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What is Legacy Wealth?

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Terry Moore, CCIM

The crippled lad clung to the millionaire's leg.

The American had gently put the young man into the gift wheelchair and expected to move on to the next needy Bosnian child. The youngster would not let go. David Behring, worth more than $600 million, was startled. With the help of a translator, Behring gradually understood. The grateful boy cried, "Don't go yet. I want to memorize your face. When I get to heaven I want to find you and thank your one more time!"

David Behring, owner of Seattle Seahawks, found joy for the first time with the children of Bosnia. He later defined his life in four stages: stuff, more stuff, different stuff and finally … purpose.

Jack Canfield, publisher of Chicken Soup for the Soul relates that story in his revised version of Success Principles. Canfield who has been around successful people most of his life contends that true happiness comes from serving a deeper purpose than your own self -interest.

What is legacy?

In my day job, I work with highly successful, results oriented achievers. Millionaires are routinely my clients. Each has their own idea of success. Over the next year or so, you'll be reading about legacy wealth. What is legacy wealth? Here are three world views.

1) "Sow with a view to righteousness

Reap in accordance with kindness

Break up your fallow ground..." Hosea 10:12

2) "Be on your guard against every form of greed for not even when one has an abundance does his life consist of his possessions." "To whom much is given, much is required." Jesus in Luke 12

3) The farmer declared "I just want my land and the land it borders." In the last century one of the world's richest men was asked how much was enough, "Just a little more."

What is legacy wealth?

Three people died in my circle in the last 60 days. The memorials attempted to comfort the grieving. There were discussions about joys and reflections on legacy.

Reputation is what people say about you when you are not there. Legacy is what people do and say because of you after you have parted. Some folks will be known as vile, angry and mean. Others leave love, grace and humor behind.

David Behring loved to win and was thrilled to amass his fortune. Now his purpose is to help those who cannot help themselves. He was blessed to find that real success does not have a dollar sign in front of it.

My calling is to help successful people build and maintain legacy wealth. "More and more for me and mine" seems a shallow philosophy. In contrast, it is a joy and delight to assist people who make the world a better place. My clients provide clean affordable housing to renters. That does not mean that investors let renters live for free. Wise landlords improve the housing stock, discourage drugs and gangs, enhance community, and are well rewarded financially. Many rental owners are generous with their time and resources. The value they create extends beyond their own households, to their residents, and ripples into the rental neighborhoods and the broader community.

You won't start foundation that gives away 40,000 wheelchairs, as David Behring has done. Our lives do make a difference. How we live it is how we will be remembered.

We each have our own definition of legacy wealth. Allow me to help you achieve your definition. I welcome your call or email. Let's have a cup of coffee and talk about 2015 and beyond.

Let's both take the time to be a blessing to someone today!

*****

Terry Moore, CCIM, part owner of ACI Apartments, has helped nearly 400 households build legacy wealth. He has been a commercial loan officer with world largest bank, a small business owner, developer and syndicator. The career theme has been helping adults make wise choices about money. You can reach him at tmoore1031@gmail, 619-889-1031 or SanDiegoApartmentBroker.com.

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