Can you imagine Cornelius Vanderbilt’s horror if he knew that just 50 years after he died, his Manhattan mansion would be DEMOLISHED because his heirs ran out of money?
The man acquired a personal fortune of more than $100 million… in the 1800s! That’s one of the largest fortunes the world has ever seen.
Yet, it didn’t even support 2 generations of his heirs.
Meanwhile, Vanderbilt’s counterpart – the Rockefellers, who built an even larger fortune around the same time – still have a family office that supports more than 150 family members, donates as much as $50 million per year to charity, and are estimated to be worth more than $10 billion.
Now, while many of us will not acquire quite that large of a fortune, we definitely want our legacy to look more like the Rockefellers than the Vanderbilts.
Beyond that, you want to live out the later years of your life feeling content, at peace, having crossed out the items on your bucket list… with plenty of cash in the bank.
… And with the knowledge that you’ve not only lived a full life, but are continuing to “live wealthy.”
We all want future generations to do better than we did.
But most people focus exclusively on wealth and making sure their financial legacy lives on… but what about your family wisdom and values?
What about the hard-earned lessons that made you the best of who you are… wouldn’t you like to pass that on too?
Whether you’re building your career, looking forward to retirement, or already enjoying your “ever after”… what we’re about to cover might just be some of the most meaningful information you’ll encounter on your financial journey.
Because this is about “securing” your empire, and the pieces you can put in place today to not only leave a legacy that makes future generations smile when they think back on you… but to build a “living legacy” that makes YOU smile when you think about your future.
Let’s get started.
From inflation pushing healthcare and living costs up to managing and wisely investing your savings and portfolio to preserve and grow your wealth… there’s a lot to think about when it comes to what most people think about for their “retirement.”
And the truth is, in order to really plan for your legacy and estate after you’re gone, you need to feel comfortable and secure that you’re going to live out the rest of your days with a high quality of life… living where you want to live, enjoying the experiences you want to have, treasuring those special moments with loved ones, and never having to worry that you could run out of money.
So first things first: let’s talk about investing.
This isn’t about “what” you should be investing in. People ask us that all the time, and our answer is always, “it depends on your Investor DNA.” That includes your unique knowledge, skills, experience – and of course your life situation.
However, there are guiding principles for success… and for avoiding costly mistakes.
For instance, our philosophy is to focus on cash flow… not accumulation (which is what so many “experts” tell you to focus on).
The problem with focusing on accumulation is that it’s a “one day, someday” approach that can lead to scrimping, saving, and never really enjoying life. Or as we say, not “living wealthy.”
It can even result in decision making that’s closer to gambling than investing. We’ve all seen stories of people putting big “bets” on stocks or crypto that pay off. And while some people win, many others lose… just like with gambling.
When you focus on cash flow, and manage your portfolio in a way that produces it, then you know what you have coming in every month. You can allocate funds for crossing off your bucket list items, contributing to causes you care about, and whatever else you like!
Focusing on cash flow means you’re focused on investing… and not gambling. Because you know what your money is making for you each month.
Obviously there’s a lot more to this – way more than we can cover in one article. So we’ve put together a free resource at the bottom that will give you 7 keys to successful investing and how to avoid costly mistakes.
As we get older, we think about the “big questions” more and more.
The old story of retirement was about working hard for 40 years, and then finally kicking back and doing what you really want to do with your life. Golf, travel, eat expensive food… really enjoy the finer things in life.
However, there have been several interesting studies including an article in the Harvard Business Review that found that you’re actually likely to live longer if you retire after 65.
Why?
Well, here at Wealth Factory we talk about redefining retirement and living a wealthy life that you truly fall in love with. A life where you retire from the things you hate, instead of retiring from value creation. No more waiting until “one day” when you retire to start enjoying life… because that’s a failed experiment.
This aligns with the Japanese concept of “ikigai” – which is a passion that gives value and joy to life. It’s gained popularity worldwide, especially after the book Blue Zones came out featuring the Okinawa Islands in Japan where the population has a life expectancy far higher than normal.
Ikigai makes life worth living.
It redefines retirement to shift away from “stopping” doing things… to “doing more of what you love.” To truly making it count.
So, what does that look like for you?
If money wasn’t a factor, what would you do?
