Financial Advice for a young millionaire - page 3.

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Quote from: iBaba on April 17, 2024, 04:30:18 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.

First of all I will have a good conversation with him to know his level of maturity before I can advise him, I know it might sound so absurd because of the age you mentioned but I have a reason for what I said, after knowing this I can now go on to to give him my advice, my advice for him will be he should beware of people who comes his way at this time because of what he has, investment should be his priority it must be in the textile industry, his investment should spread across other sectors so that money will be coming different angle, I will advise him that at this point he should not spend on things that can not bring money to the table unless they are necessities, finally he should choose friends so that he will not be influenced by their actions or way of life.

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Quote from: iBaba on April 17, 2024, 04:30:18 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.

Financial advise for a young millionaire- should not seek for any advise from anyone at this age, he should rather build himself on a particular path that he finds interest in, let him diversify into them and gave detail understanding of them. After that, he can now shove which of those things he has learnt will be the best path to invest his money into. He shouldn’t rush and take things gradually, he is still in his early age and have a lot more to experience and learn. His wealth was built through active entrepreneur business from his family, he can also trade on that part even if it’s not directly as what originates the source of his wealth now.

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Becoming a millionaire at that young age is very overwhelming. What the young boy should do is to avoid some set of friends. Truly peer pressure and influence he mostly hangout with will certainly influence him to make bad decisions. Wealth should be maintained and not to be squandered. After abstaining from bad friends, he can start a business with 30% of the money, one that would be managed by his mother and then he can keep the remaining money for some time until he is wise enough to know a good investment to start.

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Quote from: iBaba on April 17, 2024, 04:30:18 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

That's a big responsibility for such a young age I will advise him to get a professional financial and spiritual adviser who will guide him on how he will do with his inheritance, it is not easy for a very young age to handle such a huge amount, the temptation to waste that money through luxurious living is very high.

Quote

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.

He needs to be guided so he needs to hire lawyers, financial advisers, and moral and spiritual teachers to guide him on how to grow and mature so he can handle that huge inheritance.

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Quote from: skarais on April 18, 2024, 04:50:48 PM

There are many people who get inheritances as described by the OP in the real world, but unfortunately some of them do not succeed in maintaining it because they fail to manage their finances and end up in poverty.

That is because they were probably let alone and they were given the impression that their money is forever and that they should just do whatever they want without giving any care in the world.

Those are spoiled kids that grew up without a sense of responsibility so it’s either you teach your kids young or you don’t give them all of your business and money unless you want it to be put into waste.

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Quote from: sokani on April 19, 2024, 09:11:47 AM

Honestly, it's not going to be easy for a young lad who's not used to handling such amount of money and managing a big business. Not to talk of combining it with schooling, it's going to be really challenging. If he wants to put someone in charge to run the business while he continues schooling, chances are the business might be ran down. I understand that the business is very important because it's going to support the family, so what I have to say is that he should go to the mom for advice and try not to squander the money on frivolities.

If I'm the kid or someone who'll give him an advice. I'd tell him to finish his studies because that will play a big thing in managing the business that's left on him and as well as to extend his networks for the benefit of his own and as well as his companies.

So, if he can hire someone to give him advise about how to run the company and on how to keep that money very well then I'd tell him to spend that money to that guru.

But not just those gurus that he can find on the web and have their expensive talent fees on one session. A guru that will be with him to guide him until he gets matured, I'm sure that many are willing to help him that are in actual business of textile as well as financial advisors, the real ones.

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Quote from: yudi09 on April 19, 2024, 06:56:33 AM

