Meaningful ways to build a secure financial legacy
When planning for your future, it’s important to also start thinking about how you would like to be remembered and what you’ll leave behind – your legacy. In most cases, leaving a legacy for children and grandchildren, takes careful planning. Read on for 5 meaningful ways to leave a lasting financial legacy after retirement and beyond.
- Plan for your retirement
Many people live well past 65 nowadays, so if you reach retirement age with a good portion of money saved, you’ll want to make sure you explore the highest fixed deposit interest rates to make your savings last and even grow further for your family.
And once you’ve retired, it’s not easy to generate new income. So one way to make your retirement capital work for you in your golden years and beyond is to invest a lump sum in a fixed deposit account that will earn you interest monthly and continue to earn your dependants and income after you’ve passed on.
- Save for your children’s education
The best gift you can leave your kids – a legacy – is their education. But getting your child into the best possible school requires more planning than many people realise. It could involve a savings and investment plan that starts soon after your child is born.
If you’re able to start planning for your child’s education needs as soon as they’re born, you will have time on your side and can consider making enough fixed deposit rates comparisons to help you to start saving.
- Teach your kids about money
One thing that no one can take from your kids is financial literacy. Even at a young age, kids can understand the concept of more versus less. You can introduce your kids to money as soon as they can count. This will enable them to make sound financial choices when they are older and you’re not around anymore to guide their decision making. Two meaningful ways to teach them about money is to: Ignite their entrepreneurial spirit by helping them start a simple garage sale of their old books, toys, clothes and sports gear, and teaching them the difference between saving and investing through opening a bank account for them. These are the lessons they can learn from that.
- Pay off your debts
Many people are between home and car loans, retail accounts, credit cards and student loans. And when you die, family members are often left with the burden of these debts. By paying off your debts, you leave your family with the peace of mind of not having to worry about your debts.
- Grow your investments
By now, you’ve probably read all about saving and investing, you’ve opened up different types of short term deposit accounts and have done the work of consulting with a financial advisor. Good news is, you’re already building wealth to secure a financial legacy for your loved ones. But you can do more – you can diversify your investment portfolio and look at other savings and investment options that your family will enjoy when the time comes.