Rule Seven: Consider Your Legacy

The Kids.

Matt King, played by George Clooney, in the movie, “The Descendents” said, “...leave your kids enough money to do something but not enough to do nothing.” 

Yes, this is a little bit about how much money you want to leave the kids but it’s more than that. You want to provide incentives for them to become responsible adults, possibly engaging in entrepreneurial activities even while you are still alive, Perhaps you will put up money for them to get involved in businesses they may want to invest in or buy.

Charity

If you develop a habit of giving, you will be enriched. Your life is blessed as you bless the lives of others. A lifestyle of generosity is perhaps the greatest legacy you can achieve. And even here, if you give it careful thought, you can develop a legacy plan that could impact people for a long time. And this legacy planning will work its way backward into your life activities. 

You could leave a lump sum to a church or charity. Others have decided to approach legacy a different way by establishing a non-profit. Carefully planned and thoroughly executed, this effort could impact several future generations. 

If you want to slide into the grave burnt out, used up, and worn down, you’re entitled to that. It’s your life. If you want to do something different - you’ll need to make some different choices. And that begins with thinking about it. 

Here’s a quick summary of the Seven Rules.

Review and Summary

1. Know your numbers. 

2. Learn the terminology

3. Recruit a great Team

4. Treat it like a business

5. Do everything at first 

6. Picture your life in the future

7. Think about your legacy. 

There you have it - a guide for what you need to know and what you need to be thinking about as you go. Fortunately, this is a business you can learn as you go. The important thing is, just go. And when you come across something you need to know or learn? I’ll be right here.