Have you considered your financial legacy? Fulfilling that question is the premise behind Dave Ramsey’s book, The Legacy Journey: A Radical View of Biblical Wealth and Generosity. This book is a must-read for all who strive to be good stewards of their money.
Stick with me and I’ll share just how we’re using the book to improve our own family’s financial legacy!
My husband and I read this book and were pleased to come away from that reading with a list of to-do’s that we want to accomplish in order to protect and nurture our own legacy. You can see our takeaway list at the bottom of this page.
I came into this reading as an avid listener of the Dave Ramsey podcast. Dave’s friendly banter and sage advice keep me company while I’m folding laundry or cleaning bathrooms.
Thanks, Dave, for making toilet cleaning interesting 🙂
I appreciate his kind, yet firm words for people searching for answers to their money problems.
The Good from The Legacy Journey
There’s a section of the book devoted to understanding biblical stewardship as a balance between taking care of one’s family & giving outside the family circle. In chapter four Mr. Ramsey uses the Jewish tradition of the Havdalah ceremony to explain this balance.
The ritual involves pouring wine into a cup, which then overflows into a surrounding bowl. The idea is that we take care of our family’s needs, and then allow our generosity to continue as it naturally flows over into other areas.The idea is that we take care of our family's needs, and then allow our generosity to continue as it naturally flows over into other areas. Click To Tweet
I can’t tell you enough how appreciative I am of this concept. After years of outside ministry, my husband and I have been focusing on ministering to our own family. This includes the family under our own roof and extending across our city, state, and country.
We’re still giving outside of our family circle (both time & tithe), but we’ve been drawn to making sure our family cup is full before allowing our resources to overflow.
Having someone as experienced and knowledgeable as Dave pointing to scripture and saying, “this is good for your family and your legacy” is really helpful.
The “eh” from The Legacy Journey
Dave makes it clear that he does not preach a “health & wealth gospel”; i.e., that all diligent followers of Jesus are guaranteed experience health and wealth. However, he makes a couple of statements to indicate his belief that wise stewards will become wealthy.
For example, in chapter 1 at location 119 (Kindle edition, sorry I can’t figure out how to have it display the page number) of The Legacy Journey, he says
“If you do the things I teach from God’s Word, if you are diligent and wise with your income, then over time you will become wealthy. No matter who you are or where you’re starting from, you will at some point become one of those ‘rich people’.”
I see where Dave’s coming from. He has encountered thousands (if not hundreds of thousands) of folks who experience this blessing from God. I just don’t feel comfortable with such a firm statement; “you will become wealthy”. The Bible gives no such promise. Click To Tweet
Mr. Ramsey makes it clear that he believes this is a natural result of wise financial management, not a gospel guarantee. It’s probably just my fear of commitment, but I’d love to see that phrase as “you will likely become wealthy” and “you will possibly become one of those ‘rich people'”.
I’d imagine that if we sat down for a cup of coffee (yeah right!), we’d find that our views are more aligned than not. I’m just particularly cautious about setting in stone that which the Bible has not clearly cemented.
The Great parts of The Legacy Journey
The first half of the book lays the foundation for understanding the importance of a financial legacy and the amazing work that can be done with generational wealth. The second half of Dave Ramsey’s The Legacy Journey builds on that foundation with examples of the effect of generational wealth and solid advice for how to accomplish that goal.
Hearing about generational legacies (both good and bad) gets me really fired up to manage God’s money in a wise way. It also sobers me to the idea that we really need to prepare our children to be wise stewards too.
As my husband read through the book he made a list of “to do’s”. Here are his Legacy Journey notes:
- Fine tune the budget so that it works. No more going over.
- Reevaluate retirement savings. Reconfirm mortgage strategy.
- Develop a money teaching system for the kids. Save, spend, give.
- Reevaluate giving and charities
- Do a monthly budget every month uniquely for that month.
- Focus on obeying and pleasing God and let building wealth not be our primary goal.
- It’s ok to enjoy and be blessed by some of the money God has allowed you to manage.
- Learn to be content
- How much is enough is between you and God only. You and God decide your “cup” size.
- After completing all of the baby steps, use ratios as a budgeting tool
- Enjoy our work. Work for the Lord.
- We need to keep a good attitude. We sow what we reap in our minds.
- Make some goals in writing. Make them specific, measurable, our own, and with a time limit.
- Teach the kids about Gods way of handling money. Save, Spend, Give.
- Ask “What is God telling us to do with his resources?”
- Review and update our will. Include healthcare power of attorney.
- Make a family constitution.
- Make a legacy box (one box with all info in it)
- Evaluate our giving
- Remember we are managing Gods money. Manage giving the same way.
- Remember the tortoise and the hare. The hare always wins.
Have you considered your financial legacy lately?
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This article was shared at SHINE, Thrifty Thursday, Frugal Friday & these fine websites.