How did you envision your life playing out when you were a kid? What did you want to experience? And how can you create an exciting vision of your future – where you’re healthy, happy, and making the most of your “one life?”
If you came here expecting to read about how to secure your legacy after you’re gone… you are. This is a critical part of it. Because the best way to inspire and support your kids and grandkids after you’re gone actually has nothing to do with finances… it has to do with how well you lived.
We get a lot of questions from our members about how to start setting up a trust. How much it costs, who can help, and what to focus on.
So while we put together a free resource on this at the bottom of this article, you need to start by understanding what a trust can help protect you from. See, there are 3 big wealth destroyers that we need to be aware of: taxes, lawsuits, and division.
And make no mistake, if you truly want to “secure” your empire, then setting up a trust is one of the best ways to do it.
First up, taxes. No one likes them, but they’re a part of life.
A trust can be incredibly helpful to minimize taxes because it allows you to strategically place assets in a way that can reduce the amount subject to estate taxes upon your death. You can gift assets into a trust, which removes future appreciation of the trust’s assets – so if you have something that you expect to appreciate in the future (like real estate) then you might want to look into this.
Next, lawsuits. We live in a litigious society. Whether it’s a business dispute or a personal issue, lawsuits can drain your resources fast. A trust can offer a layer of protection that keeps your assets safe from any legal battles.
And finally, division. It’s not just about the math of dividing assets; it’s about the potential for conflict and erosion of wealth over time. A trust can help ensure that what you’ve built is used the way you intend, supporting your family’s values and goals long after you’re gone.
A trust isn’t just a financial strategy; it’s a way to pass on the wisdom, traditions, and lessons that are important to you. It’s about making sure your legacy is not just about wealth but about empowering your loved ones to build on what you’ve started – which is what we’re going to cover next.
Family legacy is about imprinting your values, traditions, wisdom and lessons learned onto the family DNA… creating a springboard for your heirs’ future success.
It’s not just about the assets we leave behind but the essence of who we are, and how we can continue to guide our loved ones even when we’re not physically present.
To do this, we use three essential components or “rings:” The Family Constitution, The Family Retreat, and The Family Office, each serving as a cornerstone to building a legacy that endures.
The Family Constitution isn’t your typical legal document. Think of it more as a love letter to the future, a way to share your life’s values, visions, and lessons learned. It’s where you articulate what truly matters to you and your hopes for your descendants. This constitution becomes a guiding light and a source of wisdom and strength for generations to come.
The Family Retreat is one of our member’s favorite and most impactful traditions. Imagine gathering your loved ones together in a fun place like a family cabin to talk about and instill values, celebrate accomplishments, and find ways to support each other’s dreams.
Lastly, The Family Office represents the practical side of your legacy, focusing on the management and preservation of your wealth. But it’s more than just numbers and financial strategies; it’s about instilling a sense of stewardship and responsibility towards wealth in your heirs. By involving them in decisions, educating them on financial matters, and creating a system that supports the family’s collective and individual aspirations, the Family Office ensures that your legacy is not just maintained but flourishes.
Together, these three rings create a holistic approach to legacy building, intertwining emotional wisdom with practical financial strategies. They empower you to pass on a legacy that is rich in values and prepares future generations to succeed and truly “live wealthy.”
This is a deeply personal process, and while some of the financial and legal structures may seem tedious… it can actually be very enjoyable when you go through the processes our other members have to truly build a “living legacy.”
So if something in this article resonated with you, and you want to plan for an exciting future for you and your loved ones…
Then as part of “Empire Month,” where we’re sending you valuable content and gifts to help you grow your own personal empire…
We’ve got a free gift for you that will help you move forward on what we’ve covered in this article today. It’s called the:
Securing Your Financial Future Kit
This kit includes 2 powerful guides pulled from our most popular programs to help you with some of the most impactful moves you can make to protect and preserve your empire:
Plus, when you claim your “Securing Your Financial Future Kit,” you’ll also get an exclusive early invite to a free live training we’re doing on Thursday, March 14th where we’ll show you how to protect your future, and more that… build a “living legacy.”
Claim your free kit here, and we look forward to supporting you as you secure your own personal “empire”… and more importantly, build a life you love.
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