Bitcoin Forum

Greeting to you all. I seek financial advice from you guys. My uncle who happens to be a contractor has been winning several contracts, but when the money comes all his plan becomes void simply because he I'll end up going to parties, drinking, womanizing and living a luxirious lifestyle. Although he is married and had kids but his youthful exhubirant has not yet left him even as his married and it's causing alot of problem in his family. When he has no money he thinks straight but when money comes he becomes unpredictable. He has really sufferd before he had this last chance he made over $5000 now he is seeking for financial advice, so I decided to bring up to this humble room to hear from you guys.

So what do you guys think he would do with such money to financially stabilize without going back to zero point?

I think what your uncle needs is not financial advice but advice on a good lifestyle. Financial advice is needed if your uncle has been able to save but is confused about what to use it for. Meanwhile, from the story you told, your uncle always spent money on parties, drinking and women. I think your uncle needs more advice on changing his lifestyle. Your uncle needs to start improving himself, I am not forbidding your uncle from partying or drinking as long as he doesn't spend all his income on it.

I think it's very obvious what will be the advise for your uncle, stop going to parties and then don't live that luxurious lifestyle because he doesn't. He is a contractor, not a business man, so he just live by paycheck to paycheck from his clients. But what if the clients dried up? He doesn't have saving in bank for sure. So once he stop that partying, then the next thing is to go bank and save those money.

Now, if he wanted to make more money out of the money he got from being a contractor, then he needs to invest his money. So as a rule, invest what you can afford. And since you are in this community, maybe the best investment is Bitcoin. You can guide him how to be investor, for sure you should have known the how's on how to become a investor in bitcoin (wallets, safety and others).

Invest to his welfare like seeking psychiatrist or a counsellor that will make him realize what he's doing. So, before the financial matter, I'd rather say that he needs to look first for his well being. Because given that there are a lot of beautiful and admiring financial tips that will be given to him. What's next? Is he going to follow them all? I doubt it because of those vices that he's got and that's why it is essential to remove them first and seek professional help like what I have mentioned that are good in that treatment.

The  business will need a lot of restructuring to perform, he cant chage the habit around money.You uncle will need to form a team for his business and get a plan for managing the contract fund. Get  an account for the money and the money doesnt come to him directly and get a rewarding strategy for his disciplne and control every month.  The materials in production or service should also be purchased early

Just as the poster above said, your uncle is having a serious problem with management of funds and even if he setup a business to grows his financial holdings it will liquidate because it wouldn’t have a better management. The best thing to do is to try to counsel your uncle as to how importance it is to always live a responsible life the children’s life or even for his Health. Any business setup for now wouldn’t be a great idea seriously,

The best is to actually maybe to get buy a share from a company or do a joint business but the money shouldn’t be kept in his custody.

I think he needs something to do with his $5k that will yeild him money to sustain his family, before talking about Bitcoin investment.

You made a right point here about buying a shear fo a company, but I don't think the money should be kept in his custody
Because he doesn't need to touch the money. I think what he needs is where to invest and be getting his return to spend rather holding the capital

Why would care much?

Its his money, then for sure he would really be thinking that he would be the right on how he would really be gonna using it. This is why it would really be pointless or rather useless
on making yourself trying out to talk or convince your uncle on what are the things he should supposed to do. Come to think that even his wife cant really be able to control
then how much more on your part? You would really be just that rejecting you automatically.

Just let him be on what are the things he would be doing. Consequences and unfortunate events are the things that would really make you realize in the end of the day.
As long you do have the money then you wont really be thinking up well on the things that must be done. You would really be spending like a madman until
you would be finding yourself get broke.

those financial advice won't matter if his uncle doesn't come to his senses. for one, he needs to sit down with a life coach or counselor so should be very clear for him what path he really wants to traverse with. if he doesn't want to talk with professionals, then he should make himself understand what's really going on with his life, family and business. because it seems that he is on his teenage years once he got a hold of some funds. until then, he won't achieve anything on his business if he will always go back to point 0.

And that's financial advice as well. Basically, his uncle has no priorities with his money which allows it to be spent on different things. Well, he has the rights to do so but being concerned to him is valid. He may still engage with those activities and buy the things that he want but with moderation; everything which is too much is bad. Now, how will it be delivered to his uncle without hurting his feelings? OP should just initiate a talk and explain himself why he needs to have self-control over his funds. Things will just change if regulation with expenses and cashflow will be tracked to assess which one is necessary and which one is helpful on a daily basis.

your uncle doesn't need any financial advice, it's pretty tongue in cheek at this point if he's going to ask for advice financially. What he needs is a wake up call. He is already a family man and is getting old for that matter, he needs to get his shit straight if he wants his kids to still let him meet his grandkids. Your uncle's youthful exhuberance must end and the only way I see that happening is if he actually experienced poverty for once. Make him experience at least a whole month despite him earning contracts a month without any lavish luxury. Make him live within the means of a regular 9-5-er and he's probably going to realize just how much he's spending on these parties adn these hoes.

He needs more than financial advice, at this point i'd be the one to say it but he definitely needs a drop kick in the head.

This is not a financial crisis but rather a psychological one even if you hire a good finance advisor but he does not stop living this way then there will be no changes your uncle needs to realign his priorities in life maybe seek a therapist to stop whatever addiction he may have let’s say with alcohol a lot of people are really like this

admittedly i can also be like this somewhat not to the extent of your uncle but when i have a few money i tend to want to spend all of it on things i don’t need but what i try to do is i keep the money beforehand and forget about it i don’t think that i have xx amount of money left to spend not sure if that’s gonna work on your uncle though

Your uncle has a wide range of interests, and I am wondering what the profession of the woman or her occupation could be. If the woman is unemployed and has an idea to manage a business, then your uncle can use some of the money to start up a business and put his wife in charge of managing the business. If he is business-oriented too, he could set up a business for himself too. In my country, with $5k, you can set up a mini grocery shop or a polybag-producing company. Lastly, if he can be a patient holder, discuss with him the idea of investing in Bitcoin, but let him be aware of the risk of holding Bitcoin. That's my opinion.

I don't think it's about managing funds, it's his lifestyle and priorities in life. If he will just shift everything, like having his family as his priority, meaning wife, kids and bring give them future, then he will stop everything and he can manage his funds.

No need to hire someone that will take care of his money, it's all about him and his mindset. He should not waste that kind of opportunities in life. And then the next best advise is to invest what's left of his money to crypto specially BTC as we will be entering a crucial stage next year which is the block halving and then what follows next is the bull run and reaching all time high.

Financial advice can only go so far if someone is not grounded in knowing their true goals. 