Quote from: skarais on April 18, 2024, 04:50:48 PM

~~~

In learning business, he as the beneficiary must be strong with the process because not everyone is ready to go through the leaps and bounds. It is possible that his late father, in building a business, became a successful businessman with a lot of wealth and went through it very bitterly.

Even though he as the recipient of the inheritance is not interested in business, it seems he needs to continue it because business is one way to manage an inheritance. You are right that the business he does does not have to be the same as his father's, as long as it is still in a business context and not in another field. In other fields you may not be able to manage, let alone enter the world of politics.

Every businessman must go through a long process and along the way must accept the consequences, both profit and loss. There is no businessman who does not experience setbacks in the business he is involved in, but those who never give up will eventually rise and achieve success.

I have a true story about how difficult it is to manage finances when someone inherits but is not interested in the business being developed. The heir is the only boy in the family who in his daily life is busy with his own dark world. He was a drunkard, he was also a gambler and he had this bad habit since his father was alive. You can imagine how worthless money was to him while his father was still around, but after he got the inheritance you can definitely guess how the story ended.

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Quote from: iBaba on April 17, 2024, 04:30:18 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.

Honestly, it's not going to be easy for a young lad who's not used to handling such amount of money and managing a big business. Not to talk of combining it with schooling, it's going to be really challenging. If he wants to put someone in charge to run the business while he continues schooling, chances are the business might be ran down. I understand that the business is very important because it's going to support the family, so what I have to say is that he should go to the mom for advice and try not to squander the money on frivolities.

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Quote from: pusaka on April 19, 2024, 03:30:12 AM

Quote from: Marvell1 on April 18, 2024, 08:46:09 AM

Quote from: pusaka on April 18, 2024, 07:46:15 AM

In fact, in my opinion, someone who has a lot of money at a young age, not from hard work, is a bigger problem. The reason is that they don't understand how difficult it is to get money, so usually they will be surprised, especially if from childhood they were used to getting things easily without effort.
Well, of course, when someone has a lot of money and it is known that someone doesn't understand money management well, there will be many irresponsible people who will try to take advantage of it.
His parents should have prepared everything, I mean if they know that the child is an only child who will receive all the wealth they have, then they should teach him from childhood, don't pamper him too much, let the child be independent even though they are very capable of providing for themselves. all the necessary needs.

But you forgot one thing, the guy the OP is talking about was born into a business family, and business people like his father wouldn't be stupid enough to not teach their children anything. Furthermore, not all young people are shallow or incompetent in making money and doing business.
Don't rush to judge others just because they are younger than you, we need to know where that person comes from, their living environment, education level...Don't always underestimate young people when they are considered the future of the country.

I personally don't have any advice because I believe he comes from a business family and his father is a millionaire. I don't think we are better than them in business, making money or managing finances so us giving advice is like a farce to them.

Yes I'm also not judging someone younger than me, I don't have the right to do so, and if I did then I might be one of those people who doesn't have positive thinking.
I am also sure that with his life as a rich person he will definitely get a very decent education, I am even sure that they will be admitted to a prestigious or favorite school. However, I see that they often fail to educate a child's character, that's what I'm worried about. They do receive formal higher education, but character will be formed from within the home, that's why I mentioned the points I said before. Because for me character is very influential on a person.

No one can be perfect from an early age, including us. When we are young, we also have our own wildness and arrogance, but as we grow up we change in a more positive direction. To be able to grow up and know how to treat people, each person needs to experience life, theory alone is not enough. Just like why many children born into poor families, not fully educated, are still good children and know how to behave.
Not everyone born into poverty is a bad child with no future, and not everyone born into a rich family with a high education will definitely become a good person, useful to society.

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Quote from: pusaka on April 19, 2024, 03:30:12 AM

Quote from: Marvell1 on April 18, 2024, 08:46:09 AM

Quote from: pusaka on April 18, 2024, 07:46:15 AM

In fact, in my opinion, someone who has a lot of money at a young age, not from hard work, is a bigger problem. The reason is that they don't understand how difficult it is to get money, so usually they will be surprised, especially if from childhood they were used to getting things easily without effort.
Well, of course, when someone has a lot of money and it is known that someone doesn't understand money management well, there will be many irresponsible people who will try to take advantage of it.
His parents should have prepared everything, I mean if they know that the child is an only child who will receive all the wealth they have, then they should teach him from childhood, don't pamper him too much, let the child be independent even though they are very capable of providing for themselves. all the necessary needs.

But you forgot one thing, the guy the OP is talking about was born into a business family, and business people like his father wouldn't be stupid enough to not teach their children anything. Furthermore, not all young people are shallow or incompetent in making money and doing business.
Don't rush to judge others just because they are younger than you, we need to know where that person comes from, their living environment, education level...Don't always underestimate young people when they are considered the future of the country.

I personally don't have any advice because I believe he comes from a business family and his father is a millionaire. I don't think we are better than them in business, making money or managing finances so us giving advice is like a farce to them.

Yes I'm also not judging someone younger than me, I don't have the right to do so, and if I did then I might be one of those people who doesn't have positive thinking.
