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.
Sensible advice would be to figure out how to lock the money away for 3-5 years while the implications of the wealth sink in. Get them to go out into the world and work a minimum wage type job if they cannot get anything better. It's very easy not to understand the value of money at that age, so what could set someone up for a carefree lifestyle might blow it all in just a few months if they do not understand the power it gives. The little bit of value that the money loses to inflation will be insignificant compared to the great lesson that needs to be learned. It is likely that the person leaving this money behind took their whole lifetime to accrue it, so it would be respectful not to let it be wasted too quick.y