We all invest for different reasons, but most of us invest for a long-term benefit. We hope to be able to set ourselves up for a comfortable retirement.
For those who manage to amass a sizeable nest egg, that can mean retiring early and/or being able to live off the income from their portfolios without eating into the capital.
Most investors also want to be able to leave something for others – to children, charities or other beneficiaries.
That's certainly my hope – that if we live below our means, save hard and invest well, we'll be able to pass whatever is left as a legacy to the next generation.
The topic of legacies is particularly important, as today is Legacy's Badge Day. For many of our servicemen and women, their legacy is the supreme sacrifice. For others, coming home didn't mean leaving the war behind. To serve your country in her armed forces is to literally offer to put your life on the line whenever it is needed. That in itself is an awesome legacy that goes far beyond money.
Legacy has its origins in the aftermath of the First World War, when some Veterans felt their comrades weren't being looked after upon their return from the front lines.
That first 'Remembrance Club' in Hobart was the forerunner of Legacy, after club members decided to dedicate themselves to caring for the children of deceased servicemen.
These days, Legacy cares for the families of deceased and incapacitated Veterans.
With the tragic deaths of Australian servicemen in Afghanistan, Legacy's role in caring for families has again been bought into stark relief.
In the words of a recent Legacy announcement:
"Legacy still cares for around 90,000 widows and dependents, ranging in age from 14-months to 109 years and the task is not going away in the foreseeable future. No matter what age, Legacy families all have in common the heartache of losing a loved one, either physically or mentally, which can last a lifetime.
"When you see a badge seller in the street during Legacy Week, help us help the families in need and buy a badge."
You might want to consider buying a Legacy badge from volunteers (many of them school children) at train stations and shopping centres around Australia. You can also duck in to your local Commonwealth Bank, and many businesses will be selling badges to their staff.
Lastly, if you can't get a badge, you can also check out Legacy's website at www.legacy.com.au
Lest We Forget
