Financial Advice for a young millionaire - page 8.

batang_bitcoin

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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.

He should keep it.
If he's doing fine then just let his maturing age come to him for him to realize how tough life is and that's going to help him decide, what's best for him to do with that kind of money. But I'm afraid that some bad influence might come to him because at that age, it's all about partying if he is not financially knowledgeable and he might just spend that money on nonsense things. But IMHO, that's the best that he can do for now, to keep it and don't spend all of it at once.

Queentoshi

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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?

If there is an already established business that is running and just need supervision, hire professionals for the role and keep the business going while he tries to learn about it so the professionals he has hired do not then try to cheat him out. If the father was just a trader who has gathered such a fortune, he does not need to be a trader too, he can invest that money elsewhere in something he has researched on and is sure will be able to multiply the money a bit.
He also needs to understand that this is a golden opportunity that he has been given which he does not need to squander because it can all go away.

stadus

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I don’t think at such a young age he will be able to understand financial advices unless if he gets good education about financial aspects. He should become mature at least in dealing with financial decisions so that he will be more able to perceive financial advices more positively. If he can hire a professional financial adviser that will help him throughout his decision making, I really think that would be great. Digging into financial aspects is not easy, unless if he has been exposed into financial decision making while his parents are still alive.

Fortify

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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.

Keep your wealth hidden and don't tell anyone, not even your closest friends and family. Money - or just the thought of access to large amounts of it - can drive even the best people to do some crazy and unexpected things. You can treat your friends and family as much as you like, but you never need to share with them your financial health. It can breed resentment, begging, jealously, envy and all sorts of nasty feelings towards you, that people may otherwise have no interest in expressing. When you are that young though, it is an even more dangerous time as you still have a lot to learn about managing money and may have a very short term mindset, it's only as you grow older you'll learn from many mistakes.

Razmirraz

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The first thing I would suggest to him is to avoid relationships that could make him fall into things that will make him forget how to manage his finances well. It is necessary to emphasize financial management to save these assets from being wasted, I will also remind him how his late father took great pains to accumulate these assets. He still has a lot of time to study, he also needs a guarantee of a more decent life for the future. Investing part of inherited assets should also be recommended to prevent the use of these assets in places that will not provide benefits for them in the future.

Eternad

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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.

Hire a professional financial manager and stop asking this crucial information that related to the fate of your finances. Asking someone anonymous online for what to do about your money is never a good idea because you don’t know the credibility of user here to give an advice.

If I will be on the boy situation, I will hire a financial manager or invest my money on trusted financial manager firms so that expert will grow it while I’m still young instead of investing it myself without any proper knowledge since I’m still young and probably greedy.

I will invest my funds on fund manager and choose less aggressive investment to make sure that will make profit with minimize risk while I’m still young.

kryptqnick

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I'm going to assume it's a financial hypothetical because I don't think I believe it's a real story. I watched a video about teen millionaires just yesterday, and they seemed to be intelligent, nice people. Then again, those were people who built their own businesses, and this story is about inheritance, which should be taken into account.
I think that a good idea is to buy a nice flat to start living independently. A part of money should be put on a deposit account at a reputable bank to earn interest rate (which actually makes sense when the amount of money is big). I believe that it's also good to invest in good education, good in a sense that it'll give some soft skills and maybe hard skills that are in something the person's actually interested in. Finally, giving back to the community is a good idea. It's both good for other people, and for the giver because research proves that people actually feel happy when they help others. It can be done via donating a part of money to a cause, or establishing a socially responsible project, a charity, a scholarship fund etc.

AnonBitCoiner

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18 year old boy does not have such an active mind so he cannot manage such a huge amount therefore he should give this money to a trusted individual of his family who can help him in doing something necessary with such an amount.

I think he should invest this amount in something beneficial but for this he should get financial advice from the elders of his family. If people get aware of this fact that this guy has a huge sum of money then everyone will pretend to be his friend but he should take every step with care.

Faisal2202

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

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 child needs more graduation in order to get enough mature so he can run the same business his dad ran, then that's the best and only option that I suggest following. Because his father must have left a lot that his family could eat without working, but work is important, and I hope there would be some sincere people who will not try to eat the business brick by brick.

Actually education is more important, because other will easily eat away the empire his dad has built, and the competitors will take advantage of it, as of textile industry, I hope the child who is 18 years old, must have some know-how of the business, as 18 years old person is not a child anymore.

