Topic: Financial Advice for a young millionaire - page 7. (Read 916 times)

Maturity is the important thing here. So at such age he is probably not so clear with what he wants and how to go about it. There are different life's challenges that he is not use to and probably he would still be on the tetulage of his uncle and aunties and that makes whatever advise that would be given to be neither here nor there as he would be trusting on them and either they are already his trustees.

But if I would say depending on how mature he is, if he is more into crypto, he could buy portion of bitcoin for this season to run with the bull and taste himself on his capacity to invest then after he would cash out at the end of the bull.

I would advise leaving alot of money in the bank but to use some to invest in estate business. He can only go wrong with buying of land and properties if he went through wrong hand and get scammed all of his money. In other words, he should invest in land gradually in other not to be defrauded a whole sum of money , so as time goes on he can accumulate some more properties. The reason that he won't go wrong in buying of land is that such lands appreciate over time and then the lands become much more valued than when it was bought. In whole, he has to be careful and mature with time into another business area if he doesn't want to follow the line of business of his father. Wealth is created over time, you gradually build on your interest of business.

Financial (any) advice should only be sought from people with sufficient expertise. Let the young millionaire turn to professionals.

This forum is dedicated to cryptocurrencies and here for the most part they will advise investing in bitcoin (and altcoins). In my opinion (even though I am not a financial expert), this is a good recommendation if you evaluate the path that bitcoin has taken (from an electronic coin for geeks to an investment vehicle for institutional investors). But it should be noted that I would prefer to recommend diversifying the inheritance into various financial instruments. That is, under no circumstances should you invest all savings in cryptocurrencies.

I’d advise him to be very calm & don’t spend money on depreciating rubbish. I’d tell him to buy Bitcoin & hold for many years but also finish his studies in whatever field he desires. I’d advise him to stay away from fast cars & fast women.

I would advise him to be careful with who he trusts. Because nothing attracts more bad people than a huge lump of money.

Many will try to take it off of his hands but he should remember that even at a young age he can learn how to be better at handling his finances. No matter how immature he is right now he needs to step up and start making appropriate choices.

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.