Smart Money Parenting - Audio Edition: Recent Episodes
Chad Willardson and Scott Donnell
Summary
Scott Donnell and Chad discuss the need for financial education in schools and the limitations of traditional financial education methods. They emphasize the importance of real-life money skills and the need for students to learn by doing. They introduce DinnerTable.com as a solution for schools to incorporate hands-on financial education into their curriculum. They highlight the impact of financial education on families, communities, and the future success of young adults. They encourage listeners to share the information with schools and join the movement to transform education through practical financial skills.
Takeaways
Traditional financial education methods in schools are often ineffective and fail to teach real-life money skills.
Students learn best through hands-on experiences and practical application of financial concepts.
DinnerTable.com offers a solution for schools to incorporate real-life money skills into their curriculum.
Financial education in schools can have a positive impact on families, communities, and the future success of young adults.
Time Stamps
00:00 Introduction and Mission
00:32 The Need for Financial Education in Schools
04:33 The Importance of Real-Life Money Skills
05:33 Learning by Doing
07:03 The Role of Practical Skills in Education
09:04 DinnerTable.com as a Solution for Schools
10:46 The Impact of Financial Education in Schools
12:04 Building Stronger Communities through Financial Education
13:25 Conclusion and Call to Action
Want to take your family and your finances to the next level? Schedule a call with Dinner Table today.
https://scott.dinnertable.com/book
Download the Gravy Stack App for FREE (iOS)
https://apps.apple.com/us/app/gravystack-gamified-banking/id1635188175
Download the Gravy Stack App for FREE (Google Play)
https://play.google.com/store/apps/details?id=com.gravystack.gravystack&hl=en_US≷=US
Chad’s Best Seller Book:
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest
Scott’s Best Seller Book
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed
Socials
Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
Summary
In this conversation, Scott Donnell and Chad discuss strategies for motivating and empowering kids. They emphasize the importance of finding what lights a child up and using that passion as a source of motivation. They also discuss the role of money in teaching kids about motivation and responsibility. The conversation explores the idea of giving kids control and responsibility over their own expenses and the benefits of creating opportunities for them to earn money. They also address the issue of hopelessness and mental health in kids and the importance of supporting them through struggles. The conversation concludes with a reminder to parents to initiate and show up for their kids, and the importance of community support and resources.
Takeaways
Find what lights your child up and use that passion as a source of motivation.
Teach kids about money and motivation by giving them control and responsibility over their own expenses.
Create opportunities for kids to earn money and learn the value of hard work.
Support kids through struggles and let them know that you have their back.
Time Stamps
00:00 Finding Motivation through Passions
00:58 Teaching Kids about Money and Motivation
03:12 Empowering Kids to Take Control of Their Lives
04:10 Creating Opportunities for Freedom and Responsibility
06:18 Teaching Kids to Be Financially Responsible Adults
07:09 Taking Accountability and Responsibility
09:43 Addressing Hopelessness and Mental Health
11:06 Creating Value and Building Confidence
12:29 Supporting Kids Through Struggles
13:39 Initiating and Showing Up for Kids
14:47 Community Support and Resources
Want to take your family and your finances to the next level? Schedule a call with Dinner Table today.
https://scott.dinnertable.com/book
Download the Gravy Stack App for FREE (iOS)
https://apps.apple.com/us/app/gravystack-gamified-banking/id1635188175
Download the Gravy Stack App for FREE (Google Play)
https://play.google.com/store/apps/details?id=com.gravystack.gravystack&hl=en_US≷=US
Chad’s Best Seller Book:
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest
Scott’s Best Seller Book
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed
Socials
Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
Summary
In this episode, Scott and Chad discuss the importance of teaching kids to apologize and model genuine remorse. Chad shares a personal story about apologizing to a tire shop employee after initially getting upset over a tire repair. They emphasize the significance of teaching kids accountability and the value of apologizing in various relationships, including marriage and business. Scott and Chad also highlight the connection between apologizing and financial competency, as well as the importance of modeling forgiveness and reconciliation for children. They conclude by mentioning their sponsor, the Gravy Stack app, and encourage listeners to share the episode with others.
Time Stamps
00:00 Introduction
00:40 Chad's Story of Apologizing
06:15 Modeling Apology and Reconciliation
09:48 Apologizing and Financial Competency
13:21 Apologizing and Accountability
15:03 Conclusion
Want to take your family and your finances to the next level? Schedule a call with Dinner Table today.
https://scott.dinnertable.com/book
Download the Gravy Stack App for FREE (iOS)
https://apps.apple.com/us/app/gravystack-gamified-banking/id1635188175
Download the Gravy Stack App for FREE (Google Play)
https://play.google.com/store/apps/details?id=com.gravystack.gravystack&hl=en_US≷=US
Chad’s Best Seller Book:
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest
Scott’s Best Seller Book
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed
Socials
Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
In this special episode, Scott sits down with Brandon Turner to talk about it all. From family money skills to parenting advice, the next generation of kids, and family legacy, Scott and Brandon talk about all the secrets you need to know about building a Family Legacy today.
A special thanks to Brandon Turner and his team for having Scott on! Give him a follow on his podcast A Better Life w/Brandon Turner
https://open.spotify.com/show/7mkm7wrfHiBBYmK32faCfk?si=dc77a0cbc386417b
Description:
This episode combines insights on raising financially savvy children with effective parenting in the digital era. Featuring expert Scott Donnell, who has educated millions on children's financial literacy, it delves into his journey from a budding entrepreneur to becoming a champion for financial education among youths through his initiative, Gravy Stack. Donnell stresses the importance of instilling a robust work ethic and financial wisdom from a young age, aiming to prepare kids for responsible wealth management and to foster a healthier mindset about money. The conversation also navigates the complexities of digital parenting, addressing the challenges and dangers children face online—from inappropriate content to the persuasive power of social media and video games. It contrasts various parenting approaches, emphasizing a proactive, disciplined, yet loving family environment. The script underscores the importance of parental self-care and contemplates the legacy parents leave behind, advocating for a life that instills value and is remembered fondly.
00:00 Introduction and Meeting Scott Donnell
00:44 Scott's Early Life and Career Choices
02:17 The Importance of Financial Literacy for Kids
02:26 Scott's Entrepreneurial Journey
03:48 The Concept of Heritage vs Inheritance
04:53 The Impact of Money on Personal Behavior
12:03 The Role of Delayed Gratification in Child Development
33:52 The Evolution of Scott's Business Ventures
34:26 The Controversy Around Debt and Financial Education
35:39 The Creation and Impact of Gravy Stack
43:41 The Power of Brain Gigs: A New Approach to Learning
44:27 The Impact of Financial Literacy on Children
45:00 The Importance of Teaching Kids About Money
45:37 The Three E's: Expectations, Expenses, Extra Pay
46:00 The Power of Expenses: Teaching Kids Financial Responsibility
47:02 The Role of Gigs in Teaching Kids About Money
48:01 The Impact of Parenting on Kids' Financial Habits
49:24 The Importance of Kids' Independence and Responsibility
50:18 The Role of Kids in the Economy and Society
53:58 The Role of Faith in Parenting
54:45 The Importance of Nurturing Kids' Nature
57:44 The Importance of Protecting Kids from Negative Influences
01:03:52 The Role of Discipline in Parenting
01:21:53 The Importance of a Morning Routine
01:23:41 The Legacy of a Parent
Additional Links
Want to take your family and your finances to the next level? Schedule a call with Dinner Table today.
https://scott.dinnertable.com/book
Download the Gravy Stack App for FREE (iOS)
https://apps.apple.com/us/app/gravystack-gamified-banking/id1635188175
Download the Gravy Stack App for FREE (Google Play)
https://play.google.com/store/apps/details?id=com.gravystack.gravystack&hl=en_US≷=US
Scott’s Best Seller Book
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed
Socials
Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott
Scott Donnell on Instagram - @imscottdonnell
The episode of 'Smart Money Parenting' podcast features hosts discussing about innovative ways to help kids make money and understand the value of it. They stress the importance of teaching kids to charge for results rather than time and effort. Some of the activities mentioned include lawn mowing, car and pool washing, snow shoveling, grocery shopping for others, tutoring, sports coaching, and technology assistance. They also touched upon the concept of kids developing skills in entrepreneurship and creating their own small businesses. The hosts also reference 'Gravy Stack', a tool designed to help children learn to earn.
00:00 Introduction to Smart Money Parenting
00:03 The Concept of Making Money with Your Kids
01:51 The Importance of Charging for Results, Not Time
03:01 Real-Life Example: The Lawn Mowing Business
05:31 Brainstorming Other Business Ideas for Kids
13:58 The Power of Challenges and Learning by Earning
15:18 Conclusion and Invitation to Join DinnerTable.com
Additional Links
Want to take your family and your finances to the next level? Schedule a call with Dinner Table today.
https://scott.dinnertable.com/book
Download the Gravy Stack App for FREE (iOS)
https://apps.apple.com/us/app/gravystack-gamified-banking/id1635188175
Download the Gravy Stack App for FREE (Google Play)
https://play.google.com/store/apps/details?id=com.gravystack.gravystack&hl=en_US≷=US
Chad’s Best Seller Book:
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest
Scott’s Best Seller Book
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed
Socials
Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
On the 'Smart Money Parenting Show', hosts Chad Willardson and Scott Donnell discuss the critical role of mentorship in children's lives. They emphasize that mentors can reinforce the values parents instill in their children, helping them navigate through life's challenges and opportunities. The hosts share personal experiences and provide tips on how to be intentional about finding the right mentors. They also discuss the significance of mentors outside the immediate family, encouraging their kids to take advice from other trusted figures. The talk includes a discussion on the various aspects of being a good mentee such as preparation, initiative, implementation of advice, confidentiality, and gratitude. They recommend that parents actively seek mentors for their children to avoid leaving this crucial aspect to societal influences.
00:00 Introduction to the Importance of Mentorship
00:20 Welcome to the Smart Money Parenting Show
00:57 The Role of Mentorship in Teenagers' Lives
02:36 The Impact of Mentorship on Personal Success
05:12 Tips for Being a Good Mentee
07:30 The Importance of Taking Initiative as a Mentee
10:53 The Power of Connecting with the Right People
13:53 The Dangers of Unintentional Mentorship
14:40 Conclusion: The Power of Intentional Mentorship
Additional Links
Want to take your family and your finances to the next level? Schedule a call with Dinner Table today.
https://scott.dinnertable.com/book
Download the Gravy Stack App for FREE (iOS)
https://apps.apple.com/us/app/gravystack-gamified-banking/id1635188175
Download the Gravy Stack App for FREE (Google Play)
https://play.google.com/store/apps/details?id=com.gravystack.gravystack&hl=en_US≷=US
Chad’s Best Seller Book:
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest
Scott’s Best Seller Book
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed
Socials
Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
Scott Donnell and Chad Willardson focus on the principle of consistency, emphasizing its importance in both smart money parenting and investment. They emphasize that consistency helps children form crucial habits that define their character and worldview over time. They also dissect how consistency is key in nurturing investment, relating it to compound interest. With a wider perspective, they extend the analogy of consistency in investments to other life areas like health, academics, and daily routines. The duo insists the cruciality of unstinting practice and maintaining habits from a young age, emphasizing how it compounds over time, proving highly beneficial in the long run. The narrative also dissects the applications of consistency, explaining it as a strategy to guide children’s behavior in multiple contexts, like nutrition, physical activity, and carrying out chores. On a concluding note, the assertion is made that kindness should be practiced consistently as well.
00:00 Introduction to Smart Money Parenting
00:44 The Importance of Consistency in Parenting
01:34 Consistency in Home Routines
02:56 The Power of Consistency in Skill Development
05:05 Consistency in Investing and Financial Education
09:47 The Impact of Consistency on Personal Growth
12:22 Consistency in Daily Habits and Routines
13:19 The Long-Term Effects of Consistency
15:08 Consistency in Kindness and Final Thoughts
Additional Links
Want to take your family and your finances to the next level? Schedule a call with Dinner Table today.
https://scott.dinnertable.com/book
Download the Gravy Stack App for FREE (iOS)
https://apps.apple.com/us/app/gravystack-gamified-banking/id1635188175
Download the Gravy Stack App for FREE (Google Play)
https://play.google.com/store/apps/details?id=com.gravystack.gravystack&hl=en_US≷=US
Chad’s Best Seller Book:
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest
Scott’s Best Seller Book
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed
Socials
Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
In this episode of the Smart Money Parenting show, hosts Chad Willardson and Scott Donnell discuss the significant differences between Smart Money Parents and regular parents. They emphasize that Smart Money Parents raise their children to be future adults who are prepared to face the real world. This involves teaching kids to create value and handle money independently instead of relying solely on their parents. Other discussions include the importance of praising children's choices and decisions rather than just their natural gifts, encouraging a mindset of continuous learning, and treating children as investments rather than expenses. They conclude by mentioning their workshop at dinnertable.com.
