When we are all nothing but dust and a memory, the only thing we leave behind is our legacy, primarily to our children. In a way, we continue to live through our descendants and achieve some sort of immortality passing on our genes and heritage to them. While many people think of legacy as the inheritance of physical properties and assets, it is much more than that. It is the total of your life experiences, education, values and beliefs and most importantly, the reputation you provide and leave behind for your children.
Inheritance in the form of properties and other assets is great, but sometimes it creates its own problems such as the cost of the upkeep, property taxes and in cases where it was stolen or, to put it politely, questionably acquired, karma will eventually catch up and karma’s a bitch. The acquisition of properties is one thing and being able to grow it, let alone keep it is another story. This is where how well you prepare, educate and train your kids come in.
What your children see is very important in their formative years and will have a tremendous impact in what they become in the future. It is quite common to see a son or daughter follow the profession of their parents, such as being a doctor, entrepreneur, banker, lawyer, policeman, soldier, politician and so on. The parents typically serve as role models for their children and you can imagine a situation where the father or mother was a bum, swindler, thief or gangster. It would be a truly exceptional situation if the child was able to make something of himself or herself in spite of this disastrous setback.
Education is an important legacy that we leave behind to our children. A good education is something that is a lifetime gift that provides knowledge and a degree that can be used to establish a career or business. The school you go to also provides you with a lifelong network of classmates, friends and fellow alumni that allows you to belong to an organization for life. Having a good education also helps you with the necessary credentials to make a name for yourself.
Your own values and beliefs also have profound impact on your children in knowing what is wrong and right. This will guide them through life in choosing their own spouse and friends and hopefully pass on the good things and best practices to their children. The expression “the apple doesn’t fall far from the tree” originated from Ralph Waldo Emerson in 1839 and means that children tend to inherit the characteristics of their parents. I think this expression still holds true today.
Finally, the reputation you leave behind is sometimes enough to make or break the future success of your children and maybe even your grandchildren. The goodwill your parents leaves behind can open doors and opportunities for you in the business community and social circles. Naturally, the opposite is also the case when your parents have done something wrong and have established notoriety in the community. Your chances of recovery are in most cases between zero to none, forcing many people to move to another country and sometimes even that is not enough.
The decision of the legacy you leave behind rests solely on you. The sad truth is that sometimes, people make the wrong decision to make a short-term gain in exchange for throwing away their legacy.
(The views and comments of the author are his own and not of the newspaper or FINEX. Dr. George S. Chua was 2016 FINEX President, 2010 to 2020 FPI President, an active entrepreneur, a regular member of the National Press Club, Chairman of Alabang Country Club, a Professorial Lecturer 2 at UP Diliman and BGC, and loves playing golf. Comments may be sent to [email protected])