What Kind Of Legacy Are You Leaving Your Children?

You probably hear this question all the time: “Where do you see yourself in 10 years?”

It’s a great question because it causes you to think about your future and hopefully start the process of planning and building, if you haven’t already. But let’s tweak that question a little bit and ask it this way: “Where do you see your kids in 20 years?

That’s a question that doesn’t just affect you; it also affects your family. You’re not only thinking about your future. Now you’re thinking about the future of your kids as well—and that starts with you!

You might have heard someone say, “Well, I can’t take it with me when I go, so I might as well spend it all now.” But that type of thinking is so backward and selfish. What about your family, your friends and other people and organizations that could influence your community and provide hope? What type of an impact could you make with that approach instead?

For the last couple of years, my dad, Dave Ramsey, and I have been speaking a lot about leaving a legacy. We believe when you build wealth with the idea of helping and serving—not just for the sake of being rich—then you really set yourself up to leave a legacy.

For example, what if you could buy a house for your kids one day? Or what if you could take the entire family—your kids and all the grandkids—on a paid-for vacation to Disney World? How awesome would that be?

Now, don’t take this the wrong. My message isn’t to spoil, enable or cater to your kids’ every little wish. I recently heard the story of an adult who wanted to his mother to pick a cheaper nursing home so he could protect more of “his” inheritance. That’s not what this is about. Leaving a legacy is about changing your family tree. It’s about changing the way you think about money and letting go of the idea that debt is normal. It’s about embracing the idea that you do things like pay cash for a car—or even a house.

These days, I see parents who have no problem teaching their kids how to drive safely, but they’ll send those same teenagers out into the world without any idea how to manage money. That’s nuts!

The answer isn’t to beat them over the head with a bunch of boring, sit-down financial talks. Remember, more is caught than taught. I’m fortunate because my parents showed me these principles early in my life. When I was growing up, I didn’t even realize how much I was learning from my parents by just being around them and observing their lifestyle. I watched how they lived and worked and managed their income, and those everyday lessons became a part of me. There’s absolutely nothing wrong with teenagers having a job. Truman Cathy, the founder of Chick-fil-A, had his kids work around the family business, taking out trash and even scraping gum off tables when they were kids.

That’s the type of stuff we need to teach our kids, so when they get older and receive their inheritance or step out into the real world, they’ll know what to expect, and they’ll use their talents and resources wisely—like providing hope and allowing their kids to do things they were never able to do.

If this generation of parents can do that, they will leave a legacy for generations to come. It’s true that you can’t take it to the grave with you, but you can leave it behind to make an impact on someone else’s life. That’s leaving a legacy.