Should he use his inheritance to retire or to help others?

Dear Nanay,

My parents left me enough money that I think I can retire. Right now, I do volunteer work for an NGO in the province and I sometimes feel guilty that I have so much while I am surrounded by people in dire need. I want to use some of my savings to help them. But I am afraid that if I do that, I might not have enough for myself in the future. What should I do?

Larry

Dear Larry,

I think you already answered your own question. The fact that you are concerned you might not have enough if you dig into your savings is already an indication that you should really save that money for a rainy day.

It is good to help others, but you should also be aware about your own needs, both today and in the future. You didn’t mention if you have a family or not, but just in case you do or if you plan to have one in the future, you have to look out for their needs also.

How much is too much? I don’t know. Only you can decide that. Just remember, you have to be practical. Maybe you can talk with someone familiar with investments — like a financial planner in your bank — and then you can sit down and try to compute how much you will need every month in the future. Perhaps what you can do is keep the principal intact for yourself and then spend the interest that you will earn. That way you can help others while keeping enough for your future.

Sincerely,

Nanay

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Family Planning

Dear Nanay,

My fiancée and I are getting married early next year and we are planning our family already. We are trying to decide how many kids we should have. I want five and she wants two. How many should we have?

Bobby & Gina

Dear Bobby & Gina,

It is good that you are planning your family as early as now. Pero kayo lang ang makakapag-desisyon kung ilan dapat ang anak ninyo. (Only you can decide how many children you should have.) It depends on both of you. I cannot decide for you.

However, let me give you a few things to consider:

Financial resources. Can you afford five children? Can you afford the expenses you will incur while raising them and can you send them all to school? Can you give them all the best education you can afford? Baka naman yung first three or four magaling na iskuwela pagkatapos yung number five eh hindi na sa magandang iskuwela kasi wala na kayong budget? Kawawa naman yung number five. (You might end up sending the first three or four to good schools while number five might have to go to a not-so-good school because you don’t have the budget. Have pity on number five.)

Emotional resources. Can you give your fifth child the same amount of love and support you will your first child? Can you give all your children the time and care it will take to raise them all properly? Can you give as much energy to number five as number one?

Perhaps what you can do is start with two and then you can reevaluate your situation. By that time, you will be in a better position to make a decision because you will know how hard it is and how much effort it takes to raise a child.

Sincerely,

Nanay

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