I need financial advice for my careless uncle.

[Mame89]

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

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.

[1715232587]

1715232587

[1715232587]

1715232587

[1715232587]

1715232587

[1715232587]

1715232587

[abel1337]

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?

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.

[EarnOnVictor]

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

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.

[batang_bitcoin]

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.

[naira]

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

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.

[Dewi Aries]

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?

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.

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.

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.

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.

[angrybirdy]

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.

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.

[benalexis12]

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?

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.

[Lorence.xD]

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?

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.

[bitzizzix]

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.

[CreatorofTronWinner]

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?

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.

[m2017]

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.

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

he I'll end up going to parties, drinking, womanizing and living a luxirious lifestyle.

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?

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

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?

[Nerdy doctor]

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.

[Faisal2202]

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?

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.

[dothebeats]

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.

[Sunderland]

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?

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.

[AnonBitCoiner]

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.

[alankasman]

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

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.

[Patrol69]

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.

[Ndabagi01]

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

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.