Transforming Your Wealth into a Living Legacy 

At Wealthstack, many of our clients have established themselves comfortably in Canada over the years. They’ve built wealth and are now reaching their retirement and other financial targets with a funding level of more than 120%. This extra buffer provides a sense of security, but it also raises a couple of questions: What comes next? And how do you transform your wealth into a living legacy?

Instead of simply increasing your living standard or setting new financial targets, it’s crucial to safeguard your current lifestyle and make thoughtful decisions about how to use your additional savings and capital. This process starts with rethinking how you view life and its priorities, which in turn influences how you spend your time, health, and money.

Crafting a Family Vision

At Wealthstack we believe that a pivotal step in your financial wellness journey is creating a Family Vision. When you approach your budget, bank account and financial goals as a family, you win together.

Your Family Vision should be a written statement that you revisit annually, ensuring it remains relevant and guides your family towards a shared purpose. There are two elements to your family’s legacy and vision statement – your living legacy and your leaving legacy. The former is all about making an impact while you’re still here. Whereas your leaving legacy is what you want to be remembered for and what you hope your family will continue in the future. Both involve thinking deeply and intentionally about the values and activities you want to instil in your family – now and in generations to come.

Here’s how to craft a vision statement that will serve as a springboard for your family’s legacy and financial wellness. Use this as a “worksheet” at your next family dinner, date night or getaway. Carve out some all-important time to plan and dream together with your spouse and children. You’ll be surprised by the connection and joy this conversation can spark!

Use these prompts to guide your family’s discussion to create a Family Vision you can all work towards with enthusiasm and commitment:

Your Living Legacy

As a family, we want to: (Complete the sentences)

Give towards…

To get you started: Identify causes or charities that resonate with your family’s values. Whether it’s supporting educational initiatives, contributing to environmental sustainability, or aiding humanitarian efforts, giving back can reinforce your family’s commitment to making a positive impact.

Spend our time on…

To get you started: Choose activities that enrich your family’s life and strengthen your bonds. This could range from regular family gatherings and vacations to pursuing hobbies and interests that bring joy and fulfillment.

Be a mentor to…

Tip: Commit to be a mentor to 1-2 individuals that are about 10 years younger than you. Guide and support others, whether within your family or in the wider community. Mentorship can involve sharing your knowledge and experiences to help others navigate their own paths, fostering a culture of learning and growth.

Follow and be mentored by…

Tip: Ask 1-2 people (ideally 10 years older than you) to mentor you in specific areas of your life and encourage each of your family members to search out their mentors. Give the mentors permission to ask you difficult questions in your life and model this for your other family members. Without accountability we cannot be grounded in our growth as people. Recognize the importance of both teaching and learning from others. This reciprocal relationship ensures that your family remains open to new ideas and perspectives, fostering continuous development.

Your Leaving Legacy

Years from now, we want our children, their spouses, and our grandchildren to: (complete the sentence)

Be around the dinner table and talk about…

Tip: Reflect on the discussions that will define your family’s values and priorities. These topics could include stories of perseverance, the importance of kindness, and the value of hard work and integrity and how they are mentoring people and being mentored by others.

Be involved in a community and do…

Tip: Encourage your family to engage in meaningful community activities where it is about other people and living a selfless life. Whether it’s volunteering, participating in local events, or taking on leadership roles, involvement in the community helps build a sense of responsibility and belonging.

Take Action Today

It’s essential to think about the legacy you want to leave and how it will shape future generations, and then align your budget accordingly. Consider what you want your family to discuss and prioritize around the dinner table. This reflection will help you take proactive steps to ensure those conversations happen and your family’s finances reflect this core vision effectively.

Creating a family vision is not just about writing down goals; it’s about cultivating a shared sense of purpose that guides your family’s decisions, budget and actions. This vision acts as a roadmap, helping you navigate the complexities of life and making sure your wealth is used in ways that align with your core values.

At Wealthstack, we’re here to guide you through this journey ensuring you and your future generations reach your financial goals with peace and clarity. Our Wealthstack Experts are ready to help you set up your personalized Dashboard and develop a visionary financial plan tailored to your family’s unique goals and values. By working closely with you, we can help you clarify your priorities, set meaningful objectives, and create a strategy that ensures your wealth supports the legacy you want to leave.

Secure Your Future with Wealthstack

Take the first step towards a meaningful legacy. Book a Demo with a Wealthstack Expert today to start crafting your family’s financial future and legacy. Our experts will work with you to develop a comprehensive plan that addresses your financial needs and supports your long-term goals.

By thoughtfully considering your family’s future and creating a solid financial plan, you can ensure a lasting impact that goes beyond mere financial success. At Wealthstack, we’re committed to helping you achieve this vision. With our support, you can build a legacy that reflects your values and enriches the lives of your loved ones for generations to come.