It seems the influx of funds has brought out impulsive behaviors that resemble a wayward youth.  Until your uncle reconnects with his purpose and direction, he likely will struggle to build something substantial.  There is hope however and  with self-reflection and perhaps the counsel of professionals, he may rediscover the inner compass that orients him toward fulfillment beyond superficial gains. 

But, I don't  think there is much you can do if he doesn't decide on his own that he needs to change.  All you can do is try to show him the consequences of his wrong decisions,  But try not to overdo it, as this could have a negative effect.

I don't think your uncle needs financial advice specifically, he either needs someone to handle his money or get his shit together. Since the former would require his wife to handle it (not even an advisor would make me give me my money to him) and since he hasn't done it, I reckon it can't happen so we only have the latter. I'd honestly let him suffer to let him learn his lesson so that he can understand how adulthood works but if it doesn't work then an advisor to his lifestyle might work. Not that I know if that's a thing.

I'm not sure of your uncle's potential, but looking upon the way he enjoys the earning he's not good at money management. Out of his skills or with the luck he holds he had been winning contracts. This is really good and he needs to make himself better with money management and the same could help him come out of the problems. With the $5000 in hand he can just invest on bitcoin and learn trading. Even now it isn't late, because he'll get more contracts. He himself should have control and spend on cryptocurrencies or something that could bring him better money, not into parties and other stuffs.

Your uncle needs a lifestyle change that is pretty much of everything he needs to focus on right now. His wife should be in charge of the finances. They should an agreement that whenever money comes in the only money he is allowed to spend is the one that his wife would send to him.

They should also seek the help of a financial advisor or coach who would work with them for a period of 6 -12 months.

Finally, your uncle shouldn't go for parties without his wife. If he goes with his wife so many frivolous expenses will be minimized.

Encourage him to make such investment like bitcoin. That way, instead of thinking of going out to parties or spending his money for luxury items, he will learn to control his expenses because he has other priority now. And that his interest will be focused on his investment which is a good thing so he won't end up using up all his money into unnecessary expenses.

However, educate him first before he decides to invest. He will never succeed from any investment without knowing and understanding his investment well. And never go all in, only invest what he can afford to lose. And lastly, invest with caution since bitcoin is known to be a high risk asset.

telling an adult to not have a social life wont get you far
older people dont take younger people serious so they would be quick to tell the nephew to buzz off and mind his own business


so the first trick. while he is in the remorse stage of poverty. get him to set up a joint bank account with the wife. where he cant access the account without her permission

then when he gets paid the money goes into that account instead of his personal debit card.
and by joint account i dont mean debit card account. but one that requires going to a physical bank to move funds out of the account or needs the wife to log-in to move funds into his debit card.

then THEY(husband/wife) can set a budget to still socialise but not to excess.. after all, no money = no spending
and because THEY need to set budgets, its not your problem to worry about

but first, they need to put that mechanism in place to push them into budgeting

He can just put his money into an investment that doesn't allow early withdrawals like a bank deposit or a pension fund. Or he can entrust his money to a very close person who is very responsible with money, if such person exists.

Perhaps he should also try psychotherapy, because his lifestyle could come from some psychological problems rather than just lack of discipline.

Playing gambling and Trading is also dangerous if he have a promiscuous nature. So, I think what your uncle can do now is improve himself first, he had to learn to restrain himself and try to build self how to make a sense of responsibility. Your uncle is a contractor where the money must use for build something, If he don't have responsibility, even have a profit he made from trading or gambling, he can't manage it and still spend at all to go on a spree. I don't know how good your relationship with your uncle. But if he believes you, You can apply to manage his finances, only if he agrees, of course you have to get paid for it.

Since it's a Bitcoin forum, the most obvious answer to ypur question is: invest in Bitcoin! However, this isn't the sole alternative of investment for your uncle. There are many profitable and viable investments for a 5000$ budget, but it would be necessary to know further particular details of his life and region to consider the best alternatives.

Maybe to invest on his business? To afford his children's education (yes, it's also a form of investment)? To acquire a cheap piece of land? To start investing in stocks market? Or to just save it at the bank until accumulating more money to invest in real estates?

You have to analyze what is profitable in your country, and more especifically in your region. In which cities, provincies or neighborhoods is it profitable to invest?

I thank you all for your meaningful advice. You all contributed positively by talking about bitcoin investment.  but I think the best thing I should do is to introduce him to this platform by using some part of that money and buy laptop and a mobile device and keep his fund in his wife account and allowing him to Learn about Crypto currency investment if only he would accept, then after his 4months stay in this platform I think he will get the best investment advise he will ever needed. and also if it's a psycological problem acoording to @Hatshepsut93 he will get to know more people here and that will make him know that's there is life inside life. By then He will know the function of the forum and what they do. So that he will start to learn a new thing about his life. Since he also likes reading, if I introduce him here he would meet reasonable people who will talk sense into him, since he would not give me a listening ear just like @franky said that he would not take a nephew like me serious. perhaps he would have to learn about Crypto currency BTC entirely and his life will be better.

instead of telling him what not to do. just show him the position he could be in next year via things he could do

for instance
if you know (average of many months random income) if he just didnt spend XXX EG 50% of his social spending. it would equate to XXXX 300% of month.. next year
if he invested XXX in bitcoin last december it would be 2.5x this year

show him HOW he is wasting money opportunities for future wealth rather then just telling him not to waste it.. it might make him more receptive
but yes let the wife have control of the funds and get them to have an adult budgetting conversation together

your uncle seems to need help more in terms of psychologist assistance than financial advice, because from the point of the story i catch that your uncle finds it difficult to control his desire to have fun compared to controlling his finances. 

but we can't deny that the world of construction is related to things like that, drinking, women, and other useless things, and it will be very difficult for your uncle to get out of it if he doesn't really to reduce this behavior.

therapy is an option (long term) but it aint free and aint just a walk-in thing. and aint going to solve the immediate problem in first 1 hour session

due to therapy costing money per appointment and needing to book appointments. that should be lesson 3..
first lesson is adult budgetting conversation between the married couple
second lesson get the money in wifes control so she decides how much play money he gets (yes he should get some just to avoid arguments)

then use funds saved to go towards future plans like therapy or new family activity to keep him away from his other expensive habits

Based on your story above, your uncle needs advice on how to change his lifestyle. Financial management is easier to manage when your uncle is no longer partying wildly at the bar. This kind of lifestyle makes it very difficult to manage financial management due to spending money that shouldn't be spent. His wife must be able to make your uncle a responsible person, she must be able to convince her husband to save part of his income to maintain the family's financial stability when he cannot find a job. A profession as a contractor cannot always win contracts, there are times when he will lose to other people's bids which makes him fail to get the job.

