My favorite memories all begin with a campfire. And they all end with listening to my Poppa telling stories.
Sometimes, he passed along family legends. Like the time my great-grandpa played guitar on the radio with Coy Crank, the steel guitar player in Little Jimmy Dickens’ band.[ad#Google Adsense 336×280-IA]But most of the time, he used the opportunity to weave in life lessons. Investing was one of his favorite topics.
He told me what he did right, such as investing in dividend stocks… and what he did wrong, like buying that “worthless swamp land” in a get-rich-quick scheme.
I learned a lot about saving and investing from my Poppa’s tales, and I’m forever grateful to have heard them.
In fact, I still apply what I learned to my own investing today.
So instead of leaving just money and possessions to your heirs, consider leaving them your knowledge too.
That way, they won’t just spend your estate; they’ll have the wisdom and know-how to create their own.
If you want to build a family financial dynasty that will last longer than a generation, your children and grandchildren will need the tools to continue adding to it.
All in the Family Lessons
Unfortunately, they’re not going to learn these practical skills and life lessons in school. Most schools do a poor job preparing students for investing and managing finances in the real world.
Lucky for me, my Poppa was there to pick up the slack. He was better than any teacher.
For example, I would have never understood the power of compounding income had I learned it in a classroom.
But real-life examples make lessons stick. And they’re much easier to understand than spreadsheets.
Poppa was able to show me, not tell me, how compounding works.
He was a real-life example of how saving just a few dollars each week and investing in income-producing assets like dividend stocks can turn into hundreds of thousands of dollars over a lifetime.
I saw how simple compounding drastically improved his life.
Poppa didn’t just grow up poor. He grew up dirt poor during the Great Depression. But through hard work, financial discipline and shrewd income investing, he was able to retire with two homes and enough money to travel and enjoy the remaining 20 years of his life.
With decades of investment experience, America’s seniors are today’s most credible financial educators.
Remember, you don’t need a classroom to teach. All you need is their attention.
So when you spend time with your children and grandchildren, make sure to share stories and investing lessons with them.
Teach them about your successes and failures and the strategies you used. Show them how to build real wealth with dividend stocks, manage taxes and minimize fees.
Make it an ongoing conversation. You can even mix in your own anecdotes to hold their attention and make financial lessons fun.
Your Most Important Bequest
Remember, money and possessions aren’t the only legacies you should leave your heirs. Teaching them how you earned those assets is just as – if not more – important.
An investment education is among the most important legacies you can pass on to your children and grandchildren.
Give your heirs a solid foundation to begin building their own estates by leaving them a practical set of financial tools and life lessons.
Start the conversation today.
Source: Wealthy Retirement