A Price Tag on Legacy?

I was talking to someone the other day about big-picture financial goals. This topic often produces some interesting ideas, but there are a few responses I hear over and over. This particular man uttered an all-to-common phrase, "Leave a legacy for my kids." And by legacy, he meant millions of dollars dumped into his children's laps. I know this for two reasons: 1) that's typically what this phrase means in modern America, and 2) he clarified and said it means leaving his kids millions of dollars.

This phrase is common, especially for Christians, for one big reason: it's frequently discussed, advocated for, and glorified by one of the nation's top financial personalities. I hear this phrase multiple times per week, and it usually goes hand-in-hand with similar concepts, such as creating generational wealth, eliminating the need for your kids to work, and giving your kids more than you had. I get a queasy feeling just typing that.....

In a recent podcast episode, Cole and I talked about the idea of leaving our children a bunch of money one day. I made a comment that created more buzz than I had anticipated. I said I didn't believe in leaving large sums of money to my kids. Instead, most of what we have will either be given away upon our death or put into a charitable trust where my kids will manage its longer-term distribution. There are two primary reasons for this perspective. First, it's not my money to begin with. If I believe all I have is God's, which I do, then I don't own it......my job is merely to manage it while I'm here. If that's true, what makes me think I should pass it down to my kids instead of blessing and serving others? Second, I think my kids deserve better than to have their drive and ambitions chopped off at the knees by a big pot of money. They deserve the opportunity to carve their own path, pursue work that matters, and use their unique gifts and talents to create an impact on this world. A big pot of unearned money can quickly zap this from them in a heartbeat. Yes, it's possible that a large sum of money could help in their endeavors. It's also true that I could successfully rob a nearby convenience store, but it's probably not a good idea to try. Behavioral science, statistics, and my own experience working with countless families tell me there's a higher probability for downside than upside.

Want to leave a legacy for your kids? That's awesome, me too!!! I just define legacy differently than a big pile of cash. For me, legacy is about character, faith, generosity, humility, impact, and service to others. Money factors zero into this. If my kids have millions of dollars but not the traits listed above, my legacy is garbage. If my kids have limited financial means but possess these traits, I succeeded in the mission. You can't put a price tag on legacy.

The Curse of Comparison

When I was growing up, the only Christmas I experienced was my own. I knew what it looked like in my home, and my friends theirs. Technology changed the game with the invention of social media. Maybe some of you are in the same camp, but I spent some time scrolling through Facebook and Instagram yesterday. Christmas post after Christmas post. And maybe some of you can also relate to having a multitude of feelings when seeing other people’s Christmas celebrations. Feelings such as:

• “They look happier than us”

• “They have more presents than us”

• Their house is a lot nicer than ours”

• “They have way better food than we’re having”

• “Their trip looks way more fun than being in this frigid weather”

If you had any thoughts such as these, you’re not alone. I’m guessing many of us did. After all, it’s human nature. It’s the curse of comparison, and social media amplifies it unlike anything we’ve ever dealt with before. There are a few major problems with comparison:

1) We only compare ourselves to people who have more or better than we have. We rarely stop to compare ourselves to those who are less fortunate than us……which by the way is the vast majority of the world.

2) There’s always someone with more than us to compare ourselves to. Even Jeff Bezos, the 5th richest person in the world, could compare himself to Elon Musk (2nd richest person in the world) and jealously wish he had that additional $50 billion. No matter how well we have it, we’ll find someone to compare ourselves to. Whether it’s family, a job, a house, status, cars, or presents under the tree, we’ll definitely find someone to unfairly compare ourselves to.

3) Comparison robs us of appreciating what we do have. I have so much in life, but after spending 10 minutes on Facebook this afternoon, I felt like a nothing. It can be demoralizing at times, so it’s important to always take time to reflect on and be grateful for what we do have.

4) Social media is people’s highlight reel. It portrays them at their absolute best, the way they want to be seen, in a moment of time. We don’t know what’s happening in the other 99.9% of their lives. Sadly, many are hurting just like you and me. So when we see their social media post, don’t extrapolate them to believe their lives are perfect and pristine. I promise you they aren’t.

No matter what your Christmas looked like, I hope it was your version of amazing filled with special moments, time with loved ones, and memories that will last a lifetime. Merry Christmas!

If Only We Were Rich

Do you ever look around and notice people in your life who are rich? Man, if only we were rich like them! The things we could buy….the things we could do. Life would be so much better if we were rich. It must be nice to be rich like them…..

…..but then I take a step back and remember two things:

1) Having a $40,000/year income puts us in the top 1% income earners in the world.

2) Having just $5,000 to our name puts us in the top half of the richest people in the world.

Wait, we are rich! We’re just so busy comparing ourselves to even richer people that we’ve lost perspective along the way. Comparison can rot us from the inside-out. Let’s be grateful for what we have, not jealous of what we don’t have.

This post was written for me. Travis, remember this.