Leaving a Legacy

[Greg]

Interested in hearing other people's thoughts on what they want to do by the time their life on this earth is over. Are you gifting most of your wealth to your family through trusts, giving to charities, splurging on stuff until you burn-out in a blaze of glory?

I've still got many years ideally before I pass away but I'm interested in creating my own hospital and providing low-cost solutions towards those with physical disabilities. I'd like to hear what others want to do before they kick the bucket or "what you want on your tombstone".

[moda0306]

As a child of aging parents, the BEST legacy from my perspective is to put yourself in a position where you can engage in rich, healthy activities with your kids/grandkids, while making sure that if the SHTF (LTC event, premature death, etc), your kids/wife/grandkids/etc have a huge mess to clean up, huge bills to pay, tons of chores to come do for you.

I could care less if I get an inheritance.  I'd rather have my parents be able to enjoy time with me rather than me coming home to a house that 1) is a money pit for an old couple, and 2) needs my hands to help maintain, and 3) would become a complete disaster in the event of a health disaster.

I think the richness of retirement should be shared with kids/grandkids in the most healthy way possible WHILE grandparents are alive, but with contingencies in place so if nasty negative events occur, there is a backstop to protect the family from material avoidable discomfort.

[dualstow]

Are you gifting most of your wealth to your family through trusts, giving to charities, splurging on stuff until you burn-out in a blaze of glory?

My wife is younger, so she'll get the lion's share.

For years, I thought I would leave a sizeable amount to a random person of a completely different race and background, pay-it-forward style. After all, I don't have any heirs, and my siblings' kids are quite spoiled. Good kids, but already comfortable.

But now I have a cousin in need. If's she's still around when I croak, she'll get a lot.

I'm still looking for a single favorite charity that will inherit a full share as if it were one of my heirs. An heir-share.

[MachineGhost]

Interested in hearing other people's thoughts on what they want to do by the time their life on this earth is over. Are you gifting most of your wealth to your family through trusts, giving to charities, splurging on stuff until you burn-out in a blaze of glory?

I've still got many years ideally before I pass away but I'm interested in creating my own hospital and providing low-cost solutions towards those with physical disabilities. I'd like to hear what others want to do before they kick the bucket or "what you want on your tombstone".

My long-term goal is to become a full-time philanthrophist via my own hedge fund.  In the meantime, I donate to social reform organizations that I deem to be highly effective at their mission rather than the usual dreck of careerist non-profit profiteers.  I have a FreeMind map of my social reform organization and their field of expertise...  there's still some gaps waiting to be filled by enterprising innovators.  I used to be an anti-altruistic Objectivist-lite libertarian in the Milton Friedman "only shareholders matter" Homo Economicus vein until behaviorial neuroscience and Karma gave me an awakening.  I'm much happier as a result.  I'm leaving everything to one organization.

[Mark Leavy]

https://www.youtube.com/watch?v=A939QRRSNV4

[gizmo_rat]

Nice thought Mark, however I found this one a more realistic and achievable legacy.

Well, you don't need a million dollars to do nothing, man. Take a look at my cousin: he's broke, don't do shit.

[Tyler]

LOL at the Office Space reference. 

This is a good question.  And one close to me as I'm in a bit of transitional phase right now.  Short story just because it's relevant to my perspective -- I reached financial independence this year and took a "sabbatical" from my product design career (walked away from my job in my late 30's) to decompress and figure out what I want to do next.

I'm not yet sure what I want my ultimate legacy to be.  But I know what I don't want it to be.  I don't want to be a career employee with the gold watch in the display case but few real relationships outside of work.  I've made some cool products over the years, but stuff like that is transient and feels hollow after a while.  I don't have children of my own, and genetic legacy has little pull on me.  I also am not particularly satisfied with the idea of money as legacy, even in a charity format.  It just seems to me that my life should be measured by more than simply cash flow. 

Today, the most fundamental legacy I can think of is to simply be remembered as a good person and a man of faith who had a net positive impact on everyone he touched along the way. 

[dualstow]

I've made some cool products over the years, but stuff like that is transient and feels hollow after a while.

Really? I guess one has to experience it to know, because that sounds like heaven to me. Industrial design.
Wait- industrial design and then financial independence in one's 30s- that sounds like heaven to me.

[Mark Leavy]

I've made some cool products over the years, but stuff like that is transient and feels hollow after a while.

Really? I guess one has to experience it to know, because that sounds like heaven to me. Industrial design.
Wait- industrial design and then financial independence in one's 30s- that sounds like heaven to me.

I second dualstow's comment.  Tyler, it sounds like you are doing quite well.

One thing that I've been doing recently - and I wouldn't go so far as to call it a legacy - is pollinating young entrepreneurs.  I travel year round and so I am able to visit bright young folks interested in starting new businesses, and hook them up with others that might be useful to both.  One or two successes along that line makes my heart go pitter patter.  And occasionally it will also make me some money.

That and "don't do shit" seem to be working pretty well for me.

My son is an awesome chef.  He's struggling and creative and pretty cool.  When I die, he can shave my head, tan the skin and find a map to the gold.

[Tyler]

I've made some cool products over the years, but stuff like that is transient and feels hollow after a while.

Really? I guess one has to experience it to know, because that sounds like heaven to me. Industrial design.
Wait- industrial design and then financial independence in one's 30s- that sounds like heaven to me.

Seeing a product of yours on a store shelf feels great.  But there are 10x as many failed products for every success, and every one requires a lot of personal sacrifice to get to market.  A combination of planned obsolescence and accelerating speed to market eventually turned it into a rat race, and after a while the cumulative wear outweighed the positives for me. 

That said, the experience was quite rewarding and I have no regrets.  If you think it sounds fun, go for it!  I'm just thankful to be in a financial position where I can close one chapter on my own terms and start a new one.  There's no reason to limit yourself to one legacy in life.

http://www.smbc-comics.com/?id=2722

[Mark Leavy]

That said, the experience was quite rewarding and I have no regrets.  If you think it sounds fun, go for it!  I'm just thankful to be in a financial position where I can close one chapter on my own terms and start a new one.  There's no reason to limit yourself to one legacy in life.

http://www.smbc-comics.com/?id=2722

Bravo.
You have hit the nail on the head.

Keep us updated Tyler.  I'm always looking for new paths.
Mark

[Greg]

Interesting thoughts people are having on here, glad it seems to be a post that is of positive benefit to others.

I think the main point of all of this, is to perhaps have some semblance of a plan for what you want to do in the future. The two questions I always like asking people are:

1.) Where do you see yourself in 10 years?
2.) What would you do if money was no object?

Ideally both of these are the same answer but for the most part they are not. I think it's good for people to ever once and a while come back to these questions to make sure they are headed in a path they want to in life; making decisions that lead them to these conclusions.

I hope all of you can leave the legacy you want for this world and to be a positive mark on it.