If 2020 has taught us anything, it’s that life is uncertain.

That’s why @FARNOOSH has abandoned some conservative finance principles, including the aspiration of leaving a financial legacy https://trib.al/TzF9lwo 

The concept of bequeathing an inheritance just seems to make less sense today.

Instead why not experience your legacy by spending most of your money on meaningful experiences and investing in the people and causes you believe in https://trib.al/TzF9lwo 

It’s a financial philosophy that’s grown increasingly popular with the ultra-wealthy, including:

Sting
Bill Gates
Warren Buffett
https://trib.al/TzF9lwo 

Laurene Powell Jobs inherited over $20 billion from her late husband, Steve Jobs.

She’s vowed to give away all her assets during her living years, contributing to social and economic causes that need financial support https://trib.al/TzF9lwo 

Bill Perkins, author of new book “Die With Zero,” says: “With each year that passes … our ability to convert dollars into positive life experiences declines over time.”

Because experiences drive happiness, he argues for spending cash in your living years https://trib.al/TzF9lwo 

Of course, the challenge is to not die with less than zero.

Here are some tips for how to allocate your money while you’re alive https://trib.al/TzF9lwo 

Nail down what your personal “survival” number is. That’s the amount you need to support yourself when you no longer have much income.

This can give you a specific monetary goal for retirement https://trib.al/TzF9lwo 

After determining what’s “enough,” map out the expenses and experiences that are critical to your fulfillment, and the impact you want to have on the world. This could be:

Supporting your kids’ education
Traveling
Giving to charity
https://trib.al/TzF9lwo 

Rethink your retirement. Back in 1998, Stephen Pollan and Mark Levine proposed a four-step plan to utilize every dollar while you’re alive.

Step three is to “not retire.” It’s radical, but important to consider https://trib.al/TzF9lwo 

Then there’s your kids.

Not leaving an inheritance to your children doesn’t mean you don’t care about them. It means you can bestow your wealth on them while they’re young and need it
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The U.S. taxes the transfer of money or property to another person above $15,000 a year, so one idea could be to fill up as many investment buckets as possible, from a 529 college savings plan to a custodial Roth IRA
https://trib.al/TzF9lwo