In 1897 a journalist was sent to inquire about Mark Twain's health, thinking he was near to death; but he wasn't. It was then that Mark Twain originally said, "The report of my death is an exaggeration."
Many years prior, a wealthy inventor and industrialist sipped his morning cup of coffee while he opened the daily paper. To his amazement, as he read the headlines, he discovered his own obituary was there in large, bold print. It was a mistake, but a fascinating one that would change the course of the rest of his life, and the lives of many who have come after him.
Reading on, he scanned what had been penned the previous night, only to learn the writer had focused his article solely on his most famous invention. His legacy was not his good deeds or a wealth of friendships developed over the years. No, instead, his legacy was a series of destructive events and accidental deaths caused by his powerful discovery. This wealthy, powerful industrialist was saddened by what he read. So he set out to do the improbable; he proceeded to change his legacy.
Today, Alfred Nobel is known for something far more important than dynamite. Of course, most of you will know him best as the man who created the Nobel Peace Prize. When he ultimately died in 1896, he left almost all of his significant fortune to create a series of prizes for those who confer the greatest benefit on mankind in physics, chemistry, peace, physiology or medicine, and literature through an organization known as the Nobel Foundation which has provided a stable source of funding to give out a variety of awards every year since 1901.
If you were to open the morning paper and see your obituary tomorrow morning, what would it say? How would a dispassionate news writer capsulate your life? What would others say about you? Your works, your deeds? Your legacy?
At some point, the focus of a successful life must shift from “success” to “significance.” We ultimately reach a point when money ceases to be the important measure of success and our focus becomes interpersonal relationships and our service to others. Finding this life purpose differs from defining a vision or writing a mission statement. Each of us is a leader – whether it be in your community, your family, for your clients or in your business. As a leader, your vision carries you beyond yourself and beyond tomorrow. Your mission unites you in a commonality with like-minded people. And in the end, the true measure of leadership is how we assist others to find a life of meaning.
Just like a person’s DNA, I believe everybody’s legacy is made up of essential elements, and it’s the unique combination of them that makes everyone different. A person’s legacy DNA includes financial, personal, and practical elements.
In December 2002, Daniel Kahneman was awarded the Nobel Prize in Economics. But he wasn't an economist, he was a psychologist and he received the award for his work on what he called "prospect theory". His theory was simple: the way people actually make decisions often violates standard economic assumptions about how they should make decisions. Judgments and decisions are not always rational or optimal. Instead they are based on psychological principles of how people perceive and process information. His research is some of the earliest studying in what is now referred to as "behavioural economics".
One of the main aspects of prospect theory is that people do not evaluate things in absolute terms. They evaluate them relative to a comparison standard or a reference point. Another aspect is referred to as "diminishing sensitivity" which reflects the idea that the same event has a smaller impact the farther it is from the reference point. For example a person will be more excited for winning $20 in a lottery as compared to $10, but if the winnings were $1020 versus $1010, that same $10 difference does not make as much of a difference.
Lewis Schiff, an author in the area of behavioral entrepreneurship, has researched high net worth individuals and shares that they continually challenge the status quo through accepting that the way things have been done may no longer be sufficient to realize goals. They do not follow what everyone else is doing and instead blaze their own trail.
Once you have an awareness about what a legacy is, you need to determine what the desired outcome is. Do you simply wish to leave a check in the mailbox or do you want to leave a meaningful mark on the world? It’s not up to anyone else to decide. There is no right or wrong answer, just your wishes. If you determine that you want a legacy that is meaningful, then you have a wonderful opportunity with the guidance of professionals and the tools available to take your legacy to the next level.
