Topic: Financial Advice for a young millionaire - page 2. (Read 1845 times)

  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

Indeed, in this case I cannot deny that in the end at one point what parents do is for our future good but in the end we also cannot beat that what parents do is all good for ourselves especially when what is shown and directed by parents is contrary to what we want to do.

My point in this case is that we don't have to be someone who is rebellious but when we are in the position of “child” then as much as possible we can also express what we want to do and the role as parents in the end guides children to be able to do what they want to do and guide these desires to make children strong including for their future.
So that in this case the child does not become burdened and parents also do not seem to force the child according to what they want because in the end it is precisely by directing harshly to the child that will foster an opposition which in the end this can become a time bomb and make the child a dissident because of the restraints that occur.

Cant be able to remove into your mind into the things on what your parents been telling you while they are still alive specially on handling up the business or anything that they do teaches along the way.
For those who are really that listening out into their parents mentality and principles on which it isnt really that bad, specially if it does mean or talks about on the business that they had built
and on the moment that they do pass away then it will really be something that be hard because we cant really be perfect into the things that they've been doing but we dont have no choice
but to continue on what they have started. If you've been on a situation that you had inherited millions then you might be that off path when you are thinking on something else.

You will really be that definitely be needing up to study more on how it do really works yet there would really be ways and other methods on which you might not be knowing on how to handle the business
on where your parents left you. If you do want to sustain that kind of profitability and richness then you will really be needing to be wise on how to handle it out. If you do need some financial
advisors or hiring one then better do it.

Honestly I’d tell the kid to get a fat whole life insurance policy. His health is at his peak I’m sure and nobody thinks of this. Dump a high percentage of the inheritance into more investing strategies such as an IRA/ Roth IRA and Max out every year. Divest from that textile company and go into Mutual funds, ETFs IRAs, Tech/ AI stock & Palantier and Nvidia. Get in on SpaceX IPO and load up on $135 / share entry price cuz u know that’s gonna rocket 🚀 Bitcoin and ETH I mean really cast a wide net since there is really nothing to lose here. Also, if it were me I’d try to get some nice things set up for myself such as the ideal living situation, a reliable but not crazy expensive vehicle. Now you have all the money you can solely focus on time & hobbies and what you’re most passionate about. I’d get a solid gym trainer & probably a chef as well as a nice ass set of golf clubs maybe join a country club 😉 probably buy a warehouse and get super into art dealing and collectibles and shit. Make my own shit man the possibility is endless here! If only money were my problem man that shit would be fun. You’re the captain of your own ship you can do whatever you want you’re decoupled from the Matrix! Shit this kid has the golden ticket, freedom! And if he plays his cards right he can make it last a lifetime and set up future generations.

The problem with this is our inability to control ourselves and can only rely on others trying to control ourselves or getting used to following what our parents tell us to do for some reason.

Although in the end following the wishes of parents will look good but of course in this situation we must also dare to express what we want to do for the future that we want to live and of course there must be a middle point so that you and your parents are not burdened with the choices you want to make. As long as it does not violate the norms and aims well for the future I think even if it is a little contrary to what parents want it is not a problem because in the end our future of course we must be able to determine from the beginning based on our own wishes.
Parenting is also important so that children do not feel burdened with great expectations from us as parents so this should be another concern in the end.
Many people who feel confused because they cannot determine their attitude when they grow up start from those who are too dependent on their parents and parenting patterns that have high expectations of their children.

For a young boy of dat tender age to b  in position of millions for d first tym is smetin dat need maximum care, hence abstaining frm women, bad friends, high taste of luxury lifestyle, while thinking on better way of investing d money or better still continue frm his father's line of business.

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 watched many videos of millionaires who made millionaires by theirselves. They always do research for new thing in the market and they invest on the tokens. Now that is time on which being millionaire is not rocket science.  But continues learning is necessary if you want to be lifetime rich  because you should be aware of market situation and market can take   pump at any time and we can also fadce dump.But the YouTuber and Vlogere are making videos and some of the persons content is real and most of the YouTubers are liar .Being rich is good feeling but that feeling can take one rich person behind the scene.

Find something they enjoy doing and live your life, because few people get that sort of freedom to choose at an early age. Invested properly, that sort of money could easily bring in an amount higher than the average income of most people - which gives you the ability to live a comfortable life and truly commit without financial pressures. Most people are stuck doing a job they don't necessarily like because they have bills to pay, which could be credit card debt, mortgages, child support or a bunch of other things. If this person wanted to dedicate their lives to looking after nature or animals, they'd be free to do that and should think very carefully before spending frivolously.

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.

First of all I would let the person know that the wealth he or she has isn't inexhaustible, being a millionaire doesn't mean you would be in that position if you don't do things right. There are lots of people who had millions in their possession but are currently struggling because they didn't have a plan, all they did was acquire flashy things and live a flyboyant or luxurious lifestyle without thinking of starting up an investment that would continually generate money for them. As a young millionaire focus more on investments, crypto, stocks, forex and real estate.

