You don\u2019t need to be a millionaire to leave a meaningful legacy to your loved ones. Here, how to begin thinking of your legacy, and how to begin building it now, in both monetary and value-based ways<\/h2>\n
by Anna Davies<\/a><\/p>\n October 31, 2023\u00a0\u00a0|\u00a0\u00a0 Wellness<\/a> <\/span><\/p>\n My 3-year-old daughter has just started to understand the concept of memory, and as a result, nearly every third sentence begins with, \u201cRemember?\u201d as she recites a detail about something she and I shared. As she asks if I remember the dark rollercoaster ride we took in December, the ducks that stole our potato chips in April, and the birthday party I threw for her just last week, I can\u2019t help but wonder, \u201cHow will she remember me?\u201d<\/p>\n<\/section>\n My question sounds morbid, but as a mom who lost her own mother, I\u2019m all too aware that life isn\u2019t permanent. Because of my history, I\u2019ve been proactive about my finances. I have life insurance<\/a> and a will<\/a>, and I make sure that no matter what the future may bring, my daughter will be provided for.<\/p>\n While finances are an important piece of the legacy puzzle, intangibles are just as important \u2014 the memories, experiences, and values. A legacy should include financial and emotional components so that your loved ones can take comfort in both the assets you leave behind and the values you pass down.<\/p>\n Here is a primer on how you can leave a legacy for your loved ones.<\/p>\n We all know kids are expensive. Whether you\u2019re expecting your first child or your youngest, managing the budget for a growing family can be tough. According to a recent survey<\/a>, 53% of millennial parents have less than $5,000 in savings.<\/p>\n It\u2019s tough to save, but don\u2019t stick your head in the sand when it comes to finances. Know what you have, including retirement accounts and investments, and what you owe, including student loans or other debt. Knowledge can help you choose a savings strategy<\/a> as you figure out what\u2019s going well and what areas may need more attention.<\/p>\n If you or your partner were to die unexpectedly, how will you provide for your children?<\/p>\n \u2018What if\u2019 scenarios may not be pleasant to ponder, but you\u2019ve got to if you want to create a realistic contingency plan to protect and provide for your family.<\/p>\n Life insurance<\/a> is part of that contingency plan.<\/p>\n The lump sum proceeds from a life insurance policy<\/a>\u2018s death benefit can help your loved ones pay for day-to-day expenses, childcare, future education costs and more. The peace of mind you\u2019ll gain from having a policy may be more affordable than you think, especially as you hit your thirties and may be thinking about starting a family or leaving a legacy for future generations.<\/p>\n For example, a 20-year, $500,000 Haven Term policy<\/a>, issued by MassMutual or its subsidiary C.M. Life, for a healthy 30-year-old woman costs about $15 per month. That\u2019s less than your online TV streaming service or two acai bowls for lunch. A 36-year-old man in excellent health can buy a 20-year, $750,000 term life insurance policy for as little as $30 per month<\/a>. Your rates will depend on a range of factors including your age and your overall health.<\/p>\n If you\u2019re curious to know how much (or little) your premiums might be, you can get a free life insurance quote online.<\/a><\/p>\n<\/section>\n![\"What](\"https:\/\/blog.havenlife.com\/wp-content\/uploads\/2018\/05\/how-do-i-leave-a-legacy.jpg.webp)
\n<\/picture>\n<\/div>\n<\/div>\n<\/section>\nIn this article:<\/h2>\n<\/section>\n
Why think about a legacy now?<\/h2>\n
Take control of your finances (if you haven\u2019t already)<\/h2>\n
Create a worst-case-scenario plan<\/h2>\n