What would generational wealth look like to you? What’s needed to create or change the financial legacy of your family? More importantly,
What Financial Legacy Will You Leave Behind?
Since I wasn’t born with a silver spoon in my mouth or with an inheritance from my forefathers, I often think critically about the actions I can take today to yield an abundant harvest for my family and for the causes I care most deeply about in the future. My personal mission is two-fold: 1. Build enough wealth to make a difference and 2. Educate and help as many people as I can along the way.
If you’re like me, by now you’ve written, solidified, and are really committed to accomplish a few financial goals for the year. Whether it’s to invest in a profitable business venture or to save 20% for a down payment, each goal should be designed to put yourself in a better position than where you currently stand. The pursuit to eliminate debt, earn more money, or spend less than you make will directly impact your future options and ultimately establish a foundation in which a legacy can be built.
No matter where you are in your journey to financial freedom, why not include a money goal to create generational wealth, compliments of you, that can be passed up, down and across your family tree? Take a moment and imagine the financial legacy you could leave for others… what visual comes to mind? Trust funds for your grandchildren and great-grandchildren. Ownership of appreciable assets like land, property or investments to gift to family or charity. A profitable, private business to pass along to future generations. An endowed scholarship fund in your name.
As Christians, we are taught to be good stewards of the resources or talents we are given (Matt 25:14-30) and to value others above ourselves (Phil 2:3-4). When considering a financial legacy, you should apply these concepts to your money decisions and use them as encouragement and motivation to secure the future welfare of your family and others. Here’s a quick list of Do’s and Don’ts to remember as you think about establishing generational wealth:
DO: Research and plan to have more than one source of income
DON’T: Rely on get-rich-quick schemes and luck (e.g., winning the lottery) to fund your family’s future
DO: Live beneath your means and save more than you spend
DON’T: Buy expensive, non-appreciable assets (e.g., clothing, cars, etc.) to impress others
DO: Use everyday activities to teach your children about money
DON’T: Think your children aren’t observing and learning from your relationship with money
We want to hear from you. As you map your financial destiny, what living legacy would you like to create?