Defining Your Legacy

By October 8, 2018 Wealth Management

Defining Your Legacy

When the second half of your life is better than the first

Mark Twain once stated, “The secret of getting ahead is getting started.”

Parents spend decades diligently guiding their children from brushing their teeth to submitting college applications and everything in between. Most parents do their best to also bestow upon their children the intangibles – drive, focus, ambition and thirst for success. What a lucky generation ahead of us.

What happens when the kids grow up; become doctors, lawyers, politicians and entrepreneurs? They pack up their dreams and aspirations and flee the nest to start families of their own, even moving out of state. Life becomes complicated for them and eventually important holidays are missed along with warm, family gatherings.

Welcome to the tipping point of your world

Fast forward into the future, where the second half of your life greets you with open arms and scores of questions. If you are 40-something, it’s not that far away. Many folks find new meaning, confronting a host of possibilities that now seem more real than ever before. Here’s some food for thought:

  • What will you do with yourself after retirement?
  • Consider the value of your net worth when you reach the age of 62.
  • Ponder your grandchild’s college fund.
  • After the kids are grown, will you purchase a second home in a favorite destination?
  • Maybe you’ll pursue a long-lost passion, write a book, or take up a new hobby.

A miracle happens when you find the courage to evolve at the midlife mark

We’re all familiar with the first half of life. We establish a career, find a partner, create a family, accumulate property and establish financial stability (not necessarily in this order). If we are lucky, we make a contribution to society. Stress and all that busyness subside. Perhaps your career feels less fulfilling and you might even experience shifts in your marriage or family. The silver lining of the matter represents opportunity for adventure that the first half of life never saw.

Looking at the bigger picture

The balance between time and leisure will mark a favorable distinction on your well-being. Perhaps philanthropy is something that you’ve always wanted to pursue but never had the time. Maybe you wish for your future grandchildren to attend Ivy League universities. At a minimum, instilling a sense of academic pursuit into these tiny humans can foster huge rewards as they approach their college years. On a bold scale, maybe your financial freedom will reward you with a permanent holiday to any one of your favorite countries – consider Tuscany, Italy for example.