Since he's already married, this means his wife must have been give a lot advice to him, but she doesn't able to change your uncle.

If he's not listed to his wife, do you think he will listen to you? old people won't ever listen to young guy. So what you need is seek the person which he put all of his respect, it could be his parent or boss. If all of them still not able to change your uncle, then last choice is seek a professional help.

If your uncle not yet change his behavior, he will always become like that and you can't do anything anymore.

I believe the family and others that cares about him has made several intensions in advising that of your uncle but yet he seems not to practically be submissive to their endivoirs.
So if truly he seeks for help and yet unable to take it upon himself, then the family should find out who is his confider or his best friend, have him talk to to help fix your uncles misfortunate lifestyles of handling money.
If beyond that, he goes walks up to for counseling for consultant where an advisable experts could talk to him about.

Atleast the interesting part of this is that he has always have the thought of good plans for himself that is to say he is proportional to make changes about himself but being carried away out of pleasury activities.
Hence he needs a psychologist whereas he has to be mentally infused with a visual realizing  towards about his inabilities to meet up with his fortunate plans to life.
Instigates him about the resultants of no retirements plans, having him a reference with other related person's that has been submissive to reverse their misfortunates behaviors so as to devote emulational connectivities to reconnect to his right being to take responsibilities upon himself and acquiring the abilities to make a better difference.

We advise your uncle to invest in bitcoin by making adjustments to all his primary expenses so he knows how much money he still has.
By knowing his total expenses, he can see from all his income how many dollars he can set aside as an investment. He needs to invest in bitcoin regularly so he can have something that can help him change his life for the better.
But the most important thing is that your uncle must be able to have the will to change from before because without the will, he cannot change even if we suggest many things.
But what he experienced was also experienced by many people, where when they have a lot of money, they can have a lot of desires to buy what they want. This is actually a dilemma for him but he must know and be willing to change so that his life will also change.

That's basically the same thing, giving someone a financial advice will inevitably change someone's lifestyle. The money spent on parties and drinking and all the luxurious stuff that your uncle is doing is a financial decision. Maybe I'm wrong and that it's different but I do think that it's not lifestyle that OP's uncle has to change, more like his outlook in life and his behavior.

For me, what OP's uncle needs to do is to allow himself to change and have the will to change because if not then the intervention and help is going to come out as unwanted and there's a possibility that it can get worse. So taking it easy on helping is the best approach, help those who asks for help.

If that your uncle is the one financing your education, don't try such a thing to stop him not to do somethings that is giving him joy whenever money come, because there are some people the day you stop them not to do somethings that is giving them joy, they will be behaving like someone that is about to die. If truly you love your uncle very well and you want him to progress from his contract, whenever you notice that there is no money with him, you can use that opportunity to take your uncle out to get anything that will make him happy, and from there you can tell your uncle about Bitcoin investment. And I believe he will ask you if you have the knowledge of Bitcoin investment, which I know that you have it ,and it will give him access to embrace Bitcoin investment.

First, he has to know and accept that there is a problem. If he accepts that he has a problem then we're halfway there. A person who doesn't know he has a problem won't seek a solution to a problem that's not there.
If he agrees that he has a problem then he should seek a professional that can help him with those problems.
We can't help him here. We will only give our own opinions on the matter which won't help much but he needs to start seeing a therapist, and a damn good one. At least he has the money to afford it.

Also while he's seeing a therapist to seek help for his behaviors, he can also hire a good personal wealth/financial manager or financial advisor if he makes enough to have one. Although I prefer a financial manager more. They can help him to manage how he spends his money.

These are all I can recommend

I do not expect financial advice to work for someone who is accustomed to living in this luxurious and reckless way, even if he feels his mistake and tries to correct his behavior, but he will soon return to his old bad habits.

Therefore, it is better to advise him to let you or one of his children manage the money he is getting now because he cannot be trusted not to waste it again.

In summary, the best advice is for financial management to be handled by someone with management experience instead of your uncle.

Your uncle needs a change of lifestyle and not financial advice because he has a good source of revenue. The only problem he has is that he is a waster who lacks control over his spending. A change of friends could be helpful in this case. Let him avoid some of his friends who lure him to engage in drinking sprees and other unnecessary spending. He needs to seek help if he is suffering from any form of addiction such as sex, drugs, or alcohol. Most people who are womanizers usually suffer from sex addiction, he needs to check himself. Tell him that nothing in life is permanent, there might be a time when he won't have those contracts anymore. The only thing that can sustain him during hard times is his savings. It is not bad to drink or party but everything should be done moderately.

Discipline.

Tell your uncle to fix himself first. We can tell many advices to him, but it will be pretty much useless if he will not change himself. Trust me, I've heard many advices from other people many years ago back when I was getting addicted to online games, and I completely ignored it all. The only time I stopped playing is when I realized that I'm doing something wrong already. If your uncle will not change, he will also realize all of his wrongdoings in the past. He will realize that if only he used that money into something more important then all will be good for him.

Our advices will be useless if he will not change at all. Yes we can share our advices, but tell your uncle to change his attitudes, or he will continue to experience the same things that he's experiencing right now. Tell to be more disciplined.

I think it's better to find someone you trust the most and tell him about bitcoin investment. Maybe he still doubts whether you are good in terms of capacity and experience, especially since your uncle is a businessman who is clearly full of calculations. However, if someone he likes and respects comes to him and gives him a good understanding, I think he will easily accept the following input on how to invest properly and correctly. For all other suggestions coming from our seniors, it is also quite good to follow.

He is financially successful but not responsible and can't be taught and it can be only realized but you say that he is old enough to get such lessons and still hasn't learned anything means then I assume it won't change forever.

He may need emotional support to make him realize what he is doing wrong or therapies if he can afford them.

There are a lot of people who do not know how to control themselves when they have money. OP I think your uncle should not be the one holding the money. If his wife is well-educated and has had no financial issues in the past then maybe it is time for her to manage their finances.

Your uncle should continue his contracting services but will no longer hold money. If her wife is very capable then she can also start her own business according to her specialties. They can also invest the money like buying a property. The crypto market is expected into a bull run so they can consider it including the stock market if it's running well in your country.

So there are plenty of choices for him and his family to decide. They can also split the amount and invest them in a diversified manner.

I read your uncle's story, it seems like your uncle has bad habits when it comes to getting money. Your uncle's habits are all bad for your uncle's finances, starting from parties, drinking and women. These are all the fastest ways to spend money. Even if you give advice about finances, it will be difficult for him to accept because your uncle's bad habits have not changed. Moreover, if he is married and has children, of course his wife may have given him advice but that doesn't work, especially if you are the one giving advice to someone under him, of course he doesn't listen to the financial advice you give.

