Building A Legacy: How Good Stewardship Can Help You Build A Future For Your Children
One day, you will leave this world. How will you have made a difference while you were here? How will the world be better because you were in it?
In other words, what legacy will you leave?
Proverbs 13:22 says, "A good person leaves an inheritance for their children’s children, but a sinner’s wealth is stored up for the righteous." In Biblical times, inheritance didn't necessarily mean money. It often meant land, and it conveyed a sense of honor, provision, and family status.
As Christians, we want to leave behind more than a financial legacy. For most of us, the impact of what we do with our time and talents will far outweigh the impact of the estate our heirs will one day inherit.
In fact, good stewardship of money is just one small part of passing on a legacy to our children… and their children… and their children.
Leaving a Legacy Is Biblical
The righteous lead blameless lives; blessed are their children after them. — Proverbs 20:7
The Biblical patriarchs all left legacies to their children. In Genesis 15, Abraham worried that his wealth would go to a servant instead of to his own child. Jacob famously snookered his brother Esau out of their inheritance. And Joseph's sons received Jacob's blessing at the end of his life. "In them," Jacob said, "let my name be carried on."
These men were not just concerned with safeguarding their property so their families could prosper. They also wanted to keep the knowledge of God alive for their descendants.
Other women and men in the Bible also left a legacy of faith. Moses gave his leadership position to Joshua. Elijah let his mantle fall on Elisha. Sarah left a legacy of faith and commitment for her people. And Jesus left His ministry to His followers.
The British evangelist John Wesley became one of England's highest-earning men during his lifetime. At the zenith of his wealth, Wesley lived on 2% of his income so he could give away the rest. At Wesley's death, the Methodist movement he founded claimed over 130,000 followers in England and the U.S. That's a legacy of faith!
Making a Generational Impact
We will not hide them from their descendants; we will tell the next generation the praiseworthy deeds of the Lord, his power, and the wonders he has done. — Psalm 78:4
You don't just influence the people around you. Your influence extends to the people they touch and the people those people touch. It's like throwing a rock in a pond and watching the ripples.
We know of one couple who adopted two children. Their best friends saw this and adopted two children themselves. A co-worker of theirs saw them and adopted two more children. Now, her sister is asking questions about adoption. That's how circles of impact work.
These circles are just looping into the people around you right now. They're also extending into the future as you influence up-and-coming leaders.
Gifted young men and women are craving mentors. As a seasoned faith leader, you can share your knowledge and experience with the people who come behind you.
Pass On Your Wisdom and Wealth
Commit yourselves wholeheartedly to these commands that I am giving you today. Repeat them again and again to your children. — Deuteronomy 6:6
You have more to pass on than you might think.
First, you can leave a legacy of faith. You are your child's most important influencer. They are watching you and imitating you. Even if you don't see it now, you probably will. Make sure your children and grandchildren observe the vibrant Christian faith that influences your everyday life.
Then, you can leave a legacy of good character. Lead your life with honesty, passion, and gratitude. Treat people well. Encourage others. Thrive. When your children face difficult choices after you're gone, you want them to ask What would Dad or Mom do?
You can also leave a legacy of hard work. No one achieves something spectacular without working hard at it. A combination of patience and discipline, hard work is the only way to the top. Do your children know how to work hard?
Leave a legacy of family memories. Your children and grandchildren will remember the quality time you spent with them. They'll talk about the games you played, the books you read together, and the stories you shared with them. These memories will help carry them through the tough times in life.
Finally, you can leave a financial legacy. Do your children understand the principles required for good stewardship of money? If not, now's the perfect time to teach them. Ramsey Solutions offers Financial Peace Jr for young kids. Young adults and other adult children may benefit from meeting with a financial advisor.
Create a Financial Legacy for Your Children's Children
But as for me and my house, we will serve the Lord. — Joshua 24:15
Adam Grant, the organizational leadership consultant, says, "Too many people spend their lives being dutiful descendants instead of good ancestors."
You can start being a good ancestor right now.
First, make a plan to transfer your wealth. Usually called an estate plan, this is simply the process by which you'll decide how and when your money will be turned over to your heirs. All that you own — from cash and real estate to jewelry and knickknacks — is called your estate. That's what your heirs will inherit after your death.
Even if you don't have a lot of wealth, estate plans can be complicated or simple. It's smart to review everything with a financial advisor and an attorney. Estate plans typically involve investments, insurance, real property, valuables, and sentimental items. It's a lot for your heirs to keep up with, especially when they're grieving.
Financial surprises are rarely fun. Take time now to formulate an estate plan and have a tough conversation with your family. Make sure to update your will, living trust, power of attorney, and beneficiary designations.
If you would like to talk with a Christian wealth management advisor about your legacy, contact Cooke Wealth Management now. We'd love to help plan the way you impact the future!