During the summertime, many of us look forward to spending time with family, especially when you have grandchildren. These precious, meaningful moments are often fleeting and can serve as powerful reminders of what truly matters in life. We look at the financial lessons that can be learned when we reflect on the emotional purpose of our wealth.
How to leave a meaningful legacy
When we talk about leaving a legacy, most people consider the financial implications, but our real influence goes beyond our material assets. Summer holidays, for example, offer a special opportunity for grandparents to share their time, values and traditions. It’s also the chance to teach younger generations valuable lessons that will last them a lifetime.
With intentional financial planning, you can create an impact that’s felt by your grandchildren throughout their lives. Whether you’re funding summer outings, supporting their education, or contributing to wedding costs, your wealth strategy could create long-lasting ripples.
However, it’s important to balance how you will use your money to live today with how you would like your legacy to be used. Check whether your current wealth strategy is aligned to your purpose and values. Do you have certain aspirations that you would still like to fulfil?
Connecting with your “Why”
Many people get caught up in the day-to-day logistics of managing their money and saving for the future. When did you last pause to ask yourself why you are working so hard and for what purpose? You might be building a financial reserve for yourself and your loved ones, but how do you plan to use it? Spending time with grandchildren can reconnect you to your “why” by bringing purpose and direction to your financial plan.
Your financial legacy isn’t just about the inheritance you plan to leave. It’s also about passing down life lessons. Summer activities can become opportunities to share such stories. You can explain why you prioritise saving, while highlighting the importance of balancing enjoyment with responsibility. But most importantly of all, grandparents can encourage younger generations to find fulfilment and to avoid a life of regrets.
Living life without regrets
At Balance Wealth Planning, we work hard to ensure our clients’ financial plans are fully aligned to their values and purpose. As members of the Kinder Institute of Financial Planning, our aim is to help you identify your core values for intentional wealth management.
Our financial planners may ask you the following questions:
- If money were no object, how would you live your life?
- If you had 5–10 years left to live, what would you change?
- If today were your last day, what did you not get to do or become?
These questions can help you connect your financial plan to your purpose, aligning your financial decisions with what matters the most. Your legacy is defined by more than just numbers. When we consider our lives and spend time with family, our purpose can change, and this can have a big impact on our financial planning. Discussing your values with your family can clarify your intentions and inspire you to live a fulfilling life.
For more insights, please see our article, How to live life to the fullest and avoid regrets.
Wealth Planning, Nottingham
As you enjoy those sunny afternoons with your grandchildren, just remember that your greatest ‘wealth’ lies in the time, wisdom, and love that you share with them. And with thoughtful planning, you can make sure every moment during summer counts toward building a meaningful, lasting legacy.
Taking a well-planned and intentional approach to your financial planning will enable you to finance your lifestyle and plan your retirement. By making strategic financial decisions about your legacy today, you can maximise your wealth and enjoy long-term financial security.
Without a clear strategy, you could run the risk of missing out on precious family moments and running out of money in retirement. At Balance Wealth Planning, we can help you use your wealth to fund your ideal lifestyle and to secure your financial future. Our financial planners have the experience and expertise to advise you on legacy planning.
If you’re considering how to approach your legacy, why not download our guide – Your Legacy, Your Way? You can find practical ways to help you think about the lasting impact you want to leave – financially, emotionally, and socially.
For advice on legacy planning, get in touch for a free initial chat with our financial planners.
Sources:
https://balancewealth.uk/how-to-live-life-to-the-fullest-and-avoid-regrets/
