, he can hire a manager if he’s not good enough to manage it. When he wishes, he can discuss with his mother about not wishing to continue the business and follow his own path. They can come up with a way to reshape the business or he could leave the business for her and go chase his own business. It’s important he doesn’t force himself into doing what he doesn’t wish to do because the end product is usually a reflection of the person and their passion.

[junmisakiro]

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.

Despite receiving a large inheritance, becoming a young millionaire also brings its own challenges and considerations, especially the challenge of independence, at a young age it can create challenges in building independence and a strong sense of responsibility for personal finances, as well as in facing pressure from the surrounding environment which has high expectations. on success and wealth management.
When running a legacy business, it is important to consider the business values ​​and ethics that will be held as the basis for managing the wealth.

[uswa56]

If he doesn’t seem interested in the same business then he shouldn’t delve in the business. At least for a while, he can hire a manager if he’s not good enough to manage it. When he wishes, he can discuss with his mother about not wishing to continue the business and follow his own path. They can come up with a way to reshape the business or he could leave the business for her and go chase his own business. It’s important he doesn’t force himself into doing what he doesn’t wish to do because the end product is usually a reflection of the person and their passion.

Choosing to run a business that we don't like is indeed very appropriate because no matter how difficult it is for us to force ourselves to learn it will not make us like it and this will be very detrimental to the business and if we choose someone else to be able to run the business it will certainly be better, however I think we have to be able to choose someone we can really trust because if we choose the wrong person who will run the business, of course this will cause us losses.
You are right that it would be better not to force ourselves to run a business that we really don't like and if it is possible we can look for a business idea that we like and start from scratch and the business that is already running will continue to be run by relying on people we can trust.

[Iranus]

Those who get money easily will of course find it very difficult to manage it well so for them of course they really need a financial advisor to be able to help them manage their finances well so they don't spend it on things they don't need because if they don't use a financial advisor with their money what they have, of course this will be very unfortunate because it is very difficult for some people to manage their money well and for those who have experience in managing their finances well, it will certainly be easier for them to manage their finances.

A person that have just received inheritance will certainly have hard time for it. But if his dad is too wise at all, he'd be welcomed to his company when he's still young and got taught on how the operations were done.

And then aside from that, he'd able to get some tips on how to spend money.

If not, then that's the best that he can do and that's to get a financial advisor.

There is a popular practice in my country among the rich families in which they start teaching their children their line of business at a very tender age to prepare them to take over when they are done with studies. Even though all their heirs might not follow the same line of business, there must be someone to continue the family legacy and such is nurtured from a very young age and trained in school in line with the type of family business. This will ensure the family's wealth is protected and always transferred to the next generation and this practice is the reason some families are always rich from generation to generation.

There are even some strict families who will force their children to learn business management from an early age. Many children may still be going to school every day but still have the ability to take over the family business at any time, and that is how families with a business tradition raise their children.

So let's not rush to give advice or judgments without clearly knowing the situation of the person the OP is talking about. Perhaps before his father passed away, he passed on all the knowledge about business to him, and perhaps he is a thousand times better than us in financial management and business operations. Don't underestimate him just because he's young and don't forget that he comes from a business family.

[Awak Bambi]

Easy money that came is easier to spend because you didn't worked hard with that. We don't know on his case but maybe he'll give importance to that money.

It's best to hear him out and how's doing nowadays.

So, that's why he needs a real advisor on his case, it might be whoever that knows the cycle of the company or someone who's really great with money.

Those who get money easily will of course find it very difficult to manage it well so for them of course they really need a financial advisor to be able to help them manage their finances well so they don't spend it on things they don't need because if they don't use a financial advisor with their money what they have, of course this will be very unfortunate because it is very difficult for some people to manage their money well and for those who have experience in managing their finances well, it will certainly be easier for them to manage their finances.

A person that have just received inheritance will certainly have hard time for it. But if his dad is too wise at all, he'd be welcomed to his company when he's still young and got taught on how the operations were done.

And then aside from that, he'd able to get some tips on how to spend money.

If not, then that's the best that he can do and that's to get a financial advisor.

Yes, of course, and what will most likely happen if he manages the inheritance is that the child will buy things that allow him to spend money, so that's why it's important for parents to teach how to manage money correctly and wisely so that the money is not used for other things. unnecessary thing, a financial advisor will not guarantee our finances well because trusting other people to hold or help us in power is very difficult, so from here we have to understand the economy or financial life, we have to be able to decide for ourselves whether it will be better.

[bangjoe]

If he doesn’t seem interested in the same business then he shouldn’t delve in the business. At least for a while, he can hire a manager if he’s not good enough to manage it. When he wishes, he can discuss with his mother about not wishing to continue the business and follow his own path. They can come up with a way to reshape the business or he could leave the business for her and go chase his own business. It’s important he doesn’t force himself into doing what he doesn’t wish to do because the end product is usually a reflection of the person and their passion.

I think if you just follow your own ego and look for what makes him interested in doing business is wrong in this case, my perspective is about the future and the development of the business that his father left, I think it's better to learn how his father's business runs because it will be the heart of his economy, if starting a new thing doesn't necessarily work and doesn't necessarily get what he wants in the business that makes him interested, don't pursue fashion too much in business because it doesn't necessarily mean it's good for you and what doesn't interest you who knows that it will bring you much success than his father. Don't include business with ego because it will never find common ground.

[Marvelockg]

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's a big trap for a young youth that's of the age of 18 to be exposed to such an amount of wealth when he isn't emotionally mature enough to handle such privilege and responsibility. As a father, he's supposed to work with trusted lawyers who will ensure that the wealth is safe till the boy is probably mature enough to handle it. Most people at the age of 18 will squander all the money and inheritance away because at that age, it's difficult to manage a huge fortune and you can't really trust people that much cause they will all come around to steal your wealth from you.

It's a complex state to find oneself in, especially when such responsibility comes at a time when you have no plans on the ground. The best thing would be to force yourself to trust someone. If you can't trust anyone and allow him to benefit a little from the wealth, you risk making everyone your enemy and you might not know who's coming to help or who's coming to harm you. Just look for someone you know your dad trusted while he was alive and talk things through with him. Most families wouldn't want you to make all the decisions on your own which will go on to complicate things but if you're interested in securing at least a portion of your father's wealth, you've got to decide that you must trust someone to walk with you through the process. Changing business because what your father is into isn't your interest will be the worst decision you will think of doing cause it's going to require selling off the company and starting building another from scratch with zero experience. If you're not able to run the business and can't find anyone to trust, another good option will be to sell the company and save up the money in the bank, preferably fixing it such that you can't access at least 90% of the wealth till you're 22 to 25. By then you should have gained some level of maturity that's needed to continue in your father's line of business or to create another of your Own