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Love & Money: Making a difference with money

Posted by Taylor Rogers on February 24, 2014

(Editor’s Note: This is the third in a series of blogs by LaRaine McCoy of McCoy Wealth Advisors with information about finances relating to relationships. Read the second here and the first here.)

By LaRaine McCoy

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Do you ever daydream about winning the lottery? Although many lottery-winner stories end in heartbreak, it’s easy to think about how we would handle it better. 

We mentally spend the first half of our winnings on lavish homes, luxury cars, designer clothing and exotic vacations. Then we imagine allocating a portion to setting a secure future for our families. Finally, we dream about how we’d donate the rest to charitable causes and philanthropic organizations of our choosing. Then we wake up.

Chances of winning the lottery are slim as ever, but we still have a deep desire to acquire wealth. In many cases, the reasons are surprisingly unselfish.

Why do we really want to win with money? It’s all about leaving a legacy. And the good news is, there’s no need to gamble to make a measurable difference in your family, your community and the world. 

A Legacy of Financial Leadership

Strong financial leadership can deepen relationships, inspire communities and shape the behaviors of future generations. To leave a financial legacy that really makes a difference, the key is to be deliberate with your money so you can make a greater impact.

Start with Your Own Family

Building a legacy starts with planning for a healthy financial future, together. Having a plan with money can strengthen your marriage and set a prosperous example for your children. Husbands, wives and even children should participate in financial conversations and be a part of the family legacy you want to leave. 

It’s time to take control of your financial future. If you have debts, settle them. If you have goals like college savings or retirement, be diligent about saving toward them. If you have passions you feel called to support monetarily as a family — anything from the arts to faith-based contributions — set a budget and give with joy. 

Not sure where to begin? A financial advisor can help you dig deeper into debt relief, investments, estate planning and protecting the future of your legacy for generations to come.

Inspiring Generosity

Your legacy of financial leadership not only moves your family to greatness — it inspires the people around you. Extended family, friends, colleagues and teams you lead will take note of the generosity you bestow upon others and be moved to follow your lead.

You can be the change you want to see in the world. And you don’t even need to win the lottery to do it. 

So ask yourself, “What kind of legacy do I want to leave?” And go do it.

LaRaine McCoy is part of McCoy Wealth Advisors, a husband-and-wife financial advising team committed to supporting the Women of Direct Sales.

Securities and Investment Advisory Services offered through H. Beck, Inc., Member FINRA, SIPC., a Registered Broker Dealer & Registered Investment Advisor.  McCoy Wealth Advisors, LLC is not affiliated with H. Beck, Inc. Branch office is located at 409-A W. Main St, Westerville, OH 43081. Phone: 614-212-1188.

This information should not be considered tax/legal advice.  You should consult your tax/legal advisor regarding your own tax/legal situation.  

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