Topic: I need financial advice for my careless uncle. - page 3. (Read 522 times)

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.

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.

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?

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.

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.

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.

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, 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.

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.

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.

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.

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 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.

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.

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.

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.

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.

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.

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.

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.