Topic: Financial Advice for a young millionaire - page 5. (Read 1689 times)

The only financial advice I can give is to take full care of all the money he inherited, take responsibility for managing it, and not use it just to enjoy the life he has. Money is something that can be lost anytime if it's not used correctly. And since he has the opportunity to learn more and learning more skills by utilizing the resources he has, maximize it and be a better person to be able to successfully manage all those money.

He should get a skill or go for knowledge, cause its better he does that than waste that money on life and from his age we can expect a lot of mistakes that he could make from involving in bad friends or drinking, smoking unhealthy gambling life and all that.

I would say he us more in need of a mentor and tutor than any other thing, he might not have enough experience to grow a business now, but its better he gets that money working with an investment while he gets himself in other with pursuing knowledge. I think that's all that can help him.

Go to a trusted financial advisor because they will be able to provide the right advice, for example when suggesting investing they will also provide investment options that are suitable for young people or when suggesting opening a new business they will also tell you which businesses are suitable for young people, and the boy just has to choose what to do so that he can get more money and can guarantee a better life.
However, he must be careful because there may be people who approach him and suggest things that look good but are actually fraudulent, and also if someone suggests investing in Bitcoin, he must also tell him everything including how to store this asset properly and so on so that investment goals can be achieved.

As he is very young and has inherited everything from his father, he must now proceed very cautiously. It may be difficult for him to manage such a big business alone. You should learn about the business well beforehand and plan accordingly. Also take a reliable and skilled worker who can manage this business well you can learn a lot from this too.

I'd suggest that they put a decent chunk, say 50% of it, away into some sort of trust fund that locks it away for a few more years. That way they can have a bit of fun, take risks and blow through all of it if that is what they choose - then they will have a sizable sum to fall back on when they realize how hard money is to actually make. They don't have to be wasteful with the first 50% but many people at that age in life have no idea about money and how far (or not) it can really stretch. When they haven't earned the money either, it have even less meaning to them. I'd warn them away from taking any drugs, but would expect them to drink a few alcoholic drinks along their journey.

Enjoy it the way you want to and learn from your mistakes if ever you will be doing one or some. It is easy to tell them to spend it wisely or put it to an investment but not all young people are into that or even having understanding of what's right and what's not especially if it is with money. They may consider asking their older relatives about it and such but they could be taken advantage of in some instances.

The reason why I said to spend it on the way an individual would want to, is to also know the value of money. He/she could use it on things which are really not important such as luxurious things, and eventually nothing will be left. That is the time which he/she could reflect and learn. HmIt might light a fire within him to again reach that money thru hardwork of his own and be able to spend it as it should be. Failing teaches the best lessons in life. Consider that you are inheriting to an 18 years old boy and not a grown up man.

op is at the age where he is learning a lot so he can manage his father's business now if he wants to. In this case he can take the advice of some special knowledgeable people instead of taking advice from public place and he will get good results. I myself will not give him any advice as I have no experience in running a business.  So I don't think my advice will work well for him. He should take advice from those people who are involved in the business and have long experience

First thing first, since the boy is not yet out of school and he's the only son of his mother I think the mother is the person that needs to be advised more right now because she's the one that the young man will listen to more because he must be closer to his mom since he is the only child I believe the mother can't watch his only son to start spending the money he got from his father's inheritance lavishly on girls, exotic cars or wine. My advice is that the mom should get a good financial adviser for herself and the son with that the boy will understand the importance of investment and since he's still schooling, having a good business class would help him to understand the types of business he should venture into but right now I think I don't know the type of business to recommend them to invest in to because they don't have an idea yet so it's impossible for them to be successful into any kind of investment because they have zero knowledge about it.

What must be considered in my opinion is that he must be able to manage finances well, with him receiving a lot of money or inheritance it does not mean that he can use it at will to do things that give pleasure only temporarily. he must be able to manage it well as you said that one of them is by fulfilling his needs, which needs must be met. It's just that not all young people can be like that, because every person or young person certainly has different attitudes and thoughts.

