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?
Simple and if he intends to continue his parent's business then learn it first so that when he takes over he can understand more about the business. He can learn from his father's trusted people and continue to gather the information needed so that the business can grow further.
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.
If he is not interested in continuing his parent's business then for now he needs to recognize his character and also must be able to see what opportunities he can develop because if he does not have a mature plan then the inheritance given by his father could be used up in places that are not productive. Children who are 18 years old generally have immature thinking and still behave like children in general who are not yet able to take responsibility for themselves.
Moreover, if faced with business, then they certainly need to be controlled well so as not to make mistakes. The role and education of their parents will be influential and if their father never taught them to do business, then I am sure the child will not be able to continue or build their own business at that age.