Financial Advice for a young millionaire

[stomachgrowls]

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

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

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

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[White pawn]

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

[wiss19]

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

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

[moneystery]

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

[fuguebtc]

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

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

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

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

[Jody.Drummer]

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

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

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

[GiftedMAN]

What financial advice would you give to a young boy, probably, at the age of 18 who just received a whole lots of money from the inheritance of his late father who was a trader and multimillionaire in the textile industry?

The boy is the only child of the widower and does not seem to be interested in the same line of business and even when he does, he requires more maturity to be able to manage the business such as graduating from the college, etc.

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

[coinerer]

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

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

[Yatsan]

What financial advice would you give to a young boy, probably, at the age of 18 who just received a whole lots of money from the inheritance of his late father who was a trader and multimillionaire in the textile industry?

The boy is the only child of the widower and does not seem to be interested in the same line of business and even when he does, he requires more maturity to be able to manage the business such as graduating from the college, etc.

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

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

[Fortify]

What financial advice would you give to a young boy, probably, at the age of 18 who just received a whole lots of money from the inheritance of his late father who was a trader and multimillionaire in the textile industry?

The boy is the only child of the widower and does not seem to be interested in the same line of business and even when he does, he requires more maturity to be able to manage the business such as graduating from the college, etc.

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

[Volimack]

What financial advice would you give to a young boy, probably, at the age of 18 who just received a whole lots of money from the inheritance of his late father who was a trader and multimillionaire in the textile industry?

The boy is the only child of the widower and does not seem to be interested in the same line of business and even when he does, he requires more maturity to be able to manage the business such as graduating from the college, etc.

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

[Strongkored]

What financial advice would you give to a young boy, probably, at the age of 18 who just received a whole lots of money from the inheritance of his late father who was a trader and multimillionaire in the textile industry?

The boy is the only child of the widower and does not seem to be interested in the same line of business and even when he does, he requires more maturity to be able to manage the business such as graduating from the college, etc.

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

[teamsherry]

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

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

[DabsPoorVersion]

What financial advice would you give to a young boy, probably, at the age of 18 who just received a whole lots of money from the inheritance of his late father who was a trader and multimillionaire in the textile industry?

The boy is the only child of the widower and does not seem to be interested in the same line of business and even when he does, he requires more maturity to be able to manage the business such as graduating from the college, etc.

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

[Mame89]

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

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

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

[angrybirdy]

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

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

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

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

[barisbilgili]

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

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

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

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

Want or not business from the family must continue to be run and about it can or not necessarily there is still time to study while still young.
It is true that we can give advice to anyone without waiting to be so or become a billionaire but with open thinking and different situations make us more free to see from a broader view so that it can provide input that may be good and can be accepted.

Management of financial is not an easy thing especially when still young with the many influences from young people who choose to stay in a comfort zone make it difficult for someone to get up and try to be able to manage business or finance so that it can remain stable.
And I think this is going or but a necessity that must be carried out consciously and responsibly.

[summonerrk]

What financial advice would you give to a young boy, probably, at the age of 18 who just received a whole lots of money from the inheritance of his late father who was a trader and multimillionaire in the textile industry?

The boy is the only child of the widower and does not seem to be interested in the same line of business and even when he does, he requires more maturity to be able to manage the business such as graduating from the college, etc.

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

[slapper]

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

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

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

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

[Baki202]

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

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