Managing money and resources is very important throughout your life. Good estate planning and long-term retirement planning should start early and get more intense as you go toward the end of your career. However, the most meaningful Generation Wealth effect is passing along your CareerTruth – built off the formula of (Mastery*Freedom)2+Purpose = legacy.
Your skills and abilities (Mastery), multiplied by your freedom to be your best and squared, then added to your purpose will equal your legacy, and your positive impact on others. There are certain truths when it comes to maximizing your talents which include identifying strengths and challenging yourself to be your best by making significant decisions. If you do this with clarity and confidence, it multiplies your purpose and takes you to places you never thought possible.
Your legacy can be measured by your positive impact on others in many ways—Volume, Value, Method.
Volume is the NUMBER of people you positively impact. Volume can be an addictive exercise to measure the small and large moments of intentional impact you have on others. A great way to condition your mind for this is to consider all the micro-moments of impact others have had on you. Think of the small ingredients of time or words people put into you. The school bus driver in grade school. The kind comment you received from a neighbor when you needed support. The high school teacher who challenged you to be better. The client who helped you have a great win in your career. These critical moments often appear in volume and can be too much to remember. They are not small in the moment, but like a snapshot, you would go through an album of many pictures. Once you stop to look at the snapshot, a wealth of positive memories come to you. The key to being effective in volume is always being available to help in the smallest ways but with intention and purpose. Think of these moments when you have helped people in volume or consistently. You can have a volume impact with light effort if you are aware and available. So much so that you may make an impact in those small moments that changes someone’s life and you didn’t know it.
Value is the DEPTH of the impact on any person or group. These great and intentional efforts are critical and lead to the VALUE legacy you know well. These may come to mind quickly. Your family. Your partner. A young person you spend time with to mentor. The charity you are committed to support with time, talent, or treasure. The person you have managed or will lead to their best outcomes. The value is not just a piece of advice. The value is the depth of the time and energy you provide to support the other person through a significant moment or season of life. You have people who have poured into you with great value. You may be surprised that in both Volume and Value, the giver likely doesn’t fully understand their impact as much as the recipient. Can you see the people that you should or could add tremendous value to today or in this season of their life? You can likely name your top five most influential people who have positively impacted your life. Unless they are your parents, knowing they are among the most influential in your life surprises and humbles most people. Maybe because they were always so intentional in helping people or because they just saw something special in you and thought they were doing the right thing to help you.
The method is the WAY you walk the walk of impact. The people who help the most in value do it effortlessly and joyfully because the reward is great. This way of being is the METHOD. Another legacy outcome is showing others the “way” that can last beyond your presence in the workforce or community. Yes, there may be numbers for volume or lasting impact through the depth of value, but both come from the method. Joy, peace, calm, light, and kind. Your multiplier effect or magnet effect comes from your method. Your example drives the multiplier effect for others to do the same. Be careful. You create the magnet effect when you do this well and show real support. People want more of what you have to offer.
Passing money to the next generation through wills, trusts, or having your name on a building is interesting. Yet, when you pass your positive impact on to the next generation, you create a generational effect in volume, value, and method. So as you grow and mature in your career and life from receiving someone else’s legacy (parents, coaches, teachers, bosses, leaders, neighbors), you must become intentional with your positive impact on those around you and coming up in life. Remember, you are not only building your legacy. You are building upon the legacy of those who served and loved you. Be a multiplier from your generation to the next. This is generational wealth effect.