Podknife - Leave a Lasting Legacy: How to Leave a Nonfinancial Legacy by Retirement Answer Man

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Leave a Lasting Legacy: How to Leave a Nonfinancial Legacy

Podcast |: Retirement Answer Man
Publisher |: Roger Whitney, CFP®, CIMA®, RMA, CPWA®, AIF®
Media Type |: audio
Podknife tags |: Investing,; Personal Finance,; Retirement
Categories Via RSS |: Business,; Careers,; Investing
Publication Date |: Jun 15, 2022
Episode Duration |: 00:40:35

When you think about leaving a legacy do you immediately think about passing on your assets?

What may be more important than passing on money is leaving behind a nonfinancial legacy to those that you love. Have you considered how you will do this?

If you would like to leave more than just a trust fund to your family then you won’t want to miss this episode of Retirement Answer Man. You’ll learn about setting a nonfinancial legacy objective, plus strategies, tactics, and more.

Should you panic about a bear market?

I just want to acknowledge that it can be challenging to have confidence in your retirement plan right now. We are now in a bear market which means that stocks are down 20% from their highs. That can give you plenty of anxiety, but since that bear market is paired with decreasing bond prices, this can lead to outright panic.

Now is the time to reflect on your retirement plan. If you have created an objective-based agile retirement plan you will be able to weather this storm. Have confidence in your strategic plan.

What is the objective of leaving a nonfinancial legacy?

It will be nice to leave money for your loved ones but wouldn’t you like to leave more?

To truly leave a legacy you need to be an exemplar. An exemplar is defined as one who serves as a role model or an example.

Even if there is a gap in where you are in life and where you would like to be, your children and grandchildren are learning how to navigate the world based on your example. They emulate you, so being an exemplar is the best nonfinancial legacy that you can create.

The more you can encourage others the better exemplar you will be. To encourage means to give courage to someone else. Give your loved ones the courage to lead their best lives. Help them on their journey to be their best selves. You can use finances to help others on their journey but encouragement is even more important.

Strategies to use to leave a nonfinancial legacy

Life is full of the mundane, the day today. But the peaks, pits, and transitions are the flagship moments that we remember. These are the moments that influence how we view the world. If you can help someone during one of these moments in their lives, it may go a long way in transforming their future.

You can help your community by looking out for these moments in their lives and accentuating them. During the peaks, help them to put an exclamation point on that moment in time so that they can look back and reflect on that high.

You won’t be able to fix their pits, but you can show up and help them through.

An encouraging word can help mark transitions in ways that you may not predict.

Fill in the pits. Mark the transitions. Celebrate the peaks. This is how to leave a lasting legacy.

Listen in to hear how you can help your loved ones be the best versions of themselves through your nonfinancial legacy.