I am also sure that with his life as a rich person he will definitely get a very decent education, I am even sure that they will be admitted to a prestigious or favorite school. However, I see that they often fail to educate a child's character, that's what I'm worried about. They do receive formal higher education, but character will be formed from within the home, that's why I mentioned the points I said before. Because for me character is very influential on a person.

But do keep in mind that it's not all about education or how smart you are. Even if you are smart and intelligent enough, if you don't have the character to be a successor after your father or family member, where you get your inheritance, you will still not succeed or continue the legacy. The thing is, it's not all about how smart you are. If you don't have the character or guts to be responsible for what you have or burden that is passed down to you, you will not go anywhere. So learn first and build your character so that you will have a firm foundation so that you could succeed whether you have something that is passed down to you or being a young millionaire. Also, be responsible all the time. Don't get ahead of yourself just because you became a millionaire or inherited a fortune; remember to always be humble.

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Quote from: skarais on April 18, 2024, 04:50:48 PM

Quote from: yudi09 on April 18, 2024, 09:06:58 AM

-snip-

-snip-

There are many people who get inheritances as described by the OP in the real world, but unfortunately some of them do not succeed in maintaining it because they fail to manage their finances and end up in poverty. Not everyone can become a businessman, but of course they can still study hard as long as they are interested in it. Investing in bitcoin is good, but of course there are many other assets that he can choose to hedge such as gold, property and others.

In learning business, he as the beneficiary must be strong with the process because not everyone is ready to go through the leaps and bounds. It is possible that his late father, in building a business, became a successful businessman with a lot of wealth and went through it very bitterly.

Even though he as the recipient of the inheritance is not interested in business, it seems he needs to continue it because business is one way to manage an inheritance. You are right that the business he does does not have to be the same as his father's, as long as it is still in a business context and not in another field. In other fields you may not be able to manage, let alone enter the world of politics.

pusaka

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Quote from: Marvell1 on April 18, 2024, 08:46:09 AM

Quote from: pusaka on April 18, 2024, 07:46:15 AM

In fact, in my opinion, someone who has a lot of money at a young age, not from hard work, is a bigger problem. The reason is that they don't understand how difficult it is to get money, so usually they will be surprised, especially if from childhood they were used to getting things easily without effort.
Well, of course, when someone has a lot of money and it is known that someone doesn't understand money management well, there will be many irresponsible people who will try to take advantage of it.
His parents should have prepared everything, I mean if they know that the child is an only child who will receive all the wealth they have, then they should teach him from childhood, don't pamper him too much, let the child be independent even though they are very capable of providing for themselves. all the necessary needs.

But you forgot one thing, the guy the OP is talking about was born into a business family, and business people like his father wouldn't be stupid enough to not teach their children anything. Furthermore, not all young people are shallow or incompetent in making money and doing business.
Don't rush to judge others just because they are younger than you, we need to know where that person comes from, their living environment, education level...Don't always underestimate young people when they are considered the future of the country.

I personally don't have any advice because I believe he comes from a business family and his father is a millionaire. I don't think we are better than them in business, making money or managing finances so us giving advice is like a farce to them.

Yes I'm also not judging someone younger than me, I don't have the right to do so, and if I did then I might be one of those people who doesn't have positive thinking.
I am also sure that with his life as a rich person he will definitely get a very decent education, I am even sure that they will be admitted to a prestigious or favorite school. However, I see that they often fail to educate a child's character, that's what I'm worried about. They do receive formal higher education, but character will be formed from within the home, that's why I mentioned the points I said before. Because for me character is very influential on a person.

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Quote from: iBaba on April 17, 2024, 04:30:18 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?

Lets even forget about the condition attached to hi, as long as he is at a tender age, it is always very important to advise him on the right decision and steps to make so that he will not miss on the opportunity he already had, firstly, he should know that money is spirit and has seasons, if not utilized well then it can come and go, he should therefore be able to be accountable for every single penny spent, he should also know the difference between an asset and a liability, and he must never joke with making business investment.

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Quote from: boty on April 18, 2024, 07:35:12 PM

That's right, of course children who are over 18 years old will be able to easily run the business if there is no interference from the business they are running and they must also be able to learn it so they can solve any problems they face.
Letting the mother take care of the business and preparing their children to accept the business inherited from their parents will of course be better because if the parents take care of it of course they will think about how they can run the business so that it can survive well and develop so that they can give back. best for their children.

That's why parents always give the advice that we should study every business that our parents have so that when divert us we can carry it out. Running a business is not easy because there are many things to learn and when children don't have a good understanding of business they can actually make the business go bankrupt and lose everything. If the child is not ready, perhaps the company would be better managed by his mother or a trusted person who has the skills as you say because maybe they are much better prepared to run it.

Young people must have the ability to seek financial freedom and if they have an inheritance from their parents then they should be able to learn first so that the company can be run better. I believe we are destined with different stories and not everyone will be lucky when running a business, investment or other work so we have to recognize each other's skills before deciding.

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Quote from: iBaba on April 17, 2024, 04:30:18 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.

