Legacy Legacy Legacy !!!
This post is inspired by Jay Z’s latest album 4:44. My favorite track off of that album is called “Legacy”. It starts off by his daughter Blue Ivy Carter saying “Daddy what’s a will?” and Jay Z begins to talk about generational wealth and the legacy he wants to pass on to his family throughout the song. Personally, this track couldn’t have dropped at a better time because I’m going to be a father soon. So for months, I’ve been thinking of ways to create generational wealth for my family. I started to think of my legacy and how I wanted to be remembered. What do I want to pass on to my child? A business? Rental property? 401k? IRA? Life insurance payout?
Knowing I had a child on the way put me into a whole new state of mind. Right now at 27, I’m elated to say that I’m 100% debt free. Now that I don’t owe anyone allows me to pay myself and build my net worth month by month. I feel I have a great opportunity to create generational wealth for my son. If I start investing from the day he is born, he wouldn’t need to ask anyone for a loan to start a business, for college tuition, certification fees or whatever route that he decides to choose. I want him to have a better life than I did growing up so I have to make some sacrifices.
Legacy Legacy Legacy
The things I don’t want to do is to leave a burden on my family when I’m gone. I currently have a life insurance policy through work, but if I were to lose my job tomorrow that policy will go away with it. So I plan on taking out a life insurance policy when my son is here to cover him and my family in case something were to happen to me. I want them to be able to pay off a potential mortgage, fund college and still have a supplement to the salary I was making to maintain the same lifestyle. I don’t want my family scrambling around asking people for money or starting a GoFundMe for a funeral. Another thing I don’t want to do is leave debt over to my family. Generational debt just like wealth can be passed on.
Some people think most wealth is created on a get rich quick scheme or only if you’re an entertainer or athlete. But in reality, it starts day by day with the choices we make. If you make building wealth a priority I firmly believe it can happen over time. Investing in assets that appreciate and also protecting those assets are the key. Your legacy doesn’t start tomorrow it begins right now. Ask yourself before you leave this earth, what do you want your legacy to look like?