“A good person leaves an inheritance for their children’s children . . .”
Hitting on the pain point of every parent, the desire to provide well for our loved ones now and in the future grips our hearts and makes us wonder if we will ever feel confident that we have done enough.
Answering the question “How much is enough” is not a once and done question, though. Nor is it just about finances. Determining whether our savings plans are sufficient takes consistent evaluation. But there are habits and best practices that can put our minds at ease and ensure we have, in fact, done enough.
Defining our goals to the smallest detail helps us to get to the bottom line of what we will really need in the future. Is our goal primarily to leave a financial inheritance or a spiritual inheritance, as well? Leaving a Kingdom legacy as well as providing for those in our care does not just happen. Merely stating a goal is not enough. And our goal should not just be quantified by a sum of money, but the effect that money will have on its recipients.
The best-laid plans still need intentionality coupled with actionable goals. Planning financially requires a multi-faceted approach of wise tax planning, sound investing and family preparation. Determining how much is enough is just as much about having sufficient provision as it is about having too much provision.
Fear-based preparation can lead us astray and cause us to miss the point of our preparation. But when our planning is motivated by love and informed by truth, our fears are calmed by the promises of God to those who are faithful to steward what they have been given.
When we have done all we can do, we leave the rest up to God. We know our preparation becomes greater in His hands.
Below are additional resources to aid in the preparation of leaving a financial and spiritual inheritance.
- Feeling unprepared? Un-Prepared – Heirs at Risk: 14 Elements of Successful Wealth Transfer is a collection of advice from legacy experts.
- Need practical help? This website provides calculators to determine if you have enough to meet your retirement objectives.
- Here is a resource with suggested savings goals at every age.
- This article discusses how much you should leave your kids.