Your legacy is what others think, say, and do because of your influence. It’s what you will leave behind besides the cash and the keys.
Your values determine your behavior. How do you increase the possibility that younger generations will appreciate and adopt your values?
Walk the Walk
Your example sends a powerful message about what’s important to you. People around you will infer your values from your behavior. We call it “leadership by example.”
In another post, I referred to a description of legendary Alabama football coach Bear Bryant. It’s relevant here. New York Times editor Howell Raines said, “Coach Bryant had an idea about how a man should act, and if you watched him, you could figure it out.” If people watch you, what will they figure out about your values?
Involve the Next Generation
Don’t simply let younger folks observe you. Involve them in important activities. Let them learn by doing as well as watching.
My generation is not very good at this. In 2012, a US Trust survey found that over half of wealthy Baby Boomers had not fully disclosed their wealth to their heirs. Thirteen percent had not even told the heirs anything about the wealth they would be inheriting.
Here’s a suggestion. Take young people along when you talk to your CPA and investment advisors. You both may be uncomfortable initially, but it is better for them to learn from a good example instead of learning from their own costly mistakes.
How might you include the next generation in important discussions and decisions?
Talk the Talk
It’s not sufficient to set an example and involve them. Younger people will benefit most if they also hear your explanations.
In my book, Building Legacy Wealth, I described one family who successfully transferred wealth and values from generation to generation. The parents set the example and involved their children in managing their rental properties.
They also talked to the children constantly about personal and family matters. The family discussed business at the kitchen table. Parents answered their children’s questions. Today, those children, now adults, use regular conference calls to continue that kitchen table experience and involve and teach their own children. In fact, the generation that was in grade school is now ensuring their grandkids are involved in some of the maintenance, acquisition, and disposition choices.
This is too important an area to drift. Act to increase the possibility that your values will be part of your legacy. Set a good example. Involve the next generation in important discussions and decisions. Tell them what’s important to you and why. Ask them if there is an older person in their family whom they admire. If so, who and what about that person might be worth imitating?
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What have you done lately to instill your values in the next generation?
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Terry Moore, CCIM, is the author of Building Legacy Wealth: How to Build Wealth and Live a Life Worth Imitating. Read his “Welcome to My Blog.”