Legacy vs Inheritance… One Fades And One Lasts Forever

Welcome back to Chats With Michelle! Today, I’m sharing the crucial difference between Legacy and Inheritance. 

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Transcript

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How many times have we seen super wealthy families like children of multi, multi, multi-million dollar, maybe even billion dollar empires, and the children of those families turn out to be not the best people or highly irresponsible. Obviously, money is not a bad thing. That's like let's let's make that clear first. Because more than money, probably one of the most important things that we can do, not only for ourselves, but for the generations to come behind us. Hey, what is up? It's Michelle. Welcome or welcome back to Chats with Michelle. So I was recently listening to a podcast. It was with Priscilla Shire and her son, I believe. They have a podcast. And on this particular episode, they had invited her husband, his dad, you know, it was a whole entire family affair. And in that podcast, there was something that he said that really resonated with me, and I just knew it's something that I wanted to chat about. And literally it was at the very end. And he said the following because she didn't have much was to leave a legacy rather than inheritance. Legacy versus inheritance, and just the difference between the two. So for the sake of the words, and you know that I am a word person, I want to go ahead and read the definitions of them verbatim, and then we'll go ahead and dive into just why this resonated with me so much. So for legacy, legacy is the long-lasting impact of particular events, actions, etc. that took place in the past or of a person's life. And then when it comes to inheritance, it is money or object that someone gives when they pass. And of course, with legacy, it can include money, but we're just going to focus on the definitions that was given for the sake of this conversation. So it just made me think about today the world that we live in. We're in the most ambitious era of our lives, and how we want to leave inheritance for our children's children, and we work so hard and we're hustling and we're grinding and we're doing all the things. And in fact, the Bible does say, you know, a wise man leaves an inheritance for his children's children, all the things. However, I think if we were honest with ourselves, we can see how the market's missed at times, and how, yes, it is a good idea, and it is wise to leave your family with an inheritance, but also how important legacy is as well. How many times have we seen super like wealthy families, like children of huge, huge families, trust fund kids, like they like to say, right? Of multi, multi-multi-million dollar, maybe even billion-dollar empires. And the children of those families turn out to be not the best people or highly irresponsible. And obviously, everyone is not like this. However, we tend to see the same song and dance over and over again. And I feel that is because, yes, there was an inheritance left behind, but there wasn't much legacy left behind. One being maybe just you know, typical and just basic financial literacy, but also I think, as well as integrity, character, right? As someone who enjoys productivity, I find so much pleasure in being productive and doing the things. I have to remind myself that the legacy that I leave behind is just as important. Also, I think it's important to mention if you are someone who have a lack of resources, it is just as important to still create a legacy because as I previously explained, legacy is so much more than money. I think in the midst of speaking of inheritance and ultra-wealthy families, those who may have less may think, well, this has nothing to do with me, but I would beg to differ actually. And don't think that you're in the clear if you don't have any children. I don't have children either. However, I have siblings, I have little cousins that I can live a good legacy for. Think of yourself, think of the different peoples in your life who you've watched and you're like, you know what, that really stuck with me, and that's something that I want to do moving forward. So it's far more than just the money that you leave behind or the money that you're making to give these experiences. I know with just different conversations that I've had with different people where they say, like, yeah, you know, my parents, they work so much, and all I really wanted them to do was maybe like attend a game. I would have taken one less trip or one less gift if they would have just been present and in the moment. And I just even think of that for myself as someone who wants to work hard and wants to be financially responsible and all of the things. One of the things that the Lord had to deal with me on is money being my master. I realized that I had to really sit and dissect my relationship with money essentially. Obviously, money is not a bad thing. That's like let's let's make that clear first. Um, and I want you to hear me in that first because it's like money is not a bad thing, there's nothing wrong with money. Money is a great resource to have, and it quite frankly allows you to have a lot of options. So that's not what we are saying here, or what I'm saying here, rather. However, I think sometimes it could become our master and it could become our whole identity and what we're all wrapped up in, and to the point where we want more and more and more and more and more of it, and we miss the step of the legacy of it all, right? What behaviors, what character are you teaching your loved ones around you? Like, what are you saying yes or no to in order to provide or create this inheritance for the future? So I just want that to be something that we really think about because more than money, a foundation, I feel like is probably one of the most important things because money comes and goes, and you can make money, lose money, however, your characters, your morals, your foundation, I feel like is far more important, and not only is it far more important, it'll take you farther. Seriously, just think about the different people in your life that made some of the biggest impacts in your life. I would argue, and maybe not even argue, that's a little dramatic, but I would I would say, and I think you may agree with me, those people, it probably didn't even have much to do with the money that they provided. Maybe there was a situation where they provided you an opportunity and they had the monetary value to do it for you. However, I would say, and I would think that it would be more so because of the character that they had and that they displayed that it made an impression on you that you said, you know what, I really like that they did this thing. So I'm going to continue this going forward because I like that. And as I get older, that is what I'm realizing is ultimately probably one of the most important things that we can do, not only for ourselves, but for the generations to come behind us. So if you found this chat valuable, please consider sharing it with someone who may also find this chat valuable. And while you're at it, please be sure to like, comment, and subscribe because listen, we've got so much to chat about. Bye.