Empowering Future Generations: Investing for a Legacy That Lasts
In the 1960s in Atlanta Georgia, a young couple, Betty Lou Bredemus and Walter Roberts, started an acting school for kids called the ‘Actors and Writers Workshop’.
One day Betty Lou received a phone call from Coretta Scott King (the wife of Martin Luther King Jr), asking if they could enrol their kids in the acting school. The reason she rang, was at that time many acting schools in Atlanta wouldn’t accept their kids due to their race.
Without hesitation, Betty Lou said ‘Yes’, and the parents soon became good friends. Later, Betty Lou was to give birth, but due to her financial position couldn’t afford the hospital bill. So, generously, Coretta and Martin Luther King Jr paid the hospital bill for them. The baby born, was actress Julia Roberts.
This extraordinary true story shows how acts of generosity and kindness can impact others down the track. To this day, Julia Roberts said the above events ‘absolutely’ shaped her as a person.
Leaving a Legacy
The legacy of Martin Luther King Jr and Coretta Scott King and their contributions to civil rights has been enormous. Betty Lou Bredemus and Walter Roberts have also had a profound impact on thousands of children by teaching them drama.
In our own way, we too can leave an enormous legacy to our children and grandchildren, our communities, and everyone around us.
Spending quality time with our children, grandchildren, nieces or nephews, can have a huge impact. For example, we may instil in them a love of reading, art, music, or just enjoying life, which may last in them a lifetime.
We can also leave a lasting impact on others by teaching, mentoring or guiding them through the challenges of life. At any time, we can make others feel valued, encouraged and loved.
Volunteering is another way we can leave a lasting legacy. For example, we may be involved in a project or initiative that leaves a lasting benefit for the community.
Financially
There are many ways we can financially leave a legacy. It could be by investing in our children’s education, or by chipping in to help our children or grandchildren with the high costs they may face.
We can also leave a legacy by teaching our kids good money habits, and instilling in them the benefits of long-term investing.
Another way to leave a legacy is by donating to causes that are important to us, that will ultimately help others.
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Passing the Baton
We all at some stage in life, need to pass the baton on to others.
Buffett and Munger, who are now both in their nineties, are aware that they too need to pass on the baton. As such they have spent much of the past few decades passing their knowledge on to a new generation of investors.
Charlie Munger said, ‘The best thing a human can do, is to help another human know more’.
Warren Buffett decided early in life that he would give most of his wealth to charity. He believed that that was the very best thing he could do with his money.
Warren and Susie Buffett wanted their children to choose the careers they loved, and made a point of regularly telling their children that, as they grew up.
Buffett also believes in the importance of bringing up well-adjusted children, and said, ‘You should leave your child enough, so that they can do anything, but not enough so they can do nothing’.
Did you know you can open an InvestSMART account or Fundlater account for your kids or grand kids? They're really popular amongst our clients, they help teach your family about investing and starting down the path of long-term wealth creation.
Frequently Asked Questions about this Article…
You can leave a lasting legacy by spending quality time with your children and grandchildren, teaching them valuable life skills, and instilling good money habits. Additionally, investing in their education and supporting them financially can have a long-term impact.
Financially supporting future generations can be done by investing in their education, helping with high costs they may face, and teaching them the benefits of long-term investing. Opening an InvestSMART or Fundlater account for them can also be a great way to start their investment journey.
Volunteering is a way to leave a legacy because it involves contributing to projects or initiatives that provide lasting benefits to the community. Your efforts can make a significant impact on the lives of others and inspire future generations to continue the work.
Warren Buffett decided early in life to give most of his wealth to charity, believing it was the best use of his money. He also emphasized the importance of raising well-adjusted children who can pursue careers they love.
The story of Betty Lou Bredemus and Coretta Scott King teaches us about the power of generosity and kindness. Acts of kindness can have a profound impact on others and shape their lives in meaningful ways.
Teaching and mentoring allow you to pass on knowledge and guidance, helping others navigate life's challenges. This can create a ripple effect, as those you mentor may go on to help others, extending your legacy.
Charlie Munger said, 'The best thing a human can do, is to help another human know more.' This highlights the importance of sharing knowledge and empowering others as a way to leave a lasting legacy.
Opening an InvestSMART account for your kids or grandkids can teach them about investing and help them start on the path to long-term wealth creation. It's a practical way to instill good financial habits and prepare them for the future.