Quote from: Ryu_Ar1 on Today at 04:35:02 AM

Quote from: Fortify on November 27, 2024, 08:35:14 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.

Find something they enjoy doing and live your life, because few people get that sort of freedom to choose at an early age. Invested properly, that sort of money could easily bring in an amount higher than the average income of most people - which gives you the ability to live a comfortable life and truly commit without financial pressures. Most people are stuck doing a job they don't necessarily like because they have bills to pay, which could be credit card debt, mortgages, child support or a bunch of other things. If this person wanted to dedicate their lives to looking after nature or animals, they'd be free to do that and should think very carefully before spending frivolously.

The problem with this is our inability to control ourselves and can only rely on others trying to control ourselves or getting used to following what our parents tell us to do for some reason.

Although in the end following the wishes of parents will look good but of course in this situation we must also dare to express what we want to do for the future that we want to live and of course there must be a middle point so that you and your parents are not burdened with the choices you want to make. As long as it does not violate the norms and aims well for the future I think even if it is a little contrary to what parents want it is not a problem because in the end our future of course we must be able to determine from the beginning based on our own wishes.
Parenting is also important so that children do not feel burdened with great expectations from us as parents so this should be another concern in the end.
Many people who feel confused because they cannot determine their attitude when they grow up start from those who are too dependent on their parents and parenting patterns that have high expectations of their children.

Cant be able to remove into your mind into the things on what your parents been telling you while they are still alive specially on handling up the business or anything that they do teaches along the way.
For those who are really that listening out into their parents mentality and principles on which it isnt really that bad, specially if it does mean or talks about on the business that they had built
and on the moment that they do pass away then it will really be something that be hard because we cant really be perfect into the things that they've been doing but we dont have no choice
but to continue on what they have started. If you've been on a situation that you had inherited millions then you might be that off path when you are thinking on something else.

You will really be that definitely be needing up to study more on how it do really works yet there would really be ways and other methods on which you might not be knowing on how to handle the business
on where your parents left you. If you do want to sustain that kind of profitability and richness then you will really be needing to be wise on how to handle it out. If you do need some financial
advisors or hiring one then better do it.