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?
Haha, man, he is living to the fullest if whatever is mentioned is true. I mean yeah there is a serious issue with the "savings" side of his income but the rest is just fine. He is trying to live every bit of his life and there is no harm in it. This also depends from culture to culture and country to country by the way. Many of them would see this as a shameful life while others would cherish the moment your uncle is living. But yeah, there needs a disciplined management too. If they are draining more than 90% on their leisure then they should be taught to keep the range below 60% I think. There is no advice for the uncle because if he can make that much money then he must be a smart guy in his field of financing. If he is used to those things then we can not do anything about it. Perhaps, he needs an accountant who can help them push towards a savings mindset.
Moreover, he must be above the mid-age level so he going to be careless about his savings I think. Most of the peeps start saving by this timeline but in your uncle's case, he is a lucky person. Better hire an accountant and let him take that responsibility.