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Forhigh-net-worth individuals, that legacy may extend to charitable causes, foundations and business endeavors.
A legacy is not a building.
Thats an example of a legacy but its not the legacy itself, he said.
A legacy is how someone wants to be remembered by their family and their community.
Your values and more importantly, your deeds, are what define a legacy.
But for high-net-worth families, discussions of legacy carry even more weight.
Reed used the example of his daughter, who learned to love the word more as a toddler.
Shes not unique in that regard.
Early exposure to charitable giving cultivates empathy, he said.
The parents need to be involved, Weiner agreed.
This is a great opportunity for parents to engage with their kids.
Weiner suggested letting kids choose a charity or a cause they want to support.
Nurturing interest in charitable donations is incredibly important.
It teaches independence and that their opinions matter, he said.
Reed pointed out that children can use tools like Charity Navigator to see exactly where their contributions go.
This impacted the organizations that I volunteered with, he said.
Understanding the importance of financial stewardship can motivate them to makewise financial decisionsthroughout their lives, Reed said.
Viewing money as a tool for impact also fosters a much healthier relationship with finances overall.
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