Wealth has a purpose. Money is not the end in itself; rather, it is the means to an end. What is the ‘end in mind’ for you? In Financial Planning, we always start with the end in mind, and then we draw out the roadmap to achieve the success that we desire. Imagine that you have already created the wealth that you always dream of and living the life that you desire. Will that be all that it is to life?
Many successful investors and entrepreneurs I know and whom I read about, always have the desire to give back to society. They are grateful that the people around them and the community at large have given them the opportunity to succeed in life. Of course, these are billionaire investors who have built up massive wealth for themselves and their family, and are able to set up foundations for the noble cause. We may not achieve the level of wealth which they have attained, but I believe that whatever capacity we are in, we are also able to bless others with what we have.
In total financial planning, estate planning and leaving a legacy is often communicated to the client. Many clients want their wives, children, grandchildren, to be well taken care of as the first priority. They will set up trusts for the family, for example, an education trust which will ensure that their grandchildren will have enough funds to complete university.
After they have sufficient funds to provide for their family, some of the clients will want to extend their compassion and financial help to support a particular cause, for example, medical advancement, education for the poor, etc.
Some of the philanthropists whom I admire are Bill Gates & Warren Buffet. Bill Gates build his computer empire over his lifetime and later on set up the Bill & Melinda Gates Foundation, giving grants to numerous organizations dealing with global issues such as health, agricultural development, financial services to the poor, etc. Mr. Warren Buffet, similarly build his wealth via his investing brilliance and became the richest investor in the world. After which he donated half of his billions of wealth to the Gates Foundation, blessing many beneficiaries of the foundation. He subsequently became the richest man on earth and still is today. Other notable successful philanthropists include Rockefeller, Andrew Carnegie and George Soros, each to his own personal calling and cause.
I personally desire to impact the world to the extent like these great men listed above. And I can do it today. Leaving a legacy need not happen only when we are passed on from this world to the next, but rather, it takes a life long commitment to build a legacy that is remembered by future generations.
Charity begins at home. Leaving a legacy begins at home. As we are accumulating wealth in order to provide and bless our families, we can right now show love to them by giving them quality time, caring for them, listening to them, encouraging them, etc. Many people take priority in making money, thinking that providing for their family financially and buying gifts for them is sufficient to show them that they love their family. Sad to say, they are sadly wrong. To love a person we need to communicate, and if we spend all our time at work and making money, where are we going to have the time to love them and communicate with them. In contrary, many people realize only after they have accumulated sufficient wealth for themselves, which their family is already breaking apart, for a myriad of reasons. It is sometimes too late to salvage the family which they have always wanted to build and provide for.
Also, many people have made such claims, “When I am wealthy enough, I will start a foundation or charity that will help many people.” I will have these questions in my mind, “What do you mean by wealthy enough? When do you think you will be wealthy? How many people do you want to help?” These claims are vague and abstract. Most of the time, wealth is never enough. People will usually be trapped in the whirlpool of greed, never being satisfied with what they have. After buying a condo, they will want a bungalow. After buying their BMW, they will want a Porsche. When will it end? When can we start to really help people?
For me, my stand is clear; I will accumulate wealth and at the same time, start building my legacy right here, right now. There is no time to waste. At the end of our lives, on our death bed, we will not be asking the question. “How much time have I spent in the office today? Or how much money have I accumulated.” I want my life to be with no regrets. I want to be able to say, “Yes, I have made a difference to the lives of many people, my family and my friends.” That is why today, I will tell my loved ones that I love them, whether in words or in deeds. Life is uncertain, and I can fully comprehend it given my experience with illness since 8 years old. And I have experience a new birth in life, by my brother giving me his kidney in his kindness. Also, with a woman who is willing to be united with me in Holy Matrimony, I have experienced God’s goodness and grace, and yes, true love.
Therefore, it spurs me even more to accomplish what I have started out to do, to set up a foundation to fund and heal the lost, sick, poor and needy kidney patients, giving them a new life, just like how I have received my new life in humility. And it will not start 10 year later or 20 years later. It will start now and as my wealth increases, so will the blessings to these needy people increase. I will minister to these needy patients in their spirit, soul and body by loving them and providing for them, right here, right now.
This is truly wealth with a purpose.
Aaron Graham Tay, CFP
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