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 really depends on the level of financial education and intelligence the person has accrued already. Even then, an 18 year old is likely to be more reckless and unfamiliar with trickery people might use to take their money. It might be wise to cut it up into pots that are inaccessible, like fixed length securities. Leave 100k uninvested, which can be used for day to day spending and a little splurging, put 500k into a one or two year financial instrument that is inaccessible for the fixed period (while still paying interest) and put the remainder into a five year fixed instrument. This gives two opportunities to learn from bad mistakes which can happen often when you're younger.