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?
A contractor made $5000 grand? Is this weekly or monthly? I'm confused because a contractor is not supposed to earn less than that unless he is working under another contractor or he wasn't straight with his income or perhaps as you said, his lifestyle is also not allowing him to tell you guys his take home salary. Contractors earn a lot but depend on the level of risk they see everyday, the income is more than that amount.
What kind of financial advice do you need exactly. A contractor work depend when they need their service, if they don't have any contract money will not come, now that everywhere is raining for him he should better invest it into something that will yield him better fruit in the future. I don't have a say in what he should invest but he need something profitable and please don't tell him to buy bitcoin because I'm not sure if your uncle is the patient type that will invest into bitcoin.
You guys could also keep the money and when it's enough amount, he could also start a business depending on your location because business depends where you live and what you sell also depends on the demand of your location.