I need financial advice for my careless uncle.

[Davian144]

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.

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.

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.

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.

[Dunamisx]

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.

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.

[South Park]

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?

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.

[coolcoinz]

Greeting to you all. I seek financial advice from you guys.

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.

[Finestream]

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 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.

[Maslate]

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?

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.

[Accardo]

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.

[Hamphser]

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?

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.

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.

[passwordnow]

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.

[Marvelman]

/.../
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.

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.  

[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.

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.

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.

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.

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.

[Litzki1990]

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.

[Pi-network314159]

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.