Who are you responsible for?

You know, I’ve been really challenged lately by the whole concept of leaving a legacy. It’s a biggie really. Well I think so. Someone really wise once said (and I can’t remember who) that we will be remembered not by what we do but by what we leave behind.

There’s a massive responsibility that comes with having a family. But even if you don’t have kids I’m sure you can find a small group of people that mean a lot to you that would be left behind if you passed on from planet earth. Before this gets into a depressing topic let’s focus on the positive.

You have a responsibility to leave the world much better as a result of you occupying space. Call it a sort of rent for being on planet earth! So I ask you this question: Who are you responsible for and what are you going to do about it?

To challenge your thinking a little bit more I want to share a couple of observations I’ve made recently as I’ve pondered and read about this concept that I’m calling a “legacy”.

Observation No.1: Our current situation is a legacy of what our parents and forefathers have done before us.

Observation No.2: What we choose to do with our lives will determine the opportunities that our children and their children will get to experience.

So just as I share in the seminar… our kids learn by watching us. And most importantly they learn their attitudes from us. That includes attitudes about money, spending, debt, investing, and giving. Are the people you are responsible for, and those who are around you, learning valuable and constructive attitudes?

And then we come to the actual practical side of things � but not just yet. You might have thought that leaving a legacy was only about an inheritance of money, property, shares and the family jewels. Well I want to stress that attitudes are waaaaaaaaayyyy more important than the physical stuff. I mean seriously more important. After all, a “rich kid with an inheritance” can blow it on a car or a party, whereas a kid with street smarts and the right attitude can build their own fortune. Me personally, I have no doubts that my kids will be smarter than me and worth far more than me. Why? Because they will learn lots from their old man, including not repeating some of the mistakes I’ve made (and will make).

And now we talk about the goodies. That’s right, money and other stuff. I think the best thing you can do is accumulate as much as you can for others. My lawyer friend tells me the best way to do this is by storing your treasures inside a Family Trust. That way you can decree how the distribution of your wealth will happen, even long after you’re dead. And you can make sure the wrong people don’t get their hands on what you worked hard to achieve.

Lastly, don’t just think that I’m trying to make sure you don’t enjoy life now. I can promise you, for every million dollars I leave my kids, my wife and I will have enjoyed spending plenty before we departed!

Phil Strong
CEO Wisemoney