Financial Advice for a young millionaire

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Quote from: iBaba on April 17, 2024, 03:30:18 AM

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?

Simple and if he intends to continue his parent's business then learn it first so that when he takes over he can understand more about the business. He can learn from his father's trusted people and continue to gather the information needed so that the business can grow further.

Quote from: iBaba on April 17, 2024, 03:30:18 AM

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.

If he is not interested in continuing his parent's business then for now he needs to recognize his character and also must be able to see what opportunities he can develop because if he does not have a mature plan then the inheritance given by his father could be used up in places that are not productive. Children who are 18 years old generally have immature thinking and still behave like children in general who are not yet able to take responsibility for themselves.

Moreover, if faced with business, then they certainly need to be controlled well so as not to make mistakes. The role and education of their parents will be influential and if their father never taught them to do business, then I am sure the child will not be able to continue or build their own business at that age.

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Quote from: Oluwa-btc on December 05, 2024, 11:48:38 PM

Focusing on financial matters is crucial.He/she could do better and grow faster while educating herself based on financial management,money,investment and debts etc.There are so many rich people but only few can analyze and make a proper decision pertaining to money and finances.Financial education is good and necessary;a properly financial educated person is open to new opportunities and productivity in business.

It is a good lesson about maximizing the finances we have, in order to make spending more useful and beneficial, it is necessary to consider before spending money, because it is a valuable asset by looking at the potential for progress in the future or including efforts to always think more it is a decision that needs to be taken for the future.

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Quote from: Fortify on December 05, 2024, 04:17:15 PM

Quote from: iBaba on April 17, 2024, 03:30:18 AM

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.

Sensible advice would be to figure out how to lock the money away for 3-5 years while the implications of the wealth sink in. Get them to go out into the world and work a minimum wage type job if they cannot get anything better.

lucking up the fund is a good decision to be made since he is not matured enough to handle effective utilization of such amount of money but then, suggesting that he starts a minimal work to sustain himself is what i don't think is the best decision he ought to take at that point. if the dad was alive, I'm sure he would not work till he has gotten the basic knowledge that will help him mange that wealth effectively and now that the father is completely out of the equation, it becomes more important that he does same and work on self development rather than spending his time to earn some money he already have in abundance.

it will be best that he take out a portion of the money, at least 5% while he luck the rest, use it to take care of his education and knowledge acquisition for the period he is going to luck the money for until he is able to figure thing out so if he is investing into a totally different sector he should have gotten enough knowledge that will help him succeed in that field.

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Quote from: shinratensei_ on April 17, 2024, 07:22:03 AM

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.

Focusing on financial matters is crucial.He/she could do better and grow faster while educating herself based on financial management,money,investment and debts etc.There are so many rich people but only few can analyze and make a proper decision pertaining to money and finances.Financial education is good and necessary;a properly financial educated person is open to new opportunities and productivity in business.

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Quote from: iBaba on April 17, 2024, 03:30:18 AM

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.

Sensible advice would be to figure out how to lock the money away for 3-5 years while the implications of the wealth sink in. Get them to go out into the world and work a minimum wage type job if they cannot get anything better. It's very easy not to understand the value of money at that age, so what could set someone up for a carefree lifestyle might blow it all in just a few months if they do not understand the power it gives. The little bit of value that the money loses to inflation will be insignificant compared to the great lesson that needs to be learned. It is likely that the person leaving this money behind took their whole lifetime to accrue it, so it would be respectful not to let it be wasted too quick.y

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Quote from: junder on December 04, 2024, 06:57:25 PM

Quote from: kotajikikox on November 30, 2024, 07:24:04 AM

~

In our eyes, investment is indeed one of the important things in our lives. But we know that everyone's circumstances are different, whether it's their financial situation, needs or economy and others. Not everyone can invest, besides requiring capital funds, good knowledge capital is also needed, people who work hard may spend their time working and the rest to support their families until they have no thoughts at all to invest.

I agree with what you said about this investment being the key to life. Maybe only people who have stable finances can invest, besides that there are people who are reluctant to do risky things like this investment. My advice when finances are stable, it would be better to invest as long as the roots are clear.

I also appreciate the importance of investing because I am also a bitcoin investor like you but I want to say that it all depends on each person's situation, preferences...and there are many ways to become rich or have a stable life, not just investing.

