Sometimes as parents, we are so focused on giving our children what we did not have, we forgot the value of what we do have and often times intentionally do not pass it on. This is probably why so many children are not being taught valuable skills from their parents. Many parents believe their skill has no value or even worse some are ashamed of the work that they do.
My partner and I are real estate investors. While discussing how to grow our business one day, I commented that if we actually knew how to do some general construction work, we would save a lot of money and we could expand into many other areas of real estate more easily and less expensively. He replied, that is true and went on to say that his dad knows how to do all that stuff, but he never passed it on to him. I was dumbfounded! What would have happened if my partner’s father intentionally passed on to him the skills that he had? This used to be the way most children were raised. It was expected and it was intentional. Whether or not you grew up and entered into that trade or not, you always had a useful skill to serve as a foundation.
The Ford Motor Company was established by Henry Ford in 1903 and has been a run by a Ford since. To be a Ford, is to be in the car manufacturing business. If you are a Ford and not actually doing anything connected to the family business, a Ford would be hard pressed to escape the identity that comes with the name. Maintaining the Ford business from generation to generation is a result of deliberate actions. While each Ford may not actively be part of the family business, each one was indoctrinated into aspects of it that served them well no matter what they ultimately did. The same is true for many of the household names we know today. The legacy started with the vision and grit of one person and the impact lasted through generations.
Often times today, when we think of legacy we immediately think of money. Don’t get me wrong, a part of the Ford legacy is building wealth from generation to generation, but the mechanism to do so provides a guide through life. In other words, the legacy is not just focused on what the next generation will receive upon the death of the previous generation. What good is building wealth if you have not indoctrinated the inheritors of your wealth into a mechanism that will allow them to be prepared to appreciate, receive, and grow it? Be the person who sets the course for a great family legacy for your family.
My mother is a strong Christian woman and educator. While I did not become a teacher, education and my spiritual relationship with God is an important part of my identity that has allowed me to focus my efforts and achieve amazing results as a military officer and as a commercial real estate investor. The value of education and having a spiritual relationship with God is what I am instilling in my daughter and grandson, along with the legacy of service, entrepreneurship, and financial literacy. Legacies are not meant to stay stagnant, a legacy is meant to be built upon and grow with each generation.
Parents, do not underestimate the power of the skills that you have – PASS IT ON! If you are a construction worker, plumber, electrician, or painter – those are extremely valuable skills – PASS THEM ON. If you are a janitor, teach your children how to clean properly. If you are a cook, ensure that you pass that you to your children. Don’t focus on what you do not have, focus on what you do – AND BE INTENTIONAL with the next generation. They may not grow up and do what you did, but they will have a foundation to build upon.
If you want more information on building legacy heath and wealth habits, commercial real estate investing, or need help with creating a legacy wealth budget for your household, please do not hesitate to contact me.
Charleese Hasan, PhD, The Budget Dr, Health and Wealth Consultant, Qualified Sales Coordinator – JuicePlus, Accredited Commercial Real Estate Investor – OH Charlie LLC: firstname.lastname@example.org