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In partnership with Goldman Sachs Private Wealth Management

How to Stay Invested in Your Legacy

The trick to staying invested in your legacy is reflecting on past decisions and looking forward to future choices.

By Elite Traveler

Volatility, in markets or in daily life, can make even the most grounded people turn to reactive behaviors that run counter to their larger ambitions. Reflecting on and revisiting your goals or, if needed, taking time to explore and establish them in the first place, helps you stay invested in your long-term legacy no matter what the swirl is around you.

Carra Cote-Ackah, head of philanthropy engagement and legacy planning for the Goldman Sachs Family Office, has suggestions around how to clarify your intent and increase your self-awareness and how you relate to and use your wealth.  

“I encourage people to over-invest in self and family reflection,” says Cote-Ackah. “Reflect on your relationship with money, wealth and the influences that shape your behavior and emotional well-being.”

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Reflect on your relationship with money, wealth, and the influences that shape your behavior and emotional well-being / ©Shutterstock

Here are three things to reflect on, from past, present and future perspectives, to help develop and strengthen the responsive side of your brain. 

[See also: Cybersecurity While Traveling: Key Things to Know]

Past: Consider what major economic events, cultural factors and family have impacted your relationship with wealth over time. Ask yourself: How do these influence me today? Are they still valid?

Present: Identify your approach to wealth today. Ask yourself: What are the emotions I attribute to my wealth? What are my priorities and what do I spend on those priorities? What brings me joy? What makes me feel vulnerable?

Future: Explore what you want your legacy to be. Ask yourself: What part of my current approach to wealth do I wish to leave behind? What part of that approach do I want as a piece of my legacy going forward?

“A powerful combination to wealth planning involves working with your advisor to structure and transition assets,” says Cote-Ackah, “and also, understanding the values and guiding principles shaping your decisions.”

Sharing these with your family, without judgment and over time in family meetings, can help you build deeper trust and connections. Trust, collaboration and communication are hallmarks to multi-generational family success.

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General Disclosure

This material is intended for educational purposes only and is provided solely on the basis that it will not constitute investment advice and will not form a primary basis for any personal or plan’s investment decisions. While it is based on information believed to be reliable, no warranty is given as to its accuracy or completeness and it should not be relied upon as such. Information and opinions provided herein are as of the date of this material only and are subject to change without notice. Goldman Sachs is not a fiduciary with respect to any person or plan by reason of providing the material herein. Information and opinions expressed by individuals other than Goldman Sachs employees do not necessarily reflect the view of Goldman Sachs. Information and opinions are as of the date of the event and are subject to change without notice.

 © 2022 Goldman Sachs. All rights reserved.

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