00:04 Introduction to Smart Money Parenting
00:29 The Difference Between Smart Money Parents and Others
01:17 The Impact of Smart Money Parenting on Children
02:23 The Challenges of Default Parenting
03:28 The Importance of Intentionality in Parenting
04:08 The Power of Mindset Shifts in Parenting
05:48 The Role of Choices in Smart Money Parenting
07:55 The Investment Perspective of Smart Money Parents
13:49 The Value of Learning and Growth in Smart Money Parenting
16:02 Conclusion and Invitation to Further Learning
Additional Links
Want to take your family and your finances to the next level? Schedule a call with Dinner Table today.
https://scott.dinnertable.com/book
Download the Gravy Stack App for FREE (iOS)
https://apps.apple.com/us/app/gravystack-gamified-banking/id1635188175
Download the Gravy Stack App for FREE (Google Play)
https://play.google.com/store/apps/details?id=com.gravystack.gravystack&hl=en_US≷=US
Chad’s Best Seller Book:
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest
Scott’s Best Seller Book
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed
Socials
Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
In the latest episode of Smart Money Parenting, hosts Chad and his co-host emphasize the importance of transforming passion into profit. They highlight the necessity to not only pursue hobbies, but to also recognize opportunities to monetize these interests as viable paths for wealth creation. The hosts provide various examples using both their lives and their children's lives. They stress the importance of providing tools and knowledge to children so that they can discover their unique abilities and potentially transform these into profitable avenues. They also focus on the narrative that people need not only have a traditional job to make money, but can also grant value to others and make a living in any area they are passionate about and skilled in. The hosts emphasise how this approach to work could drastically change the 'work is drudgery' mentality and provide a more fulfilling work life.
00:04 Introduction to Smart Money Parenting
00:41 The Importance of Turning Passion into Profit
02:11 Understanding Kids' Dreams and Aspirations
02:42 Leveraging Skills and Capabilities into Profit
03:22 Examples of Turning Passion into Profit
06:40 The Role of Schools in Nurturing Passion
07:12 The Importance of Enjoying Your Work
11:11 The Impact of Passion on Job Selection
12:41 Conclusion: The Power of Turning Passion into Profit
Additional Links
Want to take your family and your finances to the next level? Schedule a call with Dinner Table today.
https://scott.dinnertable.com/book
Download the Gravy Stack App for FREE (iOS)
https://apps.apple.com/us/app/gravystack-gamified-banking/id1635188175
Download the Gravy Stack App for FREE (Google Play)
https://play.google.com/store/apps/details?id=com.gravystack.gravystack&hl=en_US≷=US
Chad’s Best Seller Book:
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest
Scott’s Best Seller Book
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed
Socials
Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
In this episode of Smart Money Parenting, Scott and Chad discuss overcoming insecurity and fostering confidence in children. They stress that true confidence doesn't come from external validation but from keeping commitments to oneself and creating value for others. They emphasize the importance of kids learning about money, being self-reliant, and taking on challenges. Chad shares personal anecdotes about his children to illustrate how confidence is boosted when they exhibit financial responsibility. Both hosts emphasize that confidence is critical for both personal and financial success, and parents can help instill this in their kids.
00:00 Introduction
00:21 Welcome to Smart Money Parenting
00:46 The Importance of Confidence in Kids
02:04 Building Inner Confidence vs Surface Layer Confidence
02:25 The Role of Commitment in Building Confidence
03:06 The Misconception of Confidence and Insecurity
04:46 The Power of Keeping Promises to Yourself
05:08 The Difference Between Insecurity and Confidence
05:42 The Contagious Nature of Confidence
08:30 The Role of Value Creation in Building Confidence
10:34 The Impact of Earning Money on Kids' Confidence
14:10 Conclusion: From Insecurity to Confidence
14:31 Closing Remarks and Thanks
Additional Links
Want to take your family and your finances to the next level? Schedule a call with Dinner Table today.
https://www.dinnertable.com
Chad’s Best Seller Book:Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Scott’s Best Seller Book: Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
In this episode, Scott and Chad talk about the one benefit that companies aren't offering... and how they are solving the problem.
Additional Links
Want to take your family and your finances to the next level? Schedule a call with Dinner Table today.
https://scott.dinnertable.com/book
Download the Gravy Stack App for FREE (iOS)
https://apps.apple.com/us/app/gravystack-gamified-banking/id1635188175
Download the Gravy Stack App for FREE (Google Play)
https://play.google.com/store/apps/details?id=com.gravystack.gravystack&hl=en_US≷=US
Chad’s Best Seller Book:
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest
Scott’s Best Seller Book
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed
Socials
Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
In this episode of the Smart Money Parenting Show, hosts Chad Willardson and Scott Donnell delve into the topic of 'money trauma,' a form of childhood trauma that often goes undiscussed. They examine how attitudes and behavior around money during childhood can significantly shape people's financial behaviors in adulthood. The pair warns that without addressing and healing from this trauma, people may continue to perpetuate harmful financial habits, possibly passing them down to the next generation. They also stress the need to see money as a tool rather than a status symbol or a measure of self-worth. The hosts encourage listeners to reflect on their own 'money trauma', to discuss it with their children and to endeavor to lead by a better example financially.
00:00 Introduction to Money Trauma
01:36 Understanding the Impact of Money Trauma
02:30 The Relationship with Money
03:11 The Consequences of Money Trauma
03:33 Examples of Money Trauma
07:41 The Influence of Parents' Money Habits
09:41 The Importance of Addressing Money Trauma
09:56 How to Become a Smart Money Parent
13:00 Conclusion and Call to Action
Additional Links
Want to take your family and your finances to the next level? Schedule a call with Dinner Table today.
https://scott.dinnertable.com/book
Download the Gravy Stack App for FREE (iOS)
https://apps.apple.com/us/app/gravystack-gamified-banking/id1635188175
Download the Gravy Stack App for FREE (Google Play)
https://play.google.com/store/apps/details?id=com.gravystack.gravystack&hl=en_US≷=US
Chad’s Best Seller Book:
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest
Scott’s Best Seller Book
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed
Socials
Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
Scott and Chad are back at it for 2024 and excited to bring you more great content. In this episode, they discuss the importance of teaching kids about financial independence at an early age. They identify three ways to make money: selling time, selling products, or investing capital. They emphasize the potential of the digital era that allows children and teenagers to learn anything for free and create passive streams of income. The idea is to motivate kids to think beyond the traditional hourly wages or salary jobs and explore creative ways of making money. In addition, the potential value of transformative approaches such as investing capital at a young age, drop shipping businesses or creating a tech product is highlighted.
00:00 Introduction
00:41 Welcome to Smart Money Parenting
01:32 The Three Ways to Make Money
02:40 Examples of Selling Time, Products, and Investing Capital
07:42 The Power of Compounding Interest
09:56 The Importance of Diversifying Income Streams
13:11 The Value of Results Over Time and Effort
15:46 Conclusion: Encouraging Kids to Think Outside the Box
Additional Links
Want to take your family and your finances to the next level? Schedule a call with Dinner Table today.
https://scott.dinnertable.com/book
Download the Gravy Stack App for FREE (iOS)
https://apps.apple.com/us/app/gravystack-gamified-banking/id1635188175
Download the Gravy Stack App for FREE (Google Play)
https://play.google.com/store/apps/details?id=com.gravystack.gravystack&hl=en_US≷=US
Chad’s Best Seller Book:
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest
Scott’s Best Seller Book
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed
Socials
Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
In this episode of the Smart Money Parenting Show, co-hosts Chad Willardson and Scott Donnell dive into the topic of spenders versus hoarders. They discuss the different attitudes and behaviors associated with each type, emphasizing the importance of being frugal rather than cheap. The hosts offer insights on how to identify and manage these personality types, providing useful tips for finding a healthy balance between spending and saving. Tune in to learn more about the spender and hoarder profiles and gain valuable advice for navigating financial decisions.
- Spending vs hoarding: different attitudes towards money
- Cheap vs frugal: understanding the difference
- Status and emotions drive overspending
- Money habits often stem from childhood experiences
- Healing and balance are key to smart money parenting
Mentioned in this episode
gravystack.com/smart
gravystack.com/igniter
smartmoneyparenting.com
smartmoneyparenting.com/followus
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
In this episode of Smart Money Parenting, hosts Scott Donnell and Chad Willardson discuss the concept of the "pink tax." They explain that the pink tax refers to the tendency of products marketed towards women to be more expensive than similar products marketed towards men. This phenomenon has been present for decades but is now being exposed. The hosts highlight that simply adding a feminine touch to a product can increase its price by 30 to 43%. They encourage listeners to question the cost of products and not simply accept the status quo. This episode aims to raise awareness about the pink tax and empower consumers to make informed financial decisions.
- Pink tax: phenomenon of products marketed towards women being more expensive
- Products affected: razors, shampoo, dry cleaning, haircuts, clothing, footwear, gloves, hats, medicines
- Price increase: 30-43% for feminine products
- Importance of price comparisons and questioning costs
- Conversation about societal pressures and self-worth in relation to beauty and consumerism
Mentioned in this episode
gravystack.com/smart
gravystack.com/igniter
smartmoneyparenting.com
smartmoneyparenting.com/followus
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
In this episode of Smart Money Parenting, hosts Chad and Scott celebrate the Christmas season by expressing gratitude for their healthy and happy families. They share 9 tips to for the holiday season! Tune in for a heartwarming discussion on the importance of investing in the long-term well-being of our families. Merry Christmas to all!
- Tips for not spoiling kids during Christmas
- Prioritize experiences over material gifts
- Embrace giving and involve kids in charitable activities
- Encourage creativity with homemade gifts
- Invest in learning through books and educational resources
Mentioned in this episode
gravystack.com/smart
gravystack.com/igniter
smartmoneyparenting.com
smartmoneyparenting.com/followus
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
In this episode of Smart Money Parenting, Scott and Chad discuss the importance of helping children develop a strong sense of self-worth and identity. They emphasize the need for children to know that they are loved and valued, regardless of their achievements or performance. By addressing the biggest fear that every child has, they explore how parents can support their children in building a healthy self-image. Tune in to gain insights on fostering a positive identity in your children.
- Kids fear not being loved or feeling like they're not enough
- Parents need to reinforce their child's worth and value
- Identity shapes decisions and behaviors
- Values and vision are important in shaping a child's identity
- Reminding kids of their worth and potential helps them thrive
Mentioned in this episode
gravystack.com/smart
gravystack.com/igniter
smartmoneyparenting.com
smartmoneyparenting.com/followus
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
In this episode of Smart Money Parenting, the hosts discuss the challenge of getting kids to care about money. They highlight that only 5% of kids are naturally entrepreneurial and interested in money, while the majority don't even want to talk about it. The hosts emphasize the importance of giving kids a motive to earn money and cover expenses, as this will help them develop a sense of responsibility and understanding about finances. Tune in to learn more about how to get your kids to care about money in the right way.
- Teenagers need a motive to care about money
- Kids won't care about money until they have to
- GravyStack app helps kids earn and manage money
- Teaching kids responsibility and choice-making is important
- Setting up a system with trust and responsibility can help kids learn about money
Mentioned in this episode
gravystack.com/smart
gravystack.com/igniter
smartmoneyparenting.com
smartmoneyparenting.com/followus
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
Scott and Chad discuss the importance of teaching children manners and respect. They share personal stories and experiences that have made an impact on them, such as their children being praised for their respectful behavior. They emphasize the need for kids to learn respect for adults, have good attitudes, and engage in age-appropriate conversations. They also mention how these traits stand out to adults and the positive effects they can have on children's confidence and capabilities.
Mentioned in this episode
gravystack.com/smart
gravystack.com/igniter
smartmoneyparenting.com
smartmoneyparenting.com/followus
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
In this episode of Smart Money Parenting, Chad and Scott talk about entitlement and the different ways to prevent the behavior in children.
Mentioned in this episode
gravystack.com/smart
gravystack.com/igniter
smartmoneyparenting.com
smartmoneyparenting.com/followus
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
In this Thanksgiving episode of the Smart Money Parenting Show, hosts Chad and Scott discuss the power of gratitude and the importance of appreciating what we have. They share their favorite Thanksgiving foods and traditions, including mashed potatoes, pumpkin pie, stuffing, and playing football with friends. The hosts also reminisce about past Thanksgiving mishaps, such as injuries from turkey bowl games. Tune in for a lighthearted and grateful conversation about the holiday season.
- Overestimate what can be done in a year.
- Underestimate what can be done in 10 years.
- Gratitude increases happiness.
- Gratitude reduces frustration and anger.
- Gratitude fosters generosity.
Mentioned in this episode
gravystack.com/smart
gravystack.com/igniter
smartmoneyparenting.com
smartmoneyparenting.com/followus
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
In this episode of Smart Money Parenting, Chad and Scott discuss their recent transformative experience at a men's event in the mountains of Colorado. They emphasize the importance of dads supporting each other and debunk the traditional idea that men should suppress their emotions. They explore the ways spouses can support the dads and men in their lives. Tune in for powerful insights and breakthroughs for fathers and leaders.
- Protect and provide for your family
- Be vulnerable and seek help
- Importance of having a support system
- The impact of isolation on mental health
- The power of vulnerability in fatherhood
Mentioned in this episode
gravystack.com/smart
gravystack.com/igniter
smartmoneyparenting.com
smartmoneyparenting.com/followus
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
In this episode of the Smart Money Parenting Show, Chad and Scott dive deep into the topic of childhood trauma around money. They discuss how understanding the atmospheric conditions in someone's life can help us understand the decisions they make. The hosts emphasize the importance of transforming childhood trauma and preventing it from happening in our own families. While they acknowledge that they are not licensed counselors, they offer resources for those who may need professional help. Listeners are encouraged to listen to this impactful episode multiple times.
- Childhood trauma around money
- Impact on decisions and behaviors
- Importance of discussing money as a family
- Identifying and addressing money mindsets
- Transforming trauma into positive change
Mentioned in this episode
gravystack.com/smart
gravystack.com/igniter
smartmoneyparenting.com
smartmoneyparenting.com/followus
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
In this episode of Smart Money Parenting, Scott and Chad discuss the importance of focusing on the needs and desires of clients rather than getting caught up in the details of how a product or service works. Using the analogy of selling a Tylenol pill, Chad emphasizes that people don't care about the intricacies of a solution; they only care about the end result it provides. They urge parents to teach their kids the lesson of framing their actions and decisions in simple terms to meet the needs of others rather than getting caught up in unnecessary details.
