100 - Leave a financial / money inheritance to people you love!
Reason for this Goal: Leaving a financial legacy in the form of a money inheritance to your children is
one of the great reasons to develop a good net worth. Helping those you love and having your financial wealth continue to live once you are gone is a great plan and a fitting end to these 100 Life Goals.
But with this comes a responsibility to teach
our children and loved ones that any money inheritance needs to be received and managed
responsibly. It should not be
expected or viewed as an entitlement; it should instead be received as a bonus that will enhance their own
financial position, at whatever time in their life it should occur.
Ways your money inheritance can help . . .
Being able to pass along a money inheritance to our children can benefit them in many ways:
- Help them help their own children - with the purchase of their first home, or with their first investment property or investment portfolio. Depending upon their situation, this money could help
- Help support their own retirement plan - Many people struggle with developing the significant amount of money required to live through their retirement years, given that most careers and employers no longer have pension plans. People are living longer too. I don't know many people that wouldn't welcome a boost to help their retirement plan. Your children will be full of gratitude.
- Support them in their ability to support charities of their choosing - Being able to achieve and have your family continue your donate to charity life goal once you are gone, is another powerful reason to develop a good net worth. There are so many charities that are deserving of your money. Communicate your intentions clearly in this regard.
- Continue the philanthropy work in your honour - Another good use of your net worth and legacy is to have them continue your philanthropist life goal work. Again, communicate your intentions.
It is the goal of many parents that their children are able to develop their own financial ability to live a great life, without dependence on a money inheritance. We live in a time where the future is uncertain, and our ability to leave a financial inheritance can leave us, as parents, with a great sense of accomplishment and reason to achieve a successful financial life.
Suggested Goal(s): Leave a money inheritance to each of your children.
Your Outrageous Goal: Leave a significant money inheritance of more than $ __________ to each of your children.
Return to giving back/legacy goals.
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Last updated: December 6, 2019