Topic: I need financial advice for my careless uncle. - page 4. (Read 599 times)
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.
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.
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.
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.
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.
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.
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.
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.
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.
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
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.
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.
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
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.
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?
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?
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.
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.
Perhaps he should also try psychotherapy, because his lifestyle could come from some psychological problems rather than just lack of discipline.
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
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
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?
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.So what do you guys think he would do with such money to financially stabilize without going back to zero point?
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.
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.
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.
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.
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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. 
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.
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 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.
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.
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