“A good person leaves an inheritance for their children’s children, but a sinner’s wealth is stored up for the righteous.”
~ Proverbs 13:22 (NIV)
How do we become a good person who leaves an inheritance? What kind of inheritance are we to leave?
When we think of an inheritance, the first thing we think of are finances, then typically valuable and sentimental possessions. But, you can also leave an inheritance of knowledge, love, and also your legacy of how you lived your life and treated others.
I am going to address the typical association with the word “inheritance” by addressing the financial aspect. You can become a person who leaves a financial inheritance for your children and their children by preparing yourself and getting your financial world in order. “How do I get my financial world in order?” you may ask. Let me tell you!
One of the most proven ways is to follow the Ramsey Baby Steps! Millions of people all over the world have follow the principles of the Baby Steps and have not only gotten out of debt, but have gone on to build wealth to the point that they are able to retire comfortably, give and leave an inheritance behind.
The Baby Steps are as follows:
- Save $1,000 for an emergency fund.
- Pay off all of your debt, smallest to largest.
- Save a fully funded emergency fund of 3-6 months worth of expenses.
- Invest 15% of your income into retirement.
- Save for your children’s college fund.
- Pay off your home early.
- Build wealth and give.
Your next question may be how to know if you are on track to achieving the Baby Steps. Or, you feel like you are so far in debt that there is just no hope. Or, you feel like it is too late for you to get started. You may think that you are so far behind that there is no way to catch up, much less get ahead in your finances in order to set some aside in order to retire. And then to have enough to leave some behind as an inheritance, that is only something that can be achieved by winning the lottery!
Let me tell you, there is HOPE! It is never too late to get started on getting your financial world in order. You have the ability to leave an inheritance to your children’s children. You just need a coach to cheer you on as you build your financial world to leave an inheritance not just to your children, but to your children’s children.
Click HERE to schedule your financial coaching with me!