- Solving problems and helping others is the key drive.
- Selling is about understanding what customers want and need.
- Teaching kids to be unselfish and self-aware.
- Focus on the benefits and the dream, not just the features.
- Help people solve their pain points and make their headaches disappear.
Mentioned in this episode
gravystack.com/smart
gravystack.com/igniter
smartmoneyparenting.com
smartmoneyparenting.com/followus
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
In this episode of the Smart Money Parenting Show, Chad and Scott discuss the importance of being aware of who is influencing your kids. They emphasize the value of having a strong inner circle and how it can impact your children's lives. They explore the role of friends and peers in shaping your child's goals, interests, and mindset. The hosts also touch on the financial aspect and how factors like zip code and school can play a role in your child's financial future. Tune in to gain insights on how to build a positive and influential inner circle for your kids.
- Importance of inner circle for kids
- Influence of peers and trusted adults
- Choosing influential people for inner circle
- Being aware of who is influencing kids online
- Building intentional dinner table conversations
Mentioned in this episode
gravystack.com/smart
gravystack.com/igniter
smartmoneyparenting.com
smartmoneyparenting.com/followus
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
In this episode of Smart Money Parenting, Chad and Scott discuss the importance of attitude and effort in sports. They share their experiences as parents of kids involved in various sports and how they strive to raise financially competent, emotionally intelligent, and emotionally strong children. The main topic of the episode is emotional regulation in sports, specifically addressing parents' behavior in the bleachers. Chad shares his personal experience of attending over a thousand youth sports games and emphasizes the need for parents to remain calm and composed during these events.
- Sports and emotional regulation
- Calming down in the bleachers
- Importance of attitude and effort in sports
- Negative impact of overly competitive parents
- Teaching kids character and emotional intelligence through sports
Mentioned in this episode
gravystack.com/smart
gravystack.com/igniter
smartmoneyparenting.com
smartmoneyparenting.com/followus
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
In this episode of Smart Money Parenting, Scott Donnell and Chad Williamson discuss the importance of mental health for young people. They address alarming statistics that show the prevalence of mental health challenges among children and teenagers, such as depression and thoughts of self-harm. The hosts emphasize the need for parents to take these issues seriously and to actively work towards preventing them. With their combined nine children, Scott and Chad share their personal concern for their own families and the desire to ensure their children's well-being. Mental health matters, and this episode aims to raise awareness and promote sensitivity towards this critical topic.
- Mental health challenges for young people are increasing.
- Cyberbullying and online comments can be harmful.
- Parents need to have open conversations about mental health with their kids.
- Physical health and serving others can improve mental health.
- The GravyStack app is a helpful tool for families.
Mentioned in this episode
gravystack.com/smart
gravystack.com/igniter
smartmoneyparenting.com
smartmoneyparenting.com/followus
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
In this episode of Smart Money Parenting, Chad and Scott discuss the importance of family fitness and how to help kids stay healthy in a world dominated by screens. They highlight the increased screen time children have today and the impact it can have on their physical well-being. They emphasize the need for kids to get outside and engage in physical activities to support their overall development. Tune in for valuable insights on modeling healthy habits as a family.
- Importance of modeling fitness for kids
- Impact of sedentary lifestyle on children's health
- Connection between health habits and wealth habits
- The compound effect of healthy habits over time
- The benefits of physical activity for family bonding and communication
Mentioned in this episode
gravystack.com/smart
gravystack.com/igniter
smartmoneyparenting.com
smartmoneyparenting.com/followus
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
In this episode of Smart Money Parenting, Chad and Scott discuss the importance of teaching kids about passive income and revenue streams. They emphasize the need for multiple sources of income and the risks of relying on just one. The hosts introduce the idea of teaching children to earn money while brushing their teeth, a simple and practical way to introduce them to the concept of passive income. They explain the benefits of passive income and revenue streams and how it can provide financial security in uncertain times. This episode offers valuable insights for parents looking to teach their kids about financial independence.
- Teaching kids about passive income and revenue streams
- Importance of having multiple sources of income
- Investing in stocks, real estate, and other opportunities
- Planting seeds for long-term financial success
- Promoting an abundance mindset for financial growth
Mentioned in this episode
gravystack.com/smart
gravystack.com/igniter
smartmoneyparenting.com
smartmoneyparenting.com/followus
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
In this episode of Smart Money Parenting, Scott and Chad discuss how food can be a great tool for teaching children about money. They share practical ways to incorporate money lessons into everyday activities like cooking and grocery shopping. They also highlight the concept of the "dad tax" as a fun way to teach kids about expenses. Tune in to discover how to use food to teach your children important financial principles.
- Teaching kids cooking skills and budgeting at the grocery store
- Using food to teach kids about the price of food and money
- The dad tax as a way to teach kids about taxes
- Using the Gravy Stack app to teach kids about coupons and saving on groceries
- The dinner budget challenge to teach kids about budgeting and cooking at home
Mentioned in this episode
gravystack.com/smart
gravystack.com/igniter
smartmoneyparenting.com
smartmoneyparenting.com/followus
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
In this episode of Chad and Scott are excited to announce their upcoming event where they plan to break a world record for the most kids learning about financial literacy on a live stream. They share details about the event, including the date and how listeners can join their Facebook group to access the recordings. They express their excitement about the event and their hopes to bring in even more influential names. Listeners are encouraged to take action and start learning about financial literacy today.
- World record event for most kids learning financial literacy
- Goal setting and preparing for the future
- Setting goals and working backwards
- Vision boarding and I am statements
- Overcoming obstacles for success
- Measurable and attainable goals
Mentioned in this episode
gravystack.com/smart
gravystack.com/igniter
smartmoneyparenting.com
smartmoneyparenting.com/followus
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
In this episode of Smart Money Parenting, Scott and Chad discuss the right attitudes for heading back to school. They share their own experiences and offer insights on how parents can set their kids up for success. They emphasize the importance of having a positive mindset and making a good first impression. Tune in to learn more about fostering a healthy back-to-school attitude.
- Importance of bringing your best self to school
- Shifting mindset from self-centered to value creation
- Focusing on adding value to others and serving as a friend
- The impact of positive energy and attitude on success
- Encouraging kids to think about how they can help and serve others
Mentioned in this episode
gravystack.com/smart
gravystack.com/igniter
smartmoneyparenting.com
smartmoneyparenting.com/followus
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
In this episode, Chad and Scott discuss the power of words and how they can impact our lives. They emphasize the importance of using positive and empowering language, especially when it comes to parenting. They highlight the phrases "I am" and "I can" and the impact they have on our mindset and actions. By avoiding negative words and replacing them with more empowering phrases, parents can help their children develop a positive relationship with money and success. The hosts also share advice on how to ensure that the words we use encourage and uplift our children, ultimately propelling them towards success.
- Importance of using empowering words with children
- The impact of words on mindset and behavior
- Reframing negative stories and narratives
- Teaching gratitude and the power of positive language
- The significance of staying calm and composed during conflicts with children
Mentioned in this episode
gravystack.com/smart
gravystack.com/igniter
smartmoneyparenting.com
smartmoneyparenting.com/followus
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
In this episode, Chad and Scott delve into the topic of how the story we tell our kids about money can have lasting effects on their financial mindset. They emphasize the importance of recognizing the influence our own childhood experiences have on our attitudes towards money and how we unknowingly pass them on to our children. They discuss the potential negative impacts, such as entitlement, anxiety, and trauma, that can result from not being aware of the stories we are telling about money. By understanding the power of the narratives we create, we can avoid driving our kids over the potholes of financial missteps and instead foster a healthy and empowered relationship with money for future generations.
- The story you tell your kids about money will stay for generations.
- The story of your money can ruin your kids.
- The story of money can create high stress and anxiety.
- Money should be viewed as a tool, not the end-all be-all.
- Parents should have conversations about their own childhood stories and how they want to shape the story of money for their kids.
Mentioned in this episode
gravystack.com/smart
gravystack.com/igniter
smartmoneyparenting.com
smartmoneyparenting.com/followus
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
In this episode of Smart Money Parenting, Scott and Chad discuss the importance of having your money work for you rather than working for your money. They emphasize the distinction between assets and liabilities, with assets being defined as something that generates income. They provide insights on how to escape the job trap and share practical tips for getting your money to work for you. Tune in to learn how to raise amazing kids while achieving financial freedom.
- The difference between assets and liabilities.
- Assets are defined as things that pay you money, while liabilities are things that cost you money.
- Focus on buying and investing in assets.
- Financial freedom is achieved by having your money work for you
- Teach children about setting goals to accumulate assets for financial security.
Mentioned in this episode
gravystack.com/smart
gravystack.com/igniter
smartmoneyparenting.com
smartmoneyparenting.com/followus
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
In this episode of Smart Money Parenting, Scott Donnell and Chad Willardson discuss the challenges and transitions that come with becoming a parent. They acknowledge the immense responsibility and hard work that parents carry, comparing them to superheroes. From the simple act of going to the beach to planning a short getaway, they highlight the shift from a life of "me" to a life of "we" when you have kids. They emphasize the importance of changing your perspective and adapting to prioritize the needs of your children.
- Importance of instilling positive beliefs in children
- The power of words in shaping a child's identity
- Examples of how positive reinforcement can lead to positive changes in behavior
- The impact of negative comments on a child's self-perception
- The role of parents and adult figures in providing a sense of identity and belief in children
Mentioned in this episode
gravystack.com/smart
gravystack.com/igniter
smartmoneyparenting.com
smartmoneyparenting.com/followus
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
In this episode of the Smart Money Parenting Show, hosts Chad Willardson and Scott Donald discuss the importance of prioritizing family as your number one business. They emphasize how parents who are successful in their careers should also prioritize their role as parents and create a strong foundation for their family. By investing time and energy into their family, parents can create a positive and nurturing environment for their children. The hosts highlight the limited window of time parents have to influence and bond with their kids, and provide tips on how to be present and engaged in their children's lives. Ultimately, they stress the importance of building a strong family unit that supports and uplifts one another.
- The most important business is the one you come home to at the end of the day.
- Prioritize your family and make them the focus of your calendar and energy.
- Treat your family like a business, with meetings, plans, and goals.
- Success in your family will lead to success in other areas of your life.
- Make the most of the time you have with your children before they turn 18.
Mentioned in this episode
gravystack.com/smart
gravystack.com/igniter
smartmoneyparenting.com
smartmoneyparenting.com/followus
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
In this episode of Smart Money Parenting, Scott and Chad discuss the importance of instilling the right beliefs and mindsets in children. They emphasize that children will believe what their parents say about them, and share personal stories to illustrate this point. They highlight the need for parents to encourage their children's gifts and make them feel supported. Tune in to learn more about shaping your child's beliefs for success.
- Importance of instilling positive beliefs in children
- The power of words in shaping a child's identity
- Examples of how positive reinforcement can lead to positive changes in behavior
- The impact of negative comments on a child's self-perception
- The role of parents and adult figures in providing a sense of identity and belief in children
Mentioned in this episode
gravystack.com/smart
gravystack.com/igniter
smartmoneyparenting.com
smartmoneyparenting.com/followus
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
In this episode of Smart Money Parenting, Scott and Chad discuss the importance of training and discipline in raising children. They emphasize that discipline is a result of a lack of training and introduce the concept of "boot camps" for children. The hosts share their own experiences and how they have implemented boot camps in their families. Listeners are encouraged to review, share, and spread the word about the podcast to support the mission of empowering families. * The podcast episode discusses the concept of boot camps as a way to teach discipline and training to children.
- The hosts emphasize that all discipline issues in a family can be attributed to a lack of training.
- They provide a list of boot camps for different age groups, ranging from zero to five years old, six to nine years old, and 10 to 13 years old.
- The boot camps cover various skills and values, such as proper behavior in public, household chores, time management, mental toughness, and financial responsibility.
- The hosts highlight the importance of teaching children practical skills and fostering a love for learning outside of school.
Mentioned in this episode gravystack.com/smart
gravystack.com/igniter
smartmoneyparenting.com
smartmoneyparenting.com/followus
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell amazon.com Value Creation Kid: The Healthy Struggles Your Children Need to Succeed Value Creation Kid: The Healthy Struggles Your Children Need to Succeed (70 kB) https://www.amazon.com/gp/aw/d/1636801463/ref=tmm_pap_swatch_0?ie=UTF8&qid=&sr= Reply… Also send as direct message
In this episode of Smart Money Parenting, the hosts discuss how to master money without losing your identity. They are joined by Financial Expert and Writer of "Investing is your Super Power" ; Empowered Planning, Shinobu Hindert, who shares her insights and expertise on the topic. The conversation explores the importance of not tying money to one's identity and focusing on underlying values. They also discuss the hurdles that parents face in managing their own finances and teaching their kids about money. This episode offers valuable advice and guidance for parents seeking to navigate the world of personal finance.
- Biggest hurdles for parents in managing finances: lack of time and decision fatigue
- Advice for parents who are intimidated by personal finance: start with the basics, be transparent about current financial situation, and set future goals
- Importance of automating financial decisions and creating a roadmap for financial planning
- Teaching kids about money: explaining the impact of money in everyday life, encouraging open conversations about money, and answering their questions
- Success story of a client who gained confidence and paid off debt through empowered planning
- Importance of understanding one's money story and money mindset
- Having conversations with spouses about money: understanding each other's values and financial priorities, avoiding conflict, and finding common ground
- Removing identity from money and focusing on underlying values and goals
Mentioned in this episode
https://www.empoweredplanning.com/
gravystack.com/smart
gravystack.com/igniter
smartmoneyparenting.com
smartmoneyparenting.com/followus
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Shinobu Hindert on LinkedIn: https://www.linkedin.com/in/shinobu-hindert
Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
In this episode of Smart Money Parenting, Scott and Chad invite their dads to share their experiences on parenting. They discuss the importance of taking time to teach children about practical life skills, such as money management. They emphasize the need to show kids the real world and help them understand actions, reactions, and financial responsibilities. The dads reflect on their own parenting journey, both the successes and mistakes that shaped their children's lives. Tune in to hear their valuable insights on raising financially responsible kids.