The truth is most of us here are bitcoin investors but how many of us become rich and have a stable life? Meanwhile, I have many well-off, even wealthy friends who don't care about bitcoin or any investment. Not only my friends, I believe that many other people in the world are also having stable and prosperous lives in other fields such as business...not just those who are investors are rich. So I don't agree that investment is the key to life or the future, knowledge is the key.

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Quote from: uche6215 on November 30, 2024, 01:18:18 AM

Quote from: iBaba on April 17, 2024, 03:30:18 AM

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 young millionaire should think of investment as that is the best way forward moving forward because it is what is going to sustain the money even if the young millionaire is not interested in the same line of business as the father he should look for another type of business where he is familiar with and invest into it because at that age there are allot of temptation among the youths and the tendency to sconder the wealth is there as youths that age will like to party and waste the money involved

Only relying on traditional investment could limit the potential profit. Many young investors are aware of alternative assets such as Crypto and AI, and clean energy tech that have great growth potential in the future. These can give them diversification and better returns compared to just sticking with traditional stocks and bonds. It may also be very archaic to assume that youth means reckless spending. For instance, Generation Z is generally more financially conscious and often chooses sustainability and value over conspicuous consumption.

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Quote from: kotajikikox on November 30, 2024, 07:24:04 AM

No matter where your line of job falls in, investment are key in life. I have known people who didn’t even have businesses and worked a 9-5 but were still interested in investing. You don’t need to be extremely wealthy to look for an investment. If you are however very wealthy, you are put in a more advantageous position as you will have a wider array of choices for your investments since most likely money is and will never be a problem. If you want to make your money grow, pick out a good investment.

In our eyes, investment is indeed one of the important things in our lives. But we know that everyone's circumstances are different, whether it's their financial situation, needs or economy and others. Not everyone can invest, besides requiring capital funds, good knowledge capital is also needed, people who work hard may spend their time working and the rest to support their families until they have no thoughts at all to invest.

I agree with what you said about this investment being the key to life. Maybe only people who have stable finances can invest, besides that there are people who are reluctant to do risky things like this investment. My advice when finances are stable, it would be better to invest as long as the roots are clear.

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Quote from: iBaba on April 17, 2024, 03:30:18 AM

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.

In my opinion, this is a very simple question. I would advise this guy not to look for any investment assistants, because scammers are like flies and will try to get his money with any promises. It is best for this guy to learn how to invest in the most secure, albeit low-income cryptocurrencies and projects.
And over time, he will learn to understand absolutely any projects and become a real good investor.

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Quote from: iBaba on April 17, 2024, 03:30:18 AM

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 young man don't need to run his late father's textile company by himself, he can employ professionals in the industry who have good reputations in the industry. His day to day physical presence is not necessary if he has capable and trusted management to run the textile company. If his interests is in other types of establishments, then he can pursue his dream and find time to overseeing his late father's textile business. But the clause is finding trusted people to run the textile business, if he doesn't find capable professionals to run it, then he can either make compromises and manage the company himself or sale it if what he wants to go into looks promising.

eightdots

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Quote from: Cookdata on December 03, 2024, 01:35:32 PM

Quote from: tottong on December 01, 2024, 11:04:56 PM

Parents must have the ability to predict the future of their children and as much as possible they can recognize the character of the child who has what abilities, in that way they can provide suitability to the child and it will be easier to direct their talents where.
If the child does not like doing business but the parents still force it, then most likely the business will not succeed and vice versa the business that was previously successful will not develop.
Children must be directed according to their skills and parents must know what skills their children have.
The mistake of our parents is that they direct their children according to their wishes instead of encouraging their children to the skills they have so that children are forced to follow their parents' wishes and in the end they will have difficulty achieving success in careers.

As long as you are just an ordinary person like me, I'm not sure it's possible for anyone to predict the future of children, you can only see the characters they have which as a parent you can make amendment, that's one of the purpose of the parents in the first place, reshape them into been good child while they are young since they can be corrected from that stage but you you should choose who they become, as a parent you can only lead them through a good path.