Maybe the only thing I can advise him is that he should study more carefully where it is right and good to put the big money he has and he should also know well the people he can trust. He needs to be more attentive to things, knowing that he has a lot of money in his possession, and if he can handle a business left by his father, it would be better if he continues it, just don't let the things he inherited go to nothing because nowadays, young people are very lucky to have generational wealth from their family.

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Quote from: boty on April 18, 2024, 07:35:12 PM

Quote from: Obari on April 18, 2024, 05:20:28 PM

Since his already over 18 years and that’s the actual age of maturity accepted globally, I think, with the right management team, the kid will be able to take over the activities of the business and still succeed without much stress except the system, I mean the internal system is corrupt without love then a lot would definitely happen.

I think the best thing to do, is let the mom run his affairs for him until his of age and if the mother has the capacity, then she should try as much as possible to be his personal adviser at all times and genuinely, the kids mother would naturally be the right person that would give that son the right and genuine love he desires and all the support the kid needs emotionally.

That's right, of course children who are over 18 years old will be able to easily run the business if there is no interference from the business they are running and they must also be able to learn it so they can solve any problems they face.
Letting the mother take care of the business and preparing their children to accept the business inherited from their parents will of course be better because if the parents take care of it of course they will think about how they can run the business so that it can survive well and develop so that they can give back. best for their children.

Yes, until a person is an adult, they cannot make good decisions. Because maturity does not come in them. So the habit of children is not cut in them. so at that time it is not possible for him to perform a big responsibility like managing the business. But not absolutely impossible. Many times stories are heard that many are doing many things at a young age. It is possible for everyone to do something good if they try. A lazy life does not allow one to do great things

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Quote from: Obari on April 18, 2024, 05:20:28 PM

Since his already over 18 years and that’s the actual age of maturity accepted globally, I think, with the right management team, the kid will be able to take over the activities of the business and still succeed without much stress except the system, I mean the internal system is corrupt without love then a lot would definitely happen.

I think the best thing to do, is let the mom run his affairs for him until his of age and if the mother has the capacity, then she should try as much as possible to be his personal adviser at all times and genuinely, the kids mother would naturally be the right person that would give that son the right and genuine love he desires and all the support the kid needs emotionally.

That's right, of course children who are over 18 years old will be able to easily run the business if there is no interference from the business they are running and they must also be able to learn it so they can solve any problems they face.
Letting the mother take care of the business and preparing their children to accept the business inherited from their parents will of course be better because if the parents take care of it of course they will think about how they can run the business so that it can survive well and develop so that they can give back. best for their children.

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Quote from: Rockstarguy on April 18, 2024, 09:02:33 AM

Quote from: iBaba on April 17, 2024, 04:30:18 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.

Normally I can't advice him in any investment for him to go into, but I'll let him know whatever he thinks is good for him to invest the money, hee should be very careful to make good finding to have a proper understanding because when money is not handled very well it is possible to lose all and this will be the beginning how one got broke.

Most people at this age they don't really know what money is and they would want to do whatever they like because the money is available. If he is the kind of person that takes advice I think it is possible for the money to go into good investment. But if he is the type that is not ready to do something better with the money no amount of advice can on him.

I think for me, the only thing I am going to advise him is learn to educate himself on how to make his funds grow and become more secured in his management. I don’t want to suggest certain types of investments since it’s for him to discover as to what type of investment he is going to be more inclined with and be more comfortable with. As long as he foresees a positive future for whatever investment he will take some risk, then let him do it with his own knowledge and perspective. It’s okay to create mistakes at first and commit some initial losses, the important thing is he learned a huge lesson from it, one thing that he will definitely make use for his future investments.

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Quote from: iBaba on April 17, 2024, 04:30:18 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.

If the boy has any good uncle or aunty who he can truly confide on, let him allow that his relative to support him in managing the business affairs, then he should also make inquiry about a professional manager in such field who can run the business professionally. While these is going on, he should also start preparing himself towards how to handle the business. He should start making plans to acquire the best training that can help him run the business. Since his father have succeeded to build a booming business, I will advice him to learn how to even take the business to another higher level. If he want to start building his own business from scratch, he doesn't how difficult it will be for him. There are so many ups and downs in starting a new business.

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Quote from: QuinielaPosible on April 17, 2024, 11:03:59 AM

Quote from: Jody.Drummer on April 17, 2024, 10:58:31 AM

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.

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

Yes because on the other hand it is good to learn something from an early age or from a relatively young age where you have a lot of time to learn something freely in order to become someone who has a lot of knowledge, insight and also knowledge, but yes maybe it also depends again on the intention and sincerity of the person in his learning period. But if for example the scenario as told by the OP where his parents inherited the big business when his son was still at a relatively very young age then I think this is not easy to live with especially if for example he doesn't know much about how to manage and organize the business properly, although on the other hand he can learn but I think the time is very short to learn everything because the business is already running which may be no other way but he has to really spend more time learning everything.

Topic: Financial Advice for a young millionaire - page 3. (Read 916 times)