Financial Advice for a young millionaire - page 6.

pusaka

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Quote from: Marvell1 on April 18, 2024, 07:46:09 AM

Quote from: pusaka on April 18, 2024, 06:46:15 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.

Dunamisx

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Quote from: iBaba on April 17, 2024, 03:30:18 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.

ancafe

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Quote from: boty on April 18, 2024, 06:35:12 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, 03:30:18 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, 06:35:12 PM

Quote from: Obari on April 18, 2024, 04:20:28 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, 04:20:28 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, 08:02:33 AM

Quote from: iBaba on April 17, 2024, 03:30:18 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, 03:30:18 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, 10:03:59 AM

Quote from: Jody.Drummer on April 17, 2024, 09:58:31 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.

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Quote from: skarais on April 18, 2024, 03:50:48 PM

Quote from: yudi09 on April 18, 2024, 08:06:58 AM

-snip-

Yes, there are things that must be changed if the recipient of the inheritance wants to become the same successful person as his late father. He has to study business and build it, of course in the business he is interested in. Of course it doesn't have to be the same as what his father had, but it's always good to expand an existing business instead of building a new one.

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.

The main point I agree with about this case is on interest. Everyone has their own interests in business and anything else that makes them able to make money. We realize that money is needed - then managing it is the way to save us from poverty. Every one of them who fails to manage their finances wisely - is likely to fall into poverty and be in debt everywhere, that must be the bitter reality that must be experienced by those who fail to manage their finances.

Inheritance or inheritance is money that is relatively easy for anyone to spend. Many cases occur where the money runs out within a few years just because they continue to spend it on needs and a luxurious lifestyle - while the money is not used to make more money. It is impossible to maintain financial stability if the beneficiary does not have the ability and interest to earn more money.

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Quote from: iBaba on April 17, 2024, 03:30:18 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 most appropriate advice for an 18 year old child is about how he will treat the money in the right place so that he does not engage in wrong habits when he already has a certain amount of money. Because most young people who are still 18 years old will certainly find it easier to spend their money on things that are sometimes less useful for the future, so they need to be given advice so that they know how to treat money properly so that they don't immediately become poor in a short time.

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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.

It doesn't matter if a child is not interested in the business left behind by his father, because he can run another business as long as he is able to run it with the business capital he already holds in his own hands (money). And if he doesn't want to close the business that his father once ran, he can look for someone else to run the business again with an agreed income deal. So that the young man can still enjoy the results of his father's business while running other businesses that he can master himself.

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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.

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Quote from: iBaba on April 17, 2024, 03:30:18 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.

With the conditions he lives alone now I would not advise to do anything before he knows himself and the qualifications he is good at because it is precisely suggesting something against the money he currently has clearly gives a big risk only one thing is certain that I can suggest is not to trust someone too much because in the end it could backfire so if he wants to manage the inherited money he has then he must really learn well and find the right person to be used as someone who is considered trustworthy.
That is important because before starting something he also has to learn especially with his very young age sometimes a life that is less controlled, especially in terms of thinking that is still immature, can actually destroy himself so that if he wants to be successful with the money he has then he must try to change his behavior, attitude and of course become mature periodically so that he can decide well about his own future.

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Quote from: yudi09 on April 18, 2024, 08:06:58 AM

Quote from: iBaba on April 17, 2024, 03:30:18 AM

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Don't get caught up in a life of extravagance. Live simply even though he has a lot of money and inheritance. Hang out with people who are focused on discussing opportunities for the future. Avoid being in an environment where people like to talk about complaints. Invest in a type of investment that can be a hedge like Bitcoin for the long term.
Focus on learning and completing what you learn in college must be put into practice in business even if you are not interested at first but one day you will be interested.

Yes, there are things that must be changed if the recipient of the inheritance wants to become the same successful person as his late father. He has to study business and build it, of course in the business he is interested in. Of course it doesn't have to be the same as what his father had, but it's always good to expand an existing business instead of building a new one.

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.

darkangel11

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I guess I'd tell that person to start learning, reading about how to invest, how to manage money. I know it's hard when you never had big money and suddenly you have a fortune with no idea what to do with it. The first idea in your head is to throw a party, buy yourself a car, show off - but it's the worst thing you can do, right next to giving it all away.
What I'd tell him is to not touch it for a few weeks, but prepare to do it at slow pace. Get some bitcoin because that's always a good choice, but don't spend more than 10% of the inheritance.

Gaza13

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Even though they are only very young, by getting an inheritance from their father, it is best for their immediate family to continue to guide or control their father's business so that it continues in the right direction. At a young age, sometimes they can't manage what their parents have, The child must need time to gain experience like his late father. This is the importance of direction or control from those closest to the child, otherwise the industry that has been built for a long time will experience bankruptcy.

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Quote from: Frankolala on April 18, 2024, 10:48:16 AM

He should invest 10% of the money in bitcoin, and concentrate on his studies till he finishes college. Which after college, he can start learning his father's business, since that was the business that gave his that such huge amount of money, but he should do his in a more civilized way.

According to OP he is not willing to continue with the same business of his dad. Had it been he was into the business of his father before he died, it would have been easy but now he is not interested and he is confused on what to do with the money. If he is willing to learn about bitcoin and understand it, it won't be bad if some of the money being invested into bitcoin.

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It is hard for a 18 years old person to be with such amount of money without being misled or without mismanaging it. This is why he needs to grow and learn about life and how investment works, so that he can pass on the wealth to his generation.

That's true. Most people at 18 have not really experience the hard way of life, so they see money as just paper. I just hope even if he want to misuse the money not just everything, then when he is back to his real sense 😃 he can manage the one left to start up something.

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My advise would be to get someone trusted to manage funds for him. The safest way would be to divide the inheritance into 3 parts (or more) where 1 part would go to a manager who invests it for you. Not a single trusted person, but a well known company that does it for millionaires. They'll take their fee, but won't scam you. There are firms like that with decades of experience. They'll put it in real estate, gold, ETFs and it will be their job to pull out in case of problems, he won't have to do anything. I had some money invested in fund that followed the bonds and it was making me 6-7% last year, which isn't bad when banks pay you 4% on your savings.

Second part should go towards education and all the basic needs. With that kind of money he can get to a private school, finish whatever studies he wants, get a driving license and a car, maybe learn to fly and get a pilot's license. There's nothing that he can't go for at this point.

As for the third part, I'd tell him to buy bitcoin. It's probably the best investment in the world right now if you're ready to wait 5-10 years.

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Education first as well a property for his future family and getting some deposits in the bank as a first line thing. Then they can consider riskier assets like stocks, bonds and more property. But always prioritize their education and skills first because they need to work to get paid in future otherwise the entire money stash is going to get slowly decayed.

However a lot of things will go into this, what the kid actually wants, what the rest of the family wants to do, how much assets they already have and so on. They might want to hire a professional to help them.

Sorryfor

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I think the best thing for the inheritor of his father's money to do is to stay in touch with one of his closest and most trusted people, and stay away from those who might harm him in the pursuit of money And since he is young, he can decide what to do with that wealth now that he is not involved in business now, but after he is educated in higher education? Because an eighteen-year-old person can never make a proper decision about how to use his wealth in the future. It is better if he completes his studies well and also if he wants to do business in future then take future advice from those who are experienced in this field And don't spend extra money unnecessarily and don't be too luxurious And it is best if he takes the advice of an experienced person.

Topic: Financial Advice for a young millionaire - page 6. (Read 1472 times)