Post
Topic
Board Economics
Re: Financial Advice for a young millionaire
by
Marvelockg
on 23/06/2024, 15:59:08 UTC
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.
It's a big trap for a young youth that's of the age of 18 to be exposed to such an amount of wealth when he isn't emotionally mature enough to handle such privilege and responsibility. As a father, he's supposed to work with trusted lawyers who will ensure that the wealth is safe till the boy is probably mature enough to handle it. Most people at the age of 18 will squander all the money and inheritance away because at that age, it's difficult to manage a huge fortune and you can't really trust people that much cause they will all come around to steal your wealth from you.

It's a complex state to find oneself in, especially when such responsibility comes at a time when you have no plans on the ground. The best thing would be to force yourself to trust someone. If you can't trust anyone and allow him to benefit a little from the wealth, you risk making everyone your enemy and you might not know who's coming to help or who's coming to harm you. Just look for someone you know your dad trusted while he was alive and talk things through with him. Most families wouldn't want you to make all the decisions on your own which will go on to complicate things but if you're interested in securing at least a portion of your father's wealth, you've got to decide that you must trust someone to walk with you through the process. Changing business because what your father is into isn't your interest will be the worst decision you will think of doing cause it's going to require selling off the company and starting building another from scratch with zero experience. If you're not able to run the business and can't find anyone to trust, another good option will be to sell the company and save up the money in the bank, preferably fixing it such that you can't access at least 90% of the wealth till you're 22 to 25. By then you should have gained some level of maturity that's needed to continue in your father's line of business or to create another of your Own