- Importance of taking time to teach and show children values and practical skills
- Emphasizing the importance of accountability and living within means
- Teaching children about the real world and the ebb and flow of actions, reactions, money, and spending
- Reflecting on the simplicity of practical lessons in financial management
- Introducing the guests, Chad's dad and Scott's dad, for a discussion on their parenting experiences
- Sharing background information on the guests, including their careers, marriages, and children
- Discussing the concept of bringing parents to work and the fun of having them as guests on the podcast
- Highlighting the importance of learning from parents' successes and mistakes in order to understand how they got to where they are today
- Sharing personal stories and experiences from the guests' parenting journeys
- Discussing the price of gas and houses when the guests were newlyweds
- Reflecting on the challenges and uncertainties of the late 70s and how it compares to the current times
- Emphasizing the importance of a strong work ethic and the value of education
- Discussing the lessons of integrity and the importance of family history and legacy
- Sharing personal stories and examples of lessons taught to children, such as saving for college and the value of generosity
- Reflecting on the resilience and strength gained from going through difficult times as a family
- Discussing the importance of time spent with children, regardless of quantity or quality, and the impact it can have on their lives
- Offering advice to younger parents, including taking time to teach and show children what is important, being accountable, and living within means
Mentioned in this episode
gravystack.com/smart
gravystack.com/igniter
smartmoneyparenting.com
smartmoneyparenting.com/followus
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
In this podcast episode, the Scott & Chad discuss their mission of financial education and success building in young people. They talk about the overwhelming response they receive from people who want to get involved and help. They also mention their upcoming event where they plan to break a world record for the most kids learning about financial literacy live on a livestream. They then shift the conversation to the importance of setting goals for kids and how it can help them think about something bigger than themselves. They mention a book called "Be Your Future Self Now" that inspired discussions with their own teenagers about setting goals and becoming the person they want to be in the future.
Bullet Point Break Down;
- Breaking a world record for the most kids in history participating in a live stream to learn financial literacy skills.
- Mention of notable guests and influencers participating in the event.
- Discussion on the importance of setting goals and thinking about a future version of oneself that matters enough to take action today.
- Reference to the book "Be Your Future Self Now" by Dr. Benjamin Hardy and its impact on teenagers.
- Explanation of the MAP (Motivation Ability Prompt) system for taking action on goals.
- Examples of using the MAP system for flossing teeth and doing push-ups.
- Importance of setting up prompts and reminders to support goal achievement.
- Mention of the "Start Your Day" habit and the concept of working backwards to set goals.
- Introduction to the concept of a strategy circle for kids and families to overcome obstacles and reach goals.
- Encouragement to make goals simple, measurable, and attainable.
How to Keep your Kids Accountable;
- Emphasize the importance of setting goals that are simple, measurable, and attainable.
- Discuss the concept of SMART goals (Specific, Measurable, Achievable, Relevant, Time-bound).
- Encourage kids to think about their future selves and what they want to achieve.
- Teach kids to work backwards from their desired outcome and set smaller, actionable goals.
- Introduce the idea of creating vision boards or I am statements to visualize and reinforce goals.
- Use prompts and reminders to help kids stay motivated and accountable.
- Encourage kids to identify and overcome obstacles that may hinder their progress.
- Discuss the concept of perseverance and the importance of taking action towards goals.
- Highlight the benefits of having an accountability partner or support system.
- Encourage kids to celebrate milestones and successes along the way.
Mentioned in This Episode:
Elevate Experience 2023
Empower Over 15,000 Kids in a record Breaking Financial Literacy Event
https://www.elevate.kids
gravystack.com/smart
gravystack.com/igniter
smartmoneyparenting.com
smartmoneyparenting.com/followus
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
In this episode, both Scott Donnell and Chad Willardson discuss the right mindset for back-to-school season. They emphasize the importance of bringing one's best self, making a good first impression, and approaching challenges as opportunities for personal growth. The hosts also share advice on how parents can support their children in developing a positive attitude towards school.
- Encourage your child to embrace new opportunities and make new friends.
- Shift their mindset from focusing on being with their best friends to creating value for their classmates.
- Teach them to think about how they can serve and add value to others in the classroom.
- Emphasize the importance of bringing their best self and making a positive first impression.
- Help them develop a mindset of growth, positive energy, and serving others.
- Focus on the value they add to others' lives rather than just their own achievements.
- Prepare them to be a powerful force in the world by instilling traits of success and leadership.
Mentioned in This Episode:
gravystack.com/smart
gravystack.com/igniter
smartmoneyparenting.com
smartmoneyparenting.com/followus
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
Stop doing things for your kids, just do things with them
Mentioned in This Episode:
gravystack.com/smart
gravystack.com/igniter
smartmoneyparenting.com
smartmoneyparenting.com/followus
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
What do you want to be when you grow up? In this episode, Scott Donnell and Chad Willardson discuss why this is one of the most destructive questions parents can ask their kids. They also reveal how the question puts undue pressure on children as well as better ways to understand your kid's interests and passions.
- Scott starts the conversation by describing why you should stop asking your kids what they want to be when they grow up.
- When you ask your kids what they want to be when they grow up, their answers are often based on pleasing you.
- Scott describes how kids went from wanting to be doctors, firemen, and astronauts to social media influencers and YouTube content creators.
- Scott and Chad describe how parents can have conversations with their kids about goals, dreams, and aspirations.
- If someone is doing what they love while solving a need in the world, that's the perfect career.
- According to Scott, 50% of all jobs today did not exist 15 years ago. That's why we must focus on skill sets and unique abilities that could go into a hundred different jobs.
- Help your kids understand there's flexibility. People change careers and change industries all the time, and that's okay.
- Chad explains why it's never a good idea to pigeonhole your kids and force them to follow your career path.
- For Scott, the type of career your kid will have is based on their current interests and passions.
- Scott explains how your kid's unique abilities are the keys to a happy, satisfying life full of wealth, knowledge, clarity, and confidence.
- Chad and Scott discuss the best ways to talk to your kids about their future careers.
Mentioned in This Episode:
gravystack.com/smart
gravystack.com/igniter
smartmoneyparenting.com
smartmoneyparenting.com/followus
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
Does your kid think they’re better than everyone else? Scott Donnell and Chad Willardson discuss how thinking your kids deserve special treatment damages their future. They also reveal a better way to motivate your kids and make them feel proud of their accomplishments.
- Chad and Scott agree that the best parents tell their kids, “you’re special to me.” Not, “you deserve special treatment.”
- According to Chad, telling your kids they deserve special treatment makes them walk around with a chip on their shoulder.
- Scott’s definition of humility - a clear self-estimation of who you are in the world.
- For Scott, true self-esteem is built by letting your kids know that they are special to you. Not telling them that they deserve special treatment.
- Although you’d want to love your kids as much as possible, you must also give them an accurate view of their place in the world.
- Chad talks about the unfortunate reality of modern parenting.
- Telling your kids that they’re superior doesn’t build self-esteem; it breeds narcissism.
- Scott and Chad agree that if you teach your kids to believe they are superior to everyone else and they deserve special treatment, you’re setting them up for failure later in life.
- Chad’s golden rule of parenting - praise and reward effort, not outcomes. Your kids cannot control the outcome. But they can control their effort and their attitude.
- Scott goes over the long-term consequences of parents doing everything for their kids.
- For Chad, doing everything for a child might initially sound harmless, but parents must also consider the long-term consequences of raising their kids in a bubble.
- Chad and Scott discuss the foundational elements of a smart money parent.
- Scott covers ways parents can teach their kids how to create value in the real world.
- Scott talks about the confidence and capability matrix - and why it’s so important for kids to start building concrete capabilities.
- Chad and Scott agree that it’s cheaper and safer for your kids to fail at home than in the real world.
- Scott shares a crazy hiring story where a parent accompanied their child to a job interview.
- According to Chad, failure in kids is okay - kids need to experience and overcome failure if they are to succeed in the real world.
- What to do the next time you find yourself trying to get special treatment for your kids.
- Scott and Chad discuss the detrimental consequences of entitled parents trying to get their kids special treatment.
Mentioned in This Episode:
gravystack.com/smart
gravystack.com/igniter
smartmoneyparenting.com
smartmoneyparenting.com/followus
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
How do you save for your children's education? Scott Donnell and Chad Willardson welcome the “accidental financial guy,” Robert Farrington from The College Investor.com.
They discuss when it’s a good time to start teaching your children about money, the Y.E.S. acronym, why 529 plans are worth looking into, and the different approaches you could have, in regards to saving for college, depending on your children’s age.
- Robert Farrington, who labels himself an “accidental financial guy,” starts the conversation by sharing his story and how we got to where he is today with The College Investor.
- Robert focuses on introducing children to money because he believes that "the earlier you start to build wealth, the less money it takes” – plus, you have time working in your favor.
- Starting as early as you can, obviously with age-appropriate money education for your child, is something Robert recommends to all parents.
- It’s about understanding the why, and helping children understand it, says Robert. Moreover, you should also teach children about earning money from a young age.
- There are different ways children can earn money: chores, household projects, saving money gifts (e.g. from birthdays), but also things outside the house, like small works or recycling, for instance.
- Even if your children ask about something you do know about, it’s very easy to get yourself informed today through podcasts, blogs, and YouTube channels.
- Robert always likes to approach paying for college using the Y.E.S. acronym: you, Educational savings, and then general savings.
- Robert’s suggestion is to use the oxygen mask analogy and take care of yourself first, also because there are several ways to navigate education – grants, scholarships, financial aids, different school choices, etc.
- Chad points out that many parents over-invest in putting money away for college and then under-invest in their own retirement. This is a mistake because you can’t get scholarships, grants, or student loans for retirement…
- For Robert, getting a 529 plan or leverage taxable investing are the two bread and butter ways to approach saving for education.
- Beware: there are plans that are marketed nationally, but they're all housed by states.
- Typically, a plan is based on the rules of the state of the account owner, usually a parent.
- Many people are afraid of the taxes and the 10% penalty you’d have to pay if you pulled money out of the account for non-qualifying expenses.
- Robert brings up an idea of how a family could use a 529 plan to create an “education trust” of sorts.
- Remember: a parent could be the account owner of a 529 plan. This is important to keep in mind because while 529 plans do impact your financial aid (though they only count towards 5.64% on the FAFSA), grandparent-owned 529 plans don’t impact your financial aid one bit.
- Robert, Chad, and Scott talk about what happens if your child receives a scholarship, as well as the life insurance side of things, and when you should tell your children that you’re saving for their education.
- People who struggle the most with student loans are the ones that never graduated college.
- Robert shares his advice for both parents with very young children and for those with older ones – including the approach he has with his own kids.
Mentioned in This Episode:
gravystack.com/smart
gravystack.com/igniter
smartmoneyparenting.com
smartmoneyparenting.com/followus
TheCollegeInvestor.com
The College Investor Audio Show
The College Investor on YouTube - @thecollegeinvestor
The College Investor on TikTok - @thecollegeinvestor
Previous episode - TRIGGER WARNING: Shocking Stats About College
Backer.com
Upromise.com
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
How do you prepare your kids for college? And what about you – how do you prepare yourself? In today's episode, hosts Scott Donnell and Chad Willardson discuss what parents should think about and do when it comes to their children potentially going to college.
They share some stats related to education quality and student loan debts, the “financial handcuffs” trap, and what a good gap year actually looks like.
- Scott kicks off the conversation mentioning a few facts about education, like the fact that education rates are higher than ever.
- Even though an impressive amount of families really value education, Scott doesn’t believe that everyone should get thousands of dollars in student loans to get a degree.
- In 2021, the total amount of student debt by 44 million borrowers exceeded $1.7 trillion. However, only about 55% of students pursuing a bachelor’s degree actually complete it.
- Chad raises the question of whether it’s worth paying thousands of dollars while, today, education is really happening online…
- According to a 2021 report of best colleges, 76% of students believe that online learning is actually better and more productive than, or at least equal to, on-campus learning.
- Scott says it clearly: college is not the only answer to ensure a child’s success.
- Scott points out some of the advantages of going to college and warns about what parents should be on the lookout for.
- Chad and Scott mention the fact that many companies don’t look at degrees but focus on people’s attitudes when hiring them.
- Level 7 of the GravyStack app addresses the concept of the ROI of college.
- When approached the wrong way, student loans can be a “financial handcuff” young people will need to deal with for the rest of their life.
- Scott and Chad share their college prep advice, and talk about what a good gap year actually is.
- Chad shares the story of a couple that had a different way to approach their children’s college journey.
Mentioned in This Episode:
gravystack.com/smart
gravystack.com/igniter
smartmoneyparenting.com
smartmoneyparenting.com/followus
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
How do you explain what inflation is to your kids? Scott Donnell and Chad Willardson talk about inflation, what it is, why it matters, and how to explain it to your kids.
- Chad starts the conversation by revealing the leading driver of inflation in the US.
- According to Chad, if your money isn’t growing, it’s losing a lot of its purchasing power and becoming less valuable.
