Your financial legacy
What is a financial legacy? To keep it simple, it’s what your money has allowed you to leave for others. It could be a gesture, an amount, a memory, an empire, or even just a dream.
This has to do with what you did with your money and how it affected other people.
This is the reality: We are all going to leave this beautiful life one day and don’t get to take our dollars to the grave. However, the memory of your money habits, beliefs, and visions will be passed on for many generations to come regardless of whether you were rich or poor.
So, what do you want it to be?
If this seems a little daunting to think about, it might be because:
1. You don’t want to think about death, so this is not up your alley.
2. You may think you are too young to care at the moment.
Perhaps you are in an extremely precarious financial situation and feel despair when you think about what you're leaving behind, which may only be debt.
It's common to have such feelings but recognize that if you don't have a clear picture of what you want your financial legacy to look like, you won't understand how you ought to be managing your money now. You will want to figure this out because it allows you to perhaps recognize your life's purpose and provides you with living a more intentional financial life.
Don't worry - it takes some time to come up with this and sometimes it doesn't happen until you are older but keep this concept in the back of your mind as you make financial decisions.
Some people recommend coming up with a financial legacy first before planning any short-term and long-term goals. Your goals will change as you get older, which will influence your legacy. Do whatever feels right while keeping your legacy in mind.
Your personal positive statement, your ideal day, your money mindset, and your money story will all affect your financial legacy. When you solidify these, it may be easier to determine what your legacy is.
Grab a journal and ask yourself these coaching questions:
1. What does the term financial legacy mean to you?
2. What is the purpose of having money for you?
3. What would you like to be known for regarding your financial life?
4. What inspires you to create your legacy?
5. How can your financial legacy be different from those before you?
Good luck!