Why Creating Memories May Matter More Than Growing an Inheritance
My team and I spend a lot of time discussing ways to grow your wealth, such as what to invest in, how much you should be saving for retirement, and the best assets to support your goals. While this is a huge part of our job, there comes a point in many of our clients’ lives when we need to ask a different kind of question:
What is all this money really for?
Today, I want to share why I believe creating memories can matter more than simply growing an inheritance. With the right approach, you can live in a way that brings joy now while still supporting your family’s future.
The Shift in Thinking
When you retire, it can feel like everything you’ve done financially has led to this moment. You’ve spent decades building a financial safety net. But now it may be time to change how you think about money.
Leaving your loved ones a large inheritance can open doors. But it can’t guarantee happiness, independence, or ambition. In fact, an over-reliance on inherited wealth can sometimes stifle motivation or delay personal growth. We’ve seen cases where it even leads to poor money management.
I believe it’s the intangible skills — like problem-solving, resilience, a strong work ethic, and adaptability — that prepare our loved ones for success. These are the traits that shape character and perspective over time.
Don’t get me wrong: Leaving behind a financial legacy is important. But some of the most valuable legacies aren’t measured in dollars. They’re found in shared experiences, meaningful traditions, and memories that last for generations.
What “Legacy” Can Mean
The Value of Shared Experiences: When I think back on my most cherished memories, I think of family holidays, special trips, and simple moments spent with loved ones. None of those memories is tied to the performance of an investment account. My memories are rooted in people, places, and moments.
Think about the memories that bring your family joy. Chances are, they involve togetherness, not a bigger balance sheet. These shared experiences deepen relationships and build lasting bonds. They’re the stories that get passed down.
If you’re constantly focused on preserving or growing wealth, you might keep putting off that dream trip or family celebration. But time is one thing we can’t get back. Enjoying your wealth now doesn’t mean abandoning your financial goals—it just means living intentionally while you still can.
A Legacy Beyond Dollars: When people hear the word “legacy,” they often think about what they’ll leave behind in terms of assets or money. But a real legacy goes much deeper than that.
Your legacy includes the values you instilled, the stories you told, and the wisdom you passed down. Yes, an inheritance or a trust can be part of that legacy. However, the emotional and relational aspects often leave the biggest mark.
One conversation I often have with clients is about how difficult it can be to spend money in retirement. We ask questions like, “Would your kids rather inherit an extra $100,000 or spend a week traveling with you while you’re healthy and able to create lifelong memories together?”
This isn’t about choosing one over the other. It’s about finding a healthy balance between leaving behind financial assets and investing in experiences while you’re here to enjoy them.
Emotional Wealth: A Different Kind of ROI: There’s no spreadsheet for emotional ROI, but that doesn’t make it any less real.
One of the most rewarding parts of my job is helping clients figure out how to use their wealth in a way that brings them joy. For example, maybe you and your kids have always talked about a special vacation. Planning that trip and making those memories isn’t just spending money—it’s a return on emotional investment.
Money is a powerful tool, but that’s all it is: a tool. Using it to create meaning, connection, and happiness is one of the best ways to make it work for you.
Living Well Today, Planning Wisely for Tomorrow
Here’s the good news: You don’t have to pick between financial security and meaningful experiences. With thoughtful planning, you can do both.
Start thinking about your legacy now, not later. Consider giving while you’re alive so you can experience the joy your generosity creates. This could mean helping with education expenses, funding a family trip, or gifting appreciated securities. There are many ways to start.
You could even create a “joy budget”—a dedicated fund or account set aside just for experiences with your family. This intentional planning allows you to invest in your relationships without second-guessing every expense.
Final Thoughts
Financial planning isn’t just about growing wealth for the next generation. It’s about using the resources you’ve worked hard to build to live a full and meaningful life.
So if you’re putting off the trip, the family reunion, or the experience you’ve been talking about for years in favor of saving just a little more, maybe it’s time to take a step back.
Because while inheritances may be spent, memories last a lifetime.
In my opinion, I would rather make memories with my loved ones than leave behind a larger inheritance and miss out on that time. Let’s talk about how we can build a financial plan that makes room for both—a secure future and a life well-lived, starting now.
The opinion of the author is subject to change without notice and must be considered in conjunction with relevant regulation, as well as subsequent changes in the marketplace. Any information from outside resources has been deemed to be reliable but has not necessarily been verified. Each individual has unique circumstances to which this information may or may not be relevant. Under no circumstances will this information constitute an offer to buy or sell and it does not indicate strategy suitability for any particular investor.
