What The Most Successful People Know About Securing Their Legacy

There’s a lot of talk about investing for the future: Where the smart money goes, why it beats inflation, and how growing your wealth comes from investing what you can now. And for the most part, this is true. Many of the world’s most successful people have made their fortunes (or grown them exponentially) through timely investments and a watchful eye toward the future. 

Still, the coming of a global pandemic has thrown everything off-balance. So while investments are still the way to go, it’s become necessary to pay attention to your well-being. Now, more than ever, wealth and health have become equally important. The current situation demands well-preparedness for any health-related setback because you have to protect the present in order for your future to thrive. 

This might be easier said than done, but fortunately, there are easier ways to plan for it. All it takes is knowing what you value and what suits you best. A clear plan, decisive action, and a view toward the future: This is how the most successful people managed to stay on top and remain who they are. And here’s what we’ve learned from them: 

Create a succession plan, whether in business or in family

The loss of a leader—whether through retirement or otherwise—presents a major change in any organization. Without a clear line of succession, the ones who continue your legacy are left without a direction to follow, and no one to look to when the paths become difficult. 

In the case of the Sy siblings—they inherited their fortune from their late father, Henry Sy Sr., and combined their net worth which consists largely of stakes in the publicly-traded SM Investments and SM Prime. The siblings Teresita, Elizabeth, Henry Jr., Hans, Herbert, and Harley, all sit on the group’s boards.  

Having a clear plan lets you set your heirs on the right path, and giving them equal opportunities will encourage them to work together. This ensures that what you’ve built keeps on going long after you’ve left it behind.

Secure your wealth and your family’s lifestyle across generations

A legacy isn’t just made of the wealth you’ve accumulated. It’s the beliefs, values, and lifestyle you lead that shape it. With this, you can guide the next generation.

“A very rich person should leave his kids enough to do anything but not enough to do nothing,” says Warren Buffet to Fortune magazine in 1986 (and repeated in 2006) when he talked about what he was planning for his children’s inheritance.

One such way to secure your wealth is through Asset Master: A single-pay, investment-linked insurance plan from AXA Philippines, one of the largest and most trusted insurance companies in the country. Asset Master allows you to grow, preserve, and transfer your estate more efficiently.

Signing up for a plan immediately gives a guaranteed 25% increase in your estate by way of additional insurance coverage. Proceeds from insurance payout to irrevocable beneficiaries are tax-exempt so you can ensure your heirs retain what you’ve built up. You can also set up a fund for settling estate tax, so you won’t have to worry about your heirs having to liquidate assets to cover it. 

Asset Master allows access to a variety of investment opportunities around the world to diversify your portfolio, rebalancing your assets and risk in the process. With this, what you’ve built stays on the right track, and your heirs can be assured of a stable future. 

According to a 2020 report on health spending from the Philippine Statistics Authority, medical expenses grew by 11% in recent years. Almost half of this cost (47.9%) comes from “household out-of-pocket” or money coming from savings or loans.

Most of these health expenditures are spent on hospitals (47.9%) and pharmacies (30.3%), while just a small number (7.4%) accounts for health care system administration and financing! This means that much of the expenditures are directly absorbed by the households.

Investing in a health care plan, then, could provide the much needed financial support for these emergency situations. And AXA’s Global Health Access is a plan that offers to do just that. It addresses all your health care needs, from wellness to treatment, with a comprehensive coverage that goes up to P175 million, refreshed yearly. Global Health Access opens the door to the best health care both here and abroad, making sure you’re prepared for both the common illnesses and the major ones, such as a pandemic disease.

This keeps you from touching other emergency funds that you may have set aside, allowing them to be used for other important matters. Whether it’s keeping your business in the black or expanding to new opportunities, have more freedom with your finances when you know your health is covered.

Get the right advice to keep your legacy going

When it comes to making crucial life decisions, it’s always best to seek sound advice. One does not make it to the top alone, and the same goes for dealing with the challenges that life throws your way. So, when faced with difficult times—such as life-threatening diseases and health crises—you may need someone to help you make the right choices.

In the aspect of health, the more doctors to give expert recommendations to you, the better. When diagnosed with cancer or heart disease, you and your family deserve to make informed decisions for a more hopeful outlook on your recovery. 

In the Philippines, some of the leading causes of death in 2020 are heart disease (17.3%) and cancer (10.8%). Cancer treatment cost in itself can range from P120,000 (for chemotherapy) to over P1 million, depending on the number of sessions. It can go as high up as P5 million, based on some testimonies. Based on a study by Acta Medica Philippina on the economic impact of cancer on Filipino cancer patients, Filipino patients are at risk of “experiencing catastrophic expenditure if they get cancer even if they get treatment.”

With AXA’s Preferred Consultation and Care, which is available to select policyholders, you can get additional medical advice from a team of specialists at top Harvard-affiliated US hospitals.

This way, you are empowered to make more sound decisions for your treatment, and obtain the confidence that you need to face a grave disease with the right tools.

“You can have peace of mind, improved health, and an ever-increasing flow of energy. Life can be full of joy and satisfaction,” says positivist and spiritual advisor Normal Vincent Peale in the introduction of his book, The Power of Positive Thinking, who has influenced businessmen such as JC Penny, among others. 

Not having to worry about your legacy, health, and heirs, is priceless, especially in times like these. You can rest easy, knowing that you have higher potential returns in your investments and the support you need  to address your medical emergencies.

But more than anything, you’ll have peace of mind, knowing that you’ve done your best to live well and manage what you have. You’ve earned where you are now, and the only thing that’s left is to ensure your legacy continues to the next generation and beyond.

And in this regard, it’s best to have a partner who can help manage part of your worries. AXA can protect what matters most to you, leaving you with more room for all the other important things in life.  

Start planning, because it’s never too late

It’s important to see the big picture, and to think of the future and its possibilities. “You also need to take the long view,” says magnate and former Philippine senator Manny Villar. “Entrepreneurs need to see the bigger picture and play the long game,” he says in his essay “Becoming an Entrepreneur.”

Given everything it takes to run a successful enterprise, you might find yourself neglecting some of the more basic things—namely, your health and lifestyle. But it’s never too late (or too early) to start looking out for your own well-being and the life you’ve built for yourself. 

So whether you’re planning on how to increase and pass on your wealth with AXA’s Asset Master, future-proofing your health with the Global Health Access, or want to increase your chances of beating a disease with Preferred Consultation and Care, there’s only one best time to start planning for the future. And that time is now. 

Whatever part of the road you’re on at the moment, whatever part of your life you are in, it’s always a good idea to start investing in the parts that come after. 

Start planning for the future at www.axa.com.ph or call: (+632)85815-292, (+63)917-1709292 (Globe), (+63)998-5889292 (Smart).