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Missed Fortune – A Legacy is More Than Just Money

Posted on | August 12, 2013

Leaving a legacy allows us to share with our descendants not just physical wealth, but the central lessons they’ll need to know to live abundant lives as well. This is why Missed Fortune blog readers will recall Doug sharing a new tradition that has begun in the Andrews family; Grandpa’s Camp.

The feedback was so positive from our blog readers, that we want to share another idea about making your family vacations more meaningful as well. This doesn’t mean that we shouldn’t have fun while vacationing, but we can still benefit from activities that equip us to enjoy what life has to offer.

Among our vacation activities like golfing or scuba diving or sight-seeing, a family can find some time to sit down and answer the kind of questions that will shape our lives in the future. It is valuable for young and old alike.

Our friend and coach Dan Sullivan has taught us to ask the question, “What must have happened three years from now in order for my life to be where I’d want it to be?” This includes physical, mental, and spiritual well-being.

When we ask this question in a financial sense, there are some things that many of us would consider indispensable to our future happiness. These could include building retirement savings in a tax-free vehicle where the money may accumulate, distribute, and eventually pass to our heirs without being subject to the effects of higher taxes.

It may also include protecting ourselves from rising inflation or the effects of continuing market volatility and uncertainty. It may include refinancing our home in order to take advantage of today’s low interest rates. When we take the time to ask and answer these questions as honestly as possible, we can start taking the actions that will lead us to the brighter future we wish to see.

By making our minds up early on, we won’t spin our wheels or waste our time, resources, or money by acting impulsively.

By developing the proper habits, we consciously train our minds to stay on track for the right reasons.

Determining What Matters Most

Dan Sullivan encourages people to ask the question: “What Matters Most?” We start by writing down what’s worth keeping track of on a daily basis. This could include things like how each participant is doing on their exercise or their weight or even how they’re doing with their money.

We ask things like “what’s worth measuring” or “what’s worth saving” and “what’s worth investing time, energy or money.” We also consider what is worth remembering permanently and what’s worth sacrificing for and what’s worth fighting for. Ultimately we can even ask ourselves, “what is worth dying for?”

These are introspective questions, but they cause us to focus like a laser beam on those things that truly matter.

We then ask questions about what is worth doing yearly, quarterly, monthly, etc. In addition to what we end up listing out, we also ask the question of why we do these things.

One of the biggest paydays for us as parents, grandparents, employers, or even as volunteer leaders for scout troops and such is when we help those around us zero in on what matters most and how we must be willing to change our lives to make those things happen.

This shows us the things that are keeping our lives out of kilter and it helps us establish our priorities in such a way that as we start making the necessary adjustments, our lives fall into place.

Exercises like this consciously train our minds and bodies to unconsciously work in harmony with our values and our vision. The time to make the proper decisions is not in heat of the moment, but far enough in advance that we have a clear path to follow.

Learn more about how to apply the Missed Fortune strategies to your vision of a brighter future by visiting with a wealth architect today.





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*Life insurance policies are not investments and, accordingly, should not be purchased as an investment

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