Topic: Financial Advice for a young millionaire - page 2. (Read 1472 times)
If he doesn’t seem interested in the same business then he shouldn’t delve in the business. At least for a while, he can hire a manager if he’s not good enough to manage it. When he wishes, he can discuss with his mother about not wishing to continue the business and follow his own path. They can come up with a way to reshape the business or he could leave the business for her and go chase his own business. It’s important he doesn’t force himself into doing what he doesn’t wish to do because the end product is usually a reflection of the person and their passion.
He needs to get a true adviser on how he's going to spend that money. But if he has inherited a business, he should see himself fit on any of those position while being the successor of his pops.
We all will learn the lesson on this guy's story. Like to those that have been living with Bitcoin and have got decent amount of profits, you have to enjoy it as well.
It's not that we're going to live longer or forever but you have to take some of your profits before dawn comes to our lives because we don't know when it will come.
We all will learn the lesson on this guy's story. Like to those that have been living with Bitcoin and have got decent amount of profits, you have to enjoy it as well.
It's not that we're going to live longer or forever but you have to take some of your profits before dawn comes to our lives because we don't know when it will come.
Being a millionaire at a young age comes with a lot of responsibility as result lact of experience to manage wealth, and one of the best financial advice is learn to resisting things that he spend money on . You can invest in a lot of asset classes like stocks, real estate, get shares and so on. Prioritize goals like purchasing homes, investing in education, get net business ideas to venture into. These will enable you get more profit and also help with good management of your money to a profitable avenue.
Being a millionaire at a young age paves way for greater success to become even a billionaire if he follows a good financial advice and also learn to spend his money wisely. Once a human is young the brain is vibrant and active so there is no limit to learning, education is the key to success so keep learning attend seminars, read books, follow financial talks it helps in boosting your knowledge of your financial capabilities.
Does those child not have other close relatives such as uncles or aunts? Usually those who are born as sole heirs have uncles or aunts who always stick to their parents' business and that often happens, I'm confused about what advice to give to that child, if he has good close relatives then he can continue the business he inherited his father but if he has evil relatives, he would be better off selling the business and going to college.
Yes, that's how it should be, if they have the uncles or aunts you mentioned above, of course they will not completely hand over to their children what their parents have built in the time required by their efforts which are not short. In my opinion, if he doesn't have relatives who are close to his father, like it or not, I think he should at least continue what his father built so that what his parents built doesn't just go to waste.I already heard the same scenario like this in the past, so I'm only trying to be careful here and don't want the same thing to happen with me and my child. Each of us has our own rights and even if it's the want of our parents, we are really sorry but we can still be against with it and instead follow what our heart is saying because we know that we are going to be more happy and contented with it, than the other way around.
Those who get money easily will of course find it very difficult to manage it well so for them of course they really need a financial advisor to be able to help them manage their finances well so they don't spend it on things they don't need because if they don't use a financial advisor with their money what they have, of course this will be very unfortunate because it is very difficult for some people to manage their money well and for those who have experience in managing their finances well, it will certainly be easier for them to manage their finances.
A person that have just received inheritance will certainly have hard time for it. But if his dad is too wise at all, he'd be welcomed to his company when he's still young and got taught on how the operations were done. And then aside from that, he'd able to get some tips on how to spend money.
If not, then that's the best that he can do and that's to get a financial advisor.
Does those child not have other close relatives such as uncles or aunts? Usually those who are born as sole heirs have uncles or aunts who always stick to their parents' business and that often happens, I'm confused about what advice to give to that child, if he has good close relatives then he can continue the business he inherited his father but if he has evil relatives, he would be better off selling the business and going to college.
Yes, that's how it should be, if they have the uncles or aunts you mentioned above, of course they will not completely hand over to their children what their parents have built in the time required by their efforts which are not short. In my opinion, if he doesn't have relatives who are close to his father, like it or not, I think he should at least continue what his father built so that what his parents built doesn't just go to waste. 
Managing any business at that age (18) is surprising as he should not focus on the wealth neither the business at first, I will suggest they find someone who’s reliable and able to manage such business for the main time. I have seen several cases when a child fail to manage their late parent business etc after some time you observe the business is no longer functioning properly, I don’t think financial advice is necessary as the child needs a helping hand. It would have been more easier if the dad had educated the child before he passed away, there’s nothing wrong in educating your child about your asset, investment, business etc for future purpose like inheritance. From my opinion if there’s no reliable person to handle the business at that moment I advice the boy should settle for something else he can handle but, more preferable if he can continue the dad legacy.
