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Are You Striving to Leave a Purposeful Legacy?

On this episode of A Wiser Retirement Podcast, Casey Smith and Brad Lyons, CFP® kick off the new season of the podcast by explaining what it takes to leave a purposeful financial legacy. It is important to plan ahead of time in order to leave the legacy you wish to leave for the next generation.

Listen on Apple Podcasts or watch on YouTube:


Design Your Legacy

It can be difficult to sustain generational wealth.  After three generations, a family's wealth may be depleted if there is not a plan in place. To begin designing your legacy create a mission statement or objective that aligns with your family's values. This will help future generations understand what they should be working towards.

Mentoring the Next Generation

Mentorship is a huge part of maintaining and preserving your family's history and wealth. It is important to find a mentor so the next generation can perform at their highest level. This could be somebody like an aunt, uncle, or close friend.

Assemble the Right Team

Look for a trustworthy team that will work in your best interest. A trustworthy team can help you with your legacy planning needs. It may also be beneficial to pass this team on to the next generation, so they have a head start in meeting their financial goals.

Build an Investment Strategy

It is important to build an investment strategy for your family. Some good options for long-term investing include low-cost index funds and real estate. Investing in these options can help to grow your wealth and leave behind something for the next generation to manage.

What is Estate Planning?

Estate planning, also known as legacy planning, can be defined as the action of moving assets from one generation to the next. A few financial accounts that fall under the umbrella of estate planning include family-limited partnerships, revocable living trusts, irrevocable trusts, and long-term care options.

Financial Education

One of the most important things you can do to set the next generation up for success is to teach them how to manage their wealth. Explain to them the practices that have worked best for you as well as mistakes you have made with finances. This will allow them to lead by example and manage their wealth successfully in the future.

Give Back to the Community

Set aside some time to do something positive for your community. Whether it be offering up your time or money, it is important to give back. It is even possible to receive a tax deduction for your contributions.

Find a charity that aligns with your values or volunteer at a local shelter. In doing this, you'll be able to leave a lasting legacy and become a great mentor for the next generation.

Protect Your Financial Legacy

A great way to preserve and protect your legacy is to have insurance. Do your research and find the proper insurance for you. Also, bring in an insurance broker to make sure your assets are protected. Overall, be prepared for emergencies, so you can preserve your financial legacy.

Download our white paper on "7 Steps to Leave a Financial Legacy"


0:00 Intro

8:13 Design Your Legacy

15:30 Mentoring the Next Generation

21:09 Assemble the Right Team

26:24 Build an Investment Strategy

28:58 What is Estate Planning?

31:14 Financial Education

41:38 Give Back to the Community

45:00 Protect Your Financial Legacy


Learn more about Casey Smith and connect with him on Twitter.

Learn more about Brad Lyons.


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Learn more about A Wiser Retirement podcast and access previous episodes.

Wiser Wealth Management, Inc. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

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You may be wondering, what exactly is legacy planning and and how does it differ from estate planning? Watch today's video to find out! #legacyplanning #legacy #estateplanning



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