- If you’re spending hundreds of thousands of dollars on a college education, ensure your kids learn valuable and practical things so they don’t graduate with a ton of debt and no skills.
- Chad talks about the difference between inflation and deflation.
- Scott explains how inflation and rising prices affect low-income households.
- For Scott, inflation is like a monster that can slowly eat away at what you have.
- Chad and Scott agree that learning to create more value is the best hedge against inflation.
- The statistics show that if you have a credit card, you are psychologically going to spend 30% more money.
- Chad and Scott talk about the benefits of having your money work for you.
- Chad goes through ways parents can make their kids understand why prices always go up in an economy.
- Scott reveals why you need to be aware of the things that can quickly dry up your bank account.
- Scott and Chad agree that saving and investing are critical for protecting yourself against inflation - always make more than you spend so that you can have something to save and invest.
- Scott reveals the two areas that prove inflation exists - rising health and medical costs.
Mentioned in This Episode:
gravystack.com/smart
gravystack.com/igniter
smartmoneyparenting.com
smartmoneyparenting.com/followus
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - https://www.linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - https://www.linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
Do your kids understand how advertising works? In this episode, Scott Donnell and Chad Willardson talk about the impact of advertising on kids. They discuss how learning to decode the message behind an ad is an essential skill for kids and adults alike.
- Scott and Chad start the conversation by describing how advertising works and the tricks marketers use to get people’s attention.
- You need to understand that every business is trying to sell you something, whether it’s a good or bad business.
- Chad explains how the average person sees hundreds of thousands of advertisements daily - all used to influence, persuade, and get you to think a certain way and buy a certain thing.
- What is the best defense against sneaky advertising? For Scott, you must teach your kids to decode the message behind the ad.
- Did you know that your attention is being bought and sold? We live in a world where to influence, communicate, or sell anything to potential buyers, you must capture their attention.
- Chad and Scott highlight how attention is now the most valuable resource in the world.
- Scott goes through ways to help your kid develop a strong sense of identity.
- Scott and Chad agree that ads are everywhere. Everywhere you turn, you’re likely to come across a print, digital, or recorded ad.
- Scott explains subliminal advertising and how marketers use intentional messaging, sounds, or visuals to get you to buy something.
- Chad shares the questions you can ask your kids to help them understand how advertising works.
- Chad explains ways to teach kids to resist advertising and become smart consumers.
- Scott reveals the techniques marketers use to target deep childhood wounds and get you to buy their products.
- How to make your kids understand the difference between wants and needs.
- Chad and Scott discuss why a 30-second Super Bowl ad costs hundreds of millions of dollars.
- Advertising is everywhere; your kids cannot escape it. Scott goes through lessons parents can use to teach their kids to be advertising-savvy consumers.
- Chad explains the link between advertising, consumerism, and materialism.
Mentioned in This Episode:
gravystack.com/smart
gravystack.com/igniter
smartmoneyparenting.com
smartmoneyparenting.com/followus
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - https://www.linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - https://www.linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
Why is integrity important? What do your kids do when no one’s watching? In this episode, Scott Donnell and Chad Willardson discuss why integrity is an important trait in kids. They cover ways parents can teach their kids character and ensure they take responsibility for their actions, especially when nobody's watching.
- Chad starts the conversation by sharing a sad situation where two young adults caused an accident, looked at the damage, laughed, and walked away.
- For Chad, the situation shows that kids nowadays lack integrity.
- He explains that integrity teaches children to take responsibility for their actions, even when nobody’s watching.
- Scott highlights how integrity can be tricky to teach kids because it’s not as clear-cut as explaining honesty or kindness.
- When you make mistakes, you have to take accountability. And it doesn’t matter if you think no one’s watching.
- Your reputation is the only asset you cannot afford to lose because you cannot get it back.
- Chad explains the role of integrity in developing self-confidence - and how parents can teach it to their kids by modeling honesty at home.
- Scott talks about the benefits of building and protecting your reputation as a kid.
- According to Chad, if you don’t have integrity, nothing else matters.
- Chad explains that you want your kids to be smart with money, be successful, and do great things in life. But if they’re not doing it with integrity, nothing else matters.
- Scott reveals why parents should teach their kids to do the right thing when no one’s watching. Because the moment they turn 18, and they leave the nest, you’re not watching them anymore.
- Teach your kids that becoming more trustworthy is the secret to getting more freedom.
- You get rewarded in public for the great decisions you make in private.
- Scott and Chad agree that the greatness of a man is not in how much wealth he acquires but in his integrity and ability to affect those around him positively.
- If you’re unsure about your integrity, Scott believes now is a good time to assess all aspects of your life and start setting a good example for your kids.
Mentioned in This Episode:
gravystack.com/smart
gravystack.com/igniter
smartmoneyparenting.com
smartmoneyparenting.com/followus
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - https://www.linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - https://www.linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
How often do you high five your kids? In today's episode, hosts Scott Donnell and Chad Willardson discuss the benefits of recognizing and celebrating your children's accomplishments, big or small. They also cover why you should praise their efforts and encourage them to pursue their interests and passions.
- Chad starts the conversation by describing how much morale you can boost in your home by having a positive attitude.
- The best way to raise a confident kid is to celebrate them.
- Chad explains how celebrating the little things can create memories that stick with your kids for life.
- Chad goes through daily moments you can celebrate with your kids at home.
- Scott and Chad agree that you can change how a kid views something by celebrating it.
- Scott highlights that celebrating your kids is not about giving them false confidence - because false confidence means a lack of ability.
- Celebrating is an instant mood changer - think of how a kid instantly lights up when you give them a high five.
- Chad talks about the benefits of high-fiving your kids on all the little things that they do.
- According to Chad, parents should celebrate effort, not just celebrate results. It's not always about winning and losing or getting the award.
- For Scott, celebrating your kids bolsters their self-esteem, their mental health and their ability to take on the world. You want that in your kids.
- Remember that there are a million little opportunities every day you can use to celebrate your kids.
- Scott reveals the best marriage advice he ever got - Praise the good in your spouse as much as humanly possible and then leave the rest to God.
- According to Scott, finding ways to celebrate the little moments every day is not just going to lift your kids up, it's going to lift you up, too.
Mentioned in This Episode:
gravystack.com/smart
gravystack.com/igniter
smartmoneyparenting.com
smartmoneyparenting.com/followus
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - https://www.linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - https://www.linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
Are you a connected family? What is the importance of strong family ties? In today's episode, hosts Scott Donnell and Chad Willardson discuss ways parents can give their kids roots and wings. Roots - give them a sense of belonging and knowing where home is. Wings - give them the freedom to explore and conquer the world.
- You want them to stay rooted in your family culture, but you also want them to fly off and conquer the world.
- Are families being destroyed? In 1960, 72% of families had a nuclear family. Today, it's just 45%, and if you're an urban inner-city family, it's just 1%.
- Chad explains how families are being destroyed with modern leaders pushing for individualism and selfishness.
- For Scott, your goal as a parent is to have a family that is connected as much as possible.
- How do you kill a family culture? Scott explains how taking away the chief storyteller kills the culture and connectedness of a family.
- Scott talks about the value of raising independent kids with the goal of cultivating interdependence and remaining connected to each other.
- Every family has some form of crazy. But what you can do is take the good, leave the bad and make it better for your kids and the next generation.
- According to Scott, kids will stay a part of the family if they see you're still connected to your family.
- If you grew up in a dysfunctional home, as many people have, Chad believes you can be the one that breaks that chain of dysfunction.
- According to Scott, strong family values are the best way to preserve your family culture. Make them fun, memorable, and engaging.
- Scott goes through the practical things parents can do to unite the nuclear family when the extended one is in chaos.
- Make decisions for your great-grandchildren. Scott explains how the decisions you make today with your kids will impact future generations.
- Scott reveals the shocking driver behind public schools in 1917 - and the systemic plan to remove parents from their children's lives.
Mentioned in This Episode:
gravystack.com/smart
gravystack.com/igniter
smartmoneyparenting.com
smartmoneyparenting.com/followus
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - https://www.linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - https://www.linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
What is the difference between wealthy and rich? In today's episode, hosts Scott Donnell and Chad Willardson discuss the differences between being wealthy and being rich, as well as how kids can learn to differentiate between the two.
- Scott starts the discussion by describing how true wealth differs from being rich.
- Chad doesn't particularly like the term "rich" because owning a bunch of status symbols to keep up with the Joneses is not an actual benchmark of success.
- For Chad, a massive house and an expensive car do not tell you anything about a person's financial situation.
- Chad and Scott agree that rich is loud and wealth is quiet, most of the time.
- They further explain that true wealth is built brick by brick over time and living like nobody else today so you can live like no one else tomorrow.
- According to Scott, these super-expensive status symbols come with a lot of baggage if you don't have wealth.
- Chad believes trying to be rich is an anxious lifestyle, but living wealthy is real freedom. So kids should aim for wealth instead of riches.
- You make a living by what you get, but you make a life by what you give.
- Teach your kids that there's a very big difference between being rich and being wealthy - but it's almost impossible to tell from the outside.
- According to Chad, there's nothing wrong with owning a big house or a nice car - as long as you can afford it and live within your means.
- Wealth is wealth. You either have it or you don't.
- Chad and Scott discuss how the so-called financial gurus mislead people with get-rich-quick schemes that rarely work in the real world.
- If you own a bunch of nice stuff, Scott believes you should attempt to consistently communicate to your kids about how fortunate you are to be financially stable.
- For Scott, being wealthy is when you make wise money decisions, have your finances in order, and own assets that can withstand the test of time.
Mentioned in This Episode:
gravystack.com/smart
gravystack.com/igniter
smartmoneyparenting.com
smartmoneyparenting.com/followus
The Billionaire Who Wasn't: How Chuck Feeney Secretly Made and Gave Away a Fortune by Conor O'Clery
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - https://www.linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - https://www.linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
Can kids learn about sales without being sleazy? In today's episode, hosts Scott Donnell and Chad Willardson discuss why parents should stop telling their kids that selling is sleazy. They also reveal the sales skills every kid must learn and why sales is not about tricking people into giving you money.
- Scott starts the conversation by describing his definition of sales and why most people dislike the art of selling.
- Sales is not sleazy because everybody sells. According to Chad, if selling makes you feel sleazy, you're doing it wrong.
- Scott reveals why sales is not about tricking people into giving your money. Instead, it's about understanding their DOS - Dangers, Opportunities, and Strengths.
- Chad talks about pushy salespeople and how they give sales a bad rep.
- Chad and Scott break down the right approach to sales and why it's never a good idea to sell something you don't believe in.
- You kids will be selling and persuading people their whole lives. The least you can do is tell them that selling is not sleazy.
- For Scott, if you're trying to sell something that doesn't help people's lives get better, quit your job. Don't do that anymore.
- Don't have "sales" be a curse word in your home. For Scott, sales is not sleazy when you do it correctly.
- Chad and Scott agree that the core principle of selling is figuring out what somebody else wants or needs and solving that problem for them.
- According to Scott, people want to buy things that help their lives but don't want to be sold to or tricked into buying things they don't want.
- Chad goes through the benefits of learning how to sell - if your kids can learn to sell, they can do anything they want in life.
- To get better at selling, Chad believes you need first to get better at listening, questioning, and then obsess over helping people get what they want.
Mentioned in This Episode:
gravystack.com/smart
gravystack.com/igniter
smartmoneyparenting.com
smartmoneyparenting.com/followus
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - https://www.linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - https://www.linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
What does the future of education look like? In today's episode, hosts Scott Donnell and Chad Willardson discuss how education is slowly moving online and ways parents and kids can use the internet to learn skills necessary for succeeding in the real world.
- Chad and Scott start the discussion by describing how the internet will change education as we know it.
- For Scott, education should be about kids learning practical skills that they can use to succeed in the real world.
- It’s so unfortunate that modern education focuses primarily on good grades and memorizing theoretical concepts instead of equipping kids with practical life skills.
- Scott reveals the reasons most parents don’t believe in online education.
- Scott talks about the critical thinking and practical skills kids and adults can earn online.
- Scott and Chad discuss the things parents can do to ensure their kids don’t become addicted to technology use and social media.
- As a parent, you must have rules in your home where your kids use technology for education, not entertainment.
- Chad and Scott agree that the world is a classroom, and you can learn anything you want to learn for free online.
- Chad is convinced that education has moved online, and it doesn’t matter whether we’re ready for it or not.
- According to Scott, education needs to be ranked and prioritized based on how it creates value in the real world.
- Scott talks about online safety and consuming the right online content.
- You must be careful online because if you don’t know what ‘they’re selling,’ then you are the product they’re selling.
- Chad describes the effectiveness of online learning and why it only makes sense when the acquired knowledge leads to action.
- For Chad, you can’t run away from technology. Your kids will be on screens, so always ensure that what they are consuming online is productive.
Mentioned in This Episode:
gravystack.com/smart
gravystack.com/igniter
smartmoneyparenting.com
smartmoneyparenting.com/followus
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - https://www.linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - https://www.linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
What is the secret to raising exceptional kids? In today's episode, hosts Scott Donnell and Chad Willardson discuss the necessary parenting skills to raise Rockstar kids. From fostering a supportive environment to cultivating discipline, creativity, and resilience, the duo uncovers the secrets behind empowering young minds to shine like true stars.
- Chad and Scott start the conversation by describing the joys of raising super successful kids.
- Chad shares how his eldest daughter is winning in almost all aspects of her life.
- Chad talks about the power of patience, persistence, and discipline in raising rockstar kids.
- The one thing you want as a parent is to have kids whoknow they can try new things, and if they put in the work, the results and the rewards will follow.
