Financial Advice for a young millionaire

[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.

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[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.