Topic: Financial Advice for a young millionaire - page 10. (Read 1857 times)

If a young inheritor is willing to learn and actively seeks knowledge and guidance, they can grow into the role over time, gaining the skills and experience needed to manage the business

Oh, when that person's situation is like that, he should be careful with the people who are close to him because that might be what will destroy him. You know people who, when they smell that you have a lot of money, suddenly become close to you, even though they are not really.

Being greedy does something different when they smell someone with a lot of money. He should be wise in handling the money left to him and learn to research first and study financial management so that what he inherited is not wasted, right?

If the father is a multi-millionaire then he should have financial advisors already who will come down the line to the kids once the inheritance passed. If not then having one is very important to decide how to manage the funds and if the person is not interested in working anymore then he should go for the passive investments like divdents that will give constact income.

If the business that is inherited is very large and the money circulating in it is also very large, then yes, the advice is clear, however, he must have good management of the company's money, make sure that any allocation of money is used for targeted things, and make sure to be careful and alert whenever you place your trust in people, including business partners, because usually money is a priority for everyone and sometimes business failure is usually always triggered by mistakes in managing money or carelessness in placing trust in someone (business partners) who ultimately put their trust in people who have evil intentions.

18 years old is an age that tends to still be childish or meaning that it has not really reached the mindset of mature maturity and clearly this can cause problems when making decisions, what is worried is that it is very likely that he will make careless decisions, and according to I'm too young to manage such a big business and it's too risky, but if for example they are someone who really wants to learn then maybe over time they can develop knowledge, skills and management which can become experience to become better in managing the company or business.

Money corrupts people, we all know that. A great deal of money that gives you the feeling that you can have and do anything cooul be dangerous for anyone not just such a young person.
So my advice would be that he should be aware that all this money could easy disappear one Day and that he still needs education and think about his future. Also he shouldn't be focused only on himself and spend only for luxury and pleasures but also share a part of this money for some good purpose.

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.

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.

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.

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.

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.

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. 

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

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.

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.

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.

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.

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.

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.

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.

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.