I want to spend a little time on the idea behind the “Legacy” stage of the Perpetual Wealth Strategy. That’s something that’s somewhat hard to talk about because Legacy applies to so many different aspects of life. The most obvious role of the Legacy stage is to ensure that you “leave a legacy”, or some financial benefit for your children, grandchildren, and however many generations you wish. But Legacy is just one aspect of the Perpetual Wealth Strategy.
The three sections we’re talking about within the Perpetual Wealth Strategy are Growth, which is replacing Wall Street. Then we have Income, which is a better alternative to Monte Carlo. And then finally we have Legacy. We think of Legacy as something that starts to take place throughout the whole process. So what’s great is that when you adopt some of the strategies you immediately have a Legacy plan built in. You are essentially guaranteeing money is going to be passed to the future generations.
Sometimes we talk to clients about this idea of leaving money for their children, and the biggest hurdle is they don’t want to leave their kids money because they’re afraid to spoil them. Well the fact of the matter is that if you’re worried about them being spoiled, then they probably already are. The problem is already there, the money just manifests it.
The key to fixing this problem is to teach your children to see money in a totally different perspective. As you teach your kids that, they’re not going to be consumers, they’re going to be producers. Money will be a benefit to them. When you pass on money to them, it will be for them to contribute in society, to better other people, to better your grandkids, to better your great grandkids, it’s gonna be a blessing to your life. And if you look around any wealthy society, the names of the wealthy stay the same.
The wealthy have figured this out, and that’s why their families stay wealthy for generations, even though they are leaving that money for their children. Their mindset is, “I’m wealthy, how do I pass it on to my kids, and get them to stay wealthy and pass it on to THEIR kids. I mean every once in awhile someone squanders it, but for the most part the wealthy names in this country stay the same. And we’re really teaching you how to start building that. How do you leave a legacy for your children two, three, four generations down the road? Well, you start doing the right things with money now.
If you look at our lives, they are very fragile. There are only so many hours we have during the day, we only have so much time and really in the end, the chances of us living how we think we’re going to live are pretty good. But regardless, knowing that you set up a strategy for your finances so that your legacy is built in from day one, then number one, you have that degree of certainty but number two, you start thinking differently about, wow, there is money that’s gonna be passed on. I’m going to leave a legacy for my family. Now, how am I gonna treat those that I have designated as the recipients of that money? Which is powerful! That affects relationships right now even though it might be a really long time in the future when that happens.
Click the link below if any of my ideas have resonated with you and you can find out more about The Perpetual Wealth Strategy.
