Making Riches Count: How to Leave a Legacy | BMPowered

The month of May starts the graduation season and for many students, graduating college is an enormous feat that starts the beginning of their legacy. But after you are now free to do as you wish, how do you continue to add to that legacy? Yes, you are going to start a billion dollar business or work as an exec for a fortune 500 company but beyond your title and accolades, what else can you bring to the table? The truth of the matter is that what you do with your money is more important than how much you have. It is said that a good man (or woman) leaves an inheritance for his (or her) children’s children. And even if we don’t have children, leaving an inheritance of wealth on earth for the benefit of others is the truest form of what we call being rich. If one is truly wealthy he or she freely gives. Making your riches count is found in your legacy. So, while we may not fully understand what our legacy will be when all is said and done, we can aim to leave the following:

Knowledge & Wisdom. Maya Angelou told Oprah Winfrey that no one truly knows their legacy because they can influence different people differently. No matter your level of education, you have the ability to give a word of wisdom because the wise are those who have experienced life and learn lessons along the way. Never underestimate your ability to encourage another person.

Kindness. Ellen DeGeneres is synonymous with kindness. At the end of each show, she can be heard saying, “Be kind to one another.” The impact that she has had on students, families, young stars, and animals is surely a legacy. Something as simple as kindness, an ability we all have access to because it resides in us, goes a very long way. It literally changes lives.

Money & Assets. Robert Kiyosaki said money isn’t everything, but it does affect almost everything in our lives that is important. Leaving behind money and financial assets to your children and their children can put your loved ones ahead 10, 20, and even 50 years. While you are building wealth keep future generations in mind. Most of our early adulthood is spent paying school loans, discovering our purpose and laying a financial foundation. Imagine what life would be like if your parents set up twice as much as they did for you financially. You’d most like be at least five years ahead of where you are.

The views and opinions expressed by the author are not necessarily those of BankMobile. The blogs are intended as general financial knowledge that may or may not be applicable to your individual needs. Always contact your accountant for tax advice.

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