QuinielaPosible

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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

bettercrypto

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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.

Oh, when that person's situation is like that, he should be careful with the people who are close to him because that might be what will destroy him. You know people who, when they smell that you have a lot of money, suddenly become close to you, even though they are not really.

Being greedy does something different when they smell someone with a lot of money. He should be wise in handling the money left to him and learn to research first and study financial management so that what he inherited is not wasted, right?

jrrsparkles

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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 father is a multi-millionaire then he should have financial advisors already who will come down the line to the kids once the inheritance passed. If not then having one is very important to decide how to manage the funds and if the person is not interested in working anymore then he should go for the passive investments like divdents that will give constact income.

Jody.Drummer

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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.

bitbunnny

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Money corrupts people, we all know that. A great deal of money that gives you the feeling that you can have and do anything cooul be dangerous for anyone not just such a young person.
So my advice would be that he should be aware that all this money could easy disappear one Day and that he still needs education and think about his future. Also he shouldn't be focused only on himself and spend only for luxury and pleasures but also share a part of this money for some good purpose.

slapper

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Money doesnt solve all problems. You must use this great tool wisely. Start with learning. You dont get a free pass with cash. Study money, investing, and philosophy. The power of knowledge earns respect. Dont love your family business? Thats okay. Dont disregard it. Know it, control it. Dont let inheritance rule you. Next, diversify. Not negotiable. Dont bet everything. Spread your investments and make money work for you. The sensible method to generate wealth and avoid risk.

Then, think large. Whats your legacy going to be? Spending money on highs or making something lasting? Business that transforms the world? Funding scholarships? Giving to a good cause? This is your chance to be rich and important. Choose wisely, construct a meaningful life. Nobody can steal your success.

Kelward

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Quote from: peter0425 on April 17, 2024, 03:43:08 AM

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

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.

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.

The biggest challenge he'll face is making the right decision and getting advice from others, a wrong decision can pull him down from grace to grass and the wrong advice can crumble the business. It'll be more difficult for him to make good business decisions if he wasn't close to his late father, business wise when he was alive, what he can do is gather business advice from different sources, dissect them and make his decision from the list. Being knowledgeable about the advantages of Bitcoin investment, all advice him to diversify and invest some of his funds into Bitcoin, for long term profit.

ndutndut

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Financial advice is very important, especially if you are still 18 years old, of course building a good financial foundation needs to start there. The reason is that the way you manage your finances at the age of 18 will have an impact on your financial condition in the future.

Of course, the first thing in my opinion is that you have to be able to control and be mature in making decisions because this is the most important thing for financial advice at a young age. And stop using credit cards or avoid using credit cards as much as possible. Because credit cards offer lots of choices that will make you tempted, so you can't get caught up in things that aren't important. Of course he has to think about investing from now on because investing can not only increase his assets but can also fight inflation. When he is 18 years old, all he really has is time, because time cannot be returned, so at a young age, don't waste time. Therefore, it is very important to start investing as early as possible.

Coyster

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It is easier to give financial advise when you are not the one in possession of the money, or the one who needs to apply the restraint. If your story is true, i don't know; but i think you can get financial advice from reading finance books, there are so many of them and they will help you understand how money works and how you can make it work for you.

Though in the meantime, i would tell you to go on with your life like nothing happened or changed, if you were schooling, continue, chase your career and don't change the status quo. If you are able to do that, you'll maintain and grow wealth.

shinratensei_

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just focus on growing first and get a proper education, lack of financial management capability and risk assessment capability might create disaster in the long run, if he could make that money to get whatever best education there is, growing his connections for his future career and maybe start side hustle with his money I think thats already fine, but im no expert at financial advice and none of my opinion holds value for financial advice either, what I want to say though, avoid being greedy and putting that money in danger, you know such amount of money is hard to come by you better take advantage of any safest investment there is and one of them is getting a good education.

I think anyone can agree that whatever the financial condition someone in, getting the best education there is might opens up the opportunity for many things later on its like investment but an investment that might pay off big time at the end of the day depends on the hard work, also having good education might helps with managing his inheritance as well along the way.

0t3p0t

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Stay low key and humble just be careful in every decision you've made and hey! Let us just pretend it was you mate so I am not having a hard time explaining thing here. 😅 I think there is need for a financial advisor here since you said that guy has limited knowledge about running their own business and wealth.

Topic: Financial Advice for a young millionaire - page 8. (Read 1472 times)