Regarding the business, I think there are two possibilities if he doesn't like it, he can just sell it and start the business he wants and dreams of, but starting a business from scratch is not an easy thing because it needs skills, determination, courage, and mature knowledge. The second possibility is that he can continue his business, if he doesn't like his business it is unlikely that he will leave it abandoned because it is not a good decision, he can continue it by adapting first because indeed to accept a new thing we have to adapt first, over time I am sure he will definitely like it. Because the business he is interested in is not necessarily going to make him comfortable in running it.

First, did you become rich through trading? How much money have you made trading with your 1 year experience? Because this is the boldest advice I've ever heard, it's the first time I've seen someone advise others to drop out of college and become an trader to get rich. And to be able to give this advice to others, you must at least be rich and successful as a trader. If you haven't achieved anything significant then you are not qualified to give such bold and baseless advice.

By the way, it seems like you want to blame education when you graduate from college but are unemployed. Why don't you try asking many students who have graduated and have high-paying jobs, even after many years of working, they have become entrepreneurs, while you are unemployed? So is it your fault or the education sector's?

i'm not a millionaire so i can't give him too in-depth advice, but i would advise him to be able to deposit his money and use that money for his needs, and then for his father's business he can start learning it slowly until he can master it completely. because after all, it was his father's business and even though he didn't like it, he certainly didn't want to see it destroyed and abandoned. so instead of someone else enjoying it or destroying it, it's better for him to take charge of it.

In what business he is not interested to? Since there are two mentioned there but I believe it was the Textile industry one because I seem to not like it as well. Trading is hard but I will still choose it over it. Another good thing about trading is everyone can do it or you don't need to have a college diploma/degree before you get started on here.

Graduating from college is going to be a long journey and many graduates still ends up to be jobless but learning on how to trade is I think won't take over a year. The boy must also have his own interests, E.g. if he likes to eat or cook, then building up a restaurant business would be a better option for him.

Becoming a young millionaire is amazing, and a Good choice for your individuals,As a young millionaire you need to be very Discipline in your choices you make, because without being disciplined you can loss your focus,also Bad company of friends that will bring bad ideas and intentions.so when you're able to stand on what you want, nobody can change it.Another one as a young millionaire you need to be focused and have the mind sets of saving and investing your money.
When you start early to save you increase the amount of money you earn.avoid debts, save steadily and control the rate and speed of spending money.
Now you can be able to invest this money in any good and productive business of your choice,or you invest in companies and real estate,This bring good Cash at the end of the investment.Always save to have a balance financial account beyond your expectations.

We do wish for a life something like this, of course not all would really be having a family on which they do have a huge business on which we know that when it comes to inheriances then there's no other that would really be able to inherit those things other than on his kids if ever there's no one would really be able to get like his wife but since its been mentioned that his a widow then no doubt that his kid would really be the one on getting those things on which its true that we are really that wishing in a life specially on being that a millionaire. It is really just that there are people who are really that lucky but these kind of scenario or condition are really that rare or something that we cant see on day to day. Financial education is what this kid would really be needing. Making up that good handling with those funds could last up very long time because if it would be done on the opposite things then this could really result into disaster.

A luck that no one else has. Becoming a millionaire at a young age is certainly the dream of many people, especially becoming a millionaire, perhaps for those born from poor families, just meeting their daily needs is quite difficult.

And my advice to this teenager is to ensure that his inheritance is well maintained. With all the limited abilities and skills he has, if he had to turn the money into a business to make a profit, it would probably be quite difficult for him to do this. because even though he is rich in wealth and has a large amount of capital, if he lacks experience and knowledge, it will be quite difficult for him to be able to build and manage a business, so what some people here say is true, besides he has to continue learning, investing be a solution so that its legacy is maintained.