The first thing that your uncle must change before giving advice about finances is that he must be able to eliminate bad habits first. Even though ingrained bad habits are very, very difficult to get rid of, especially if they have been around for a long time, we must have commitment and a sense of fighting negative feelings. Using the 1 percent principle, we can change ourselves slowly from small every day, the results will get bigger. After this, I'm sure he will use his money more wisely.

Your uncle simply doesn't have a concrete goal just like a youth that just want to enjoy the life without thinking about the consequences a head of each of his actions. He needs to have a life advice and not a financial advise since all of his actions where messed up due to his action into seeking entertainment.

I think your uncle needs to learn a heavy lesson to adjust his age and resposibilities to his actions, it would be hard for all of you especially on the benefinciaries of your uncle.

You and his family is the one that can give him a lesson and make sure that he learns about it. Make him realize about his actions and teach him to balance things out if possible. It's a hard thing to do but your uncle needs help in my opinion. Your uncle will the one be suffering at the end.

Sorry to say, your uncle is not wise at all, a father and a husband should have done better. There are times for everything, there are those days we club and party almost weekly, but when we are married, we reduce all to the barest minimum. Not that you don't do it or similar things as you continue to enjoy life, but say what you do like doing that wastes money 50 times a year before, you can reduce it to just 3. We need to be serious with our lives. But if we allow enjoyment to carry us away, we will regret and those friends and girls we did it with will eventually leave us and laugh over our foolishness.

Well as it is now, since your uncle is still a contractor, I advise him to continue to do his work diligently. And in addition, he should invest in lands & properties and cryptocurrency. He can also buy stocks of companies he is sure about and could establish a business as well which he might not be the sole operator but an overall manager. It's as simple as this. He just need extra places where he would be channelling his money and stop wasting it for a better future for himself and his family.

Your uncle is old enough to mend his activities and change his lifestyle. A simple word of telling him that we're no longer young and we're not getting any younger would be sufficient for him to think of the important things in the remainder of his life. We're not that young anymore to do stuff but if he's got this reason about YOLOing then let him do his own thing and let him wake up one morning to realize what he has been doing instead of saving for the rainy days. I know that we're here to enjoy life but too much of everything isn't good.

There is no solution that he will get other than himself having to be aware of his lifestyle which has caused him to fall into the pit of poverty. Sorry but this is what will happen if you are not able to control yourself and don't think long about the future. Treating money as if it would be easy to get and then throwing it away easily, going on a spree, sleeping with woman X, drinking liquor and when he already has a family to support? then after everything happened felt devastated and thought the world was cruel? It's a shame that leaving doesn't make him think twice that his children and wife are victims of an irresponsible father. Maybe this sounds painful, but it would definitely hurt more if his wife and children knew what his father had done.

Financial advice? not right, but mental advice is the solution.

For a young person maybe that behavior can still be said to be quite reasonable because at a young age most people prefer to enjoy the brilliant times in their lives by trying everything and giving themselves any pleasure because they still have plenty of time for a change, but on the other hand for someone who has entered the elderly phase I think it is a very stupid habit and not recommended, I'm sure it's not new but his uncle is someone who likes to splurge at a young age but can't limit it so that the habit is carried over to old age. Well that's true, the advice about valuing money is good and necessary in this case but for someone who is old enough I think it would be more influential if we give some life advice especially in terms of adjusting the standard of living so as not to always overdo it.

Seeking entertainment for fun is fine and dandy but if it's excessive and consistent I think it's definitely too much, he's not young anymore and time will tell, opportunities for change don't come twice. OP may get some pretty good advice in this room but basically people can only give a little advice and enlightenment for prevention and the rest only family members can fully implement as you said and it is true. Changing habits is always a difficult thing to do, but that doesn't mean it's impossible either, your advice is pretty good and I hope OP can apply some of the advice she got from this room to her uncle, it doesn't have to be too significant, apply it slowly is better the important thing is for sure, and also remind her not to be late when the rice has become porridge and regret it.

Well, that's right, or maybe his uncle needs professional help because it somehow related on his personal decision making since he shows symptoms like being impulsive on the things that he want once he makes money. Also I agree with you that maybe his uncle only needs a sympathy advice for him to realize that he's no longer young and there's nothing wrong for leisures as long as you are able to maintain your well being and finances.

Your uncle's style is similar to other friends I've had before in that when he has money, he's like a one-day millionaire; he just grabs a handful of money in his pocket or wallet as if he'll never run out of money. Your uncle is like that, and those types of people lack knowledge of money management.

So what others said is correct: what your uncle needs is a financial advisor, and the only thing I can say is that your uncle should stop behaving like that when he has money, as if he is always acting like a star to his friends and he doesn't seem to care about his own family if he has one.

Well, from your post OP, it seems like your uncle doesn't know to to manage financially. Once the money is in his hand, he would literally use it for any kind of entertainment because he has a mindset that the money is in his hand. The thing is that is currently in your hands, but if you have a family to take care of as a father and a husband, you would need to be responsible for ensuring their future in case of emergency funds and also for many things, especially in the financial sense you are gonna provide all the needs of your family. Imagine your partner is partying while you are at home with your child, what would you feel? I think one thing that could stop that kind of lifestyle is to seek professionals like financial advisors or tell him straight up that kind of lifestyle is not normal for a family man.

It sounds like your uncle doesn't need financial advice and what he needs is a good friend who can advise him and he is also willing to follow it.
Your uncle follows too much of a lifestyle and hangs out with the wrong people and as long as your uncle makes friends or associates with the wrong friends, he will always be wrong forever, unless God makes his life ruined. Maybe one day he will realize that what he did was a big mistake, because he has a wife and children who must prioritize.
And I heard that many contractors behave like that, but after God took everything they had including their skills, they realized it but it was too late. And most contractors have a lot of women, and this is not a financial problem but because money allows him to get what he wants. And in my opinion, this is more of a trait that needs to be addressed immediately. Otherwise, perhaps only destruction would bring him to his senses.

Allright well ...

There is not many choises when there is someone close to you, you have to let him cross the boundaries so that he can experience it all himself, but if necessary be there and support him, but be ready for it and let him even spend all the money, let him know that you are there for him if necessary.
Don't be judgemental just let him go through this so it's like a illness once experinced you got some kind of immunity.
Sometimes you have to let a person go through hell it's like a battle let him go to the battle-field but cover him be in the back.
It is also right to raise children in the same way in short, you have to let him play "what if" if there was no one else close to him.