Of course, because at that age a child usually has not reached the stage of perfect maturity, which means their mindset is still immature, while on the other hand managing a business is something that is not easy to do even if it is done by people who are used to it, and I will said that there is a difference between managing a business by someone who founded the business and someone who manages it when the business is already established or already running or is already big, because usually someone who manages it from the start must really know about various actions that should not be taken. .This means that they are new people who are appointed by the business owner, regardless of whether they were appointed by their parents or not. They must really be willing to learn various things related to the business, such as in terms of management, risk management, strategies that need to be implemented or carried out during the business. weaken along with other things that may be needed, and the aim is as you said so that they do not become one of the people who make the same mistakes as other people who fail to manage the business inherited from their parents and in the end the business does not run.
Money and power attracts the wrong people more than it does with the good, and it's very difficult for the main to know who's trustworthy and genuinely behind you for you and not for the money especially for a young lad. At such a young age with all of that money and assets the person in best positive to manage the affairs while I learn from behind is Mother. Being mature and the only person that can't think of taking advantage of your gullibility everything with go just fine. I know artists who Mothers were their managers till they got to a matured and experienced stage to handle and tackle matters well enough and they made success without being cheated, example Justin Bieber though his wasn't that of an inheritance like the Op.
And this is where you should really be careful with because one wrong move then it would really be causing for you to lose up that huge chunks or parts of the inheritance that you have get from your father.Just like on what others been saying above that it would really be that impossible that you wont really be thinking up about your future and on how you would be spending or simply managing the money you do have.
Of course at young age you might be considering on having that spending into some other things but sooner or later you would really be having those plans that you should be managing it well
if you dont like on losing it all.
I agree that getting a financial advisor would be the nearest or simplest solution that you would be considering. Dont let that inheritance would come to waste
just because you didnt handle it well. Getting in touch with relatives advises and concerns will really be just that putting you at trouble.
Money and power attracts the wrong people more than it does with the good, and it's very difficult for the main to know who's trustworthy and genuinely behind you for you and not for the money especially for a young lad. At such a young age with all of that money and assets the person in best positive to manage the affairs while I learn from behind is Mother. Being mature and the only person that can't think of taking advantage of your gullibility everything with go just fine. I know artists who Mothers were their managers till they got to a matured and experienced stage to handle and tackle matters well enough and they made success without being cheated, example Justin Bieber though his wasn't that of an inheritance like the Op.
Easy money that came is easier to spend because you didn't worked hard with that. We don't know on his case but maybe he'll give importance to that money.
It's best to hear him out and how's doing nowadays.
So, that's why he needs a real advisor on his case, it might be whoever that knows the cycle of the company or someone who's really great with money.
Those who get money easily will of course find it very difficult to manage it well so for them of course they really need a financial advisor to be able to help them manage their finances well so they don't spend it on things they don't need because if they don't use a financial advisor with their money what they have, of course this will be very unfortunate because it is very difficult for some people to manage their money well and for those who have experience in managing their finances well, it will certainly be easier for them to manage their finances.It's best to hear him out and how's doing nowadays.
So, that's why he needs a real advisor on his case, it might be whoever that knows the cycle of the company or someone who's really great with money.
And then aside from that, he'd able to get some tips on how to spend money.
If not, then that's the best that he can do and that's to get a financial advisor.
They have never experienced what it's like to live in a tight financial situation, so they will act as they please with the money they have. For example, someone who was born into a very rich family (I'm not saying all of them, but some of them are). So they don't feel the difficulties that lead them to bitter experiences, so they can't learn from those experiences.
It's different if someone starts from the bottom and they have to work hard to be in a situation where their finances are very stable. Such people will usually be able to appreciate money more and they can manage their finances very well.
Money is an important factor in living life, so we have to be able to manage it well, or in other words, we have to be smart to appreciate the money we have.
The fact is that many children of rich people have their own income and can manage their finances well because they have wealth from their parents and the support of many facilities that are used for educational purposes up to bachelor's degrees, from an early age they have been facilitated by international standard schools and take private lessons from professional teachers, knowledge they are above the average child, besides that they have access to jobs because their parents have a role in getting their children into government or company jobs. However, some children of rich people like you said above, they don't care about knowledge and they neglect useless activities, after their parents died they couldn't manage their finances wisely, they could only spend their wealth by lavishly buying expensive things and he doesn't think about what his financial condition will be like after he no longer has cash for living needs.It's different if someone starts from the bottom and they have to work hard to be in a situation where their finances are very stable. Such people will usually be able to appreciate money more and they can manage their finances very well.
Money is an important factor in living life, so we have to be able to manage it well, or in other words, we have to be smart to appreciate the money we have.
we could really be having that equal acquiring of knowledge on each individual, this is why if you are someone on the other side which is having that less then it wont really be that bad to look for those information on which it would really be something relevant.
In regarding into the situation then as a young millionaire then you would really be needing up that financial advisor on which could be telling him about on how to handle those inheritances.
I do agree into some points that you shouldnt really be letting any relatives on this space.
