Quote from: knowngunman on Today at 04:08:32 PM

Quote from: Renampun on April 28, 2024, 09:28:38 PM

Quote from: iBaba on April 17, 2024, 08:30:18 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.

Does those child not have other close relatives such as uncles or aunts? Usually those who are born as sole heirs have uncles or aunts who always stick to their parents' business and that often happens, I'm confused about what advice to give to that child, if he has good close relatives then he can continue the business he inherited his father but if he has evil relatives, he would be better off selling the business and going to college.

Handling over such business venture to uncles or aunties will be the biggest mistake the boy could ever make in his life. Some of these close relatives can not trust with things like this sometimes because they will end up claiming the business as theirs even when the boy is ready to over the charge of the business. In my opinion, continue running the business is the right step to start from. He doesn't need to be interested in the business before he can pilot the affairs of his late father's business.

The business is not just a new business from the scratch, it's already established and the father would definitely have colleagues doing the same business or probably a trusted worker among the workers in the industry. Abandoning well established business is not ideal for whatsoever reasons, these people can play important role if they want to help the poor boy. By the way, why did they handover such huge amounts of money to a boy of such age leaving him in confusion?

I would definitely do the same. I would really rather trying out to approach other people rather than on trying out to have that kind of approach into your close relatives on which it might really be that ending up on fooling
you and making that money to be theirs without you knowing. Although not all would really be something like this but majority will really be having that approach considering that you arent that matured enough then you are really that susceptible with those kind of modus on which it would really be ending up on losing huge sums of money due to bad decisions that had been recommended or advise. This is why if you do find yourself that not matured enough but you have inherited something big then it would really be wise that you would really be trying to seek for some financial advisors. If you would really be needing to go into a school about financial
management then go for it.

It would really be that a complete waste if you would really be losing those inherited money just because you had that mishandled it or having making those bad decisions due to lack of knowledge and experience.
Even if you are really that still young, it would really be that so hard to believe that there wont be a time that you would be thinking about on how to handle your money well
which you do know that your father is really that been working hard for it.