Usually when we discuss financial legacies, we talk about money, property, and other types of assets that we can pass down to others. But a financial legacy can be more than assets; wisdom can be a type of legacy that makes just as big of an impact on your family's finances as money. Modeling positive financial behavior and promoting financial literacy can help future generations manage their own money so that they can save for retirement, give as they feel called to give, and achieve the rest of their financial goals.

Perhaps the best wisdom to share with your family is the wisdom you gained from experience. Everyone has a financial story. What's yours? Sharing and reflecting on your story can teach others a lot about money: the value of setting goals and budgeting; the importance of saving for retirement and living within your means; the benefit of saving and investing early and often. Success stories are good but even your missteps are worth sharing: your family can learn the same lessons you learned without making the same mistakes.

Additionally, if charitable giving is important to you, talk to your family about who you donate to and why. For example, do you give to Lake Beauty Bible Camp or some other  Covenant ministry? If so, share what the ministry does and why you choose to support their mission. You may find that your family is interested in supporting the ministry too. Also discuss how you give - regular tithing or a gift in your estate plans for example - and why you give that way. This can help your family determine the best way for them to donate to their favorite ministries.

Covenant  Trust Company can support you and your family in these conversations. We have plenty of financial literacy resources that you can share with your family. We also hold free presentations on  Covenant Retirement Community campuses, in  Covenant churches, at  Covenantcamps, and other ministries. Any one of our Financial Service Representatives serving the Northwest Conference can review these and other questions with you and help you prepare for whatever comes next. You can contact: