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.