Financial Advice for a young millionaire

[justdimin]

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.

Truth be told, I have never been a millionaire, so I can't give advice to one, young or old. None of the people here are millionaires neither, unless proven otherwise, so getting advice from people who have never experienced this, will not be a good advice at all. I think the best thing we could talk about here would be just what we are lacking and what a millionaire may not lack.

For example I lack time, the 24 hours in a single day isn't enough for me, because I face so many issues all at once. Just today, literally since I woke up and it's barely noon, I had to wake up, take my dog to vet, because it needed shots, I had to take it for a walk, I had to go to hospital to sign some financial documents, and I came back home and started working on my job, all within 6 hours since I woke up. If I had more money, I would have probably find a way to make myself more time, by delegating some of the tasks to someone else.

[hyudien]

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.

I think everyone has thoughts like this, where they feel that the business they are running is a business that is not in line with their interests, and when that happens they will become lazy in building the business. If someone just follows everything they think then it will lead them down a dead end path in my opinion. because I feel that everyone will have or they will feel at a stage where they think that something they are doing is not good for them or is not in accordance with their wishes.
Well, we have to fight that feeling, because for me, no matter how comfortable we are in doing our work, there are times when we feel bored and fed up. I have experienced this, where I felt bored and I thought about leaving my job at that time, even though at the beginning I was comfortable with that job. But luckily I was able to fight what was bothering me, and after that it returned to normal. That's why I say that there is a phase where we will feel bored.

[Egii Nna]

Well, we have to fight that feeling, because for me, no matter how comfortable we are in doing our work, there are times when we feel bored and fed up. I have experienced this, where I felt bored and I thought about leaving my job at that time, even though at the beginning I was comfortable with that job. But luckily I was able to fight what was bothering me, and after that it returned to normal. That's why I say that there is a phase where we will feel bored.

Fighting this just requires identifying the real cause of the issues, which might be the environment that you are working in, the work load stress due to the work, which usually causes mental instability, and many other reasons. The first thing to consider is the reason so that you can tackle it without quitting your job because if you quit, no one will take your responsibility, so the best is just to find a solution. 
 
Although this happens most of the time to people that are working to get paid, the real owners don’t feel that, so I am still confused. That is why I want to know why it is that the poor always give up easily and the rich hardly give up on what they want. I don’t want to use the word lazy because no one is lazy; it deals with destiny and wisdom. That is why I use the word give up.

[hyudien]

Well, we have to fight that feeling, because for me, no matter how comfortable we are in doing our work, there are times when we feel bored and fed up. I have experienced this, where I felt bored and I thought about leaving my job at that time, even though at the beginning I was comfortable with that job. But luckily I was able to fight what was bothering me, and after that it returned to normal. That's why I say that there is a phase where we will feel bored.

Fighting this just requires identifying the real cause of the issues, which might be the environment that you are working in, the work load stress due to the work, which usually causes mental instability, and many other reasons. The first thing to consider is the reason so that you can tackle it without quitting your job because if you quit, no one will take your responsibility, so the best is just to find a solution. 
 
Although this happens most of the time to people that are working to get paid, the real owners don’t feel that, so I am still confused. That is why I want to know why it is that the poor always give up easily and the rich hardly give up on what they want. I don’t want to use the word lazy because no one is lazy; it deals with destiny and wisdom. That is why I use the word give up.

From what I have experienced, this happens because of continuous habits or our activities at work every day are just that, causing boredom which in the end triggers us to think about things that we don't really need to think about, such as stopping work and so on. There are many ways to overcome this, such as taking time off and going on holiday, creating a new atmosphere ourselves and so on.
Once again, things like this can actually be fought if we can think with a cool head, because usually what makes things worse is when we think when we can't get our heads to think clearly.
However, this is a piece of advice, because the person who will make the decision will be ourselves. Don't let us regret the decisions we take later, that's what is dangerous in my opinion. Whatever happens, we must be able to think clearly, it is better to leave all activities when we feel something like that to make us fresher.

[Gladitorcomeback]

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.

I don't see any reason for someone to get into a business they don't like, at the end of the day, it's your choice. It's not like you are doing a job and you will need to do it even if you don't like it because you need money, it's a business and it's your business, you are the one who is spending money on it and it should be what you like doing and not something you never liked.

Some people might get into businesses they don't like only because of the revenue those businesses can generate for them but as you said, such people would hire professionals to manage those businesses and they would only visit maybe once in a month to see how things are going.

