Do not put all your eggs in one basket

Dear Nanay,
My wife and I are both professionals in our mid-20s, and we have a three-year-old daughter with plans to have another baby this year. We have slowly been saving up money for their education. However, a business opportunity has come up and we were thinking of investing our savings. Do you have any suggestions to help us decide?
Patrick

Dear Patrick,
First of all, I admire both of you for starting responsible financial planning at such a young age. Many young couples neglect to think about their future and that of their children. It is so reassuring to see such responsibility in our youth today.

As many people know, for me education is one of the most important things you can have in life. And the future education of your children is not something you should put at risk. However, I also understand the call of a good business opportunity. Kung mapagkakakitaan, bakit hindi?

As I often say, it is only you who can decide whether the business opportunity is worth the risk or not. However, I do have one piece of advice. Do not risk more than half of what you have saved up for your children. Just in case the business does not do as well as you expected, at least you will still have half the amount you saved for the children’s education, and that will buy you some time to save some more money for the coming years. As they say, do not put all your eggs in one basket. Sometimes, it also pays to be conservative.

Sincerely,
Nanay

* * *

Dear Nanay,
I was just wondering, what is your favorite book?
Jen

Dear Jen,
That’s an easy question to answer – How to Win Friends and Influence People by Dale Carnegie.

This book was first published almost 70 years ago and the lessons it teaches are still applicable today. I have been selling that book for 60 years, and after 15 million copies sold all over the world, believe it or not, it is still selling!

This book is not about how to run your business or what the secret to success is. It is a book that teaches you how to deal with people and how you should relate to them. How you can make others like you and how you can make them agree with you without causing friction or conflict. And because human nature will never change, this book is as applicable today as it will be in the year 2037, as it was when it first came out in 1937.

Sincerely,
Nanay

* * *

If you have a question, e-mail us at asknanay@nationalbookstore.com.ph or just drop your letter at drop boxes in all National Book Store branches nationwide.