The concept of legacy building can be surprisingly controversial in popular culture.
As the boxer Mike Tyson stated in his pre Jake Paul fight interview with 14 year old reporter Jazlyn Guerra:
I don't believe in the word 'legacy.' I think that's another word for ego. Legacy doesn't mean nothing. That's just some word everybody grabbed on to. Someone said that word and everyone grabbed on to that word, now it's used every five seconds. It means absolutely nothing to me. I'm just passing through. I'm gonna die and it's gonna be over. Who cares about legacy after that? So I'm gonna die. I want people to think that I'm this, I'm great? No, we're nothing. We're just dead. We're dust. We're absolutely nothing. Our legacy is nothing. Can you really imagine somebody saying, ‘I want my legacy to be this way?’ You’re dead! Who the f- cares about me when I’m gone? My kids, maybe, or grandkids?
Prominent entrepreneur and investor Naval Ravikant also expresses skepticism about the concept of legacy. He argues that seeking to be remembered after death is largely an illusion and a form of ego-driven attachment, for example:
In his seminal book Immortality: The Quest to Live Forever and How It Drives Civilization, philosopher, writer and academic Stephen Cave explores the concept of legacy as one of the four primary "immortality narratives" that shape human behavior. The Legacy Narrative suggests that people achieve a form of symbolic immortality through lasting contributions, such as their children, creative works, institutions, or societal impact. While it may positively reinforce societal progress and cultural development, Cave argues that the concept of legacy is merely a comforting mental narrative to allow humans to cope with the anxiety that comes from awareness of our mortality.
Earlier this week, Moses Kagan, a real estate investor, appeared on the Greg McKeown podcast and provided a counter-balance to the legacy naysayers:
Kagan, in this podcast and other appearances, emphasizes several key points that challenge the notion that legacy is meaningless:
- Long-term value creation: Kagan's business approach focuses on long-term value rather than short-term gains. He states, "When you start to think about things indefinitely, and you're not in a rush, it kind of opens up other possibilities in terms of structure and strategy". This philosophy underscores the importance of creating a lasting legacy through business decisions.
- Intergenerational responsibility: Kagan stresses the importance of passing on values and opportunities to future generations. He tells his children, "We owe everything to those who came before us, however, we can't repay them. We can only try to do for those coming after us what has been done for us, if not more". This perspective gives profound meaning to the concept of legacy as a form of intergenerational reciprocity.
- Storytelling and connection: Kagan uses storytelling to make past generations present in his children's lives. He believes that "your forebearers are a living part of your life" and tries to make those people present for his children even though they will never meet them. This approach gives legacy a tangible, ongoing presence in people's lives.
- Value-based decision making: Kagan's business philosophy prioritizes holding onto quality assets rather than selling for short-term gains. He notes, "Rich families that own good assets generally don't look to sell them to maximize Pre-tax IRR". This approach suggests that legacy is about maintaining and growing value over time.
- Community impact: Motivated by the opportunities he received, Kagan focuses on helping people who didn't have the same advantages. This extends one's impact beyond personal or familial legacy, challenging the notion that legacy is purely self-serving.
- Building trust: Kagan emphasizes the importance of building a "seamless web of deserved trust" in business relationships. This long-term approach to business relationships contributes to creating a lasting legacy of integrity and reliability.
Kagan sees the concept of legacy as a powerful force that shapes business decisions, family values, and community impact, extending one's influence far beyond one’s lifetime. As he states at the end of the podcast:
It's bringing the past to the present and making yourself a participant in something that is much larger and longer lived than your own lifetime.
Ultimately, assuming you buy it as a meaningful endeavor, a successful legacy reflects your values and empowers others to build on what you’ve started. And it’s not just about what you leave behind - it’s about how you inspire others to carry it forward.
What steps are you taking today to create a legacy that lasts?
#legacy #heritagetrust #canadianestateclub
Nicole Garton is president and co-founder of Heritage Trust.
Recognized by Best Lawyers in Canada for trusts and estates and family law, she previously chaired the Canadian Bar Association Wills and Trusts Subsection (Vancouver).
Contact Nicole by email or phone at (778) 742-5005 x216.
Heritage Trust is a leading non-deposit taking financial institution, regulated by the BC Financial Services Authority (BCFSA), a government agency of the Province of British Columbia. Heritage Trust offers caring and professional executor, trustee, power of attorney, committee, escrow and family office services to BC resident clients.
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