I'm sure many would also want to suffer like that. :)


Is your uncle really careless if he is willing to accept financial advice from a bunch of complete strangers and strangers from the Internet who are not financial or economic experts, but consider themselves true investors who know exactly how to manage their finances? :)

Your question is either provocative or very naive. And what kind of answer do you hope to get on a forum where bitcoin is discussed? :)

You don’t need an advice as you as well as your uncle knows the solution to his problems. The problems of your uncle is obvious to everyone that has eyes and sees with it. And most, if not all of the advice that people would give to you here has probably been told to you before now and is something you know.

Your uncle needs to get his priorities straight. Perhaps, he considers partying more important than putting money away for his child’s education. I wouldn’t know.
But I’m pretty sure he knows where his problems lie and how to go about solving it. No soothsayer needed here.

Do you think he can become financially stabilized with only a capital of $5k, I am not judging you but it just seems a little late maybe if your uncle had bought BTC back in time then he might have been financially free till now but now it seems a little impossible just a little impossible to be financially free with $5k. Well, if he has no other choice and has $5k in his savings then he can invest it in any asset like BTC, ETH, or maybe other assets like stocks and forex, etc.

By the way, I don't think your uncle is straight, (I have no right to judge him and I am not doing it even) just trying to state the fact that money makes us straight or makes us look straight, and when we have enough money we started to behave unpredictable.

invest 25% in BTC and 25% in ETH, and the remaining one can be invested in other alts, I have a video for you that can help you, https://youtu.be/qLHHDRhAleA?si=LJzAeYI9RE63zh24 this video might give you or your uncle some idea. I actually liked this video but DYOR before making any investment, I am not an expert so.

Keep track of where his money goes and assess whether there are things that could come and go based on what the data looks like. Maybe this may persuade him to let go of all those socializing and extravagance once he finds out that those small expenses per day accrues to a huge number in a month or two.

We often disregard small purchases because we think that it's 'small.' What does a $2 or $3 of beer compared to $5000 anyway? Add that to 10 cans or bottles and you'd still be nowhere near $5000. Though if you look at it, that could easily go towards your gas money or whatever necessity he needs. It might even go to his kids' allowances for the week. Since he doesn't have any data he can easily look at to compare these expenses with, he'll think that he's still good since it's just a small sum anyway.

I myself used to eat out every night because I'm tired after a long day's work. I never really factored in the fact that eating at restaurants or fast food every night will amount to $100 per week, when it could easily be just below $40, and I'd still be eating good and healthy food. After realizing that I'm not saving enough compared to my salary, plus the fact that I live alone and only need to feed and clothe myself, I began keeping track of what I spent, and I'm just surprised that I'm spending $400 a month in a third-world country wherein food shouldn't be this cheap for an individual.

Do not come to your uncle with hostility regarding his situation. Let him see the numbers for himself and he'll easily realize that booze and women cost a lot of money that could have gone to another thing that could help his family.

Lets make it simple. You said he thinks straight when has no money, and that is the answer.
After your uncle got some money again = 70% to his wife and 30% buy crypto or gold but do not let him have an access to that thing.
Maybe his wife able to hold it for a while? because if its not, he will spend it all again.

After a few months/years, he can use the money to expand the business or start a new business.

It is difficult to give financial advise to your uncle because if someone his opinion then by getting profit he will spend all this amount on useless activities so I think that a person can be financial stable only if he lives a better life through doing good deeds and is spending money on useful things. He first needs advise to live a simple life and then he will move towards the betterment of his finance.

Your statement shows that he is already earning good amount but as he wants to live a luxurious lifestyle so there is a possibility that what amount he earns he will use it without planning. He cannot become financially stable until he makes his habits good and leave to participate in all those circumstances which is wasting his money only.

Advice and lectures will not be ignored by such parents instead to be heard and studied when those of us who are older explain it to them.
People with bad habits like that can be approached when the atmosphere is good because there are times when human nature is present in the midst of the soul experiencing emptiness.
Slowly, following his mood, we can convey that there is something important for him to do for his financial safety so that he doesn't regret it when he is at zero.

Your uncle's main problem is that even after earning money, he is unable to retain it due to his bad habits. You are asking for advice as your uncle but this advice is what your uncle needs and if he is not able to get out of this bad habit on his own then you will not be able to get him out of this bad habit no matter how hard you try. Advice for your uncle would be to give your uncle full concentration on the work he is involved in and try to occupy his free time with other activities. When you get money ask your uncle to save some money without spending it and the rest can be invested in any other business he wants. Alcohol or woman addiction can't get rid of your uncle so easily but if he lives according to plan and tries to get out of this bad habit then he definitely can.

If your uncle can make so much money and still end up back at zero, he needs a complete lifestyle change and, if possible, proper rehabilitation. At this point in his life, he is married, and his first priority when he earns a lot of money from contracts is to invest in his family and have a steady flow of income that will support him even when contracts are not available at the time.

First and foremost, he needs to reduce and, if possible, stop his lavish lifestyle; drinking and partying without control will only make his life miserable; he could have used that money for the family, getting some drinks and chilling at home or taking the family out on a picnic or something; it would have made him spend less than what he spends on partying, drinking, and womanising.

It would be better for him and his family if he could put an end to all of this and invest the money in something worthwhile. This is the only problem he has that when stopped, he will live a better life than what he does now.

I draw conclusions from your story, your uncle's lifestyle is very bad. because he already has a wife and children, your uncle should be aware that if he does this it will hurt his wife and children. Your uncle still can't control himself that he is old enough and already has a family. It is true that at times like this, financial advice is really needed for your uncle who still likes to spend money, but the first step that needs to be advised to your uncle first is to change this unhealthy lifestyle.

Because financial advice alone will not have any effect if it is not accompanied by new lifestyle changes from your uncle. With income of that amount, you need to be able to plan your finances in the future so that your uncle can retire early and enjoy the results in his old age with his investments.

Haha, man, he is living to the fullest if whatever is mentioned is true. I mean yeah there is a serious issue with the "savings" side of his income but the rest is just fine. He is trying to live every bit of his life and there is no harm in it. This also depends from culture to culture and country to country by the way. Many of them would see this as a shameful life while others would cherish the moment your uncle is living. But yeah, there needs a disciplined management too. If they are draining more than 90% on their leisure then they should be taught to keep the range below 60% I think. There is no advice for the uncle because if he can make that much money then he must be a smart guy in his field of financing. If he is used to those things then we can not do anything about it. Perhaps, he needs an accountant who can help them push towards a savings mindset.