Depending on the child maturity, if he has long-term thinking, he should already understand managing inheritance. It's just that usually at a certain age there are representatives who have been prepared by the parents to guarantee or monitor everything that must be done based on the written inheritance. So, do you understand the child that far or do you only see him at a glance as a rich person's child?
Parents who realize they have a lot of assets will have prepared this inheritance well in advance, hiring their trust attorney to allocate it according to the will. But if there is no will and the child is unstable then I am worried that I will not be able to manage the inheritance well.

Becoming a millionaire at an early age is truly extraordinary, because not everyone can achieve it. However, this is commensurate with the challenges faced and the responsibilities they carry. An important piece of advice to follow is to continue concentrating on education and acquiring the necessary financial skills. Investing in education will lay the best foundation for one's life. Additionally, starting with confidence and seeing your abilities grow and learn helps kids build passion and skills that are important for the business industry. So apart from children having to study academic knowledge, children also need to study non-academic knowledge, to hone their skills and to discover the child's identity.

Maybe we are not as lucky as this child, but we need to remember that the process of becoming a millionaire takes time and energy. To achieve any success, children must be provided with proper guidance, education and support. Through self-determination and commitment, as well as supporting pillars, this child has an open path to realizing his dream of becoming a young millionaire.

That inheritance would really be coming into waste if that kid wont really be able to handle it well on which the business should really be handled and would really be that overtaken or been changed of hands.
Of course it wont really be the same on how your father been handling the business but at least you are really that considering on continuing it all but well we cant really be able to tell because
the kid is still young and for sure he wont really be that not still hand be opened or really that willing nor interesting to continue on what his father do able to established.

We cant be able to point out whether he/she would really be that continuing or not. Just like on what most people been suggesting on here that financial education and awareness is something
that you would really be needing up to consider because if you wont really be that finding yourself that learning up things on your own or you are serious on doing so then you would really
be doing such step.

Becoming a millionaire at an early age wouldn't be so easy for that child,considering the level of pleasure and excitement at that age,and the expected responsibility from his late father.Honestly,the pressure would be too extreme on that child,and it will be difficult for him to eventually adapt.

First of all,I'll advice that he focus on educating himself more before trying any other thing Invest in education and financial skills to be precise.Secondly,the feeling and thoughts of him becoming a millionaire starts from his mind,so he should start trusting himself and focus on his ability to grow and learn because that's the only way he can develop interest in the business line.

He intentionally becomes a millionaire when he chooses to start trusting himself and focus on growing the company.But before then,the child's needs all the guidance,mentoring/coaching,and relevant support or backup for a successful and brilliant accomplishment.

Many things are involved in starting up a business plan for an early adult, like you have mentioned because he is just 18 and again, he was not the one who worked for the money because it was given to him as an inheritance, which even if he is going to start a business, many will encourage him to continue with the business of his father. But the main thing to consider is the challenges that he is going to face in starting or continuing the business, which might include 

1. Financial management; this is the first challenge for him to face because financial management goes a long way in business, which includes not knowing the effective things that he is supposed to buy or invest in, and that will be due to the flow of money that will be coming to him as a result of the business, which can cause a drastic downfall to the business.

2. Market competition; this is always a big challenge to him because it will be very hard for him to bring a new or different strategy to bring more customers to patronize his business, which will not only cause a downfall for you in the business but also a loss of a large amount of funds because market competition between other industries that are doing the same business with you is not easy, and if you are not used to it, it can cause other health complications for you, including depression and other mental health issues.

3. Business risks: it might be so hard for him to know the appropriate business risks that he is supposed to jump on, so these business risks might be influenced by market competition that will make him go to some risks that he can't afford to lose, which can cause a loss to his business.

So starting a big business will not be a nice idea to him at that age unless he tries a business or just focuses on having knowledge about the business. Even if he wants to continue the business, he can still do that, and he will get what he wants to achieve. All this will be based on the smartness of the child because if he is smart, he will do the business, and his loss will not be that much as a person who is not as smart as him.