On 22 July, Paul Ballett from RBC Wealth Management spoke to us about Building a Legacy! He told us to think about future plans vs. something that you leave behind once you are gone. You don’t need to be a Rockfeller to leave a legacy. He described two rings – one holds things that are important, and the other things that you can control in life. You should think about the area of overlap between the two rings – which is what you can control for the future. Paul told us that from a working life a legacy could be a dignified retirement or it might be creating a 2nd lifestyle or a new business or helping children with education. Continual gifts of time and talent and money – these create on-going legacies. Giving of small amounts over time can make an impact and create a legacy. Think about what inspires you and what is important to you! What are you most proud of? What do you want your family to know about you? Have a plan for the future, but be ready for changes and adjust to create your on-going legacy. Think about the short term – 12-36 months, and the medium/long term – next years and decades – 5-20 years. Then think of strategies for creating your legacies. Paul gave examples of ways to build long-term legacy. He also discussed creating a legacy in relation to a business owner of an on-going business that profitable and sustainable. You should ask why you are in business? Where is the business going in the future – what is your business plan? Then think about a transition plan for the future of the business – pass it to family members, other members of your team, or sell it. When thinking about a legacy it is important to think about involvement in the community and how that creates an on-going legacy as well. Organizations such a Rotary build a legacy inside the community. Paul also told us to think about what made America great and gave quotes from Adam Smith and Thomas Jefferson. He also quoted from “Wealthy and Wise,” a book by Claude Rosenberg. Paul’s discussion was very informative and gave us lots to think about.