“I remember saying to my mentor, ‘If I had more money, I would have a better plan.’ He quickly responded, ‘I would suggest that if you had a better plan, you would have more money.’ You see, it’s not the amount that counts; it’s the plan that counts.” — Jim Rohn
Having a legacy wealth budget is not just about wealth accumulation, it’s about embracing your ultimate purpose of being a good steward with everything you have been blessed with. A legacy wealth budget is a strategic plan that allows you to be deliberate and intentional with the resources you have so that the things you do today may have generational impact. It’s a mindset shift from being reactive to proactive and impactful. As a good steward of your resources, you understand that you are to make every effort to grow whatever you are given. We may not all start with the same amount of resources and therefore we may not all end up with the same outcome; but we can all grow what we have. It is important to recognize that money is not the endstate; it is a tool that enables your financial goals. Having money is not for you to become absorbed in the things you want simply for your enjoyment, but about how you can build, lead, and serve your family, impact your community, and leave a lasting legacy.
“Many people have good motives all the while making wrong decisions because they are not functioning in the fashion of stewardship.” – Tony Evans
When the underlying foundation of your legacy wealth budget is stewardship, it enables you to be mindful to:
- Manage your current resources with wisdom by having a legacy wealth budget centered on the following pillars: emergency savings, life insurance, invest for the future, and eliminate debt. A legacy wealth budget is a systematic plan that enables you to be deliberate and intentional with your resources.
- Continuously educate yourself with knowledge. Some good books to consider:
- Why They Didn’t Teach Me this in School by Carey Siegal
- The Intelligent Investor by Benjamin Graham
- From the Rat Race to Financial Freedom by Manoj Arora
- The Total Money Makeover by Dave Ramsey
- Your Money or Your Life by Vicki Robin
- Creating Generational Wealth by Douglas A. C. Eze
- Teach your children about finances. While you are working hard to leave a legacy for your children, you must be sure to prepare your children to receive their inheritance. It is important to learn and grow as a family. Teachable moments, games, and books are a great way to build a solid foundation for your children. Some great family game night games, online resources, and books are:
- Cashflow for kids
- CashCrunch Junior
- CashCrunch 101
- Game of Life
- Biz Kids
- Financial Entertainment
- Teach Your Kid to Fish by Holly D. Reid
- Make Your Kid a Money Genius by Beth Kobliner
- Take personal accountability for how you gather and use your financial resources. Couple with your spouse, enlist a friend, and/or surround yourself with like-minded people that naturally lead you toward a healthy financial future.
- Understand that managing your financial resources serves a purpose that is much greater than yourself. When you grow what you have, you enable financial outcomes that have generational impact for your family. You are also able to serve others and contribute to the economic standing of your community. The cornerstone of any economically viable community are financially strong families.
If you need help with creating a legacy wealth budget for your household, please do not hesitate to contact me for help.
Charleese Hasan, The Budget Dr. OH Charlie LLC firstname.lastname@example.org