I need financial advice for my careless uncle.

[hatshepsut93]

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.

[Sarah Azhari]

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

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.

[uneng]

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?

[Pi-network314159]

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.

[franky1]

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

[moneystery]

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.

[franky1]

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. 

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

[mamesso]

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.

[Solosanz]

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.

[EluguHcman]

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.

[traderethereum]

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.

[Latviand]

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.

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.

[Sebas.tian]

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.

[Alpha Marine]

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

[yhiaali3]

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.

[Fiatless]

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

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.

[LogitechMouse]

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

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.

[YUriy1991]

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.

[jrrsparkles]

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?

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.

[inthelongrun]

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.