Well said, if you are someone whose really have that kind of financial capacity due to inheritance then it would be that no brainer that you would be thinking up next
on how you would really be handing out the business on where your father had started on which it would really be just that a normal approach that you would be making up
those kind of studies or even into those own discoveries on the methods that on where you do know on where you are starting up. Yes, it would be hard but you would really be rather
prefer on going solo rather than on making yourself that asking with your relatives.

Just like on what others been saying on here on which i do agree that one of the main persons that would be wishing that you would go down or bankrupt
are your relatives just because on the moment that they've seen that you are on a good financial situation then they would really be hoping for
you to go down. 

Yes, that is the kind of advice which must come from someone who has already had access to millions of dollars, as he will have the experience to answer that question accurately. Most of us here, if not everyone, would also need such advices if we were in the shoes of the young hypothetical millionaire. We can imagine what we could do with a big sum of money, but it's just speculation.

The truth is that reality would be totally different and we would feel lost and unsure on what to do. Probably to seek for a professional financial advisor would be a good idea. Personally, I wouldn't trust random people on the internet regards what to do with millions of dollars... To invest in Bitcoin would be a certain thing to do, but not with the whole money disponible.

The first row is something that is indeed feared to happen in a position where he is not ready because of unfamiliarity with the business world or financial matters because previously he might only go to school and get to know general learning, also of course playing and others with his life that has many facilities from his father, unless indeed he has received financial education from his father since childhood but I doubt that a little.

Taking family members to manage is also not a problem as long as they work well and honestly, apart from that, usually rich people have private notaries and private lawyers to protect their father's wealth from families who try to steal it, but if the family cannot be trusted it is better to hire professionals to manage the business with good supervision.

If your 9 to 5 grinds you out, perhaps it's not the job, but rather the way you've been conditioned to view it. You are destroying your spirit because you have become habituated to monotony. Time to add some little adventures to your day. Don't think of your tasks as chores, think of them as mini-missions. That report on TPS? It's a tactical goal, not a paper that will kill your soul. You're not just refilling the coffee machine, you're supplying the caffeine fuel for the entire workforce. Make your daily existence seem like a fresh episode, not a worn-out repeat. But this isn't about escaping to some tropical island every time you feel bored. It's about finding the extraordinary in the ordinary

Are we all chasing more: more money, more success, more Instagram likes? It's absurd. Though you never really go anyplace significant, you run and run. You must constantly stand back and reconsider. You actually want what? What truly matters? You will begin to perceive your life differently once you can respond to those questions. And trust me, a fresh perspective is better than any vacation

It really depends on the level of financial education and intelligence the person has accrued already. Even then, an 18 year old is likely to be more reckless and unfamiliar with trickery people might use to take their money. It might be wise to cut it up into pots that are inaccessible, like fixed length securities. Leave 100k uninvested, which can be used for day to day spending and a little splurging, put 500k into a one or two year financial instrument that is inaccessible for the fixed period (while still paying interest) and put the remainder into a five year fixed instrument. This gives two opportunities to learn from bad mistakes which can happen often when you're younger.

Advice is almost a useless commodity.  Wise men don’t need it and fools won’t heed it.

If you do get something big when it comes to inheritance then at the moment that you are on the age that you've been aware on how business or investment works then pretty sure this would really be your first consideration but if you are someone who isnt really that mature enough on making investment or being aware of it then you would definitely be ending up on using those inheritance funds into waste.
This is why it would really be just that depending on how well aware you are on things because if you are someone who would really be not mindful about the future then you wont
really be just that serious on trying out to do thing accordingly or what must be done.

It cant really be avoided that there would really be those mistakes because you are lacking of knowledge of it on which its normal and this is why it would
be ideal that you should be seeking out some advise for a professional. I do agree into those suggestions that never ever trust your relatives when it comes to this.

I would advise the young millionaire to do a business that he knows and understands how it works and make it something big, because he has good financial fundamentals from his late father, he should continue it, but if he doesn't want to maybe he can use someone else's hands to manage it and he starts another business that he understands and he understands and of course he wants to achieve success in the field that he is interested in without having to leave his late father's business.


The fear of the young person is that he doesn't care about business and he wants to spend his money blindly, sometimes young people with their emotions and social style as well as the privileges they have make them a very bad person if they don't understand finance and don't have a view of the future.

I need enough financial support to give financial advice. If I don't have a good financial situation, I can't give any advice to other people because then they will only say one thing, what advice would a person who is not in a good financial situation give me? If I ever become a millionaire, I will definitely share my success story with others and discuss how to start a small business with little capital and become successful. 

This period between 18 and 22 years is very important because your career may change due to some decisions you make during this period. If I take a wrong decision at this time of life, then at some stage of my life I will definitely regret why I did not take the right decision at that time. So one should not avoid those who give various financial advices but should listen to them carefully and then act accordingly.