Legacy & Retirement

Legacy & Retirement – Discipline

Love Legacy Process

In our mobile culture, we have not had the modeling necessary to teach us how to love and care for the elderly among us. Our best model is our heavenly Father in whose image we are created. You can learn about this process in the book “Love Legacy,” available in our store.

Extended Health Care Action Plan

As people age, they may ultimately reach a point where they can no longer care for themselves and are forced to live in a nursing home. There are three ways to pay for those costs. The first way is long-term care insurance, for which a premium is paid each year until one qualifies for care. The second method is to pay for the cost out of personal resources. The third and final way is to apply for Medicaid. Preplanning should be done to determine the best financial strategy for the individual.

To be more prepared, check out our ebook on Long Term Care.

Budget

Budgeting begins by first identifying all of your monthly expenses and writing them down. This very act demonstrates vividly where all your resources are going. As an example, someone might be stopping to get coffee each morning on the way to work and spending $2 each day. If that is done five days a week for 52 weeks the individual may come to the conclusion by writing down their expenses that they no longer wish to spend $520 each year that way. If they drive 4 miles out of their way to get the coffee they may want to add another $2 to their cost of the coffee. This initial process helps someone properly assess the best use of the money they earn. The next step is to add all the income earned and the expenses incurred within a given month to identify the remaining margin. If expenses exceed the income, begin the process of identifying what can be reduced or eliminated.

Resolving Relationships

Leaving a legacy also includes resolving relationships. There are often complications to this part of the process, like: aging issues, Alzheimer’s Disease, Dementia, Dependent Parents, Elder-assistance, and more. Learn about how to resolve relationships and navigate complicated issues in the Love Legacy book from our store.

Extending your legacy

Extending your legacy is all about making your work apply for generations to come. And not just financially, but relationally, spiritually, and more.