What does it mean to build a rich legacy? Many Canadians think of their legacy in terms of the assets they leave behind. In other words, money. For best-selling author, public speaker, and HomeEquity Bank Retirement Lifestyle Consultant, Mike Drak, the answer isn’t so straightforward. To share his perspective, Mike recently joined ZoomerRadio’s Liz West on the Zoomer Explained series to discuss what he calls the “shifting meaning of legacy.” Get all of the insights to build your rich legacy below or watch the full conversation on YouTube.
Today, we’ll delve into the concept of legacy, and why rethinking your legacy can add richness to your retirement journey.
Redefining Legacy
A few years ago, while attending a friend’s funeral, Mike Drak recounts a profound realization. Legacy is not just about money. As he and others spoke about their friend’s life, Mike realized legacy is about the impact we make on others’ lives and memories; legacy is defined in quality relationships, shared memories and values, and contributions to your community.
The Legacy Trap
Many people fall into so-called “legacy traps,” believing they should hold onto their wealth and not spend it. Mike explained that legacy is about more than money; it’s about how we impact and enhance the lives of our loved ones and community.
The Power of Memories
Memories are one of the greatest riches in life. Building great memories with loved ones can be a vital part of our legacy. Mike learned about the power of memories while spending time with his mother as she aged. In her last year, she most cherished a box of pictures that captured special moments throughout her life. It’s memories that can bring us the greatest joy and comfort.
The Power of Giving: Sweat Equity
Giving back is a key component of leaving a living legacy. Speaking with Liz West, Mike emphasized the importance of getting involved with charities and actively participating in making a difference. Mike believes in what he calls “sweat equity,” where we contribute our time and skills to the causes we care about. Plus, giving back and helping others not only helps those in need but also connects us to our community and can create a sense of personal fulfilment and happiness.
Building a Legacy for Your Family: Supporting the Next Generation
The reality is that many young Canadians face financial challenges. For many, the “Bank of Mom and Dad” is one solution. From helping fund a grandchild’s education to helping with a downpayment, Mike emphasized ways of assisting our loved ones to achieve their financial goals and reduce their financial stress. Legacy is about investing in their future, but, for Mike, there’s no reason that investment can’t start paying dividends today.
Living Legacy
Fundamentally, legacy is not simply something we leave behind; it’s something that we live and build every day. It’s about making a difference while we’re still here. That may mean forming memories with loved ones that last a lifetime. It may also mean supporting your community. Or it could mean using financial resources to set loved ones up for success.
Financial Tools for a Rich Legacy
Canadian homeowners looking to leave a living legacy have financial options. Two popular options are a Home Equity Line of Credit (HELOC) and a reverse mortgage. Both tools allow Canadian homeowners to access the value of their home without having to move and sell. On Zoomer’s Virtual Explained, Mike Drak explained that while HELOCs may have a lower interest rate, he prefers the peace of mind that comes with a reverse mortgage, which, unlike a HELOC, require no monthly payments.
If you’d like to learn more about how the CHIP Reverse Mortgage can help you leave your legacy, call (833) 852-2447 toll-free to speak with a specialist today.
