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.
Topic: I need financial advice for my careless uncle. - page 5. (Read 522 times)
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Your uncle has a wide range of interests, and I am wondering what the profession of the woman or her occupation could be. If the woman is unemployed and has an idea to manage a business, then your uncle can use some of the money to start up a business and put his wife in charge of managing the business. If he is business-oriented too, he could set up a business for himself too. In my country, with $5k, you can set up a mini grocery shop or a polybag-producing company. Lastly, if he can be a patient holder, discuss with him the idea of investing in Bitcoin, but let him be aware of the risk of holding Bitcoin. That's my opinion.
So what do you guys think he would do with such money to financially stabilize without going back to zero point?
This is not a financial crisis but rather a psychological one even if you hire a good finance advisor but he does not stop living this way then there will be no changes your uncle needs to realign his priorities in life maybe seek a therapist to stop whatever addiction he may have let’s say with alcohol a lot of people are really like this
admittedly i can also be like this somewhat not to the extent of your uncle but when i have a few money i tend to want to spend all of it on things i don’t need but what i try to do is i keep the money beforehand and forget about it i don’t think that i have xx amount of money left to spend not sure if that’s gonna work on your uncle though
your uncle doesn't need any financial advice, it's pretty tongue in cheek at this point if he's going to ask for advice financially. What he needs is a wake up call. He is already a family man and is getting old for that matter, he needs to get his shit straight if he wants his kids to still let him meet his grandkids. Your uncle's youthful exhuberance must end and the only way I see that happening is if he actually experienced poverty for once. Make him experience at least a whole month despite him earning contracts a month without any lavish luxury. Make him live within the means of a regular 9-5-er and he's probably going to realize just how much he's spending on these parties adn these hoes.
He needs more than financial advice, at this point i'd be the one to say it but he definitely needs a drop kick in the head.
He needs more than financial advice, at this point i'd be the one to say it but he definitely needs a drop kick in the head.
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.
And that's financial advice as well. Basically, his uncle has no priorities with his money which allows it to be spent on different things. Well, he has the rights to do so but being concerned to him is valid. He may still engage with those activities and buy the things that he want but with moderation; everything which is too much is bad. Now, how will it be delivered to his uncle without hurting his feelings? OP should just initiate a talk and explain himself why he needs to have self-control over his funds. Things will just change if regulation with expenses and cashflow will be tracked to assess which one is necessary and which one is helpful on a daily basis. 
Just as the poster above said, your uncle is having a serious problem with management of funds and even if he setup a business to grows his financial holdings it will liquidate because it wouldn’t have a better management. The best thing to do is to try to counsel your uncle as to how importance it is to always live a responsible life the children’s life or even for his Health. Any business setup for now wouldn’t be a great idea seriously,
The best is to actually maybe to get buy a share from a company or do a joint business but the money shouldn’t be kept in his custody.
The best is to actually maybe to get buy a share from a company or do a joint business but the money shouldn’t be kept in his custody.
those financial advice won't matter if his uncle doesn't come to his senses. for one, he needs to sit down with a life coach or counselor so should be very clear for him what path he really wants to traverse with. if he doesn't want to talk with professionals, then he should make himself understand what's really going on with his life, family and business. because it seems that he is on his teenage years once he got a hold of some funds. until then, he won't achieve anything on his business if he will always go back to point 0.
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?
Why would care much?So what do you guys think he would do with such money to financially stabilize without going back to zero point?
Its his money, then for sure he would really be thinking that he would be the right on how he would really be gonna using it. This is why it would really be pointless or rather useless
on making yourself trying out to talk or convince your uncle on what are the things he should supposed to do. Come to think that even his wife cant really be able to control
then how much more on your part? You would really be just that rejecting you automatically.
Just let him be on what are the things he would be doing. Consequences and unfortunate events are the things that would really make you realize in the end of the day.
As long you do have the money then you wont really be thinking up well on the things that must be done. You would really be spending like a madman until
you would be finding yourself get broke.
Now, if he wanted to make more money out of the money he got from being a contractor, then he needs to invest his money. So as a rule, invest what you can afford. And since you are in this community, maybe the best investment is Bitcoin. You can guide him how to be investor, for sure you should have known the how's on how to become a investor in bitcoin (wallets, safety and others).
The best is to actually maybe to get buy a share from a company or do a joint business but the money shouldn’t be kept in his custody.
You made a right point here about buying a shear fo a company, but I don't think the money should be kept in his custodyBecause he doesn't need to touch the money. I think what he needs is where to invest and be getting his return to spend rather holding the capital
Just as the poster above said, your uncle is having a serious problem with management of funds and even if he setup a business to grows his financial holdings it will liquidate because it wouldn’t have a better management. The best thing to do is to try to counsel your uncle as to how importance it is to always live a responsible life the children’s life or even for his Health. Any business setup for now wouldn’t be a great idea seriously,
The best is to actually maybe to get buy a share from a company or do a joint business but the money shouldn’t be kept in his custody.
The best is to actually maybe to get buy a share from a company or do a joint business but the money shouldn’t be kept in his custody.
The business will need a lot of restructuring to perform, he cant chage the habit around money.You uncle will need to form a team for his business and get a plan for managing the contract fund. Get an account for the money and the money doesnt come to him directly and get a rewarding strategy for his disciplne and control every month. The materials in production or service should also be purchased early
Invest to his welfare like seeking psychiatrist or a counsellor that will make him realize what he's doing. So, before the financial matter, I'd rather say that he needs to look first for his well being. Because given that there are a lot of beautiful and admiring financial tips that will be given to him. What's next? Is he going to follow them all? I doubt it because of those vices that he's got and that's why it is essential to remove them first and seek professional help like what I have mentioned that are good in that treatment.
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?
So what do you guys think he would do with such money to financially stabilize without going back to zero point?
I think it's very obvious what will be the advise for your uncle, stop going to parties and then don't live that luxurious lifestyle because he doesn't. He is a contractor, not a business man, so he just live by paycheck to paycheck from his clients. But what if the clients dried up? He doesn't have saving in bank for sure. So once he stop that partying, then the next thing is to go bank and save those money.
Now, if he wanted to make more money out of the money he got from being a contractor, then he needs to invest his money. So as a rule, invest what you can afford. And since you are in this community, maybe the best investment is Bitcoin. You can guide him how to be investor, for sure you should have known the how's on how to become a investor in bitcoin (wallets, safety and others).
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.
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?
So what do you guys think he would do with such money to financially stabilize without going back to zero point?
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