As the Mayor of Yukon, I often reflect on the legacies we leave behind—whether through community improvements, charitable contributions, or the values we pass down to our children. This brings me to a thought-provoking perspective from Die with Zero by Bill Perkins, who emphasizes, "Your life is the sum of your experiences, not your bank account."
For many, the traditional mindset is to save financial wealth as much as possible to leave an inheritance. Expanding on traditional views, Family Fortunes by Bill Bonner challenges a limited concept of wealth, reminding us that true inheritance extends beyond financial assets. Bonner argues, "Financial capital is the least important of the forms of capital a family can pass on."
He emphasizes that wealth encompasses financial, social, intellectual and other resources. Leaving a "well-rounded" inheritance—one that includes knowledge, relationships, and life experiences—is crucial for setting up the next generation for lasting success.
It's about ensuring that our children inherit not just money, but also the wisdom and social connections that will help them navigate life's challenges.
The idea of a "financial wealth finish line," discussed in God and Money by Baumer and Cortines, proposes setting a personal threshold for how much financial wealth is enough, suggesting that anything beyond that line can be spent wisely, gifted to charity or used to support the next generation. This approach shifts the focus from mere accumulation to purposeful stewardship of resources.
Here in Yukon, we take pride in our industrious spirit—a drive that built our city and which we should instill in our children. This means teaching hard work, community service, resilience, and working from a position of strength, not just economically, but also through strong social ties and intellectual preparedness.
Going beyond financial wealth, what memories, lessons, strengths, social connections or other wealth are you passing down?