Moreover, he must be above the mid-age level so he going to be careless about his savings I think. Most of the peeps start saving by this timeline but in your uncle's case, he is a lucky person. Better hire an accountant and let him take that responsibility.

You are unlikely to like my answer... But an adult man who has put his entertainment and the satisfaction of his not-so-best needs above all else is an option that is difficult to correct. No amount of “heart-to-heart conversations” will produce results. He will find 100,500 reasons to explain why you are wrong, but he “lives to the fullest, and that’s right.” If a person at his age does not understand what responsibility is, does not know how to manage his “wants”, does not care about his family and friends - do you really think that he can be changed? This is not a child who sometimes does unreasonable things due to lack of experience and understanding. This is a person who has clearly defined his goals, he deliberately leads such a lifestyle. And all your attempts to change something will only lead to a loss of time, energy and faith in goodness, and possibly a deterioration in relationships both with this person and with your mutual relatives or friends.

The only way, provided that his income is not passive, but depends on it, is to simply show him that his income is not eternal, such a lifestyle leads to degradation and therefore in the near future - loss of income, and make it clear that if he If he drives himself into such a state, he cannot count on your regret, support and help when his life collapses because of his actions. Until he himself wants to change, or is SCARED of the prospects, nothing will change... That is. Some kind of “shock therapy” will be more or less effective. Sorry for the not-so-positive forecast.

PS yes, I understand that this is a relative, but in this situation you are not only unlikely to help him, but you are guaranteed to create a problem for yourself. These are people of the “slow suicide” class, but unlike classic suicides, these can create huge problems for those around them who are trying to save them...

I am sure that telling him "stop going out to chicks when you are a married dude" is off the tables? I mean that is the most logical thing to say but I am sure he is aware of it and yet still doing, so lets ignore the most obvious (and what he should do) thing to the side for a minute. Diversification on things that has dividends is the way to go without a doubt, that way he would invest all his money into things that would have income, and that means he will put all his earnings into a few different place just in case anything happens, and the dividends that come in would be enough for him to go out and party, he would still have money to spend but also he would have his investments growing. Or... you know, maybe stop doing all that and do what normal humans do, and live a normal life?

Heart to heart conversations would really be something that he would really be laughing about, just like on what are those earlier mentions that if his wife isnt someone who do able to control him then expect that you
which is out of their family or simply being a relative wont really be that able to convince him. There's no way that could really be able to convince someone on stopping gambling specially that he had been doing
this for a while now and since he's really that earning some good amount of money then he wont really be calling this as a potential issue if ever there's someone who would really be telling this about it.

It would really be just that so normal for a human being to have that kind of hard headed kind of behavior on which they would really be that continuing on things that they would gonna do
as long they would really be that making themselves getting satisfied on what they are doing. Just let him be on what are the things that he would really be doing because
its his money not ours and if he do ends up on getting those huge losses then it is really just that right since its his decisions to made of which it resulted into such disaster.

A contractor made $5000 grand? Is this weekly or monthly? I'm confused because a contractor is not supposed to earn less than that unless he is working under another contractor or he wasn't straight with his income or perhaps as you said, his lifestyle is also not allowing him to tell you guys his take home salary. Contractors earn a lot but depend on the level of risk they see everyday, the income is more than that amount.

What kind of financial advice do you need exactly. A contractor work depend when they need their service, if they don't have any contract money will not come, now that everywhere is raining for him he should better invest it into something that will yield him better fruit in the future. I don't have a say in what he should invest but he need something profitable and please don't tell him to buy bitcoin because I'm not sure if your uncle is the patient type that will invest into bitcoin.

You guys could also keep the money and when it's enough amount, he could also start a business depending on your location because business depends where you live and what you sell also depends on the demand of your location.

He must be able to change his wayward style of behavior because if not then the money will run out because it is used for unimportant poya poya and does not prioritize family and children, your uncle can still be saved if there is someone who can advise good behavior maybe slowly he will leave this bad thing even though it has become your uncle's habit.

When he was getting paid for his contracting services, did his wife not know about this? Usually the one who is better at handling finances is a wife as well as her advice and suggestions, but when your uncle silently does this then he doesn't want to bother because he wants to have other desires such as getting drunk and playing with women.

Your uncle still has a chance to change especially when you say he is very clear about making money, one thing that needs to be done is how to change his attitude you must know.

I've heard about stories like this how some persons spend excessively on alcohol, partying and clubbing. If they don't blow off everything they've on them, they won't come to their sense. The cycle just keep repeating itself over and over. So I think what your uncle really needs is more than a financial advice from you. He needs a therapist, try convincing him to go see one, also remember to put him in your prayers, he could be under manipulation.

Somewhere in you post you said he is seeking financial advice but except that it seemed it’s just you who cares for your uncle and want to help by suggesting something to him. I’m asking because you can’t force change on your uncle no matter what. Everything he is doing, he is very conscious about it but until he comes back to him self or figures he isn’t doing it right, then it may be a really big challenge for you to help him because it’ll feel like pouring water on a stone that has refused to absorb water. If it isn’t him who is asking for the advice, I hope he eventually realizes, and then you can apply the suggestions you may have gotten so far.

That's what I'm talking about ! There are people who live only for themselves, only today, not thinking about tomorrow and not caring about their future. And it is actually pointless to change their mind, he will still be sure that he is doing the right thing. The only "cure" for such cases is only his personal, negative experience, which he will get by continuing this way of life. 
Yes, the heartache remains - that this is your loved one and you would like to help him, but.... Unfortunately, life is not perfect, and there are disappointments in life.
I hope that the person mentioned by the author of the topic will realize that he is just living his life!

He clearly doesn’t have enough respect for his wife & kids to stop living that way. I’m not sure you can do anything other than tell him he’s not living the right way. Tell him he could lose his wife if he carries on like this but maybe that needs to happen. Some people only change their ways when they lose everything.

What your uncle needs is to put to an end to the expensive lifestyle that makes him to go broke. For now I don't think you need a financial advice what a news now is to start living a good lifestyle that will not make him to be spending money on on unnecessary things. People who need a financial lifest advice and people who make wrong investments but since he is not into investment but what takes money for me is the party lifestyle he's just need to be delivered to end the party lifestyle. 

Whenever their is a change of the party lifestyle, the next thing is to help give good financial advice to channel is money into investment that will be profitable for him. But right now it is impossible for someone to make good investment when all his money are being lavish for party and clubbing.