- Chad reveals the power of setting high expectations for your kids and giving them the resources they need to succeed.
- Scott and Chad agree that the excitement and enthusiasm to try something new is something all parents must foster in their kids.
- Scott reveals how consistent little wins can yield big results.
- As parents, we often underestimate our kids. We don't give them enough credit or think they are incapable of anything.
- According to Scott, your kids can do things you never thought possible - from learning new skills to solving problems and taking initiative.
- For Chad, the biggest mistake parents make is labeling their kids and putting them in a box where they cannot try new things.
- Chad shares things parents can do to help develop their children's curiosity.
- Chad talks about children taking risks and the mindset your kid needs to develop to succeed in the real world.
- Scott describes how parents can nurture creativity in their kids by encouraging curiosity and allowing them to try new experiences.
Mentioned in This Episode:
gravystack.com/smart
gravystack.com/igniter
smartmoneyparenting.com
smartmoneyparenting.com/followus
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - https://www.linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - https://www.linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
What are you most afraid of when it comes to raising your kids? In today's episode, hosts Scott Donnell and Chad Willardson go through the five nightmares all parents have with their kids. They cover the foundation of healthy parent to child relationships, what it takes to raise self-sufficient kids, and why deep down, all kids crave independence.
- Scott and Chad start the conversation by describing the incredible journey to getting GravyStack online.
- For Scott, there's no better feeling for a parent than when a kid stops asking for money.
- Scott and Chad go through the five nightmares all parents have with their kids and how to deal with them.
- According to Chad, no matter how busy you are, you must create time for real conversations with your kids.
- It's so unfortunate that many parents see their kids as liabilities.
- However, Scott is convinced that when you make your kids self-sufficient, they will become valuable contributors in the home.
- Chad shares how you can effectively prepare your kids for the real world.
- Scott and Chad discuss ways parents can create a system where kids can learn how to cover their own expenses.
- For Scott, giving your kids money they did not work for is a lose-lose situation.
- If you give in, you'll feel guilty for raising entitled kids. If you don't, then your kids see you as the bad guy.
- Scott and Chad agree that the biggest win for parents is when their kids are motivated to do stuff on their own.
- The best businesses in the world are solving the customer's deep needs and pain points.
- Fear just shows that you're unprepared and haven't done the work ahead of time.
- Did you know that 93% of shared time between parents and kids happens before their 18th birthday?
- According to Scott, you shouldn't feel guilty when your kids take ownership of their lives. Your goal is to raise accountable kids that don't think the world owes them anything.
- As your kids grow older, Scott believes you need to move from parent-guardian to coach-friend if you want to maintain a strong relationship into adulthood.
- Have you ever felt like time is ticking and your kids are growing up too fast? Scott shares how you can build a better relationship with your kids before it's too late.
- Chad talks about the dilemma most parents experience: I want to be a friend to my kids, but I cannot neglect my duty as a parent.
- Deep down, all kids want to be independent. You do not want nagging and the constant push-pull between parents and kids in your home.
- Scott reveals a stress-free system parents can use to maintain a healthy home - a system kids willingly want to follow and enjoy following.
Mentioned in This Episode:
gravystack.com.smart
gravystack.com/igniter
smartmoneyparenting.com
smartmoneyparenting.com/followus
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - https://www.linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - https://www.linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
Do you know about the Tuttle Twins? If not, what resources are you using to help your kids develop critical thinking skills about real-world concepts? In today's episode, Scott Donnell and Connor Boyack discuss ways parents can explain economics, money subjects, and political principles to kids of all ages.
- Connor Boyack is the founder and president of Libertas Institute, a free market think tank in Utah. He is best known for The Tuttle Twins books, a children's series introducing young readers to economic, political, and civic principles.
- Scott and Connor start the conversation by talking about the Tuttle Twins Series and how it is impacting kids worldwide.
- If you want to teach your kids anything, you must find a way to make it engaging; otherwise, it won't stick.
- Scott explains what most parents don't realize about raising kids - anything you teach them today is a seed planted for their future success.
- Connor reveals the things parents should focus on if they want to raise super successful kids.
- Connor breaks down a survey where more than 50,000 parents were asked about the school system and why they send their kids to school.
- From the survey, the researchers found that parents primarily wanted their kids to learn practical skills and critical thinking, which are, unfortunately, not emphasized enough in today's curriculum.
- Connor and Scott agree that parents will get greater results if they learn financial literacy alongside their kids.
- Scott highlights the two main reasons parents avoid talking about money to their kids.
- According to Connor, learning doesn't have to be inside a classroom to be effective. Your kids can learn just as much at the dinner table.
- For Scott, life is your playground as a parent; you can make everything an incredible lesson for your kids.
- Connor does not believe we can pass some law and fix the issue of financial illiteracy. If we're going to save the future generation, it has to start at the dinner table.
- The best messages in the world are so easy that a 5-year-old can understand them.
- Scott reveals that kids learn by having fun and through real-world experience. The fun makes it motivating and the real-world experience gives them capability and confidence to succeed.
Mentioned in This Episode:
gravystack.com.smart
gravystack.com/igniter
smartmoneyparenting.com
smartmoneyparenting.com/followus
Tuttletwins.com
Connor Boyack’s LinkedIn
Download the Angel App Here: Angel.com
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - https://www.linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - https://www.linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
Is having a purpose in life more important than chasing money? In today's episode, hosts Scott Donnell and Chad Willardson discuss why you need to help your kids find their purpose and the financial rewards of chasing purpose instead of money.
- Chad and Scott start the conversation by talking about their life's mission and why it has never been about making money - all they want is to help parents raise amazing kids.
- According to Scott, purpose is greater than money. People need a purpose more than they need money.
- For Chad, if you're chasing money without a purpose, you're going to be empty, unfulfilled, and unsuccessful.
- Chad and Scott agree that when you chase purpose and get people on board with that mission, the abundance and financial rewards are unlimited.
- Giving your kids an allowance without making them work for it makes them grow up thinking they deserve a bunch of free stuff from the world.
- Scott describes how money cannot make you happy. He knows many rich people who are wealthy but too miserable to enjoy life.
- It's easy to spot someone who is just chasing money without purpose; they don't care about impact and don't care about people.
- Chad is convinced that throwing money at people's problems will not solve anything. They are not going to be happier, and they're probably going to spend their way back to being broke.
- The point of life is not just to get rich. The point of life is to find purpose and find ways to love.
- According to Scott, you have to chase purpose more than you chase financial rewards. Financial rewards come after you find your purpose and become valuable.
- Chad and Scott agree that it's hard to make money. You can only do it through hard work, discipline, and creating value.
- Chad talks about finding your mission and how doing what you were born to do will ultimately lead to financial rewards.
- Scott reveals the trilogy of finding your purpose - these are the things you love, the things you're good at, and finding ways to solve other people's needs.
Mentioned in This Episode:
gravystack.com.smart
smartmoneyparenting.com
smartmoneyparenting.com/followus
What's in It for Them?: 9 Genius Networking Principles to Get What You Want by Helping Others Get What They Want by Joe Polish
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - https://www.linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - https://www.linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
How can you prepare your kids for the real world after leaving the nest? In today's episode, hosts Scott Donnell and Chad Willardson discuss why you must create a home environment similar to what your kids will find in the real world.
- Scott starts the conversation by describing when and how parents should start preparing their kids for the real world.
- Chad reveals the most important lesson he learned growing up.
- As a parent, your kids need to know that play never comes before work. We work first, and the rewards come later.
- For Scott, the worst thing you could ever do as a parent is to raise your kids in a bubble.
- Scott and Chad explore ways parents can create a home economy that mirrors the real world.
- Give your kids love and show them that you care, but don't protect them from struggle and sacrifice.
- Scott and Chad agree that we need to raise kids two years older than they are. Teach them the future and give them responsibility earlier than what society says their age deserves.
- Scott describes how mimicking the environment of the real world at home will do your kids a lot of good in the future.
- According to Scott, you're not loving your kids more by cuddling and pampering them. You're just preparing them for shock and failure once they leave the nest.
- For Scott, your kids will become entitled when they get whatever they want without working for it.
- Shockingly, 80 to 90% of parents never make their kids pay for anything. According to Scott, kids need to start covering some of their expenses from age six to eight.
Mentioned in This Episode:
gravystack.com.smart
smartmoneyparenting.com
What's in It for Them?: 9 Genius Networking Principles to Get What You Want by Helping Others Get What They Want by Joe Polish
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - https://www.linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - https://www.linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
What is the key to developing coachability in your kids? In today's episode, hosts Scott Donnell and Chad Willardson discuss why coachability is crucial for success for both kids and parents.
- Chad and Scott break down the concept of coachability and why it’s important for a family’s success.
- The most successful people have coaches. According to Chad, high performers have coaches and view them as a crucial cog in their path to success.
- Parents should never match their kid’s emotions. If your kid is going wild or getting angry and frustrated, the worst thing you can do is sink to their level.
- For Chad, the biggest compliment you can ever receive as a parent is that your kids are coachable.
- According to Chad, coachability sets apart the winners from those who don’t want to learn how to win.
- Scott explains the benefits of your kids being part of a competitive team.
- If you want your kids to be financially competent and ready to succeed in the real world, they need to be coachable, and so do you.
- For Scott, how kids react to coaches says a lot about how you raised them and their view of life and personal improvement.
- Solve problems together. It’s not you versus your kid; it’s you and your kid versus the problem or the challenge at hand.
- Scott explains why you need to teach your kids that not all situations are win or lose - sometimes you learn.
- Scott breaks down the First Time Follow Rule and how it can help you raise coachable kids.
- Does good cop/bad cop work with children? Chad and Scott go through the pros and cons of this type of parenting strategy.
- Scott and Chad reveal what parents can do to become more coachable and learn to cultivate coachability in the home.
Mentioned in This Episode:
gravystack.com.smart
smartmoneyparenting.com
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - https://www.linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - https://www.linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
Should you be firm with your kids? In today's episode, hosts Scott Donnell and Chad Willardson discuss how being firm and kind to your kids creates mentally strong and successful kids. They cover the best way to say no to your children and how letting your kids solve their own problems turns them into confident, resilient, and well-rounded individuals.
- Chad starts the conversation by describing how being firm but kind creates mentally strong and successful kids.
- Scott describes the foundation of being a firm but kind parent.
- Scott and Chad agree that relationships without rules equals rebellion. However, relationships with rules equals bonds that last a lifetime.
- Having rules is not about turning your kids into little robots. Allow room for creativity but have guidelines that keep them in check.
- Scott outlines the benefits of allowing your kids to solve their own problems.
- For Scott, when a leader is too firm, they become like a tyrannical dictator. Everyone’s scared of them, and that rarely creates the best results.
- Will your kids hate you if you have rules that they must follow? Of course not. Kids need structure to develop into secure, happy adults.
- If you have a consequence laid out for your kids, you better follow through with it.
- Understand that there is no substance to kindness without firmness to back it up.
- Chad explains why sticking to what you say is crucial for successful parenting.
- Scott describes how parents can learn to say no with kindness.
- Scott believes the best relationships are built when your kids understand and agree with the why behind your decisions.
Mentioned in This Episode:
gravystack.com.smart
smartmoneyparenting.com
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - https://www.linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - https://www.linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
Scott and Chad sit down and discuss how letting your kids scrape their knees is key to their long-term success and overall resiliency in life. Find out why small struggles and overcoming difficult challenges is important to building confidence and how parents that coddle their children prevent them from growing into all they are meant to be.
- Kids need to run into small obstacles and challenges like scraping their knees.
- Scott tells the story of making mistakes as a new and exhausted father. Babies and children have no concept of their mortality and often attempt things that result in them getting hurt. The trick is in providing an environment where they can make mistakes, get some bumps and bruises, but while not risking anything really dangerous.
- The more you coddle your children, the harder it is going to be for them to learn on their own.
- Children will look to their parents in some situations to figure out how to respond to a situation. We have to be careful with our reactions.
- No parent wants their kid to get hurt, but if the kid can learn and succeed through the struggle, there is incredible capability and confidence on the other side.
- We tend to jump in as parents and fix our kid’s problems, but that doesn’t help them grow at the end of the day.
- The greater joy is seeing your children overcome and get back up.
- There is no losing as a kid, there is winning or learning.
- The resiliency that a kid builds by trying over and over again, and breaking through barriers, is the resiliency that creates success long-term.
- A great question at the dinner table is, "What have you learned today by trying something new?" Reward your kids for trying new things instead of just succeeding at something they’ve already done before.
- It’s better to make small mistakes when you’re young than big mistakes when you’re much older.
- Let your children go through the struggle and celebrate them when they get to the other side.
- Little mindset shifts as a parent make a big difference.
- Let’s let our kids fail, make mistakes, learn, get up, get better, and keep going. Praise the effort and their persistence.
Mentioned in This Episode:
gravystack.com.smart
smartmoneyparenting.com
Grit by Angela Duckworth
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - https://www.linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - https://www.linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
How do you set and communicate expectations to your kids? In today's episode, hosts Scott Donnell and Chad Willardson discuss the importance of clarity and setting expectations for kids. They also reveal how ambiguity around expectations creates anxiety and chaos for your kids.
- Ambiguity creates anxiety, but clarity creates confidence in kids.
- For Scott, you need rules and systems to run a functioning home.
- However, when you're rigid and structured with your rules, you risk killing your child's creativity.
- Chad explains why the first time you set up expectations for your kid, you must do it with them and show them what "done" looks like.
- Scott talks about the do’s and don'ts of raising value-creation kids.
- Scott and Chad agree that delegating tasks to your kids may take extra effort upfront but will pay off in the long run.
