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Dear Friends -
This week I’m fresh off a deep‑dive with a client who wanted more than a tidy estate plan—he wanted actions he could prototype right now that would echo for decades. That work sparked my own daydreams of commissioning a modern dance piece for Hubbard Street or funding a large‑scale artwork by an emerging painter.
It also sent me down the research rabbit hole on legacy. Below you’ll find what I learned, a quick read on a poignant Wall Street Journal story, and resources to help you craft a living legacy that fits your values.“If
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Why Legacy Matters (and Why It’s Not Just for the Wealthy)
Psychologists use the word generativity for the human drive to create something that outlives us. Older adults who feel generative report higher purpose in life, better mood, and greater social connectedness, while those who feel they’re falling short on contribution see the opposite pattern . Even simple “legacy activities” such as recording family stories or mentoring youth boost well‑being and reduce stress . In short, doing good today is good for you, too.
Case Study: Jonathan Clements’ Getting Going on Savings Initiative
When former Wall Street Journal personal‑finance columnist Jonathan Clements learned he has a rare, terminal lung cancer, friends asked how they could honor him. His answer: help young people start investing.
Here’s what that looks like in practice:
What | Details |
|---|---|
The vehicle | All royalties from the new anthology The Best of Jonathan Clements: Classic Columns on Money and Life flow into a fund called the Jonathan Clements Getting Going on Savings Initiative. |
Who it serves | Young adults (18+) from low‑income families in Boston’s Summer Youth Employment Program—many of whom have never owned an investment account. |
How it works | - Each participant receives plain‑English education on Roth IRAs. |
The research angle | J‑PAL North America and Northeastern University economists will track both grant recipients and a control group to learn what combination of dollars, education, and nudges turns first‑time investors into lifelong savers. |
Partners & funders | John C. Bogle Center for Financial Literacy, J‑PAL, City of Boston, Dow Jones Foundation, and News Corp (parent of WSJ). |
“If you have a young person in your life, one of the greatest gifts you can give is to get them started investing. They might not have a lot of money, but they have a lot of time.” — Jonathan Clements
Why it matters: Clements’s plan targets the single biggest wealth‑building gap—getting started. A modest early deposit paired with decades of compounding can be life‑changing, especially for families where the stock market feels out of reach. By combining real dollars with rigorous follow‑up, the project will generate data other cities and nonprofits can copy.
Clements may not live long enough to see the final results—“I’ll be playing in overtime if I make it past 2025,” he jokes—but the impact (and the insights) will outlast him. It’s a vivid reminder that a living legacy begins with the very next action we fund today. The Wall Street Journal gift 🎁 article can be accessed here.
A Five‑Step Legacy Design Framework
Name Your North Star
List the values you refuse to compromise. Circle your top three.Spot the Gaps
Where do your time, talent, or money not yet express those values?Prototype Small
Choose one micro‑experiment you can launch in 30 days (for example, $500 toward that dance commission or mentoring a scholarship student).Run the Alignment Test
Ask: Does this action honor my top values? Is the impact measurable and meaningful? Would I still do it if no one knew?Iterate or Scale
Double down on what lights you up; tweak or drop what doesn’t. Legacy is a living document, not a one‑and‑done project.
Inspiration Station
Podcasts to Queue Up
Show & Episode | Why Listen |
|---|---|
The Long View – “Life Is Full of Small Pleasures” (Morningstar interview with Jonathan Clements) | First‑person look at building a living legacy while you’re still here Morningstar |
LeverAGE – “Building a Legacy of Well‑Being” | Conversations on policy, advocacy, and practical steps for impact American Society on Aging |
Living Your Legacy (Aging with Purpose and Passion, Ep. 23) | Real stories about purpose, connection, and fulfillment in later life Apple Podcasts |
Videos Worth a Watch
Act Three AI Prompt
Copy, paste, and customize in ChatGPT (or your favorite tool):
Prompt: “I’m [age], passionate about [top passions], and my core values are [values]. Suggest five high‑impact legacy projects I can begin within the next 12 months—one each in the arts, education, environment, community health, and economic opportunity [or whatever areas interest you]. For each idea, give me a first step I can take this month and a metric to see if it’s working.”
In case you missed it, I published a new episode of my Act Three podcast this week! If you need to get started strength training (like I do…), have a listen and be inspired to take action!!
🌱 Final Thought
Legacy is simply aligned action taken now with tomorrow’s beneficiaries in mind. Whether you underwrite a dance premiere, open child‑savings accounts, or plant trees you will never sit under, the common thread is intent.
What small step will you take this week? Hit reply and tell me—I love hearing your stories.
Until next time, keep designing the third act that leaves the world brighter.
Cara Gray
Third Act Consultant, CPRC, CEPA™️
P.S. If you want to start planning your third act and a custom plan for your legacy, set up a time on my calendar for a chat: Schedule a Chat with Cara