What is a legacy?
- 1: a gift by will especially of money or other personal property : bequest She left us alegacy of a million dollars.
- 2: something transmitted by or received from an ancestor or predecessor or from the past the legacy of the ancient philosophers The war left a legacy of pain and suffering.
When you grow up, get married and have children what type of legacy do you want to leave? First ask yourself do you care? And if so what matters?
I want to leave a legacy that will inspire & motivate all that I have encountered to constantly seek out being the best version of yourself as well as making your situation better around you. I think this pretty much sums it all up. I do want to leave property and cash to family etc… With the statement I made before, if this goal is reached then all else will fall into place.
A legacy is a slow building process and sometimes it takes a life time to build one and maybe it won’t come to until you are dead and gone. But the important thing to remember is when making life altering decisions is to ask yourself how does this affect my legacy. This will keep it in proper perspective
What does a legacy have to do with money you may ask? Well it has to do with some of the principles of wealth management. Some of these principles are; leading and starting off early, always align family and business interest around wealth, Hold yourself accountable, Diversify, and Cultivate future family leaders. When these principles are focused on and applied with regards to taxes of course then your legacy will be long lasting and solid.
A legacy involves more than just money and possessions. Passing down a legacy involves passing down traditions as well as values. Memories, and lessons learned should not be left out. This statement rings loud and goes especially for Black Americans. Black Americans have a tradition and culture that should be passed down and practiced and it’s up to the older generation to be aware and make the next aware of this.
If you choose to not pass on a legacy or ignore it that leaves other cultures and influences to take over leading you into the unknown.
“All good men and women must take responsibility to create legacies that will take the next generation to a level we could only imagine.” —Jim Rohn