What will you pass on to your family? Your home, your passions, your values? Your legacy is the mark you have made on the world and the ideals that have steered you through life. Your own unique personal economy will help to ensure they inherit the legacy you have worked hard to build over a lifetime.
Remembered for all the right reasons: legacy beyond balance sheets
Shape the greater good with your passion.
A lasting legacy leaves a powerful impression on a wide cross section of society. Empowering others through the wealth built up over a lifetime highlights an individual’s personal legacy for years to come. Achieving this goal might mean setting up a foundation or building a business to hand down the family line. According to the World Giving Index, the average proportion of people donating money saw an increase of 1.3% each year between 2011 and 2013. Over the years, the United States has consistently topped the league tables of charitable giving, whereas charity giving is a new activity for the emerging nations India and China.
The average proportion of people donating money saw an increase of 1.3% each year between 2011 and 2013.
Hong Kong business leader Li Ka Shing is pioneering a new way of thinking about legacy. Shing is bucking the Asian tradition of passing wealth along through family lineage and encouraging his contemporaries to do the same. He set up the Li Ka Shing Foundation to support philanthropic endeavours in education and medical research. He fondly refers to the foundation as his ‘Third Son’.
Another approach is to create a public cultural legacy. British photographer Martin Parr is planning to leave his entire photography book collection to the British public. In a recent interview with the Financial Times Parr said that he wants the work to live on in a public collection and that if a private collector were to offer him a large sum of money for it, he’d decline the offer.
There are many different ways to plan for the future, whether it's passing wealth down the family line or supporting strangers through philanthropic giving, the values that inform a thriving personal economy will shine through in a lasting personal legacy.
373 million Chinese help strangers in a typical month, more than any other country in the world.Source: World Giving Index
The New Philanthropy
Trusts and foundations have become increasingly popular with individuals looking for new and creative ways to leave a personal legacy.
Setting the foundation for new hope in the favelas
How entrepreneurial vision has changed the lives of São Paolo’s most deprived youth.
Individuals who want to be remembered as agents of change who have left behind a positive social impact now include philanthropic legacy in their estate planning. Planning for the future in this way means that the assets that have grown over a lifetime can contribute to the greater good for many more lifetimes to come.
“Give people the tools and the skills to harness their own creativity, then you can come up with some fantastic results”
In 2012, Cameron Saul and Oliver Wayman founded the Bottletop Fashion Company, a luxury accessories brand that serves as the business arm of the Bottletop Foundation. The foundation enables capacity-building for education projects in Brazil, Africa and the United Kingdom. To date, have addressed drug abuse and reproductive health issues with nearly 35,000 young people worldwide. “Creative approaches to tackling delicate health issues is our specialism,” says Wayman “We’re not going out and trying to create our own projects in the far corners of the world, we’re look at existing projects that are doing fantastic work and we give them the means to bring their work to a greater amount of people”. The vast majority of the foundation’s activity is in Rio and São Paulo where Bottletop’s atelier is based. The workshop is staffed by local artisans who make the luxury handbags, using traditional crafting skills they learned while on the training and development programmes the foundation has supported in the favelas. “Most of the people were badly treated housemaids working in local gated complexes,” explains Wayman “we were very much giving them an opportunity to empower themselves, learn a skill and really try to enable them to get on with their lives.”
In addition to learning a new skill, the women earn a fair wage and have access to private health benefits, a step up from domestic work. “They’re from very challenging environments,” adds Wayman “Probably some of the poorest favela communities in Brazil, but if you can give people the tools and the skills to be able to harness their own creativity, then you can come up with some fantastic results.”
Have you thought about the different ways to plan your legacy? If you'd like assistance with retirement planning and putting down the foundations for your legacy to be passed on to your loved ones, get in touch. Whatever your personal economy looks like, we're here to help.