Being in the industry that I am in, I commonly run into my clients having an inheritance. All too often, when we think about inheritance, we think of the check that gets written upon someone’s death or the IRA that has to be transferred into your name. However, I think we neglect to understand the real inheritance you receive from the people that have your name written in their Will. These are the lessons you learn from them, the experiences you share with them, and the memories you form with them.
I am fortunate to still have both of my parents in my life (they’re subscribers to the blog, so hey, Mom and Dad!) I don’t want to put words in their mouth, but aside from money, I suspect they want their children and grandchildren to be better off than they were.
So, when I sat down to write this blog, I remembered the lessons, experiences, and memories with them. What they have given me during my life is worth so much more than any inheritance they could leave behind.
My dad owns a residential construction company with some of his siblings. Throughout my life, I’ve had the pleasure to – most of the time against my will and possibly some child labor laws – work for him. This was a foundational experience in my life that taught me so many important lessons.
It taught me the power of putting your name on the work that you do and being proud of the result.
It taught me that mistakes happen – like breaking a water pipe – and to take ownership of that mistake and make it right.
It also was a huge reason for my interest in doing so many DIY home renovations with my wife (and his help, of course).
I encourage all of you to think of what type of inheritance you are leaving behind for the people you love, regardless of your age or family situation. These things matter and matter way more than money.