“A good man leaves an inheritance to his children’s children ….”

(Proverbs 13:22 New American Standard Bible)

Everyone  - rich, poor, old and young – leaves a legacy. Some have their legacy forced on them, either because they failed to plan or lacked access to the right tools and vehicles.

The worst thing anyone can do, is to assume that someone else will take care of them. This is a blind spot for most working families because

  • People tend to project the present into the future i.e. because government workers in the past were paid a pension, current workers can expect the same. Fifteen years ago, NITEL (Nigerian Telecommunications Limited) employees could have felt comfortable about their careers, future and retirement – one wonders if they still feel the same way. 15 years ago, Shell Petroleum (Nigeria) was an employer of choice  – in recent times, it has had to lay off thousands and scale back its operations.
  • It is easier to let someone else – usually the bank, pension fund manager, employer or government – worry about the future. Unfortunately, the government of today is completely unrelated to that of 20 years ago as well as 20 years in the future – in terms of taxes, services, entitlements and so on. Promised pensions may be reduced, or even disappear! The only sure asset is the one you acquire and oversee – yourself!