National Family Literacy Day is celebrated annually on November 1st. It was established to encourage families to partake in financial literacy-related activities together. It underlines the family’s vital role in nurturing their children’s financial literacy skills from childhood through adulthood.
Meanwhile, legacy planning is an in-depth process in which individuals plan for what they want to leave behind. Items that range from financial assets to life lessons. Though seemingly disparate, Family Literacy Day and legacy planning connect in the following ways.
Both foster financial independence
The primary connection lies in the fact that both concepts foster the financial confidence of future generations.
Family Literacy Day is dedicated to strengthening family members’ understanding of financial education through reading and writing. These formative experiences go beyond academics; they plant the seeds for lifelong learning, curiosity, and economic independence.
Legacy planning aims to create a better future beyond physical assets and monetary wealth for future generations. It involves imparting values, wisdom, and life lessons that can help guide the family’s younger generation long after their mentors have passed. Meanwhile, leaving a lasting impact on loved ones and society is often part of legacy planning. Which is possible through financial education and comprehensive asset management.
Both are platforms for starting conversations
Family Literacy Day is an ideal platform to initiate critical conversations about legacy planning. Reading and discussing books on the topic can make it more understandable and less daunting for younger family members. In addition, stories and discussions about legacy can help children grasp the nuances of planning for the future, understand the significance of decision-making, and appreciate their cultural and family heritage.
Legacy and heritage
On a deeper level, legacy planning and Family Literacy Day bear distinct yet interconnected links of continuity, heritage, and foresight. Legacy planning is included in family literacy activities, requiring families to reflect on their values, aims, and what kind of legacy they want to leave behind for future generations.
In conclusion, legacy doesn’t only pertain to tangible assets or monetary resources; it encourages a legacy that positively affects the independence and growth of each subsequent generation.
By fostering family literacy and engaging in conversations about legacy planning, we equip our families with the skills they need to navigate their future confidently. Through both actions, families can inspire each other to continue learning and growing, respect their heritage, and understand how legacy planning can create a brighter and more confident future for the next generations.
SWG3878283-0924E Disclosure: This information is provided as general information and is not intended to be specific financial guidance. Before you make any decisions regarding your personal financial situation, you should consult a financial or tax professional to discuss your individual circumstances and objectives.
Our family financial services firm, August H. Velten & Associates, has been in business for 12-years in Melbourne, FL. August Velten (CLU) is a 40-year veteran of the Financial Services industry. August is a former instructor for the Life Underwriter Training Council and once occupied the legislative seat for the Maine Association of Life Insurers. In Brevard County, you may have seen him on local access TV or read one of his articles in a local area magazine. Jessica Waterhouse, August’s daughter, left her own practice to join the firm in 2019. Jessica is a Florida licensed insurance producer, securities licensed (Series 65), a long term care specialist (CLTC) and holds certification as a National Social Security Advisor. Both August & Jessica are instructors for financial literacy workshops in both Brevard and Indian River County offering education in Social Security and Financial Planning. Contact the office today to schedule an introductory meeting or review of your current financial plan.
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