What is a legacy?
One of Cambridge’s definitions is “a situation that has developed as a result of past actions and decisions.”
The “situation” that develops from your life is how you lived during your life.
Everyone leaves planet earth having left a legacy.
The question is not whether it will be perfect. It won’t. The question is whether it will be good or bad.
Here are some questions to get you thinking about the legacy you are leaving:
Do you put more emphasis on the size of your portfolio or the state of your character? The size of your checkbook is not the only thing that will affect generations. The influence of your character will too.
Have you treated money as a god instead of a tool? Or: have you ignored money and not treated it as the powerful tool it is? You should stop doing both of those things because both are unwise.
Have you let paralyzing fear guide your investment decisions? Do you need to add more risk? If so, consider adding more hope.
Have you let significant risk guide your investment decisions? Do you need to back off the gas a bit? If so, consider adding more prudence.
Are your financial accounts aligned toward the short-term, medium-term, and long-term goals you are trying to achieve? Find the why behind your wealth. We can help.
Is all of your estate planning in order? If you are not sure I wrote about giving your family the gift of a family estate meeting years ago. Read that, and then put that meeting on the calendar. The lack of communication about these kinds of things will create a mess for your heirs. Communicate it while you still can.
Are there things that you’d like to tell your family and friends now before you die or will write down for them to receive after you die? If so, do it. Talk it out. Write it down. Since one of the biggest regrets of the dying is not expressing feelings, I encourage you to express it now—not later.
Have you set up your family financially but not relationally? Have you set up your family relationally but not financially? Whether you are 35 or 55 or 85, what small steps might you make now to change that trajectory? Thinking it’s “too late” is one of the most debilitating mindsets to carry inside of you.
Do you spend more time watching your money than you do spending time with your family, friends, and community? A financial advisor can free your time up to do these very things.
Are you investing more than just your money? Are you investing in yourself? And in others? Hang with your friends. Spend time with your family. Hire a therapist. Talk with a pastor. Exercise however you can. Go to the doctor. Take that trip. Have a growth mindset.
There is so much more to say about this topic, but ask yourself those questions. Maybe even go through them with your spouse or close friend.
We aren’t simply stock pickers. We want to help you live and leave a legacy that blesses you and your family. Meaning matters far more than mammon.
Your legacy is being shaped in the here and now.
Later is sooner than you think.
You can find our wealth management firm at www.liveandleavealegacy.com.
Now live what you want to leave.