I appreciate everyone’s insights, I can’t begin to say how much I agree with each of your opinions, definitely believe it’s a lot of responsibility for such a young man. To be honest with each of you, he’s not the only one facing this dilemma... without conveying too many details, let’s just say he comes from a very big family and each young family member receives this “inheritance” when they turn a certain age.
I’ve had a couple approach me with this same question, only because I manage a few of them. These particular youngsters - have seen many of their cousins, siblings or other relatives, fall into the pitfall of BAD Decisions and simply blow this money quickly away.
My thoughts were the same about financial advisors, because you can’t be certain of motives in their advice or their own agendas. They are not centered enough for REI or maybe not interested enough for it. Like most people, they simply want that “get Rich scheme.” Although, they are cautious or experienced enough with poverty, to know this may be their one shot to doing something that is life changing for themselves.
Can anybody tell me how they could potentially invest in a RE “investment group” portfolio or fund? I’m not clear what it’s called but for instance like what I believe Grant Cardone does if that makes sense? It was a thought I had if several of them looked their money together - may have approximately $500k.
I’ve challenged them to read “Rich Dad, Poor Dad.” Any other books that would be great education to start them out with? I’ve also challenged them to listen to BP podcast as well, and explained that it’s up to them to educate themselves and fuel their minds - but I also know where my thought process was like at 20yrs of age.
Thank you BP community for your feedback - and these young men do as well.
