Skip to main content

Check out our 3Q2021 Market Review & Outlook Video + Blog!

Low angle view of a boy with toy aeroplane sitting on father27s shoulders at the park

Parents Have the Power

Photo of author, Teresa Shawver, FPQP™.
Teresa Shawver, FPQP™
Manager of Advisory Service Standards

Do you want to build or destroy your child’s future through legacy?

As parents, we naturally want to take care of our children however we can. Even before they are born, mothers spend nine months living, breathing, nourishing, and caring for our own bodies with our unborn child’s well-being in mind.

Once the first sleepless nights of parenthood have quieted down and we are able to think again, we then spend the next 18 years teaching life lessons to our kids about faith, love, relationships, responsibility, finance, community – grooming them to become valuable and contributing members of society, not just consumers. During that process, and beyond, so many wonder if they’re doing it right. I heard a radio personality recently suggest, “If you are questioning whether you are a good parent, it probably means you are doing it right.”

It reminded me of a thought-provoking article I read, “Leaving a Legacy Without Destroying Your Children” by Keith Taxguy. Taxguy suggests we should never leave all our assets to our children. He even sets a threshold of no more than 7 figures, regardless of net worth, because even $1 Million is enough to cause some to be lazy and careless in their actions.

Whether we agree or disagree with what may seem to some to be an extreme approach to legacy planning for our children, there are definitely some valid points to encourage our own thinking about how we want to shape the financial future(s) of our children.

If you are uncertain about how best to take care of those you love -- for today and tomorrow -- talk with your trusted financial advisor about legacy planning. It's never too early, and life can change in an instant.

Do you want to build or destroy your child’s future through legacy?

Related Insights
I Stock 1226418360 businessowner JGS Craft

Did You Know Less Than 2% of Businesses Value Themselves Annually?

If you're a business owner or entrepreneur, your business is your greatest asset. Not only do you invest your time and talent into growing your business, it takes significant capital too. But did you know less than 2% of businesses actually take the time to value themselves annually? Whether it’s simply due to a lack of time or expertise, today's business owners don't do a deep-dive analysis into their businesses every year, which results in a significant number of them being undercapitalized. Learn what you can do to keep your business operating at its full potential.

Read More
Peanut Butter Jar

How Peanut Butter Tells My Personal Fiscalosophy Story

The collection of stories and experiences throughout each of our lives make up who we are today as well as help shape our decisions for the future. Very often, we don’t realize just how much a certain experience or encounter may have impacted us, until someone points to it or draws it out of us. As adults, the way we view the world and make decisions for ourselves and family members may originate from how we were raised, work or educational experiences, or social interactions with friends and neighbors.

Our experiences with finances are no different. Sometimes we are very cavalier about those unique lessons learned we have gained over the years in regards to money. Believe it or not, our past experiences with money, or the lack thereof, have likely shaped our beliefs and how we choose to handle our own money today and in the future...we call this our Fiscalosophy. Learn why understanding your own Fiscalosophy is so important to your financial future.

Read More
NLG Blog image retail investing

Surprising Positive Pandemic Outcome: A Surge in Retail Investors

The COVID-19 pandemic brought economic shutdowns, high unemployment rates, and market volatility; but it also highlighted that individuals should prioritize saving over spending. Research shows a surge in retail investors emerged as a direct result of the pandemic -- one now dubbed the "Generation Investor."

Read More
Play