When it comes to leaving a legacy, what I have found is that the majority of families desire to leave an inheritance to help the next generation. They often want to leave their kids and grandkids better positioned financially, spiritually and with wisdom to make their lives better than their own.
However, the truth of the matter is that many people spend very little time thinking about their legacy and taking action to transfer assets and instill their values and their wisdom to the next generation. People often live as if money, their beliefs, their values and their wishes are secret and don’t do anything to organize and communicate them to their children or grandchildren.
Another unfortunate roadblock to the entire idea of generational planning is that many people will miss the opportunity to enhance the next generation by living with a scarcity mindset. What I mean by a scarcity mindset is that they have a belief that they will need every dollar they have which leads to behavior that overshadows any thought of generational planning.
In order for us to leave a legacy and enhance the next generation, we must begin to realize that living in scarcity and keeping our wishes for future generations a secret leaves the next generation starting over and the pattern of scarcity and secrecy is repeated generation after generation.
What if we were to make decisions today that we knew would satisfy our current and future financial needs while simultaneously maximizing the transfer of assets and ideas to the next generation? How much better would the future look? It is possible if we think beyond our current state and think generationally.
- What is your vision for the next generation?
- What do you want your children and grandchildren believing about family and finances?
- What family legacy do you want your children instilling into your grandkids?
The bottom line is that your family is looking to you for guidance and leadership. How you think and what you do will impact your family for generations. To learn more about how to develop a generational plan for your family, reach out to us and we can show you what others are doing to leave a legacy.