What every parent should do is to make support what they do. I will never spoilt my child with money but I will elevate the business or husle in ever way I can and I'm not doing that in anticipation of getting something later in the future because that's what some parent do this days, they are doing things for their kids so when they get to old age, they expect special treatment which is wrong. If you love your child and treat them well, they will never leave you behind.

It is not easy for parents to predict their children's future. Things that happen over time can change a lot. Parents can guide their children according to their talents, but after a while, children take the forms they want. Ensuring that children are directed to the field they want and providing them with the opportunity to develop their talents are behaviors that parents should do.

Parents should not have any return or expectation after the behaviors or help they give their children. The important thing is for children to grow up as good individuals and be ready for life.

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Quote from: tottong on December 01, 2024, 11:04:56 PM

Parents must have the ability to predict the future of their children and as much as possible they can recognize the character of the child who has what abilities, in that way they can provide suitability to the child and it will be easier to direct their talents where.
If the child does not like doing business but the parents still force it, then most likely the business will not succeed and vice versa the business that was previously successful will not develop.
Children must be directed according to their skills and parents must know what skills their children have.
The mistake of our parents is that they direct their children according to their wishes instead of encouraging their children to the skills they have so that children are forced to follow their parents' wishes and in the end they will have difficulty achieving success in careers.

As long as you are just an ordinary person like me, I'm not sure it's possible for anyone to predict the future of children, you can only see the characters they have which as a parent you can make amendment, that's one of the purpose of the parents in the first place, reshape them into been good child while they are young since they can be corrected from that stage but you you should choose who they become, as a parent you can only lead them through a good path.

What every parent should do is to make support what they do. I will never spoilt my child with money but I will elevate the business or husle in ever way I can and I'm not doing that in anticipation of getting something later in the future because that's what some parent do this days, they are doing things for their kids so when they get to old age, they expect special treatment which is wrong. If you love your child and treat them well, they will never leave you behind.

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Well first of all don't be carried away, the money you have isn't inexhaustible, if you don't make plans to create something that will constantly generate income for you it's very possible for you to go broke in the long run. You can buy stocks, learn how to trade forex, learn how to trade crypto. The goal is to put your money into something that can multiply while you are asleep. Life isn't always about working hard sometimes you have to work smart and having money makes this easy. Focus more on having accets instead of mondane and overly expensive material things.

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Quote from: Xcode7 on December 01, 2024, 09:36:39 AM

I agree with that, we should not just focus on continuing the business that is already running because if we do not have the skills then it is very possible that the business will collapse even though it used to dominate the market share, I say this because I have experienced it in my extended family and the ones who should be blamed are the parents who do not teach their children from an early age to prepare them for the business that they have built.

Parents must have the ability to predict the future of their children and as much as possible they can recognize the character of the child who has what abilities, in that way they can provide suitability to the child and it will be easier to direct their talents where.
If the child does not like doing business but the parents still force it, then most likely the business will not succeed and vice versa the business that was previously successful will not develop.
Children must be directed according to their skills and parents must know what skills their children have.
The mistake of our parents is that they direct their children according to their wishes instead of encouraging their children to the skills they have so that children are forced to follow their parents' wishes and in the end they will have difficulty achieving success in careers.

Oluwa-btc

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Quote from: iBaba on April 17, 2024, 03:30:18 AM

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?

Necessarily my advice goes to the area of lavishing and bad friends. Often times such persons that got this priveledge of transfer of wealth from parents usually don't have their heads down to earth and they feel the world is on top of them, but if he/she can be very discipline in spending and avoiding bad friends then he can go along way in making good use of it's inheritance.

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Quote from: Xcode7 on December 01, 2024, 09:36:39 AM

I agree with that, we should not just focus on continuing the business that is already running because if we do not have the skills then it is very possible that the business will collapse even though it used to dominate the market share, I say this because I have experienced it in my extended family and the ones who should be blamed are the parents who do not teach their children from an early age to prepare them for the business that they have built.

The focus that must be on every entrepreneur or in other words, a businessman who is independent is to focus on making his business more advanced and eventually being able to open branches in other areas. Because something like that actually should not immediately blame our own parents, especially if our parents have no experience in any business field during their lives. But we can find out for ourselves about the ways we need because someone who is truly independent will definitely not rely on the advice of their parents or the advice of others, but he will try himself to find the best way to advance the business he is running.

