Here is an interview Dr Richard Orlando, founder and CEO of Legacy Capitals, about his new book, Legacy: The Hidden Keys to Optimizing Your Family Wealth Decisions, which will be released this month.
Here is an exclusive interview with Dr Richard Orlando, founder and CEO of independent firm Legacy Capitals, about his new book, Legacy: The Hidden Keys to Optimizing Your Family Wealth Decisions, which will be released officially this month.
In the book, Dr Orlando explores what he sees as the five most important family wealth decisions that impact individuals and their families.
Preparing the next generation for their inheritances is top of mind for parents. What does Legacy say about this important topic?
Research shows that one of the primary reasons why families are not able to successfully transfer wealth across the generations is because the next generation is not prepared. All too often, most planning focuses on preparing the assets for the family, instead of preparing the family for the assets. We believe that preparing the next generation is not only about how the parents prepare their children, but how the children prepare themselves as they begin to move into young adulthood.
In the book I talk about the vital importance of raising the next generation’s life IQ, not just their financial IQ. In addition, it is very important that we answer the question “what are we preparing them for?” Depending on how we answer this question will have an enormous influence on the preparation. For example, if I am preparing my son or daughter to be a doctor this would require a very different path than if I were preparing my son or daughter to directly manage my family’s assets one day.
In the book, you say “your legacy is how you live, not just what you leave.” What do you mean by that?
Early on in the book I reference the legacy story of Steve Jobs. Jobs is a great example of someone who has a powerful and far-reaching legacy. The impact of his legacy began decades before his death and created ripples around the world, and not only in the technology sector. Whether you find Jobs’ example inspiring or intimidating, because he set the bar so high, the point is that he didn’t know his ultimate legacy when he began his career and experienced his setbacks.
He lived his life step by step, decision by decision, just as the rest of us do, guided by his talents and interests. In the process of living, he made his mark. Like Jobs, all of us are creating legacies for ourselves, whether or not these are intentionally planned for, or will be captured retrospectively someday in a book, magazine article, or movie. Our legacy doesn’t begin at death, it becomes cemented at death. Therefore it is important that we consider what we want our legacies to be and then live each day toward fulfilling that life vision by the decisions we make and the actions we take.