What is your legacy?

I was talking with a potential client about entity structure and setting up a trust, and it got me thinking about why we're building legacies in the first place. We want to provide for our families and set them up for success, but ultimately, we want to build something for ourselves too.

For me, my goal was to build my farm operation so big that all four of my kids could come back and farm, make a reasonable salary, and enjoy their lives. I didn't want to sell everything and retire; I wanted to make it sustainable so that I could live off the income and pass it down to the next generation. But then I had to ask myself: is that the best thing for my family? 

Do I want to make life so easy for them that they don't have to work hard?
That's when I realized that my legacy isn't about the money or assets I leave behind; it's about the lessons that I pass down to my kids. Money can come and go, but the knowledge and skills needed to build it will always be valuable.

This reminded me of a book I love called "The Richest Man in Babylon." One of the stories talks about a man who is given three bags of gold and a stone tablet with the rules of money on it. He loses all the gold but is able to build it back up because he has the knowledge and understanding of the rules.

So, what's your legacy? Join me on this episode of Rural Contractors to explore the importance of passing down knowledge and lessons to future generations.

For more information about Contractors Boardroom
Music by Coma-Media from Pixabay