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Missed Fortune – Preparing Your Family Legacy

Posted on | September 2, 2013

Meaningful Family Time Pays Dividends

We’ve had so much positive feedback about the Grandpa’s Camp experience Doug’s grandchildren had earlier this summer that we want to share another thought about making family vacations more meaningful.

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

One of the biggest paydays for us as parents, grandparents, employers, or even as volunteers in the community 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.

If we have done our part, they should understand that the rules and strategies that worked for us, will also work for them if they apply them. This is the equivalent of being able to hand down to your descendants, not just Phil Mickelson’s golf clubs, but his actual golf swing. Knowing what to do is much more powerful than simply having the resources to do something.

Another Question Worth Asking

We must answer 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.

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.

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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