They have never experienced what it's like to live in a tight financial situation, so they will act as they please with the money they have. For example, someone who was born into a very rich family (I'm not saying all of them, but some of them are). So they don't feel the difficulties that lead them to bitter experiences, so they can't learn from those experiences.
It's different if someone starts from the bottom and they have to work hard to be in a situation where their finances are very stable. Such people will usually be able to appreciate money more and they can manage their finances very well.
Money is an important factor in living life, so we have to be able to manage it well, or in other words, we have to be smart to appreciate the money we have.
The fact is that many children of rich people have their own income and can manage their finances well because they have wealth from their parents and the support of many facilities that are used for educational purposes up to bachelor's degrees, from an early age they have been facilitated by international standard schools and take private lessons from professional teachers, knowledge they are above the average child, besides that they have access to jobs because their parents have a role in getting their children into government or company jobs. However, some children of rich people like you said above, they don't care about knowledge and they neglect useless activities, after their parents died they couldn't manage their finances wisely, they could only spend their wealth by lavishly buying expensive things and he doesn't think about what his financial condition will be like after he no longer has cash for living needs. It's different if someone starts from the bottom and they have to work hard to be in a situation where their finances are very stable. Such people will usually be able to appreciate money more and they can manage their finances very well.
Money is an important factor in living life, so we have to be able to manage it well, or in other words, we have to be smart to appreciate the money we have.
Managing any business at that age (18) is surprising as he should not focus on the wealth neither the business at first, I will suggest they find someone who’s reliable and able to manage such business for the main time. I have seen several cases when a child fail to manage their late parent business etc after some time you observe the business is no longer functioning properly, I don’t think financial advice is necessary as the child needs a helping hand. It would have been more easier if the dad had educated the child before he passed away, there’s nothing wrong in educating your child about your asset, investment, business etc for future purpose like inheritance. From my opinion if there’s no reliable person to handle the business at that moment I advice the boy should settle for something else he can handle but, more preferable if he can continue the dad legacy.
Easy money that came is easier to spend because you didn't worked hard with that. We don't know on his case but maybe he'll give importance to that money.
It's best to hear him out and how's doing nowadays.
So, that's why he needs a real advisor on his case, it might be whoever that knows the cycle of the company or someone who's really great with money.
Those who get money easily will of course find it very difficult to manage it well so for them of course they really need a financial advisor to be able to help them manage their finances well so they don't spend it on things they don't need because if they don't use a financial advisor with their money what they have, of course this will be very unfortunate because it is very difficult for some people to manage their money well and for those who have experience in managing their finances well, it will certainly be easier for them to manage their finances.It's best to hear him out and how's doing nowadays.
So, that's why he needs a real advisor on his case, it might be whoever that knows the cycle of the company or someone who's really great with money.
It's different if someone starts from the bottom and they have to work hard to be in a situation where their finances are very stable. Such people will usually be able to appreciate money more and they can manage their finances very well.
Money is an important factor in living life, so we have to be able to manage it well, or in other words, we have to be smart to appreciate the money we have.
Those who get money easily will of course find it very difficult to manage it well so for them of course they really need a financial advisor to be able to help them manage their finances well so they don't spend it on things they don't need because if they don't use a financial advisor with their money what they have, of course this will be very unfortunate because it is very difficult for some people to manage their money well and for those who have experience in managing their finances well, it will certainly be easier for them to manage their finances.
Financial management is very important, with management we can manage our finances well, what's more, we get money easily, so it's easy for the money to run out by itself without getting stuck because we don't have management, it's really easy to spend money, but it's difficult. how to get money easily and without stopping, that's why we have to look after our finances well so that they don't run out in vain, by buying useless things we will spend money in vain without any definite purpose, let alone still blood Young people with easy income like that will easily spend the money, they need good financial advisors and management so that the money is not wasted in vain. 
Easy money that came is easier to spend because you didn't worked hard with that. We don't know on his case but maybe he'll give importance to that money.
It's best to hear him out and how's doing nowadays.
So, that's why he needs a real advisor on his case, it might be whoever that knows the cycle of the company or someone who's really great with money.
Those who get money easily will of course find it very difficult to manage it well so for them of course they really need a financial advisor to be able to help them manage their finances well so they don't spend it on things they don't need because if they don't use a financial advisor with their money what they have, of course this will be very unfortunate because it is very difficult for some people to manage their money well and for those who have experience in managing their finances well, it will certainly be easier for them to manage their finances. It's best to hear him out and how's doing nowadays.
So, that's why he needs a real advisor on his case, it might be whoever that knows the cycle of the company or someone who's really great with money.
He needs to get a true adviser on how he's going to spend that money. But if he has inherited a business, he should see himself fit on any of those position while being the successor of his pops.
We all will learn the lesson on this guy's story. Like to those that have been living with Bitcoin and have got decent amount of profits, you have to enjoy it as well.
