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.
Despite receiving a large inheritance, becoming a young millionaire also brings its own challenges and considerations, especially the challenge of independence, at a young age it can create challenges in building independence and a strong sense of responsibility for personal finances, as well as in facing pressure from the surrounding environment which has high expectations. on success and wealth management.
When running a legacy business, it is important to consider the business values and ethics that will be held as the basis for managing the wealth.