Quote from: Fortify on December 05, 2024, 09:17:15 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.

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.

lucking up the fund is a good decision to be made since he is not matured enough to handle effective utilization of such amount of money but then, suggesting that he starts a minimal work to sustain himself is what i don't think is the best decision he ought to take at that point. if the dad was alive, I'm sure he would not work till he has gotten the basic knowledge that will help him mange that wealth effectively and now that the father is completely out of the equation, it becomes more important that he does same and work on self development rather than spending his time to earn some money he already have in abundance.

it will be best that he take out a portion of the money, at least 5% while he luck the rest, use it to take care of his education and knowledge acquisition for the period he is going to luck the money for until he is able to figure thing out so if he is investing into a totally different sector he should have gotten enough knowledge that will help him succeed in that field.