- Chad compares an ambiguous home to a city with no stop lights and no speed limits - it's dangerous and chaotic.
- According to Chad, you'll have a much calmer and happier home when you communicate clearly with your kids.
- Be very clear with how you want things done in the home. 85% of the results come from the first 15% of the process. That is true in business and family.
- For Scott, smart money parents see their kids as an incredible asset in the home. They're not just a blessing; they are a benefit and can really help you with your life.
- Chad describes why you must set up your home where everybody is part of the team and working towards the same goal.
Mentioned in This Episode:
gravystack.com.smart
smartmoneyparenting.com
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - https://www.linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - https://www.linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
Want to know how to raise your kids to become value creators? In today's episode, host Scott Donnell sits down with Lee Benson and Kary Oberbrunner to break down Lee and Scott's new book Value Creation Kid: The Healthy Struggles Your Kid Needs to Succeed.
- Financial competency is the biggest gap in education because it's not taught in schools or at home.
- For Lee, smart money parenting is about creating an environment where kids can learn to create value in the world.
- Scott and Lee believe parents who protect their kids from pain and discomfort risk raising spoiled kids.
- Parents who remove healthy struggles from their child's life may unknowingly jeopardize their future.
- Lee explains how parents can turn healthy struggle into capability, confidence, and value creation.
- According to Scott, kids as early as kindergarten can start learning the art of value creation.
- How to shut down the Bank of Mom and Dad for good.
- Scott explains why he feels capitalism should be renamed value create-ism - because a capitalistic economy only grows when people add value to the world.
- Your kids need to learn financial skills for saving, spending, sharing, earning, and investing before age 18.
- Lee and Scott agree that it's never too late to start teaching your kids financial literacy.
- According to Scott, parents need to be comfortable with healthy struggles - Let your kids fail, but they should never forget that you love them.
- Discipline is actually a lack of training. Scott explains how, most of the time, behavior and discipline issues stem from a lack of training.
- Scott reveals that the best way to teach a kid about money is through fun and real-world experiences using real money.
- Scott talks about financial literacy and how banks make money from people who are not financially competent.
- Lee and Scott review the features that make GravyStack a unique banking platform for kids.
- Scott highlights the three main parts of their new book.
- Part 1: The Challenge. How to start the value creation journey with your kids.
- Part 2: The four categories in the GravyStack method.
- Part 3: The Reward. The benefits of cultivating a value creation mindset in your home.
Mentioned in This Episode:
gravystack.com.smart
smartmoneyparenting.com
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - https://www.linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - https://www.linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
Do your kids know how much money you make? In today's episode, hosts Chad Willardson and Scott Donnell sit down with Shannon Waller from Strategic Coach to discuss the do's and don'ts of talking to your kids about the amount of money you make.
- Scott and Chad reveal how they talk to their kids about money and the benefits of creating value in the world.
- What are unique abilities? According to Shannon, these are things you are good at and love to do - so you always want to improve because you care.
- Shannon describes what it's like raising kids who know how to create value and leave a mark in the world.
- For Scott, the number one reason for making a lot of money is to buy back your freedom.
- What's the difference between envy and jealousy? Jealousy is when you want what someone else has. Envy, on the other hand, is when you don't want them to have it.
- It's totally okay to make a lot of money and tell your kids about it. But Shannon believes you must be careful about the number; otherwise, you risk raising spoiled and entitled kids.
- According to Scott, you need to help your kids understand there's no shame in making a lot of money.
- Chad talks about the type of money and investment conversations he has with his kids.
- Chad reveals why it doesn't make sense to hide everything from your kids because everything they need to know is just one Google search away.
- You need to help your kids understand that creating value in the world often comes with a financial reward.
- Scott is convinced that rules without relationship equals rebellion, but rules with relationship equals results.
- Scott and Chad go through the pros and cons of telling your kids how much you make.
Mentioned in This Episode:
gravystack.com.smart
smartmoneyparenting.com
The Kolbe System - kolbe.com
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - https://www.linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - https://www.linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
Is homeschooling better for your child's development? In today's episode, hosts Chad Willardson and Scott Donnell sit down with Kary Oberbrunner to discuss the pros and cons of customized learning and its impacts on your child's future success.
- Scott and Chad start the discussion by breaking down the benefits of personalizing your child's education based on their strengths, needs, skills, and interests.
- According to Kary, there is no one-size-fits-all approach to learning. Your job as a parent is to find a curriculum that maximizes your child's potential.
- Scott and Chad settle the private versus public versus homeschooling debate.
- Kary reveals what parents should do when their child wants to switch schools.
- When looking for a school for your kid, Scott believes you should look for institutions where your child will thrive.
- Kary talks about the drawbacks of constantly moving your kid from one school to another.
- Kary explains why he feels not all kids should go to college - especially if they're interested in the trades or more technical career paths.
- According to Chad, obtaining current knowledge from the internet will be much more valuable than sitting in a classroom and memorizing facts from an old textbook.
Mentioned in This Episode:
gravystack.com.smart
smartmoneyparenting.com
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - https://www.linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - https://www.linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
Scott and Chad sit down and discuss why complimenting your children is a great way to build their self-esteem and confidence, and give you a list of 17 compliments that you can use as a parent to completely make their day.
- Chad’s brother-in-law is a pediatrician and he saw that kids suffered greatly during the past two years of the pandemic. Children were lonely and scared, and were self-harming at alarming rates all over the world.
- Our kids need to be lifted up and strengthened, more so now than ever.
- Consider saying one of the following compliments every single day for the next three months.
-
1 You make me proud.
- Every child wants to know their parents are proud of them. Take 30 seconds and find something you are proud of and let them know.
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2 I’ve noticed how hard you’ve been trying.
- This reinforces the effort and shows you appreciate the act, not just the end result.
-
3 You inspire me.
- This uplifts kids in a way that’s hard to describe and builds instant connection.
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4 I can trust you because you’re honest.
- Children want their parents to trust them and will consider that when they have a decision to make. Valuing trust and integrity can be done with a simple compliment.
-
5 You are a great role model.
- Kids want to be a role model for others in things they care about. They want to know they are leading the people behind them.
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6 You make me want to be the best person I can be.
- This tells you kids that they matter. That they are the reason you want to be better.
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7 You amaze me.
- Kids want to impress the people they care about. Show them that you notice how awesome they are.
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8 Your effort hasn’t gone unnoticed and I appreciate it.
- Reward progress, not perfection. If you reward effort and progress you help them create momentum.
-
9 Thank you for teaching me something new.
- There are always new things you can learn from your kids. Tell them that when they show you something you didn’t know.
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10 I’m lucky to have such a kind child.
- This reinforces the value of kindness that every kid can benefit from having.
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11 You’ve got so many great ideas.
- Your kids are a font of creation. Tell them that you love that about them and encourage their creativity. Whatever you focus on you get more of.
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12 You make people around you smile.
- Kids are a great joy if you look for it.
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13 You’re not afraid to dream big.
- We should be encouraging our children’s dreams and ambitions.
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14 Your willingness to try is admirable.
- If you encourage their willingness to try, they will put in the effort to try new things more often.
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15 You bring so much joy to our family.
- Kids have a memory bank that you need to build. The fastest way to remove mental health issues like anxiety, fear, and depression is using compliments like this.
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16 You glow when you smile.
- Smiling has a physiological effect. Reinforcing the act of smiling makes it more of a habit.
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17 I really admire the person you have become.
- This acknowledges their growth and that they are a good person as they are.
- Children need parents that build them up and a lot of that has to do with the language we use. Compliments are free so take 21 days and turn complimenting your kids into a habit.
Mentioned in This Episode:
gravystack.com.smart
smartmoneyparenting.com
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - https://www.linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - https://www.linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
What is the best way to talk about finances in a marriage? In today's episode, hosts Chad Willardson and Scott Donnell discuss the money conversations couples should have in a marriage. They break down simple ways to talk about money with your spouse and the essential questions you must ask your partner to understand their money mindset.
- Money conversations in marriage and the topics you should discuss with your spouse.
- Share your successes and mistakes as a parent with your kids. It doesn't scare them. It helps them learn and grow.
- Scott and Chad discuss the benefits of increasing the quality and frequency of your money conversations with your spouse.
- For Scott, you don't have to know everything about money to have productive financial conversations with your kids. You can always ask a friend or a mentor to talk to them over dinner.
- Scott and Chad cover creative money and finance-related questions you can use to understand your partner's money mindsets.
- For Scott, you don't outgrow your partner in marriage; you just grow apart.
- Chad and Scott agree that couples must have frequent conversations about money, especially if the goal is to stay together long-term.
- According to Scott, the best marriages work because couples are open and honest with one another.
- It's very normal to disagree on finances as a couple. Chad believes it's almost impossible to come from different backgrounds and share the same views about money.
Mentioned in This Episode:
gravystack.com.smart
smartmoneyparenting.com
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - https://www.linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - https://www.linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
Scott and Chad sit down and discuss the intricacies of parenting with Dan Sullivan, a renowned coach and mentor to thousands of people around the world. Dan talks about the history of parenting and why we are in the middle of a tremendous cultural shift and why Gravystack will change the world.
- Dan’s role model for his later years has been his father, who had his best business year at the age of 82. Dan felt that the day his father retired was the day he no longer knew who he was.
- There is a crisis in parenting and the younger generation at the moment.
- Up until recently, we’ve been living in a world shaped by the Bretton Woods Agreement after World War 2. The resulting political climate made sense as long as the Soviet Union existed, but after the collapse in 1991, everything has changed, and that has created an artificial world where we’ve been raising kids.
- In the 40’s and 50’s, children were an asset. The financial security of the family relied on children being able to accomplish tasks, but the relationship of children to parents began to change after that time.
- Children became more of an expense than an asset.
- In the past, it was more common for children to know what things cost and the finances of the family. The more accurate and fully you inform your children, the less chance you have of a misunderstanding.
- The current condition of parenting and children can be traced back all the way to the 60’s.
- Covid has had two benefits; children found out what their parents did for a living, and parents learned what their children are being taught in school.
- Education should be based on its practical ability to create value in the world. Finances are a major hole in the education of children in general.
- Children can’t educate themselves, despite what one side of the political divide says at the moment. Parents need to provide them the tools to succeed in the world.
- The average Strategic Coach client has 3.5 kids. Dan likes to say it’s because clients often end up with both a lot of time and money, which are great conditions for a larger-than-average family.
- We are on the threshold of a cultural shift in regards to economics and finance. Savings always beats debt.
Mentioned in This Episode:
gravystack.com.smart
smartmoneyparenting.com
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - https://www.linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - https://www.linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
Children need to experience healthy struggles to realize their full potential. Scott and Chad discuss how to create smart, successful, confident children by allowing them the space to overcome challenges in their own lives.
- The impulse to give your children all the things you never had as a kid comes from a good place, but it can prevent them from growing in the ways they need to.
- As parents, it’s easy for us to intervene and tell our kids what to do, but that hinders a child’s ability to make hard decisions for themselves.
- Your goal as a parent is to let your kids go through life experiences themselves, but to coach them along the way.
- We want to let our kids do dangerous things safely so they can build their competence and confidence.
- One way to gauge this is whether your children are willing to try new things. Are they nervous and hesitant about trying new activities?
- Helping a kid overcome a problem gives them confidence for life.
- Most kids struggle and want to give up as a default. Instead of telling them to suck it up and keep pushing, show them the value of overcoming challenges by embodying that value yourself.
- It takes discipline as a parent to allow your children to struggle. Ask questions instead of just solving their problems for them. Teach them to think through their challenges and work through things on their own.
- Watching your child figure out problems and gain confidence in themselves is fantastic.
- Solving your kid’s problems for them just creates a dependency.
- If your child needs to raise money for an activity, challenge them to reach out beyond family and friends.
- Overcoming challenges consistently will build children up into capable, confident, and effective adults.
- Chad tells a story of his seven-year-old son learning how to surf and being challenged enough to want to quit.
- You can’t expect your kids to get everything they need to be successful in public school.
Mentioned in This Episode:
gravystack.com.smart
smartmoneyparenting.com
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - https://www.linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - https://www.linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
Your relationship with your children is going to be the foundation for everything you do. If you try to enforce rules without having a strong relationship first, you end up with rebellion and strife. Listen in to Scott and Chad talk about how to develop trust with your children and why being a safe but firm authority figure is the foundation of a healthy relationship.
- Chad tells the story of how his daughter asked to have a cell phone in 7th grade and the reasons why he and his wife thought it wasn't the best idea.
- There is no substitute to spending time with your kids. If you find your children rebelling against your rules, you need to start by investing more time with them.
- The more you connect and show them that they are your priority, the more trust and depth of a relationship you will have.
- Don’t ask them about their day when you are staring at your phone. Give them your full undistracted attention and show them that you care.
- If you have more than one child, spend time with each of them one-on-one. You need to have a relationship built on trust in order to have difficult conversations or lay down rules.
- Every kid will push boundaries eventually. When that happens the goal is to be a safe wall and avoid blowing your top. Be the safe wall that your kids can bounce off of safely.
- Your kids will understand the rules and the boundaries better when they know they are part of a family unit. What your family stands for flows into your children’s relationship with the rules.
- Both Scott and Chad have family mottos that encourage everyone in their family to overcome challenges and hardships. This value structure leads to kids that feel confident and resilient, and encouraged to be their best selves.
- We want kids to be strong-willed, independent, and willing to stand up for what’s right, but that can only be established and enforced within a family where the relationships are built on love and trust.
- Chick-fil-A’s corporate culture is a good example of how results come from the quality of your relationships. They use the SERVE core values in the business.
