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#WealthTipoftheDay: Why Your Legacy Matters

#WealthTipoftheDay: Why Your Legacy Matters

September 13, 2021

Talking about buying a home, retirement, travelling, sending kids to college and other financial goals are an easy conversation to have.  We can dream and envision to the very detail of what that would look and feel like for ourselves and our family.  However, as soon as we talk about what life would look like when we pass away, the mood changes and we shy away even from the thought of it. 

We get it; it’s not easy talking about it.  We want to show you how to look at it from a different perspective, one that shifts away from the negative thoughts and focuses on the possibility of opportunities instead.  Our firm believes in generational wealth; here are 3 ways to build and preserve your legacy for generations to come:

Start and end with your "why".  

Though your goals and priorities may change throughout your life, the core of those goals remain the same; they stem from your "why".  Building your legacy needs to have meaning, otherwise what would be the point?  By starting your financial plan around what's important to you and what motivates you, we can design a strong foundation to build upon.  Even better, your "why" can set the stage for creating opportunities for future generations to come. 

Diversify your portfolio to align with your goals.

A sound holistic financial plan gives you the opportunity to look at ALL areas of your financial plan.  More importantly, it gives you the opportunity to envision the life that you want, even when things don't quite as planned.  For example, having a strong emergency cash cushion or investments outside of retirement may give you the opportunity to take time off between jobs to travel or "soul search".  Buying a home or multiple properties can create another source of income for you and your family.  Like your goals, your financial plan can adjust to what fits your needs best.

Build your legacy as a means of making an impact .

Saving and investing into investment vehicles and real estate opportunities is a great way to build your legacy, but can all be taken away if you're building your portfolio on a house of cards.  What I mean is that it's important to have the proper life insurance, disability insurance and written documents in place (think: wills and trusts) to protect what you've worked so hard for. 

Life insurance can ensure that your family is financially secure in the event of your death.  It can also create opportunities to make a significant impact on the world through charitable gifts, establishing foundations and scholarships, or funding organizations that are near to your heart.  Disability insurance provides you the coverage you need to replace your income in the event you can no longer work.  To tie it all together, a will and trust will ensure that your wishes and intentions are delivered the way you want.  Why leave your wishes to the State or someone else to decide for you?

YOU have the power to create something great for yourself, your family and your community.  YOU have the power to create opportunities for generations after you.  

What's your legacy?