We’ve all heard about the concept of inheritance – leaving money to your children. But what about the concept of leaving a LEGACY to your children?
Why is this important?
In 2010, when my husband and I decided to get better with money, we had no idea that we were also making the decision to create generational change. At the time, our boys were five and four, we had no money in savings, no plan for our financial future and over $43,000 of consumer debt.
Within four years of making that decision, we were debt free and we have stayed that way since then. By changing our mindset about money, we instilled that mindset with our boys.
All they have ever known is
“debt is dumb”
Our legacy to them is one of financial freedom, not stress.
It’s to make good, God-centered decisions about money, not what society tells them.
The boys grew up watching us change the way we handled money and they were on the phone with us the day we called into the Dave Ramsey show and did our Debt Free Scream. They know to be generous with their money and to SAVE for what they want and SPEND on what they need. They will not be burdened with the financial responsibility of taking care of their parents because we have a plan for our financial future.
In our family, money is a TOOL for giving, saving and spending
NOT a detriment to pursuing our dreams and living life on purpose.
This is our legacy to them – a generational change reflecting a shift in our mindset about money and a life of financial peace.
What is your legacy?
What financial mindset are you instilling and teaching your children? Generally speaking, they will grow up managing money the same way you do, after all, we are our children’s first teachers. They learn from what we do, not from what we say.
I know you are probably thinking, “I’m too busy managing the day to day to worry about my legacy”. I understand that. When we were getting out of debt, we weren’t teaching the boys about our legacy. It was just a natural consequence of the process. The point is that we are constantly working on creating a different mindset and because of our actions, the boys are learning.
One definition of legacy is gift. (dictionary.com)
I believe the greatest gift we can leave our families is the gift of organization. Meaning, that we have all of our legal, financial and end of life paperwork completed before we pass away. All of that information should be kept in a file that is secure but also easily accessible. Our surviving family members should know how to access our financial information ( passwords, bank accounts, etc.). No one knows the day they will leave this earth so it is imperative this information is completed sooner than later.
One way to accomplish this task is to participate in Dave Ramsey’s Legacy Journey course. This seven-week course will guide you through leaving a legacy and gathering all important information. In addition, the kit is a nice wooden box that fits inside a filing cabinet o can be placed on a bookshelf.
If you live locally to me, there is a class starting in April. You can get more information and register HERE.
If you are not local, you can go to DaveRamsey.com and find a class in your area.
Family history, traditions and culture all all part of your legacy. Leaving a financial legacy is just as important.
What is the legacy you are leaving to your children?