1. The common saying is “don’t keep all your eggs in one basket”. This is good advice, as far as it goes, but it isn’t completely accurate. It needs a second warning… ‘if you DO keep all your eggs in one basket, use a really good basket.”

  2. “Put your eggs in one basket and watch that basket” (no ‘good’) gets 26 unique Google hits. Attributed to Andrew Carnegie.

  3. I think he just sort of lost his point along the way. Happens to me all the time. I used to worry that it meant that dementia was creeping in, but then I realized I’ve *always* been this way.

  4. Two mini-jokes. The usual “put all your eggs in one basket and watch that basket”, slightly modified to be just the good eggs (which, frankly, is a much better idea). The second joke is also not very original. Just because it’s what grandpa used to say, it doesn’t necessarily mean that it’s wisdom. Maybe, if he was always broke, his advice ought to be ignored.

  5. “Maybe, if he was always broke, his advice ought to be ignored.”

    Maybe, but not certainly. Being broke is a self-reinforcing situation, and even knowing the way out of it doesn’t guarantee achieving a way out of it. (A pet peeve of mine is people who have accumulated some wealth believing that said accumulation is proof that they are superior to people who did not accumulate wealth.)

  6. Very valid point, and one I completely ignored for the sake of the joke. A lot of people with money don’t know which of their financial habits are really awful, because they can afford to not know. (I mean, a lot of people without don’t necessarily differentiate well between “good financial prudence” and “expensive stuff you have to do because you can’t afford a cheaper option”, but on the other hand, a lot of them do know the difference, even if they aren’t able to act on it.)

  7. From my quotes file:
    Taking dating advice from attractive people is like taking
    finance advice from someone who won the lottery.

  8. Arthur, this reminds me of when Ted Williams was a batting coach. Possibly the worst batting coach in baseball history. He had 20/10 vision and extraordinary reflexes, so his advice was basically “When you see the slow-moving watermelon in front of you, just swing the bat.”

  9. My favorite piece of financial advice is “Never invest in anything that eats or needs maintenance.”

  10. It’s nice to have several eggs on hand to make egg salad sandwiches. Also, don’t invest all of your money in gold bullion eggs, allocate you savings.

  11. Well, a person who inherits $100K and becomes a millionaire is much smarter (or maybe just luckier) than the person who inherits the same and ends up broke. And certainly smarter if the broke person became so by gambling the money away. If someone gave me $100K, I would buy a nice house and keep working for a living. That’s the best I could do.

  12. I’ve always said that if I won the lottery the only difference it would make in my life is that I’d start believing in god.

    See, it would truly be a miracle because I don’t play the lottery.

    Seriously, though, I can’t imagine any way in which winning the lottery would *not* ruin my life.

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