Your uncle is living a very bad lifestyles, even a young man who is single is not supposed to spend money on womanizing and drinking like that, let alone your uncle, who is already married and has kids doesn't he listen to his wife? If he does listen, I believe that his wife is even enough to give him advice on what to do and how to do it. This lifestyle will undoubtedly bring a lot of issues for his family because his wife will not be comfortable with it. If your uncle is open to your advice, perhaps he should invest in some successful businesses to increase his money to avoid going back to zero again, or maybe he should invest his money to purchase something like bitcoin, if he is knowledgeable about it, you should show him how to ensure the security of the wallet address.

That's right, it's like his uncle is also happy-go-lucky, is that the type who immediately goes to bars, restaurants, gigs, etc. when he has money? These things are like bad habits, in my opinion, especially if you are not a rich type of person.

There are other people who feel that they are social climbers, but they are trying hard when it comes to actual parties. So, in this case
we shouldn't be like this instead, we must know how manage our money properly.

Your uncle's pattern - it's a classic case of financial self-sabotage. We see this often; money comes in, discipline goes out the window. He's not just blowing through cash, he's jeopardizing his family's stability. That's a no-go. He needs to enforce a strict budget, period. It's non-negotiable. When that $5000 comes in, immediately allocate portions to savings, investments, and, crucially, a fixed amount for personal spending - that's his party fund, not a cent more.

The second part of this equation? Accountability. He needs someone to keep him in check - a financial advisor, a trustworthy family member, anyone objective. This isn't just about managing money; it's about rewiring habits. If he can't stick to a budget when he's flush with cash, what happens during lean times? It's a cycle that'll repeat unless he gets a grip on it. So, set up that budget, find him an accountability partner, and let's turn this ship around. It's tough love, but it's necessary.

They wont really care since they arent really experiencing those kind of devastation or damage but on the time that when damage is there or things turns out to be not good anymore then this is where self realization would really be starting on which same as they been saying that it would be better that you should really be letting your uncle be doing on the things that he do wants. It is really just that his money then he wont really be caring about on the words that he would really be able to hear around as long he would really be that making or engaging on the things that he do prefer into then this is where he would really be definitely be not stopping son or not until that he would really be exhausting up all the money he had.

We do know that there's no such thing about unlimited fund into this world on which it would really be just that so normal that you would really be having those money in temporal but if you arent that
mindful about on the spending you are making then sooner or later you would really be finding yourself getting wrecked and just like been said that you would be starting
to regret on the time that you dont have money on your pocket.

I think you are wright. Checking from all comment from the op thread I haven't seen anybody who thinks what am thinking. I also think the op uncle is under a serious spiritual Manipulation. Despite we have our different believes, I think the spiritual controls the physical. most people whom are being taged as wayward people, where once a good and loved people, who overnight turns to the shadow of themselves. They struggle to remove themselves from the dark web which has been spiritually coated perhaps hasn't find a solution. Most people will continue till they die without knowing the root cause of thee problem. In Nigeria my country when things seems beyond the ordinary people seak for spiritual solution And if that demon is not casted out, no matter the advice given to the person, he/she can not change. And they just waste there time for nothing.

As others have mentioned, this goes far beyond financial advice.  As a financial advisor I meet with different sorts of clients on a daily basis, but these aren't typically the types of financial situations I find myself in.  I guess the best thing for your uncle to do would be to find financial products that lock up his investment, keeping it from him being able to spend it.  Depending on his age, that could be things such as retirement plans such as IRA's or financial products such as annuities. 

Again, I don't think it's financial advice your uncle truly needs help with.

He needs to set his priorities right and needs a disciplined life, but it's bit difficult to make a person change their habit when they are so used to it and not learning from mistakes. The only way is to set up some financial plans wherein he has to route a percentage of his income towards investment and savings like monthly SIP and RD which he should be remained everytime.

I think with this $5k he can do a lot of things to have a passive income but will not be enough to run his family with passive income. He could stake this into crypto (Bitcoin) for longer period of time so that his asset is safe and he cannot blow it off like he does with money even if he changes his mind and when the staking period is over he will have asset, interest and also more return on investment if crypto market performs well which is most likely going to happen in 2024. Especially Bitcoin.

Sorry to say but most people that comes from poor background always have this problem, when they don't have the money they will desire to have it and once they start making money they will waste it on unmeaningful things, but who are you to want to help him? I bet you can't ask him a thing since he is the one working for the money, I think you should just focus on you only.

Its not in your power to correct your uncle, someone older should be the one talking to him, but if he choose to not listen its none of your own problem, face your life and try not to end up like him but I am certain that poor mentality people are the ones who live this careless life.

I can honestly say that its not entirely bad, because every thing is vanity, still he should have choose to be single and not bring kids into this world, with his behaviour he will probably render himself useless for the family.

The first thing is that from the achievements of your uncle that you have mentioned, it seems that even if he has a huge wealth, he will not be able to control it. A lot of money is also spent in such activities. Secondly, $5000 is not a big amount of money to start a good business these days.​However, as far as I am concerned, if he is on the right path, he can increase his capital with these five thousand dollars if he works hard.

If he has knowledge about crypto currency then he should invest in good and best project from the market. In other case  small businesses can be started for five thousand dollars, for example,  If he can work hard, a small poultry farm can also be opened from which he is likely to get good income annually. Along with this, if he tries in the field of agriculture and tries to grow crops on lease of some land, here too he can get a good profit. For a former contractor, both tasks will certainly be easier.

If you tell someone to change their habits which they often do when they are young because they remember that they are no longer young, I think that is a reasonable thing to do. Because most people when they get old really have to change their mindset for the better so that they can teach the generations in their family better, especially if someone currently has children and grandchildren. Of course, considering changing your mindset for the better is the time to do it now without having to wait until you get older.

In fact, if an uncle's income can be quite large and any money he earns can still be invested by his children and grandchildren, I don't think it's very wrong for him to continue doing so. But he also needs to teach his children and grandchildren to be able to manage existing finances quite well, because money is usually always easier for anyone to spend, but it will not always be easy for anyone to get if they don't have the right method and mindset. So it is very important to teach generations in your own family about things like that for a better life in the future.

Now the family members were gathering to beg him change his life for good but he's refusing, later he will be the one chasing after the family members for a rescue  when life has dealt with him accordingly, most people don't realize that life is all about an opportunity, the moment you're having money and you're spending it without having some savings, investments, the later end will be bad on you because you wouldn't have anything to fall back on or those that have enjoyed the money together with you won't be there to offer a rescue, leave him, he will soon learn his lesson.

Financial advice is useless on the case of your uncle because that is not what he really needs, he has associated money with an exuberant lifestyle he cannot really afford, what he needs is to adjust this particular view of the world that he has and this can only be done with a therapist, otherwise even if he were to do the right thing with that money for a while he will eventually spend it by partying all the time as he has done on the past.

