Leaving a Legacy for Future Generations

Did you grow up in a family that experienced some form of financial hardship? Either one or both parents were out of work at some point. Or you weren't able to do something you really desired to do as a child because there wasn't money available. Or you might have even known what it was like to go without a meal because there wasn't any food in the house. That is hopefully the rare example. However, every day in America there are people who go without this item or that item because there is no money.

If that wasn't your story, did you watch your parents pay cash for everything or did you see them pull out a little plastic card to pay for everything? I'm guessing that the latter is true for many of you. If so, what was your view of money as you were growing up? When you were old enough to have your own job, your own car, and your own bank account, how did you spend the money you made? Well, initially, if you're like most people in America today, the money is spent before it's in the bank account. If it makes it to your hands, it's probably spent soon after. How can I say this so unequivocally? Because for decades now, I remember hearing about it since the 70s and 80s, surveys have shown that a very small percentage of Americans save little if any of the money they make.

This habit of spending is creating a legacy of poverty thinking and lack in our families across America. Would you like to know how you can combat this type of thinking and change the legacy you are leaving to your future generations? Here's one key: You have to change how you think about your future. I challenge you to try this little exercise with me below based on how you are currently thinking about your money.

If the farthest you can think about money and the future is next week, set aside $20 in two envelopes. Put one $10 bill in an envelope and write on it, "Spending Money." Choose something you want to do or buy with $10 next week, a full seven days from now. Maybe there's a movie you want to go see but you haven't let yourself because you always see yourself as not having money. Write it in pencil, in case you change your mind, on the front of the envelope and the date you are going to do that activity or buy that item. If you change your mind, you have to update the date because you can't use this money until you've made up your mind about how you are going to spend it and it's been in this envelope for at least a full seven days. Take the other $10 and place it in a separate envelope and write on it, "Storehouse." I'll explain about the Storehouse in a bit.

Next week, you're going to do the same thing with a twist. This time, you can choose if you want to add your $10 spending money to the envelope so that you can do something different than what you wrote down. Or are you going to put it in its own envelope with its own spending purpose on the outside with the date. Once again, you have to leave the money, all of it, in the envelope for at least seven full days before you spend it. The other $10 goes into the "Storehouse" envelope to add to the $10 that is already there. Now, write on a piece of paper, which you keep in the envelope, the date and how much money you added to the envelope along with how much is in the envelope. This will come in handy later.

If the farthest you can think about money and the future is next month, set aside $50 in two envelopes. Put $25 in one envelope and label it spending money. As in the above example, write down what you would like to do with that $25 and the date you would like to do it, at least a full seven days from now. Take the other $25 and place it in an envelope and label it, "Storehouse." Next week, decide what you will do with your new $25 of spending money. Are you going to save it to take your spouse out to dinner? Maybe you have a pair of shoes or a book you have been wanting to buy. Remember to put the other $25 into your "Storehouse" envelope and write on a piece of paper, which you keep in the envelope, how much and the date along with the total. I think you're getting the picture.

One of the biggest problems that most people experience is how to stop or curb impulse buying. This simple exercise can change how you view the money that is coming through your hands. I challenge you to keep this going for 6 months. I want to hear how it's going. I want to hear the things you decided to do as a result of this exercise. Now, let's get to the "Storehouse" envelope.

In that envelope, you are building something. Firstly, you are building resistance. I'm sure you are aware of the principle of resistance training when it comes to weight training and fitness. In order to build muscle, you need something for your muscles to resist against. This tiny envelope is exactly that. It's resistance training for your mind and how you think about money … to leave it so that you will have it later. Sounds simple, right? It is, once you really get it and you understand the purpose for that little envelope.

You see, God wants to bless your Storehouse! But if your Storehouse is empty 0 x 0 = ? A big fat ZERO right? Exactly! In order for God to bless your Storehouse, you must have something in it. Your storehouse isn't for weekly spending or even your monthly bills. It's not for that item you just have to have. It's an avenue for God to bless you. Keep it. Leave it. Add to it weekly. You may even find you want to add more to it at the end of each day. For example, you could add $1 to it at the end of each day. Realize that in a year, you would have added $365 to your Storehouse almost painlessly.

Some people store all their change at the end of a day in a jar or bottle and then take it to the bank to turn it into dollar bills or to deposit in a savings account. You could do this and add the bills to your "Storehouse." You see, we have to change the way we think about the money in our hands. The small things add up when you make wise choices. You'll find your thinking about money changing as you go through this small exercise.

So what does this have to do with future generations? My change at night and a few dollars in a "Storehouse" envelope aren't going to go very far. This is where I want you to rethink the effect of learning the value of money and saving money. This new attitude about money, when shared with the younger generations, and when continually practiced will make a huge difference in how you spend money.

ANNOUNCEMENT: I'm going to talk about this and more on a free Webinar on Monday, August 14, at 8 pm Eastern on Christian Financial Concepts, hosted by Dr. Tom Barrett. Please join us by registering HERE.