“Before this time another year I may be dead and gone,” words spoken by my late grandmother, Martha Dennis. She lived a life wholesome and without many regrets. She knew there were two things humans were promised, life and death. She was a giver. She was a lover. She was a truth teller. The legacy that she has left us includes her God-given heart. If she saw a need she met the need. She understood the philosophy that it takes a village. Comically, but seriously she would always tell me, Pooh when I die there will be nothing left behind, financially speaking, we will have spent it all.
Because I didn’t grow up understanding how to leave a financial legacy, I was fine by that because I knew her legacy was character filled, which is important too. She knew how to respect others, love others, guide others. As I have educated myself more about legacy building, eventually I understood the importance of wealth legacy and the management of assets. Oftentimes, people live for today rather than building assets and prudently managing what one is blessed to attain because they are of the unadvised and/or selfish mindset that you cannot take anything with you when you die. Perhaps people are of the school of thought that says, I got mine, now you get yours. We are talking about your children or a charity here. I attribute that to the lack of knowledge and fear of not living a full life. People tend to do what they see. You are probably familiar with the saying, you are what you eat. You know, you are who you hang around. If you have five broke friends, you’re likely to be the sixth one. If you have five gossiping associates, you’re undoubtedly, the sixth one.
The Bible says that people perish for the lack of knowledge. What you do not know will hurt you. Applied knowledge is powerful and will impact generations to come. For years, I was unaware of a financial legacy, budgeting, the concept of decreasing debt in order to invest more in retirement accounts and college savings accounts. I knew nothing about interest leveraging. I saved in my bank. When I learned the possibilities and opportunities of legacy building, it made sense to take advantage because I’m interested in living financially independent, but more so than anything I am a living example to my daughters and it is my responsibility to teach them how to respect money. Furthermore, I work and plan too hard not to protect my assets. Net worth equates the value of all of your assets minus your debt. Will your children’s children inherit your debt and doubt or your assets (cash/coins), morals and character? While that may be something to think about, it is certainly worth acting upon.
My financial education derived from my current profession. I am formally an elementary school counselor. Five years ago, I resigned from my position to pursue the financial services industry. As a result, I have committed to learning as much as possible about net worth and financial freedom. Fortunately, I have been centered around financially savvy individuals who have been living what I have recently learned. It makes an impact on self and others when you spend, share and save. Legacy wealth management protects the assets that you have worked so hard to accumulate. I have reputable resources for budgeting, debt elimination, pure life insurance, retirement investments, child savings programs for college, wills and trusts, how to purchase a mortgage, how to purchase an auto loan.
Many individuals are impulsive buyers. Rather than educating self on the mortgage loan buying process, they are eager to purchase and take the importance of an emergency fund out of the equation. Would you agree that understanding the steps to purchase a mortgage is necessary rather than blindly buying one? Would you agree that it is imperative to understand the principal and interest rate included within the mortgage? Would you agree that it is important to consider the mortgage to income ratio? While excitement drives the decision to purchase any large asset, be wise and allow knowledge to guide you prudently. The goal, I assume is to maintain the asset in a comfortable and peaceful manner. Be anxious for nothing, pray and plan about everything. Seek education from a reputable source, before you commit to anything. Once you have attained your assets, make sure you have insurance and a will for management of your assets. Live well, die responsibly. Peace and blessings!