Not a good idea.
Let's say you make a great return of 10% a year based on that 150k.
Which puts it at 30k a year/ 1k++ a month. Are you able to live with that?
Also if since you are taking out the money every year to use, you will lose out on compounding interest to grow the stash for long term growth.

Just 1 bad investment would cut off his source of income.

He has to get a job for short term and long term goals. Relying on stocks and crypto is definitely not a good plan.