Topic: Financial Advice for a young millionaire - page 3. (Read 1845 times)

I don't see any reason for someone to get into a business they don't like, at the end of the day, it's your choice. It's not like you are doing a job and you will need to do it even if you don't like it because you need money, it's a business and it's your business, you are the one who is spending money on it and it should be what you like doing and not something you never liked.

Some people might get into businesses they don't like only because of the revenue those businesses can generate for them but as you said, such people would hire professionals to manage those businesses and they would only visit maybe once in a month to see how things are going.

The key to a successful business is to start a business that you understand very well so that you can know what's happening in your business if things aren't working out.

From what I have experienced, this happens because of continuous habits or our activities at work every day are just that, causing boredom which in the end triggers us to think about things that we don't really need to think about, such as stopping work and so on. There are many ways to overcome this, such as taking time off and going on holiday, creating a new atmosphere ourselves and so on.
Once again, things like this can actually be fought if we can think with a cool head, because usually what makes things worse is when we think when we can't get our heads to think clearly.
However, this is a piece of advice, because the person who will make the decision will be ourselves. Don't let us regret the decisions we take later, that's what is dangerous in my opinion. Whatever happens, we must be able to think clearly, it is better to leave all activities when we feel something like that to make us fresher.

Fighting this just requires identifying the real cause of the issues, which might be the environment that you are working in, the work load stress due to the work, which usually causes mental instability, and many other reasons. The first thing to consider is the reason so that you can tackle it without quitting your job because if you quit, no one will take your responsibility, so the best is just to find a solution. 
 
Although this happens most of the time to people that are working to get paid, the real owners don’t feel that, so I am still confused. That is why I want to know why it is that the poor always give up easily and the rich hardly give up on what they want. I don’t want to use the word lazy because no one is lazy; it deals with destiny and wisdom. That is why I use the word give up.

I think everyone has thoughts like this, where they feel that the business they are running is a business that is not in line with their interests, and when that happens they will become lazy in building the business. If someone just follows everything they think then it will lead them down a dead end path in my opinion. because I feel that everyone will have or they will feel at a stage where they think that something they are doing is not good for them or is not in accordance with their wishes.
Well, we have to fight that feeling, because for me, no matter how comfortable we are in doing our work, there are times when we feel bored and fed up. I have experienced this, where I felt bored and I thought about leaving my job at that time, even though at the beginning I was comfortable with that job. But luckily I was able to fight what was bothering me, and after that it returned to normal. That's why I say that there is a phase where we will feel bored.

Truth be told, I have never been a millionaire, so I can't give advice to one, young or old. None of the people here are millionaires neither, unless proven otherwise, so getting advice from people who have never experienced this, will not be a good advice at all. I think the best thing we could talk about here would be just what we are lacking and what a millionaire may not lack.

For example I lack time, the 24 hours in a single day isn't enough for me, because I face so many issues all at once. Just today, literally since I woke up and it's barely noon, I had to wake up, take my dog to vet, because it needed shots, I had to take it for a walk, I had to go to hospital to sign some financial documents, and I came back home and started working on my job, all within 6 hours since I woke up. If I had more money, I would have probably find a way to make myself more time, by delegating some of the tasks to someone else.

It's a big trap for a young youth that's of the age of 18 to be exposed to such an amount of wealth when he isn't emotionally mature enough to handle such privilege and responsibility. As a father, he's supposed to work with trusted lawyers who will ensure that the wealth is safe till the boy is probably mature enough to handle it. Most people at the age of 18 will squander all the money and inheritance away because at that age, it's difficult to manage a huge fortune and you can't really trust people that much cause they will all come around to steal your wealth from you.

It's a complex state to find oneself in, especially when such responsibility comes at a time when you have no plans on the ground. The best thing would be to force yourself to trust someone. If you can't trust anyone and allow him to benefit a little from the wealth, you risk making everyone your enemy and you might not know who's coming to help or who's coming to harm you. Just look for someone you know your dad trusted while he was alive and talk things through with him. Most families wouldn't want you to make all the decisions on your own which will go on to complicate things but if you're interested in securing at least a portion of your father's wealth, you've got to decide that you must trust someone to walk with you through the process. Changing business because what your father is into isn't your interest will be the worst decision you will think of doing cause it's going to require selling off the company and starting building another from scratch with zero experience. If you're not able to run the business and can't find anyone to trust, another good option will be to sell the company and save up the money in the bank, preferably fixing it such that you can't access at least 90% of the wealth till you're 22 to 25. By then you should have gained some level of maturity that's needed to continue in your father's line of business or to create another of your Own

I think if you just follow your own ego and look for what makes him interested in doing business is wrong in this case, my perspective is about the future and the development of the business that his father left, I think it's better to learn how his father's business runs because it will be the heart of his economy, if starting a new thing doesn't necessarily work and doesn't necessarily get what he wants in the business that makes him interested, don't pursue fashion too much in business because it doesn't necessarily mean it's good for you and what doesn't interest you who knows that it will bring you much success than his father. Don't include business with ego because it will never find common ground.

Yes, of course, and what will most likely happen if he manages the inheritance is that the child will buy things that allow him to spend money, so that's why it's important for parents to teach how to manage money correctly and wisely so that the money is not used for other things. unnecessary thing, a financial advisor will not guarantee our finances well because trusting other people to hold or help us in power is very difficult, so from here we have to understand the economy or financial life, we have to be able to decide for ourselves whether it will be better.

There are even some strict families who will force their children to learn business management from an early age. Many children may still be going to school every day but still have the ability to take over the family business at any time, and that is how families with a business tradition raise their children.

So let's not rush to give advice or judgments without clearly knowing the situation of the person the OP is talking about. Perhaps before his father passed away, he passed on all the knowledge about business to him, and perhaps he is a thousand times better than us in financial management and business operations. Don't underestimate him just because he's young and don't forget that he comes from a business family.

Choosing to run a business that we don't like is indeed very appropriate because no matter how difficult it is for us to force ourselves to learn it will not make us like it and this will be very detrimental to the business and if we choose someone else to be able to run the business it will certainly be better, however I think we have to be able to choose someone we can really trust because if we choose the wrong person who will run the business, of course this will cause us losses.
You are right that it would be better not to force ourselves to run a business that we really don't like and if it is possible we can look for a business idea that we like and start from scratch and the business that is already running will continue to be run by relying on people we can trust.

Despite receiving a large inheritance, becoming a young millionaire also brings its own challenges and considerations, especially the challenge of independence, at a young age it can create challenges in building independence and a strong sense of responsibility for personal finances, as well as in facing pressure from the surrounding environment which has high expectations. on success and wealth management.
When running a legacy business, it is important to consider the business values ​​and ethics that will be held as the basis for managing the wealth.

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.

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.

That is possible because a child may not be in the legal age yet but if we can arrange things and make it possible, I think I will still choose my child over them because it's my pure blood and then our aunts and uncles can have a dirty secret that we don't know.

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.

There is a popular practice in my country among the rich families in which they start teaching their children their line of business at a very tender age to prepare them to take over when they are done with studies. Even though all their heirs might not follow the same line of business, there must be someone to continue the family legacy and such is nurtured from a very young age and trained in school in line with the type of family business. This will ensure the family's wealth is protected and always transferred to the next generation and this practice is the reason some families are always rich from generation to generation.

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.

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.

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.

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.