Topic: Financial Advice for a young millionaire - page 4. (Read 1845 times)

Thats one of the advantage when you do have everything specially when you are just that a student or young on where your parents could really give out all the things that you do need from education and other things on which you would really be able to open up yourself on different level of learnings or key areas on which it would really be something significant or would really be that useful into the things that you might be able to encounter or would really be tending to deal with in the future. Compared into those who are really just that average or lacking up those things then you would really be having that kind of advantage and there's no way that
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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

I would definitely do the same. I would really rather trying out to approach other people rather than on trying out to have that kind of approach into your close relatives on which it might really be that ending up on fooling
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.

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?

It depends on how the boy's habits are, some people are very difficult to advise, some people can get angry with you or think you want to steal something from them, for a humble young boy who I know that I can advise I will advise him to save the money in the bank or use it to buy something that at the future he will gain a lot of profit from it, I can’t advise the boy to invest the money to anything that concerns cryptocurrency because I don’t know what will happen at the end and when he is going to need the money, since the boy is not that interested in business I will advise him to save the money at the bank or buy like foodstuff to store because no matter how it is a foodstuff like farm items price never goes down.

The reason why I will advise him to buy farm stuff and keep is that farm stuff price always increases every year and if he saves it very well he will sell the farm stuff with a lot of profit, but the first piece of advice is to tell him to open an account and save the money and make sure he didn’t let anyone get close to his what can make them people scam him because even people who are close to you are your enemy and since he is still a small boy someone can even his life and try to scam him.

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.
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.

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.

Well the boy needs to keep calm and act as normal, and trust no one, it is hard for him at first but in the long run i am sure he will slowly know what businesses is and how business works to multiply the money he got in a right time and in the right place. He can put his money in a bank or in any other safe place and live as normal and of he is ready he can get the money and used it for the businesses.

Eh?

That is supposed to be the father's job!

Strangers can't tell people what to do with their money or give them advice. Because they think it's weird, and won't be so open to suggestions.

You have to go out and look for the advice yourself it you want it, because when people give it to you, you might not be ready at that time to see it.

I am guessing that is what messes up most nepo babies - money, but with lack of financial education.

It's the same as the culture in my country where if we are poor it's as if we don't have any relatives, but if we are successful and rich, many people will admit that we are their best brothers. From that, the most powerful thing is money, which can enslave people. Currently, it is not surprising that many people are still young but become rich, because there are many ways that can be taken, but it does require luck to get it.

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.

People are only with the winners and nobody like poor persons and nobody help poor persons. I think, a person should start work in teenage because in this age if he lift the responsibility of his family,he will be successful in his life. I saw many person who earned a lot of money and they were top in society abc their lifestyle was of rich people and they enjoyed all luxuries of life and in old age they lose everything and they lose thousands of dollars in business. At that time ,their family should support them but at that time their wives took divorce from court . If you have no body will accept you if you are black person but if have money and you are super black, everyone will be attracted to you. That is reality of life.