On Leaving a Legacy, Part 2

Before I got married and had a child, I really didn’t pay much attention to the future. Even after marraige, I was pretty much concerned only with having enough to retire on. But when my son came along, things really changed. I knew already I needed to think about things like wills, insurance, and college education, but soon I found out there was more…

The first that happened was that I read a series of articles in Worth Magazine. Now don’t get me wrong, I hardly fit into their income demographic, but it seems to me that knowing a little about how the wealthy think would help me to manage my own finances. In any case, the series of articles was on the 100 Year Plan.

If you look at the Rockefellers, Hearsts, etc., you’ll find families that have managed to preserve their wealth through time. Many families start with nothing, make a lot of wealth, and lose it all in three generations. My family tree shows that happening. So I wanted things to be different, and these articles talked about managing not just financial wealth, but social, intellectual, and spiritual wealth through four or five generations. My goodness – I was thinking about my great-grandchildren!

The second thing I read was the story of a preacher in what we’ll call Denomination X . This man got on his knees fifteen minutes a day and prayed for his descendants. He had children – boys and girls. The girls all married ministers in Denomination X, and the boys all became ministers in Denomination X. The same proved true for the next generation. And the next generation, his great-grandchildren, did the same, except for one. That one, the one who decided not to be a minister, was James Dobson.

Now you may or may not think much of James Dobson, depending on your political views, but still, his great-grandfather left quite a legacy!

So I began to see the future in a whole new light. And I evaluate my goals, both short and long term, in light of the fact that I would like to leave a legacy for my own family.

No pressure, no pressure…..

Scott

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