It's not that we're going to live longer or forever but you have to take some of your profits before dawn comes to our lives because we don't know when it will come.
quite good advice is that he must be able to manage his finances well, don't let him think that when he has a lot of money he can buy what he wants without hesitation without burden, of course expenses must be carefully considered so that undesirable things don't happen, as much money as possible What is issued must be clearly used for what. and if he inherits a business then there are two possibilities, when he accepts it he must be able to adapt fully, including managing it well and paying attention to many related aspects.We all will learn the lesson on this guy's story. Like to those that have been living with Bitcoin and have got decent amount of profits, you have to enjoy it as well.
It's not that we're going to live longer or forever but you have to take some of your profits before dawn comes to our lives because we don't know when it will come.
never waste what you have got, of course you have to enjoy it but of course it has to be within reasonable limits, don't let the intention be to enjoy it but do it too much, of course that's not good either. I think he needs real advice from people he thinks are important, because there are people who are given advice but don't listen and usually it's because the person giving him the advice is not someone important to him so he ignores it or he himself has a stubborn attitude.
It's best to hear him out and how's doing nowadays.
So, that's why he needs a real advisor on his case, it might be whoever that knows the cycle of the company or someone who's really great with money.
Choose your friends. When you've got the whole world on your shoulders, they will come to you but then after losing them all, they're all gonna be gone.
Everyone should use money wisely.But when you suddenly own a lot of money, it becomes difficult to hold on to it.Inherited money should be used properly and it should be spent wisely.It should not be spent unnecessarily and also should not be used in reverse counter sector.
With that inheritance, he do a lot for his life while he's at a young age. I'd spend them wisely and will choose people that will surround me to help me what are the necessary things. And that's why I'd start out with the people that I have been with since I was young. So, it's a selection process and choose until you see someone that's willing to help you and don't have intention to milk out that inherited money that you've got. That kid should really choose the people that he'll get along with. If there's no one from the relatives then go to the company and talk to the person that his father has been with at most times. That guy who's older will guide him and will get a glimpse of how his father was doing when he was still alive. But then, still watch out for some personal motives and as an 18 year old, he can sense that. 
If he has the proper self-control, then there shouldn't be any problem in receiving such amount of money. But at that age this is not very frequent. If that's the case, it would be good to divide the money and keep a part out of reach until he is older. The main problem I see in a case like the one explained by the OP is that the young millionaire may find it difficult to obtain values that are esencial (or I think they are esencial) for a fulfilling life, like patience, empathy with people who had worse luck in life, etc. You get the idea.
Considering that age, I don’t think he will have the proper self-control towards receiving that huge amount. Although it varies for some, as others may mature early due to worst experiences in life, but if you came from a wealthy family, then it’s hard to expect that. The only solution here is that money should remain untouched until this little man has acquired a good financial education that would help him in decision making. But of course, a professional financial advisor can still be of great help as long he is not greedy towards that huge amount of money.
Everyone should use money wisely.But when you suddenly own a lot of money, it becomes difficult to hold on to it.Inherited money should be used properly and it should be spent wisely.It should not be spent unnecessarily and also should not be used in reverse counter sector.
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 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.
Does those child not have other close relatives such as uncles or aunts? Usually those who are born as sole heirs have uncles or aunts who always stick to their parents' business and that often happens, I'm confused about what advice to give to that child, if he has good close relatives then he can continue the business he inherited his father but if he has evil relatives, he would be better off selling the business and going to college.
Handling over such business venture to uncles or aunties will be the biggest mistake the boy could ever make in his life. Some of these close relatives can not trust with things like this sometimes because they will end up claiming the business as theirs even when the boy is ready to over the charge of the business. In my opinion, continue running the business is the right step to start from. He doesn't need to be interested in the business before he can pilot the affairs of his late father's business.
The business is not just a new business from the scratch, it's already established and the father would definitely have colleagues doing the same business or probably a trusted worker among the workers in the industry. Abandoning well established business is not ideal for whatsoever reasons, these people can play important role if they want to help the poor boy. By the way, why did they handover such huge amounts of money to a boy of such age leaving him in confusion?
you and making that money to be theirs without you knowing. Although not all would really be something like this but majority will really be having that approach considering that you arent that matured enough then you are really that susceptible with those kind of modus on which it would really be ending up on losing huge sums of money due to bad decisions that had been recommended or advise. This is why if you do find yourself that not matured enough but you have inherited something big then it would really be wise that you would really be trying to seek for some financial advisors. If you would really be needing to go into a school about financial
management then go for it.
It would really be that a complete waste if you would really be losing those inherited money just because you had that mishandled it or having making those bad decisions due to lack of knowledge and experience.
Even if you are really that still young, it would really be that so hard to believe that there wont be a time that you would be thinking about on how to handle your money well
which you do know that your father is really that been working hard for it.
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