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Quote from: tottong on November 27, 2024, 10:45:02 PM

I don't really understand the business but if a child is not taught to do business before being trusted to manage it then the business that is run will not necessarily be successful.
He is not interested in the business left by his father and it is certain that he will not be so interesting to develop it.
We also need to know his educational background so that we can have more information that we can discuss, it would be good for every parent to teach education in running a business so that when he is gone the child will be much easier to develop.

Expertise will determine the level of success of the business left by his father and if his ability is not there then it is impossible for the business to grow much more because there will be competitors who try to beat his business to become less developed.

I agree with that, we should not just focus on continuing the business that is already running because if we do not have the skills then it is very possible that the business will collapse even though it used to dominate the market share, I say this because I have experienced it in my extended family and the ones who should be blamed are the parents who do not teach their children from an early age to prepare them for the business that they have built.

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Quote from: kotajikikox on November 30, 2024, 07:24:04 AM

Quote from: uche6215 on November 30, 2024, 01:18:18 AM

The young millionaire should think of investment as that is the best way forward moving forward because it is what is going to sustain the money even if the young millionaire is not interested in the same line of business as the father he should look for another type of business where he is familiar with and invest into it because at that age there are allot of temptation among the youths and the tendency to sconder the wealth is there as youths that age will like to party and waste the money involved

No matter where your line of job falls in, investment are key in life. I have known people who didn’t even have businesses and worked a 9-5 but were still interested in investing. You don’t need to be extremely wealthy to look for an investment. If you are however very wealthy, you are put in a more advantageous position as you will have a wider array of choices for your investments since most likely money is and will never be a problem. If you want to make your money grow, pick out a good investment.

Talking about investing in the end not everyone can do it because in some cases especially for those who are in even more difficult conditions and only enough to support themselves in their daily lives it seems that investing is a very difficult thing to do so even though what you say is true but in the end investing is also not as easy as imagined.

But even so we have to take our hats off to those who are indeed in difficult conditions in an economy that is now in bad shape but are still able to invest according to their abilities from the spare money they get every month.
Indeed, when talking about rich it is a relative thing and we only need to do what we can do to achieve our own version of rich and indeed if it can still be done with investment of course it will be a very good thing.

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Quote from: Yucky on November 27, 2024, 10:36:30 AM

Taking up family business and responsibility at 18 can be overwhelming. It requires a certain level of maturity and grace to handle. I'd advice is to stay close to his mom, as she will always be there to advise and support him. She wouldn't wish bad for him or want her late husband's legacy business to crumble.

Secondly, getting a financial advisor is crucial. If he doesn't trust his dad's lawyer, a financial advisor can educate him on managing finances, investing, and growing the business. This might help him develop a passion for the business.

Since he's young, he might not be able to handle everything, he should stay in constant communication with his mom and get a financial advisor. Together, they can find a manager to run the business until he's old enough to decide whether to take over full-time or continue with his path. Having a financial advisor is very important in this situation.

Taking up a family business even at 40 is very difficult, things aren't as easy as it looks from outside, too many legal stuff happens that causes too many economical decisions and if you make even one of them wrong, you take a step back for months, and in this economy it's very hard to recover from that.

I agree with financial advisor, pick a good one though, not some useless one looking to get paid, a professional that has a proven record is a must, when you are that young, it's very hard to admit that you don't know anything, most people at that age will think they know it all, so being humble is important while still having a lookout for whoever is helping you. On the long run, we can't really consider this as a good situation to be in.

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Quote from: uche6215 on November 30, 2024, 01:18:18 AM

The young millionaire should think of investment as that is the best way forward moving forward because it is what is going to sustain the money even if the young millionaire is not interested in the same line of business as the father he should look for another type of business where he is familiar with and invest into it because at that age there are allot of temptation among the youths and the tendency to sconder the wealth is there as youths that age will like to party and waste the money involved

No matter where your line of job falls in, investment are key in life. I have known people who didn’t even have businesses and worked a 9-5 but were still interested in investing. You don’t need to be extremely wealthy to look for an investment. If you are however very wealthy, you are put in a more advantageous position as you will have a wider array of choices for your investments since most likely money is and will never be a problem. If you want to make your money grow, pick out a good investment.

Topic: Financial Advice for a young millionaire (Read 1845 times)