What is a legacy?
People say that word freely, not knowing the weight of the word and what is really means. Legacy is more than being the “All- American” at your local high school. Leaving a legacy behind also does not mean leaving your children here to carry out all the financial visions you should have accomplished yourself.
Building a financial legacy takes good planning, hard work, and consistency. Do not let anyone tell you that this is impossible or it’s not worth it. Keep your eye on the end goal because it will be so worth it in the end.
Start building your financial legacy
Maybe money, property or the knowledge to acquire such was not given to you at the start of your journey or at any point throughout, but that doesn’t give you a pass to not change the direction of your family going forward. If it wasn’t done for you, it is up to you to make it happen for generations to come.
You will be the first one to leave a financial legacy for your family and you must convince yourself of this. Years from now, your family will honor your legacy by continuing to demonstrate the principles you instilled in them and they will work hard to bring honor to the family name.
Imagine if you actually believe you can own a house and pay it off in your lifetime and you are able to pass it down to your grandchildren mortgage free. What if you believed you could have multiple properties so future generations can rent them out for passive income, or better yet, ensuring your family always has a place to lay their head at the end of the day for years to come.
Visualize saving enough money for your children’s tuition so they are able to attend college without having to work two or more jobs to make ends meet while trying to stay on top of a massive study schedule. What if you even save enough money for their education so they wouldn’t have to take on student loans?
Best one yet; envision leaving wealth to your loved ones so they could continue to leave wealth to your loved ones.
These examples are not out of reach. People actually do this every day. If they can do this, so can we. The difference is, someone in their family decided to make a change and they stuck to it. Let’s be that one.
What do you want to be known for?
Ask yourself what would you want to be known for if you left this world today. What valuable possessions or knowledge can you pass on. People will always remember how you made them feel and setting people up for success is a good feeling.
If you can make people believe that they can accomplish their dreams, they’ll strive to make those dreams come true. This is why it is very important to lead by example. Choose your words and your actions wisely because when you do, you are leaving your positive mark on society.
These questions made it clear to my sister and I to want to be a greater influence in the community and to our families, and we will continue to give back to others. God called us to help people achieve financial success and we’re going to fulfill His mission. This is what we are put on this Earth to accomplish while making sure our families are financially secured.
You may not know what you’re calling is at the moment, but in the meantime, take steps to make the lives of others around you better. Be a steward in your work. All of humanity was created for stewardship and to serve others.
Where to start?
Develop your mind. Decide that you want to and are willing to do what it takes to build and leave a financial legacy for your family. The power of the mind is unbelievable. Think of the law of attraction: It is the belief that positive or negative thoughts bring positive or negative experiences. Simple right?
Start with your family and close friends. Be the light when it comes to finances and life in general. Remind them of how important it is to save their money and not spend it on things they may regret in the future. Make sure you remind them to save for a rainy day and that one day their water heater will need a replacement. They may think you are annoying at first, but eventually they will thank you for not giving up on them and constantly reminding them. When they see you are living a life that allows you to give to others in abundance, they will catch on and would want to do it for themselves.
As we mature, we understand life is not all about us. It’s about serving others. This is the start of leaving a financial legacy. When we understand it is our duty to start or continue the financial security of future generations to come, we will naturally make sure our actions align to making smart financial decisions.
Below are ideas of smart decisions to make when creating a legacy:
- Avoid going into credit card debt- a good question to ask yourself before making a purchase is how would you feel years from now still paying for these transactions?
- Save money and do not live beyond your means.
- Take steps to get your credit together while saving up for a down payment on a house so you could have something to leave behind.
- Save and invest at least 15% for the older you- when you are too tired and old to work at optimum levels, prepare today.
- Remind people to do the same.
It is best to do these behaviors and influence others to do the same. This could help you and others to see it could be a reality to be able to give your family a good head start. If you do these actions, it will make sure you are closer to leaving the legacy behind financially you’ve always dreamed of.
Time is limited
Start now! Every day you must make a positive impact on your finances and on the people you encounter because you never know when your time here on Earth is up. Every moment counts. Make sure you are offering good advice, leading by example, and holding yourself accountable. As you do this, you will better understand the pivotal role you have in your family’s dynamics and their financial future. Being able to provide for your family while you are alive and long after you’re gone is powerful and your family will be forever grateful.
Remember: Always remember to enjoy the journey of leaving a great financial legacy.