“Well done, good and faithful servant. You have been faithful over a little; I will set you over much. Enter into the joy of your master." Christians are called to be faithful stewards of God’s resources. When we do that, we leave a LEGACY for generations. Rob talks with Tom Conway about what that means and how you do it.
“Well done, good and faithful servant. You have been faithful over a little; I will set you over much. Enter into the joy of your master." Christians are called to be faithful stewards of God’s resources. When we do that, we leave a LEGACY for generations. Rob talks with Tom Conway about what that means and how you do it.
Tom Conway is a CPA by training, a Certified Kingdom Advisor, and founder of Legacy By Design. Tom and Rob cover these topics and questions on this episode of Faith&Finance.
Rob - I think we all leave a legacy to our children and grandchildren, whether we know it or not, but there are actually three kinds of legacies. What are those and can you flesh out the details?
Tom -
The one you received
The one you will leave
The one you are leaving every day
Rob - You help families plan their legacy and this isn’t a “one size fits all” process, is it?
Tom -
Every family is unique
Their situation is unique
The family members are unique
Rob - How exactly do you help families prepare a legacy?
Tom -
It starts with a conversation. involving 5 areas of their legacy:
Personal Legacy
Family Legacy
Financial Legacy
Business Legacy if you are a Business Owner
Kingdom or Charitable Legacy
Rob - Perhaps people aren't thinking of their legacy quite this way or with the intentionality you've brought to the process, right?
Tom - The most important legacy you leave does not involve money.
Rob - What goals should guide us as we think about the legacy we want to leave?
Tom -
Two Biblical Goals for families:
1 - Hear ‘Well Done’ at end of life – Matthew 25:21
2 - Present every man complete in Christ – Col. 1:28-29 defines this: “Him we proclaim, warning everyone and teaching everyone with all wisdom, that we may present everyone mature in Christ. For this I toil, struggling with all his energy that he powerfully works within me.”
Rob - How have you been successful once a family realizes the importance of the faith legacy they're leaving?
Rob - What about when a family realizes their kids are not "there" spiritually?
Rob - How do you counsel parents who just feel like it's their responsibly to leave money to their kids?
Rob - Should you struggle with treating each child uniquely?
Tom -
Statistically, 70 to 90% of wealth transfer plans fails
In 60% of the cases, its due to lack of communication and Trust in the Family
25% is due to Unprepared Heirs
Communication is a must
I tell people, “There will be a family meeting. It's just a matter of whether you will be there or not!”
If you're 32, have a 401(k) for which your employers matches up to 10% but you're currently contributing 8%, what is the best way to maximize plan?
You're a senior and you'd like to open some sort of account that will earn as much interest as possible, where should you look?Ally, Marcus and Capital One 360
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