A Better Alternative to New Year's Resolutions
This year, make a more meaningful impact on your family and the world by writing up a Personal Legacy Statement.
It’s that time again — when we look back over the last 12 months and make plans for the coming year. “This is the year I’ll lose those 10 extra pounds (plus the 5 I put on over the holidays),” you may think, or “2018 is gonna be the year I finally pay off my credit cards and ramp up my retirement savings!”
About half of Americans will create at least one New Year’s resolution for the coming year. Unfortunately, about 80% of those resolutions will fail by the second week of February.
This year, try writing up something different — and more meaningful — than the typical New Year’s resolution that will be a distant memory by March. Draw up your own Personal Legacy Statement. It’s like an estate plan, but instead of focusing on finances, it focuses on what kind of life you want to lead.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Have You Thought About Your Legacy?
Every hour, every day and every year, you make small decisions that lead you toward becoming a certain kind of person. Many of these “decisions” are made on autopilot as a result of habits you’ve picked up: You instinctively reach for a cup of coffee in the morning, you check your phone whenever it dings, you tense up when your spouse uses that certain tone of voice.
These habits create the behavorial trend of your life. But what are they leading you toward?
In his book The 7 Habits of Highly Effective People, Stephen Covey writes about beginning with the end in mind. If you don’t know your destination, it’s likely you’ll end up going in circles.
One of the best ways I’ve found to create an anchor or point of destination for your life is to create a Personal Legacy Statement.
A Personal Legacy Statement goes beyond losing weight or saving a few extra bucks for the future. It is a declaration of the kind of person you hope to become, the values you wish to live by and how you will impact others. It provides a vision that directs those tiny decisions that make up who you are.
If, for example, you specify in your Personal Legacy Statement that you would like to be a good parent, you may start changing some things in your day-to-day life, like putting down the cellphone at dinner or reading to your daughter before bed rather than binging on the latest Netflix series.
These small acts make a tremendous impact and lead to a legacy you can be proud of. Without this kind of direction, it’s easy to let entropy take over and just go with the flow — leading you to leave a legacy of, well, not much.
Three Steps to Writing a Personal Legacy Statement
A Personal Legacy Statement takes introspection. Spend some time journaling about the questions below and then craft a concise — no more than one page — statement that encompasses the attributes of the kind of person you hope to be known as.
1. Identify your roles.
Determine how you wish to represent yourself in the following five roles:
- Family Role — How do you wish to connect with and love those in your family?
- Social Role — How do you want to interact with friends and acquaintances?
- Career Role — How do you want to impact others through your work? How do you find passion and enjoyment in your work?
- Community Role — How will you contribute to your local community? Do you have a passion for helping a certain group of people or furthering a cause?
- Spiritual Role — How will you nourish your spirit or need for creativity, connection, rest and balance? How will you grow yourself and care for your body and well-being?
2. Define your principles.
Think about what values and morals will help you fulfill your various roles. Consider these questions as you’re writing down the values that matter to you:
- What principles are important to follow to fulfill the roles you’ve outlined for yourself?
- Which character attributes are most important to you?
- Are there personal weaknesses or struggles that will make it hard for you to fulfill your legacy if you don’t address them?
3. Specify how you wish to share your legacy.
Memories fade quickly; what gets remembered is what is recorded and shared. Consider these questions when thinking about how you wish to share your legacy:
- How will you record and document meaningful experiences?
- How will you let others know how much they mean to you?
- How will you mentor others or pass on your wisdom or skills?
To view some examples of Personal Legacy Statements, visit www.paragonroad.com/personal-legacy-statement-examples/.
A good Personal Legacy Statement can serve as the vision for your path forward for 2018 and beyond.
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

Laura A. Roser is the founder and CEO of Paragon Road, the leading authority in meaning legacy planning (passing on non-financial assets, such as values, wisdom and beliefs). For more information about legacy planning, visit www.paragonroad.com.
-
10 Cheapest Places to Live in WashingtonProperty Tax Is Washington your go-to ski destination? These counties combine no income tax with the lowest property tax bills in the state.
-
Healthy to 100: Secrets from Countries Where Retirees Age BestLongevity is a team sport, according to author Ken Stern. Here's the secret sauce for living long, healthy lives from countries like Italy and Japan.
-
My First $1 Million: Semiretired CPA, 68, San FranciscoEver wonder how someone who's made a million dollars or more did it? Kiplinger's My First $1 Million series uncovers the answers.
-
6 Overlooked Areas That Can Make or Break Your Retirement, From a Retirement AdviserIf you're heading into retirement with scattered and uncertain plans, distilling them into these six areas can ensure you thrive in later life.
-
I'm a Wealth Adviser: These Are the 7 Risks Your Retirement Plan Should AddressYour retirement needs to be able to withstand several major threats, including inflation, longevity, long-term care costs, market swings and more.
-
High-Net-Worth Retirees: Don't Overlook These Benefits of Social SecurityWealthy retirees often overlook Social Security. But timed properly, it can drive tax efficiency, keep Medicare costs in check and strengthen your legacy.
-
Do You Have an Insurance Coverage Gap for Your Valuables? You May Be Surprised to Learn You DoStandard homeowners insurance usually has strict limits on high-value items, so you should formally "schedule" these valuable possessions with your insurer.
-
8 Practical Ways to Declutter Your Life in 2026: A Retirement 'Non-Resolution' ChecklistHere's how to stop wasting your energy on things that don't enhance your new chapter and focus on the things that do.
-
To Retire Rich, Stop Chasing Huge Returns and Do This Instead, Courtesy of a Financial PlannerSaving a large percentage of your income, minimizing taxes and keeping spending in check can offer a more realistic path to retiring rich.
-
New Year, New Retirement Rules: Here's How You Can Keep Up as the Landscape ChangesFor a successful modern retirement, prepare for a longer life, manage high health care costs and prioritize your social life and purpose.
-
7 Creative Ways to Spend Less and Save More In Retirement, Courtesy of a Financial ProWorried you won't have enough money later in life? Try redesigning your vision of retirement, and you may find your savings go further than you thought.