The key to a successful business is to start a business that you understand very well so that you can know what's happening in your business if things aren't working out.

[Litzki1990]

I need enough financial support to give financial advice. If I don't have a good financial situation, I can't give any advice to other people because then they will only say one thing, what advice would a person who is not in a good financial situation give me? If I ever become a millionaire, I will definitely share my success story with others and discuss how to start a small business with little capital and become successful. 

This period between 18 and 22 years is very important because your career may change due to some decisions you make during this period. If I take a wrong decision at this time of life, then at some stage of my life I will definitely regret why I did not take the right decision at that time. So one should not avoid those who give various financial advices but should listen to them carefully and then act accordingly.

[khiholangkang]

I would advise the young millionaire to do a business that he knows and understands how it works and make it something big, because he has good financial fundamentals from his late father, he should continue it, but if he doesn't want to maybe he can use someone else's hands to manage it and he starts another business that he understands and he understands and of course he wants to achieve success in the field that he is interested in without having to leave his late father's business.


The fear of the young person is that he doesn't care about business and he wants to spend his money blindly, sometimes young people with their emotions and social style as well as the privileges they have make them a very bad person if they don't understand finance and don't have a view of the future.

[Hamphser]

I would advise the young millionaire to do a business that he knows and understands how it works and make it something big, because he has good financial fundamentals from his late father, he should continue it, but if he doesn't want to maybe he can use someone else's hands to manage it and he starts another business that he understands and he understands and of course he wants to achieve success in the field that he is interested in without having to leave his late father's business.


The fear of the young person is that he doesn't care about business and he wants to spend his money blindly, sometimes young people with their emotions and social style as well as the privileges they have make them a very bad person if they don't understand finance and don't have a view of the future.

If you do get something big when it comes to inheritance then at the moment that you are on the age that you've been aware on how business or investment works then pretty sure this would really be your first consideration but if you are someone who isnt really that mature enough on making investment or being aware of it then you would definitely be ending up on using those inheritance funds into waste.
This is why it would really be just that depending on how well aware you are on things because if you are someone who would really be not mindful about the future then you wont
really be just that serious on trying out to do thing accordingly or what must be done.

It cant really be avoided that there would really be those mistakes because you are lacking of knowledge of it on which its normal and this is why it would
be ideal that you should be seeking out some advise for a professional. I do agree into those suggestions that never ever trust your relatives when it comes to this.

[C10H15N]

Advice is almost a useless commodity.  Wise men don’t need it and fools won’t heed it.

[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.

It really depends on the level of financial education and intelligence the person has accrued already. Even then, an 18 year old is likely to be more reckless and unfamiliar with trickery people might use to take their money. It might be wise to cut it up into pots that are inaccessible, like fixed length securities. Leave 100k uninvested, which can be used for day to day spending and a little splurging, put 500k into a one or two year financial instrument that is inaccessible for the fixed period (while still paying interest) and put the remainder into a five year fixed instrument. This gives two opportunities to learn from bad mistakes which can happen often when you're younger.

[slapper]

Well, we have to fight that feeling, because for me, no matter how comfortable we are in doing our work, there are times when we feel bored and fed up. I have experienced this, where I felt bored and I thought about leaving my job at that time, even though at the beginning I was comfortable with that job. But luckily I was able to fight what was bothering me, and after that it returned to normal. That's why I say that there is a phase where we will feel bored.

Fighting this just requires identifying the real cause of the issues, which might be the environment that you are working in, the work load stress due to the work, which usually causes mental instability, and many other reasons. The first thing to consider is the reason so that you can tackle it without quitting your job because if you quit, no one will take your responsibility, so the best is just to find a solution. 
 
Although this happens most of the time to people that are working to get paid, the real owners don’t feel that, so I am still confused. That is why I want to know why it is that the poor always give up easily and the rich hardly give up on what they want. I don’t want to use the word lazy because no one is lazy; it deals with destiny and wisdom. That is why I use the word give up.

From what I have experienced, this happens because of continuous habits or our activities at work every day are just that, causing boredom which in the end triggers us to think about things that we don't really need to think about, such as stopping work and so on. There are many ways to overcome this, such as taking time off and going on holiday, creating a new atmosphere ourselves and so on.
Once again, things like this can actually be fought if we can think with a cool head, because usually what makes things worse is when we think when we can't get our heads to think clearly.
However, this is a piece of advice, because the person who will make the decision will be ourselves. Don't let us regret the decisions we take later, that's what is dangerous in my opinion. Whatever happens, we must be able to think clearly, it is better to leave all activities when we feel something like that to make us fresher.

