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Retirement Digest: Leaving Our Legacy

by Ashby Daniels, CFP®

If there is one person I follow whose writing causes me to stop and think on a regular basis, it’s my friend Jeremy Walter. In a recent article, he wrote about how we leave our legacy.

Jeremy’s post, whether he meant it this way or not, coincides with the unexpected passing of Kobe Bryant and eight others to include Kobe’s daughter. An outpouring of love and great stories commonly follow this type of tragic event. As I’ve said before in my post about My (Ir)Rational Fear, I think about my own demise (maybe) more than the typical person. But I’m thankful for this fear because it impacts how I live my life and spend my time on a daily basis.

When thinking about death, whether it’s about someone we love or our own eventual passing, it causes us to think about how will be remembered. Contrary to popular thinking, it’s unlikely that our legacy will be defined by the material goods or treasures we leave behind.

While there are undoubtedly sentimental items that cue the tears, those tears are a likely result of time spent or stories told. As Jeremy so aptly points out in his article, our legacy will be the product of how we spend our time here on this earth.

If we spend our time regularly with people we love, we’ll be known as someone who invested our time in other people.

If we are always honest and forthright, especially when it’s not convenient to us, we will be known as someone you can rely on to give it to you straight.

On and on we can go here.

Long story short, when someone passes, rarely do we talk about the financial resources left behind. Instead, we talk about their impact on us which is a direct reflection of how they spent their time with us.

I want to share how Jeremy closed his article because I think it excellently sums up why we shouldn’t put off making these changes any longer:

“Craft your Legacy carefully, because you don’t know when it’s going to start.”

Here’s the link to Jeremy Walter’s article:

  • The Legacy We Leave Behind

I also wrote a related post a couple of years back about how grandparents may underestimate the impact they can have on the lives of their grandchildren. It continues to be my favorite piece I’ve ever written.

  • A Letter to Grandparents

Other Recommended Reading

  • A Radical Guide to Spending Less Time on Your Phone from Ryan Holiday
  • Travel Is No Cure for the Mind from Lawrence Yeo
  • 4 Changes That Could Affect Social Security in 2020 from Robert Powell
  • Wealth is What You Don’t Spend from Morgan Housel
  • Are You Addicted to Doing? from Rasmus Hougaard
  • Forget Happiness; Think Satisfaction from Barry Ritholtz

Thanks for reading!
-Ashby


This post is not advice. Please see additional disclaimers.

Filed Under: Legacy Planning, Retirement Digest

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