Topic: Financial Advice for a young millionaire - page 6. (Read 1845 times)

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.
 
 
 

It is not about being a spoilt kid or not. Whether a spoilt kind of a well trained kid, both could possibly fail to sustain their parents wealth if they are not financially educated. One thing is to make money, which is possible that everyone can make, another thing is to sustain the month which is so difficult. If a Father has found a particular way of generating money, and didn't teach the son, in the absence of the Father, the son will not be able to ensure continuity.

@OP, my advice is bitcoin and real estate. Bitcoin known only to him and real estate business everyone can see. Both cannot fail at the same time and they are just passive.

Actually in this case I think when talking about the problem of failed inheritance it also depends on the situation of ourselves because we must have felt that young age is an age full of high curiosity and indeed it has always been a problem that is difficult to avoid because the big ego and high lust when given inheritance or wealth will clearly make us become more self-forgetful than before so it is necessary for us to look for the closest person who can keep us from going astray in the end.
So do not be surprised if in the end the wealth owned actually backfires and becomes destroyed because of the lack of boundaries in themselves so that they are unable to withstand the lust that young people have.
Inheritance can ultimately be a blessing but on the other hand if we who are given inheritance do not have boundaries and mature thinking, it can be even more difficult and sometimes it can backfire for our own destruction.

That's what I said before, a person must have character, because character is something that influences our future. Moreover, we must continue what has been passed down to us from our parents. That is a very big responsibility that we bear.
Knowledge can be learned at any time, even though we are not smart enough, but if we are active in learning, it will come to us. However, character is usually formed from childhood and it will stick until adulthood. So as much as possible we have to be able to prepare for that, I mean as parents they have to shape their children's good character, for example responsibility and other things. If you are an adult, your character will be difficult to change, because that character is already inherent.

\If you become a young millionaire, everyone is tempted by things that are not useful, such as drinks and women. So there needs to be steps so that finances can be controlled and continue to grow. Another way is to always be consistent with your main job and be able to divide your time and continue to invest on all fronts. Young people must be able to see investment opportunities in the digital world such as crypto trading and buying shares that have potential in the next few years. because young people the main key is not today but the future

that's right! He needs to know well all the people that comes to his life because some of them are after his money only. When it comes to investing your money, prioritize having a good financial advisor that really cares for you and for your money, not just a simple advisor that having a lot of invites is the priority rather than keeping your money safe. Having a huge money is a priviledge nowadays and not all people are experiencing what's the feeling of being rich so you need to be more conscious to your circles.

Would like to suggest to have that someone financial advisor or study up some financial courses or whatsoever if he's really that serious on trying out to handle that huge inheritance that he gets.
Of course you shouldnt really be that make yourself that trusting up someone so easily nor really that spend up tons of money into something which is useless. Actually there would really
be those people whom he love or guardian or relative that might be giving out that kind of advise on which this is something that could give out some idea but just like on what others
been suggesting on here is that it would really be always best that you should really be having some kind of studying about financial management and business specially
if you do have this kind of funds which you dont even know on how to make use of it.

True, but is it the sole responsibility of an 18 years old son to maintain the inheritance or even grow it afterwards? I think it would be irresponsible if a father, who has an understanding about business, entrepreneurship and financial management, decided to hand over millions and millions without putting in place some security measures, some support of all different kinds. Money could be split into tranches, distributed over time or they could be tied to conditions that give the son enough of an incentive to at least aspire to do the right things in life. I think a father handing over a fortune to an 18 year old without any further conditions tied to it or any preparations is to blame, too, if things go wrong.

When it comes to financial matters, it is important for the only child of the family to know all the assets that his father left behind before deciding what and who to establish with the money. Since she is the only person that his father has, I don't think they will need to share any of the properties that the father left, they can only be for the child and the mother.

But my advice to him is that since the child is 18 years old, which is under age, which proves that his maturity has never been completed, it will be good to continue keeping the money inside accounts for him to add some age before he can decide which business to establish that will keep the money developing more than the one his father left before too late. Because one thing about money is that if a person doesn't have proper guidance that will lead him to become someone in the future, it can easily turn some people's lives into poverty.

i have never met someone like this, but if i knew him, i would tell the child to go to school first, running a business at a very young age will only end in losses, surely the company founded by his father can run on autopilot because of management already good.

every person who has a big business must have predicted this, when he suddenly dies then someone has to continue, indeed these men definitely want their children to carry on but with someone who is still very young, it is very difficult to be able to run the company, and also politics in business it's disgusting, young people will only be down.