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.
Honestly I’d tell the kid to get a fat whole life insurance policy. His health is at his peak I’m sure and nobody thinks of this. Fortunate more investing strategies such as an IRA/ Roth IRA and Max out every year. Divest from that textile company and go into Mutual funds, ETFs IRAs, Bitcoin and ETH I mean really cast a wide net since there is really nothing to lose here. Also, if it were me I’d try to get some nice things set up for myself such as the ideal living situation, a reliable but not crazy expensive vehicle. Now you have all the money you can solely focus on time & hobbies and what you’re most passionate about. I’d get a solid gym trainer & probably a chef as well as a nice ass set of golf clubs maybe join a country club 😉 probably buy a warehouse and get super into art dealing and collectibles and shit. Make my own shit man the possibility is endless here! If only money were my problem man that shit would be fun. You’re the captain of your own ship you can do whatever you want you’re decoupled from the Matrix! Shit this kid has the golden ticket, freedom! And if he plays his cards right he can make it last a lifetime and set up future generations.