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.