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.
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.
\If you become a young millionaire, everyone is tempted by things that are not useful, such as drinks and women. So there needs to be steps so that finances can be controlled and continue to grow. Another way is to always be consistent with your main job and be able to divide your time and continue to invest on all fronts. Young people must be able to see investment opportunities in the digital world such as crypto trading and buying shares that have potential in the next few years. because young people the main key is not today but the future