To be honest, it's not a good idea to look for financial advice on a public forum. It's not a forum full of wealth managers and investors. Literally anyone, including 10 year old kids can answer you here.
If I tell him to buy bitcoin, will he? If I tell him not to buy bitcoin, will he?

5000 is not a lot of money, but I assume where you guys are from it is, since you're giving this as an example of wealth that allows for luxurious lifestyle. I mean 5k can buy you decent 10 year old car, but that's it.

If your uncle does fine without money, maybe he would agree to employing someone to manage his account? You can set an account in such a way that every amount above a certain level will be automatically transferred to a locked deposit that earns him interest and cannot be withdrawn for a certain period of time like a year. Maybe your uncle needs someone to lock some of his money in a bitcoin hardware wallet for a year or two?

There's one thing I know for sure, he'd be better off saving it in bitcoin than drinking it away.

I think the first thing he would do is to change his mindset about money. That every drop of money is precious and valuable and since it's his hard earned, then he should know how to utilize it in a very useful way. Saving could be a good option, but I should say investing should also be his priority. Once he's indulged with his investment, the budget for his partying will be limited until he'll see it as not necessary anymore.

Another thing also is that he should set a project in every income that he made. He should have a goal plan so that when the money is already on hand, he can start with his plan and stick to its goal. Whether it's for his family or his personal goal, at least his money will never go into waste.

Unless your uncle will not change his lifestyle, expect that he will never come to stabilize his finances because his priorities are set on other things rather than focusing on the welfare of his own family. He should have a change of mindset if needed so that he will also think of their family's future, and not just giving higher importance on his present life. Looks like he's acting like more of a happy go lucky single guy, than becoming a responsible foundation to his family.

The change should start within himself if he really wants that change to happen. But if not, I guess then we can't do nothing about it but to see him learning his lessons when he'll lost his job in the future.

The bitter truth is, that he'll need to lose all that money to learn again. Staying without money makes him think straight, hence it's not bad if he continues to be with less money and reasonable. Because the abundance of money can ruin the life of such men, if he's scared of managing 5k how would he handle higher figures? If truly he's the one seeking the advice, then he's half cured. This type of mistake is caused by the friends he keeps. The behavior can also affect his productivity during work. Going broke isn't bad for a businessman, he can become a better man when another money visits him next. However, if he continues lavishing the wealth meant for his family and wants to change, then he has to allow double signatory before accessing his money. His wife should own the second signature. So, whenever he wants to withdraw money, his wife would be aware of how he's going to spend the money. And whatever activity is not reasonable or helpful to the growth of the family, shouldn't be approved by the wife.

I wouldn't have minded his personal life and his money, but the fact he is married changes the scenario. Because his lavishing lifestyle won't affect only him. The wife will suffer for something she didn't subscribe to, the memory is painful. Single men can live such a life comfortably. The married men, don't enjoy this after the money disappears, risking the happiness of his woman. Reading our responses won't affect immediate help, he should practice quality comments. Your advice as the brother, is to assist him to stop drinking alcohol. It's simple, the lifestyle he found himself, in could be powered by too much alcohol. The drink changes the emotion in the decisions of the man. Surviving with no alcohol, or substance, helps the brain with great decision. Men when that urge arrives, abstain from drinks that'll control the speech and thinking you've piled up in the future.

If he wont really be changing up then sooner or later he would really be finding himself into a situation on which he would really be losing everything on which we know that gambling could really mess up someones life and if you wont really be that careful on the decisions that you are making then it would really be reflecting out on the things that you would really be that experiencing on which we know that
having no money would really be the toughest challenge that we could really be having in mind. If you wont really be that making yourself that responsible on the things that you are doing or the actions been made then it would really be that resulting into a disaster and this is why it would really be that best that you should act fast or else you would be finding yourself on a hard or tough situation.

People wont really be listening up on the time that they would really be still having that income source or money that they could be able to play or spend with but usually
we do know that in the end of time on which nothing is permanent and sustainable into this world or last up forever then here comes the time that you would really be regretting
on the things that you have done.

Your uncle is careless? That's the thing in here and that's where he should start taking care of himself, too many suggestions have been made to this thread already and I think that the majority of them are helpful to your uncle. Now, how are you going to open this up to him without being offended? It's because that he's going to be offended and why a nephew of his wants him to get some redirection and wants to change his approach of his things?

And to give a shortcut, when he's done with things and you have done everything as well because you care so much to him. All you need to do is go to the professional and seek help from them. Every cent that you're going to pay that professional is going to be worth it because they've dealt with this problem and experienced it from several people that have consulted them. Unlike just asking suggestions on how to help him, he might not be willing to follow these advises coming from the people here that he doesn't know and respect. Compare to the professional in counselling, he might give tha respect and follow the advises.

I'm not sure that would be a good idea.  A heart-to-heart talk is probably your best bet.  You should explain why you personally believe cryptos are promising, and try to get to the root of his hesitations.  If you listen without judgement, he may open up about any fears or assumptions holding him back.  

If he shows interest in learning more, gather some balanced, reputable sources to share.  Your goal shouldn't be to pressure him either way - just to mutually understand each other's views.  Maybe in time, he'll feel ready to explore this on his own terms.  You know you can't force him.  

Like what people are saying about getting professional help is the best thing he can do. He's impulsive and no doubt that don't mind anything at all because of how he's acting.

It can help somehow but if his uncle is hard-headed and someone who doesn't like seeing a pity on him then that's a different story and there's no need to interact with him anymore if it's about these problems that he's showing to the kid.

Your uncle is not able to do well financially because of his bad habits. A man who is addicted to alcohol A man who is addicted to women cannot keep money no matter how much money he earns. If your uncle was younger it would be possible to discipline him but he is old enough and he has learned to earn enough money that it is difficult to turn him from his wrong path. If your uncle is unmarried then get him married so that there will be a pressure of the world in him and because of the pressure of the world he may give up these bad habits. As your uncle always try to stay with him and point out to him the wrong things he is doing. Maybe after doing the same thing over and over again he will realize at some point that what he is doing is really wrong and then maybe he will change his mind.

Thanks to you all with all this advice you have given to my uncle, I think it's enough for him to learn his lessons. So permit me to lock this thread because all contribution here is enough to change whoever wants to change. This thread is also a message not only to my uncle
, but also applicable to  many people out there, including our forum members. What happens to another person should be a lesson to others. otherwise gradually you will find yourself in thesame shoe. Because when following a wrong part people don't really know what the outcome may be, not until they are trap in what they do. And finding a way out when there is no other way. To people who want to still continue comment am sorry to lock the thread thanks.