When one hears the word legacy, you tend to think about death and what material possessions you leave in case of the event. But death is a very grim outlook so let's talk about life when we examine what leaving a legacy truly means. I read a beautiful quote on the internet that sums this up neatly, ‘Legacy is a gift from the past that helps create a better future’. Your age, profession, and net worth is just a small fraction of it, what beyond it is there to consider? Let's evaluate the building blocks of a legacy.
What beyond material possessions? Legacy is families & individuals sharing their choicest ways of life, old books of family recipes, cultures, customs, values, and traditions that shape not one but many generations. I would think one of the biggest legacies my family left me was this indomitable spirit to pursue my dreams.
How does one start a new lineage of legacy then? - in order for the next few generations to remember you, first you must decide what is the story you would want to tell them? This story can be in the form of something as small as a trinket or as elaborate as a family ritual of holidays. For my son and more generations to come, I hope to leave them with good memories, value systems, and a strong communication system that helps them evaluate & iron out any difficulties
And lastly, how does one build a legacy that also gives them wealth - Well, we can discuss the importance of values & traditions as a legacy all day but even leaving material wealth is just as important. You may think that this is a conversation for my 50s or 60s but that is not true! Most professionals build their wealth well before that age and even with less capital to begin with, the amount can still grow as a substantial pool of wealth if planned well. For starters, an investment in SIPs in your early 20s is imperative to not just build capital but form a habit of saving first and then spending.
Look at legacy as a beginning and not the end, a new chapter of reinventing and redefining the norm. A true cultural reset for you and the ones you leave behind.