Leaving a legacy behind is much more than money. What we value and what we define as worth play an integral part in what we leave behind as a legacy.
What do we value?
A survey by the Bank of America revealed 94% of people considered having friends and family that love them as having a life well-lived. A further 75% of respondents believed that leaving a positive impact on society mattered, while only 10% stated that accumulating a lot of wealth was a great legacy to leave behind.
A legacy is planting a seed today by everyday practices to create something that will benefit people long after we have gone. We may not live forever, but we can immortalize ourselves through what we leave behind.
Lack of preparation can make our efforts futile
The key to making a legacy count is not so much the major steps that we take, but it's the small steps that go unnoticed that matter. The key to making a legacy count is not so much the major steps that we take, but it's the small steps that go unnoticed that matter. While the dream to leave a mark may be one that is significant and dear, not preparing for it can leave it as just that-a dream.
Building that relationship that will last, investing in things that will grow into something worthwhile, having the correct financial products to back you and your loved ones when you need it the most to avoid the unnecessary financial stress is crucial. However, not many South Africans have put in the necessary preparations.
According to the Old Mutual Savings and Investment Monitor report, only 31% of South Africans who were surveyed have investment policies. When it comes to leaving a financial legacy in the form of life insurance policies, only 35% of people surveyed admitted to having one in place. While a legacy is not only built on how much money a person can amass, it does play a critical part in creating something that will benefit your loved ones.
Creating something that will last
Waiting for the right time to start building a legacy could be likened to saying that you are waiting to win the lottery; it could take a lifetime to do or you could end up dying never having achieved your goals.
There is no better time than now to start. Open that savings account, looking into affordable investment plans that are suitable for your pocket, take out an affordable life insurance policy to secure your financial future and that of your loved ones. Start mending bridges and having authentic conversations with people that are geared towards creating something worthwhile. After all, Rome was not built in one day.
It is not guaranteed that you will get this right from the start, but with anything that is created to last long after we are gone, it takes time. Always remember to re-evaluate, unlearn things that stump your progress, and focus towards creating a gift that keeps on giving.