Common Sense Financial Podcast
Episode 42 Your Legacy, Your Wealth, Your Choice
Don’t leave your legacy to chance…
If you’ve spent most of your life accumulating wealth for yourself and your family, you know the value of hard work.
But here’s a scary fact for you…
Chances are your kids are going to blow everything you’ve worked so hard to acquire, and your legacy isn’t going to last more than one generation.
You’ve probably heard the saying before: “shirtsleeves to shirtsleeves in three generations”. It has variations in other countries, but they all mean the same thing.
The first generation makes the money, the second generation spends it, and the third generation sees none of the wealth.
It doesn’t have to be that way for your family though.
If you’ve put in the blood, sweat, and tears over the years to grow your own business, diligently investing your wealth, all in the hopes that your heirs and your family will be taken care of, there are steps you can take to leave your thumbprint on the future.
To leave a legacy that lasts for generations.
That ensure that not just your adorable grandkids will be taken care of, but that their children, and their children’s children will have access to a generational plan that allows them to keep growing that wealth for decades into the future.
In today’s podcast, I’m revealing why the traditional estate planning process is one of the major reasons your legacy may not last as long as you hoped, and showing you how you can create a generational plan instead.
In this episode, you’ll learn:
- Why thinking about your living heirs is only one piece of the overall puzzle, and why you need to “blur their faces” a bit when planning for the future,
- Why you need to be open about your wishes with your family instead of assuming they know what you know, and why keeping their inheritance a secret is a recipe for isaster,
- How to create a system the manages the wealth you’ve accumulated and makes sure it’s maintained for multiple generations,
- One of the best generational planning tools you have access to that, when written correctly, can guarantee your heirs access to cash, protects the accumulation of your fortune, and can create predictable results for generations to come.
You shouldn’t leave your legacy to chance. Learn how to create a generational plan and it could be one of the most meaningful things you ever do for your family.