Financial Advice for a young millionaire - page 9.

pusaka

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Quote from: wxa7115 on April 17, 2024, 09:35:17 PM

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.

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.

batang_bitcoin

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Quote from: Cryptomultiplier on April 17, 2024, 06:58:02 PM

Quote from: batang_bitcoin on April 17, 2024, 06:44:55 PM

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.

The boy seems so young and it is evident how clueless he is to know the situation of things and his responsibility. How are we sure the father before his demise ensured that a lawyer was in charge of the affairs of his Will, until the son comes of age and is responsible enough to handle such wealth.
The boy obviously has to complete his education but that doesn't stop him from engaging in his own passions and making friends. Good friends I mean, because the bad set of friends can send him down a spiral quickly.

I think that the boy has given some background by his father when he's still alive, given the idea of how the business works. But I agree to OP that he's going to need some time for him to realize that it's a thing that he shouldn't just do when he feels it because it requires attention and dedication. The time will come that he's going to focus on it but as you've said that he should study for now and for me, keep the money, spend money for education first while keeping it.

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Quote from: Moreno233 on April 18, 2024, 04:31:36 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?

On a hilarious note, where I come from, it is only a millionaire that have right to advice a fellow millionaire Cheesy

. In such a society, you lead by example and it is totally out of place for someone that is not a millionaire to offer advice to a millionaire because the later need the advice more to be able to get results. The beauty of this system is that everyone is motivated to aspire to be the best, not easily distracted by anything and taking advice mainly from people who have achieved the targeted results. The means of achieving the result is also very important because it must be legally and morally acceptable else such results will be taken with disdain.

For the case of inheritance, the boy do not need any advice from anyone because he would have already gotten all the information from the dad and probably learnt his line of business. If he failed to learn anything from the dad, it will be a waste of time advising such a young lad.

Not only in your country, but in my country too. OP surprised and somewhat amused me when he wanted to give financial advice to someone whose father is a millionaire. It's like a poor person trying to teach a rich person how to get rich. We want to give advice to someone, first we need to know who we are and where we stand in society compared to them. How can we arbitrarily give advice to someone when they are better than us in every way?

Quote from: Moreno233 on April 18, 2024, 04:31:36 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.

In my country, children are taught the line of business of their parents from childhood. The benchmark for education is high school and the child can comfortably handle the business. If the child is not interested in that line of business, then he should pursue his interest, seek relevant knowledge in his chose passion.

If that boy was born into a business family and even if he did not want to continue the family's career, they would definitely have a different direction for him, they would arrange everything without our intervention. LOL.

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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?

On a hilarious note, where I come from, it is only a millionaire that have right to advice a fellow millionaire Cheesy

. In such a society, you lead by example and it is totally out of place for someone that is not a millionaire to offer advice to a millionaire because the later need the advice more to be able to get results. The beauty of this system is that everyone is motivated to aspire to be the best, not easily distracted by anything and taking advice mainly from people who have achieved the targeted results. The means of achieving the result is also very important because it must be legally and morally acceptable else such results will be taken with disdain.

For the case of inheritance, the boy do not need any advice from anyone because he would have already gotten all the information from the dad and probably learnt his line of business. If he failed to learn anything from the dad, it will be a waste of time advising such a young lad.

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.

In my country, children are taught the line of business of their parents from childhood. The benchmark for education is high school and the child can comfortably handle the business. If the child is not interested in that line of business, then he should pursue his interest, seek relevant knowledge in his chose passion.

Dump3er

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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.

I guess the question is where the young boy stands at the age of 18 and whether everyone in the world knows who his father was. Otherwise, if there is still some level of privacy and secrecy about the wealth of that father, I would advise a young guy to stay as silent and undemonstrative as possible. This doesn't mean the boy should live a poor life, but living a demonstrably filthy rich celebrity life at the age of 18 probably almost guaranteed ends in attracting undesirable social circles. It's probably very hard, but those who can retain control over their lifestyle while becoming filthy rich at the age of 18 are destined to live a wealthy life both socially and financially for a very long time.

ancafe

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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?

Before giving advice, you must first identify the child's character and you must also know what he likes. Receiving such a large inheritance from his parents does not necessarily make the child mature, especially since he was not taught to be responsible for his life. In several cases that I encountered, those who inherited from their parents did not know what to do because when their father was still alive, they were not taught how to manage their finances well.

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.

This is even more complicated because he doesn't have the skills of his late father so the child has to look for something he likes. I don't dare advise him to get involved in bitcoin investment and if he is not previously familiar with this world. That's why children must be taught advice on managing finances and if they are interested in Bitcoin then you can teach them first before getting directly involved. His decision will depend on how he can utilize his parents' inheritance and if he misuses it then the inheritance will be used up in unproductive places.

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

~

Ok, I will assume that the "BOY" you are saying on this thread is you because you will not create a thread like this out of nowhere, right?
Hmm, build your wealth, have emergency funds, continue investing, be as frugal as possible, and of course, be as humble as possible.

The first 4 things that I've said can easily be done with the help of your money especially the building your wealth part because you already said that you are receiving lots of money. The one thing that's hard to do is the final one. I'm not saying all of them, but most of them forgets the humility when they are rich or at least receiving lots of money.

Many shared their own advice to you OP. Now it's up to you to do it all or at least some of them. Good Luck.

Poker Player

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It's difficult because at that age his testosterone is through the roof. The most important thing you have to do is control your impulses and think about the long term. If he manages to think about investing at least a large part of his money for profitability and keeps superfluous expenses like cars and clothes under control, he will have a bright future.

wxa7115

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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.

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.

BD Technical

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Currently the millionaire who is earning good income is actually. Can reach good places very easily and better by training can earn good money which is not possible for a common man, but thinking about future if you think or listen to one thing then you will become nearer even at young age. In that case everyone will pay you and everyone will run for you. Everyone will come when you are in danger or will be by your side all the time but if you are a fakir you will be poor if you don't have money. In that case no one will come around you and support you so you have to support or achieve you to earn so much money at a young age of million years. Basic or landing must be done which is not possible for everyone. I will say one thing that you earn hard work and success is sure.

Cryptomultiplier

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Quote from: batang_bitcoin on April 17, 2024, 06:44:55 PM

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.

The boy seems so young and it is evident how clueless he is to know the situation of things and his responsibility. How are we sure the father before his demise ensured that a lawyer was in charge of the affairs of his Will, until the son comes of age and is responsible enough to handle such wealth.
The boy obviously has to complete his education but that doesn't stop him from engaging in his own passions and making friends. Good friends I mean, because the bad set of friends can send him down a spiral quickly.

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.

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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.

Topic: Financial Advice for a young millionaire - page 9. (Read 1845 times)