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.
My advice is simple, he needs to prepare himself, having money and not having money are both a problem, and while being millionaire at such an early age may seem like a good thing, what he lacks right now is the support of his family, so there are a lot of things he will have to learn by himself.
So he needs to stay away from any vices and people that will try to exploit him for the resources that he has, a thing that will isolate him for a time, but it has to be done if he still wants to remain rich for the foreseeable future.
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.