If your 9 to 5 grinds you out, perhaps it's not the job, but rather the way you've been conditioned to view it. You are destroying your spirit because you have become habituated to monotony. Time to add some little adventures to your day. Don't think of your tasks as chores, think of them as mini-missions. That report on TPS? It's a tactical goal, not a paper that will kill your soul. You're not just refilling the coffee machine, you're supplying the caffeine fuel for the entire workforce. Make your daily existence seem like a fresh episode, not a worn-out repeat. But this isn't about escaping to some tropical island every time you feel bored. It's about finding the extraordinary in the ordinary

Are we all chasing more: more money, more success, more Instagram likes? It's absurd. Though you never really go anyplace significant, you run and run. You must constantly stand back and reconsider. You actually want what? What truly matters? You will begin to perceive your life differently once you can respond to those questions. And trust me, a fresh perspective is better than any vacation

[khiholangkang]

I would advise the young millionaire to do a business that he knows and understands how it works and make it something big, because he has good financial fundamentals from his late father, he should continue it, but if he doesn't want to maybe he can use someone else's hands to manage it and he starts another business that he understands and he understands and of course he wants to achieve success in the field that he is interested in without having to leave his late father's business.


The fear of the young person is that he doesn't care about business and he wants to spend his money blindly, sometimes young people with their emotions and social style as well as the privileges they have make them a very bad person if they don't understand finance and don't have a view of the future.

If you do get something big when it comes to inheritance then at the moment that you are on the age that you've been aware on how business or investment works then pretty sure this would really be your first consideration but if you are someone who isnt really that mature enough on making investment or being aware of it then you would definitely be ending up on using those inheritance funds into waste.
This is why it would really be just that depending on how well aware you are on things because if you are someone who would really be not mindful about the future then you wont
really be just that serious on trying out to do thing accordingly or what must be done.

It cant really be avoided that there would really be those mistakes because you are lacking of knowledge of it on which its normal and this is why it would
be ideal that you should be seeking out some advise for a professional. I do agree into those suggestions that never ever trust your relatives when it comes to this.

The first row is something that is indeed feared to happen in a position where he is not ready because of unfamiliarity with the business world or financial matters because previously he might only go to school and get to know general learning, also of course playing and others with his life that has many facilities from his father, unless indeed he has received financial education from his father since childhood but I doubt that a little.

Taking family members to manage is also not a problem as long as they work well and honestly, apart from that, usually rich people have private notaries and private lawyers to protect their father's wealth from families who try to steal it, but if the family cannot be trusted it is better to hire professionals to manage the business with good supervision.

[uneng]

Truth be told, I have never been a millionaire, so I can't give advice to one, young or old. None of the people here are millionaires neither, unless proven otherwise, so getting advice from people who have never experienced this, will not be a good advice at all. I think the best thing we could talk about here would be just what we are lacking and what a millionaire may not lack.

Yes, that is the kind of advice which must come from someone who has already had access to millions of dollars, as he will have the experience to answer that question accurately. Most of us here, if not everyone, would also need such advices if we were in the shoes of the young hypothetical millionaire. We can imagine what we could do with a big sum of money, but it's just speculation.

The truth is that reality would be totally different and we would feel lost and unsure on what to do. Probably to seek for a professional financial advisor would be a good idea. Personally, I wouldn't trust random people on the internet regards what to do with millions of dollars... To invest in Bitcoin would be a certain thing to do, but not with the whole money disponible.

[milewilda]

Advice is almost a useless commodity.  Wise men don’t need it and fools won’t heed it.

Well said, if you are someone whose really have that kind of financial capacity due to inheritance then it would be that no brainer that you would be thinking up next
on how you would really be handing out the business on where your father had started on which it would really be just that a normal approach that you would be making up
those kind of studies or even into those own discoveries on the methods that on where you do know on where you are starting up. Yes, it would be hard but you would really be rather
prefer on going solo rather than on making yourself that asking with your relatives.

Just like on what others been saying on here on which i do agree that one of the main persons that would be wishing that you would go down or bankrupt
are your relatives just because on the moment that they've seen that you are on a good financial situation then they would really be hoping for
you to go down.