• Legacy Part 4

    Picture credit: here

    Legacy Part 4 is the final video from our class discussions. As you have been thinking about legacy for the past videos 1, 2, & 3 I hope you see that leaving finances to and character in someone are equally important. There are practical things we can do to leave a legacy for our children and families. There are multiple ways to leave an inheritance, three points in the video we touched on were:

    1. Will

    For some strange reason we forget that at some point we will die. Not to be morbid, but it is something that we have in common as humans. A crazy stat that I've conducted research on is 100% of the time you cannot take anything with you from this world including your own body once you die. With that fact, why not leave a Will?

    A will, according to Google definition number 2, is a legal document containing instructions as to what should be done with one's money and property after one's death. I suppose if you have no money or property for whatever reason a will may not be needed. But for those that do, allocating your assets to your spouse, children, grandchildren, and/or family is a great example of stewardship. Instead of letting the government confiscate your belongings after death be responsible and divvy up what you've been stewarding over. Pray through how your possessions should be allocated and let the parties involved know, together in a safe space, what is expected when you pass away. As things change, you can update your will as needed.

    A will can be done online through sites like legalzoom.com or through an estate planning attorney. Please research and seek assistance on what's best for your situation! If you have a basic will you may not need an attorney. If things are more complicated seek good trusted counsel. If you need help with interviewing professionals click here.

    2. Term Life Insurance

    Life insurance is important, a "just in case" you pass on much earlier than expected. We do not know when our time will come so term life insurance is a great way to take care of your family and leave them something. A good recommendation is 20 year term life insurance for 10 to 12 times your annual salary. After the term hopefully you'll be in a position where you don't need it but you can renew it if you choose. This will allow your family to be covered if you exit early but also can be extra to your family if you decide to continue the policy.

    3. Paying For Children's College
    Paying for college can put your children ahead of the financial curve if you are able to do it. According to Americanprogress.org, "43 million adult Americans - roughly one-sixth of the U.S. population older than 18 - currently carry a federal student loan and owe, $1.5 trillion in federal student loan debt, plus a an estimated $119 billion in student loans from private sources not backed by the government." That's a lot of McChickens! Putting yourself in the financial position to pay for your children's education takes planning, discipline, budgeting, and faith but it allows them to avoid debt and continue the legacy you started! Consider starting the legacy early to put your generations to come in a better position to succeed.

    I hope you consider these three ways to leave a legacy and you look to leave a legacy to your children's children. We may not know what each day will bring but choosing faith over fear for your finances can positively affect your generations to come.

    Image result for pictures of legacy

    Like us on Facebook
    Follow us on Twitter 
    Follow us on Instagram

    "Where you choose Faith over Fear for youFinances"


    Post a Comment





    +1 785-430-6312