Transcript
Speaker: Everyone dreams of living an uncommon life and the best asset you have to achieve your dreams is you. Welcome to the Uncommon Wealth Podcast.
Speaker: We're going to introduce you to people who are living uncommonly. We're also going to give you some tools and strategies for building wealth and for pursuing an uncommon path that is uniquely right for you.
Speaker: for everybody to another episode of the Uncommonwell podcast where I'm your host, Philip Ramsey. Thank you for tuning in Really appreciate that. Today is a solo cast on something that I've been seeing a little bit more lately and I want to just talk about it.
Speaker: And the question is, how do you leave an uncommon legacy behind? Now, the truth is, the two things you can't avoid are DEF and taxes. So we're gonna talk about DEF. We like to call it graduating here at Uncommon Wealth. So there's key number one.
Speaker: Where's your faith? Wasn't gonna mention that, but probably important to talk about your legacy. Anyway, you have any questions on that, I'd love to talk about that offline or somewhere else, or even for coffee. I'm all about it. but Let's talk about the real reason why i wanted do this podcast, and it was leaving an uncommon legacy.
Speaker: Now, when we help people retire or set up a ah plan financially, what we like to talk about is you've got to know your budget. That's super helpful for us to create a ah specific plan.
Speaker: Know your goals, but budget is probably the key. The second thing is when are you going to graduate on us? And not a lot of people know that. And if you do, it's a different kind of planning. But if you could tell us when you're going graduate or pass away, then we can put a perfect plan together. It's going be great.
Speaker: But because nobody knows that, the third thing that people also talk about is if they want to leave any money behind their legacy, as they say. So I wanna specifically talk about that piece and talk about maybe having an uncommon perspective on that specific one.
Speaker: And I wanna shout out to a person that helped me kind of revel, like really galvanize my thought on legacy. And it's Lee Brower. He has a book, it's amazing actually. One of my favorite books in the industry. And he talks about the Brower quadrant.
Speaker: And this is how he he phrases it and kind of positions it for his clients. If you could only leave three out of the next four things that I'm going to talk about, which one would you like to leave?
Speaker: And here are the four things. Your money, your core values, your charitable giving or the way that you give charitably, and your experience, your good and bad experiences.
Speaker: Which ones out of those four would you want to give if you could only pick three? And a lot of times, people would think that they want to give their core values.
Speaker: They want to give their charitable, the way that they think charitably and give charitably. and their good and bad experiences, they really wanna do a good job of passing those to the next generation.
Speaker: And the thought behind this is fascinating. It's not about necessarily the money, it's about how did you build that wealth in the first place. It took your core values, it took the way that you thought about money, even giving and charitably, and then your good and maybe even most importantly, your bad experiences.
Speaker: If you could somehow instill those things to your heirs, will they need your money anyway? So that is this whole premise behind this uncommon legacy is how do you use your money to then instill your core values in the people that you want to gift your heirs to or your heirs or the people that you're pouring into? How do you use that in order to really galvanize their core values or the important core values of yours into the people that are going to be specifically potentially giving money?
Speaker: The other thing is charitably. At the end of the day, if you don't plan accordingly, your money goes away to people that you don't necessarily care or want it to go to, specifically taxes and government and lawyers to try to figure out probate and all this stuff, which I haven't heard of anybody who's like, I love that idea, let's do that.
Speaker: So when you think about giving charitably, it actually benefits not only the charities that you care about, but it takes away the money that you're giving to lawyers and in taxes and things like that.
Speaker: So super valuable. and the And the third thing that I think people should really focus on when they think about an uncommon legacy is your good and bad experiences.
Speaker: Man, if I could instill the things that I've done wrong in my life into my kids, I'm telling you they won't need my money at all, because they will avoid the pitfalls that I have definitely ran into.
Speaker: Now, to be truthful, those bad experiences have really shaped who I am today. And I wouldn't necessarily take away, but I do want my kids to experience different bad experiences that also galvanize them and shape them and build them character, all those things.
Speaker: And that's going to shape them. But I also want to instill the good and bad experiences that I have. So when you're thinking about your uncommon legacy, what does that mean for you? I'm hoping that it doesn't mean monetarily, like I wanna give my kids each $100,000.
Speaker: Okay, but what are they gonna do with it, right? and And did you instill them with the core values that you had that built that wealth? Because it's valuable. Another thing that love when somebody said this is, I can't remember who said it, but i love it, is when somebody passes away, a library burns down.
Speaker: And that's really what that's getting at, is the core values of an individual of like when they're gone, they're gone and you can't access those anymore. You can't go into the library, you can't pick up books that they had, experience that they had, those are things. So leaving an uncommon legacy is very, very important.
Speaker: But when you only give the money, I feel like between one or two generations, poof, that money is gone. And there's nothing to show for it. So use your money as a tool to unlock your core values and really pass those on to the next generation.
Speaker: Tell them how you give charitably. Do you tithe? Do you give to your church? Why is that important? Why should they do that? And then the third is, hey, these are some great experiences we're going to share. And here's some bad experiences that we're going to share. And we're going to do this together.
Speaker: And if you focus on those three things and use the money as a tool, I get, I bet, and shouldn't probably bet on the show, that you're going to have more money to be able to pass on to the next generation anyway.
Speaker: And when they get it, they can focus on instilling those three things to the next generation. And we think about it, it gives me goosebumps because now it's going to happen where it just keeps compounding and compounding and compounding for generations upon generations with an uncommon legacy. And it can start today.
Speaker: So. I don't know how this helps you when you're talking about your financial plan, but I get excited about the uncommon legacy that we're leaving for all of our clients because we can have these conversations and how are we being intentional and what does that mean? And talking through this stuff. So no matter what, if somebody comes to me and they're a newer client and they're like, we want to give our kids or leave our kids,
Speaker: X amount of money. I'm always like, for what reason? Wouldn't it be way better just to watch them and enjoy that money while you're still alive? Or it's still maybe an an amazing trip where you can have some good and bad experiences and you can start pushing on, here's some core values that I add. Here's how I like to give charitably. And then we just shared a really cool experience together. So thank you for listening. Appreciate you always being so loyal. I really enjoyed doing these podcasts. I hope you guys enjoy listening to them.
Speaker: But until next time, go live and leave an uncommon legacy. Thanks for listening.
Speaker: That's all for this episode brought to you by Uncommon Wealth Partners. Be sure to visit UncommonWealth.com to learn more about our services. Don't miss an episode as we introduce you to inspiring people who are actively pursuing an uncommon life.
