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?
I think the first thing he would do is to change his mindset about money. That every drop of money is precious and valuable and since it's his hard earned, then he should know how to utilize it in a very useful way. Saving could be a good option, but I should say investing should also be his priority. Once he's indulged with his investment, the budget for his partying will be limited until he'll see it as not necessary anymore.
Another thing also is that he should set a project in every income that he made. He should have a goal plan so that when the money is already on hand, he can start with his plan and stick to its goal. Whether it's for his family or his personal goal, at least his money will never go into waste.