- See and shape the future,
- Engage and develop others,
- Reinvent continuously,
- Value results and relationships,
- Embody the values
- You can hold people accountable and build great relationships at the same time. The best leaders have great relationships with their people.
Mentioned in This Episode:
gravystack.com.smart
smartmoneyparenting.com
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - https://www.linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - https://www.linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
How do we raise children that have more than we did, but don’t become spoiled rotten along the way? In this episode, Scott and Chad discuss their philosophies on raising children, and also making sure children stay grounded, smart, and grateful for what they have, with a foundation of personal finance before they graduate high school.
- The overlap of Scott’s and Chad’s books create the foundation for Gravystack.
- The audience of the podcast is made up of parents from across the financial spectrum, and they all want the same for their children. They care about their children’s success and financial wellbeing.
- If kids can learn how to create value, they are going to grow up with a mindset of abundance and empowerment that will help them their whole lives.
- There are so many competing identities vying for our kid’s attention. All education should be based on the value that it creates in the world.
- There are three types of value: material, emotional, and spiritual. Every kid can create a lens to view the world on how to create those kinds of values from every situation.
- The confidence you get from a value creation mindset is unlike any other. This is what entrepreneurs do, and if kids can adopt this mindset, it can change the world.
- Not wanting your kids to struggle comes from a point of love, but not having to overcome struggles is what turns kids into spoiled, entitled adults.
- You have to put in the work to earn the trophy for your accomplishments.
- Parents have a tendency to shelter their kids, but children need to struggle through certain things in order to learn their own value.
- Healthy struggles create capability in kids. Capabilities create confidence. Confidence and capability together creates value in the world.
- Going through tough things is the antidote to entitlement, victimhood, and laziness.
- There is so much pressure on the younger generations right now. The value creation cycle allows them to take off that pressure and find ways to create value in the world and feel good about the efforts they put in.
- The frameworks in the book remove the bribery and coercion that most parents have to resort to in order to get their kids to take action.
- If, as a parent, you always intervene in your kid’s life, you prevent them from ever developing the capabilities they need to succeed.
Mentioned in This Episode:
gravystack.com.smart
smartmoneyparenting.com
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - https://www.linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - https://www.linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
Should you split finances in marriage? In today's episode, hosts Chad Willardson and Scott Donnell discuss the benefits of being honest and transparent about finances in a marriage. They go through practical ways to talk about money with your spouse and how financial dishonesty destroys intimacy.
- Scott starts the conversation by explaining how raising smart money children requires input from both parents.
- How transparent should you be about money with your partner? Chad and Scott believe the more open you are, the more stable your relationship will be.
- According to Chad, people often marry polar opposites when it comes to finances - there is always a spender and a saver.
- Although there is no one-size-fits-all answer to finances, Chad and Scott agree that if you plan to stay married, you must be honest about your finances.
- If you want alignment in your marriage, you have to work together as a team.
- Scott describes how transparency builds confidence and intimacy in a marriage.
- For Chad, there is no point in hiding your finances because you'll have to face the truth at some point.
- Scott reveals the role finances play in building physical and emotional intimacy.
- Chad and Scott agree that secrets, especially financial secrets, ruin beautiful relationships.
- Chad shares why it's impossible to agree on finances 100% of the time.
- Scott and Chad break down financial infidelity - Do your marriage a favor and stop keeping money secrets from your spouse.
- Chad highlights the benefits of sharing your financial goals with your partner.
- According to Scott, great things happen when a couple becomes financially aligned.
- For Chad, the non-financially inclined spouse will appreciate you more when you're open and transparent about your finances.
Mentioned in This Episode:
gravystack.com
smartmoneyparenting.com
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - https://www.linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - https://www.linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
What is the best way to pass on inheritance to your loved ones or the community? In today's episode, hosts Chad Willardson and Scott Donnell discuss the 7 ways giving while living can add fulfillment and joy to your life.
- Scott and Chad start the conversation by explaining why giving while living is better than an inheritance after you die.
- For Chad, giving while living is about sharing your wealth and knowledge while you're alive so you can see the impact your money has on people.
- Scott believes dying with lots of money in the bank doesn't help you achieve anything.
- Scott explains the benefits of sharing your wealth while you're alive - you don't want your heirs to wait impatiently for you to die.
- Chad shares a heartbreaking story of how a mother and son moved in for their loved one's money barely 12 hours after his death.
- According to Scott, the satisfaction you get from giving while living can extend your life expectancy and deepen your relationships with loved ones.
- Chad reveals why giving is not about giving your heirs what they want all the time - you risk spoiling them if you do.
- Chad explains why giving while living is more powerful than inheritance without education.
- Scott and Chad reveal the amount of money you would need to guarantee a stress-free retirement.
- Scott shares the most important money habit to teach your kids.
- Give authentically because your kids can tell when you're inauthentic.
- Scott talks about his grandfather's legacy and how he used his wealth to build a tight-knit family.
Mentioned in This Episode:
gravystack.com
smartmoneyparenting.com
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - https://www.linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - https://www.linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
How do you keep your kids safe online? In today's episode, hosts Chad Willardson and Scott Donnell go through practical ways parents can keep their kids safe online. They discuss the types of risks your child is exposed to, ways to identify potential online threats, and why you need to make it clear that they can talk to you about anything.
- Scott and Chad start the conversation by revealing many parents don't know where to start when it comes to keeping their kids safe online.
- According to Scott, all our kids are compromised as long as they own electronics.
- Chad shares a terrifying story of a malicious stranger targeting his teenage son.
- Scott and Chad agree that kids these days are way smarter than their parents when it comes to tech.
- Scott shares a shocking statistic - over 60% of 5-year-olds have made an in-app purchase using their parent's phone without them realizing it.
- Yes, kids are tech-savvy, but Scott believes they don't have enough experience to know when they are at risk.
- Chad and Scott break down a game in GravyStack that parents can use to teach their kids about online safety.
- For Chad, the best time to start teaching your kids about online safety is three years earlier than you think you should.
- Scott and Chad discuss building trust with your kids so they come to you when they feel compromised.
- Chad highlights the benefits of having rules around using technology in the house - and why he believes monitoring your kids is not an intrusion on their privacy.
Mentioned in This Episode:
gravystack.com
smartmoneyparenting.com
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - https://www.linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - https://www.linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
Did you know your money mindset can determine your financial destiny? In today's episode, hosts Chad Willardson and Scott Donnell break down the seven mindsets keeping you and your kids poor. They explain how these mindsets influence your money decisions, how to stop being anxious about money, and the changes you can make to secure your financial future.
- Scott and Chad start the conversation by revealing that the money mindsets you raise your kids with will stay with them forever.
- Scott and Chad explore why 90% of multi-generational wealth gets spent or wasted in one to two generations.
- Mindset #1 - Paying yourself last. It's crazy how much people spend on bills and expensive subscriptions without investing a single cent in their future.
- For Scott, paying yourself first keeps you motivated and gives you money confidence.
- Mindset #2 - Keeping up with friends that have expensive tastes.
- Chad shares why keeping up with the Joneses is terrible for your financial health - you don't know what they did to get there.
- Scott reveals the benefits of living off the interest of your investments.
- Scott is not a fan of the "fake-it-til-you-make-it mindset." He believes you'd much rather make smart money decisions until you make it.
- Mindset #3 - Not knowing where your money goes.
- Chad reveals that 92% of Americans don't look at their monthly statements - knowing your numbers is a crucial step toward financial independence.
- Mindset #4 - Debt and buying beyond what you can afford.
- Scott shares why he thinks living in debt is not a great way to live - and if you're in debt, you need to find a way out.
- According to Chad, the only type of debt you should have is appreciating debt or borrowing money to invest in something.
- Mindset #5 - Not planning for purchases in advance.
- Scott believes this is a common mistake among Americans - one that most cannot recover from.
- Mindset #6 - Not investing until you have enough money.
- Chad and Scott agree that people should stop assuming they'll invest when they get enough because they'll never have enough. The earlier you start, the better.
- Mindset #7 - Being clueless about taxes.
- For Scott, if you don't know your taxes, you'll forever have a poor mindset about money, which you'll likely pass on to your kids.
- Chad reveals where refunds come from and why you should not be excited when the IRS sends you a tax refund.
Mentioned in This Episode:
gravystack.com
smartmoneyparenting.com
Scott Donnell on LinkedIn - https://www.linkedin.com/in/donnell-scott/
Chad Willardson on LinkedIn - https://www.linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
How would you react if your newly launched podcast hit the number one spot a few hours after launch? In today's episode, hosts Chad Willardson and Scott Donnell say thank you for supporting and believing in their mission to create 50 million financially competent kids ready to succeed in the real world.
- Scott and Chad are excited and grateful for all the love and support you've shown the podcast since its launch.
- Scott believes raising smart kids that create value in the world is essential for moving humanity forward.
- Scott and Chad review some cool feedback from parents who listen to the podcast.
- Scott reveals the thing they're most excited about with the podcast is that people see the benefits of the podcast and want to share it with others.
- Chad explains why teaching your kids about money is so important for their success.
- According to Scott, everybody cares about financial literacy - it's a shame very few people know how to do it practically.
- Scott believes our kids' well-being is the one thing that can unify this country.
- Dan Sullivan, one of the most brilliant people in the world, said the podcast would change the education system as we know it.
- Scott explains why he feels education should be prioritized based on its practical application in the world.
- Chad and Scott share what the pandemic revealed about the education system - plus, kids now know what their parents do when they're at work.
Mentioned in This Episode:
gravystack.com
smartmoneyparenting.com
Scott Donnell on LinkedIn - https://www.linkedin.com/in/donnell-scott/
Chad Willardson on LinkedIn - https://www.linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
How do you build a strong relationship with your kids? In today's episode, hosts Chad Willardson and Scott Donnell go through ways parents can build deep relationships with their kids. They discuss the foundation of a strong parent-child relationship, signs your parenting style is super effective, and advice for parents with teens.
- Scott starts the conversation by revealing how they come up with podcast topics.
- According to Scott, teenagers generally don't want to rebel. They are just trying to find their place in the world.
- Scott and Chad emphasize that you want to be the one your children call when things are both good and bad.
- Scott explains why years 0 to 12 will shape the kind of relationship you'll have with your kids.
- Scott is convinced there is no substitute for spending time with your kids.
- Chad shares the benefits of intentionally spending time with your kids.
- Scott reveals that 93% of all the time you'll spend with your kids will be from years 0 to 18½.
- Nobody on their deathbed wishes they could have worked more. Chad talks about regrets and making time for your spouse and kids.
- For Scott, the people who matter don't mind - and those who mind don't matter.
- Scott and Chad break down common parenting styles and why just being present is the best one of them all.
- Scott reveals the secret to GravyStack's success and how they turn parents into heroes.
- According to Chad, parenting is not about being the best 100% of the time - you're human and bound to mess up at some point.
- Scott explains why he believes, as a parent, you'll know you're doing a good job when your kids come to you when they're unsure about something.
- Chad shares how a father-son relationship saved his life even before he was born.
Mentioned in This Episode:
gravystack.com
smartmoneyparenting.com
Scott Donnell on LinkedIn - https://www.linkedin.com/in/donnell-scott/
Chad Willardson on LinkedIn - https://www.linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
What are the benefits of teaching your daughters about entrepreneurship? In today's episode, hosts Chad Willardson and Scott Donnell discuss daughters, women, and money. They talk about the responsibility we have as parents to teach our daughters about money and entrepreneurship.
- We all have the responsibility to teach our daughters to become business owners and investors rather than shoppers and consumers.
- Scott starts the conversation by revealing the role parents play in teaching their daughters about money.
- Scott explains the benefits of raising daughters to be motivated value creators.
- Chad reveals the problem with only talking to your sons about business and entrepreneurship - and ignoring your daughters.
- According to Chad, your kids don't have to become entrepreneurs - but they need to learn how to solve other people's needs and create value in the world.
- 25% of teenage girls have mental health issues. Scott breaks down the driving factors behind this unfortunate statistic.
- Scott reveals that in all the years he's been in business, the best leaders he's worked with were mostly women.
- Scott and Chad discuss how the nurturing tendencies in women are now driving business success.
- Chad describes the benefits of cultivating an entrepreneurial mindset in young girls.
- For Chad, teaching girls business and presentation skills can help them become confident and self-reliant.
- Chad is convinced that families would function better if husbands included their wives in making key financial decisions around the home.
- Chad and Scott agree that couples with unique individual attributes and strong financial skills build the most successful marriages.
- Scott explains how teaching your daughters business skills means they never have to depend on anyone for anything.
- Chad shares why he believes parents should complement their daughters on more than just their looks.
Mentioned in This Episode:
gravystack.com
smartmoneyparenting.com
Scott Donnell on LinkedIn - https://www.linkedin.com/in/donnell-scott/
Chad Willardson on LinkedIn - https://www.linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
How much do your kids know about what things cost? In today's episode, hosts Chad Willardson and Scott Donnell discuss how to teach kids about money and the true cost of things. They talk about the benefits of involving kids in financial decisions at home, a smart way to save $547 annually, and what it takes to raise financially literate kids.
- Do your kids know how much it costs to fund their lifestyle?
- Scott starts the conversation by describing why you need to start involving your kids in making financial decisions in the house.
- Scott believes your kids will struggle if they leave the nest without understanding the true cost of things.
- According to Chad, the easiest way to make your child appreciate money is for them to earn it and spend it.
- For Scott, the more a child can learn how much things cost, the better they become at differentiating between wants and needs.
- If your kids are not asking questions about money, Scott believes you're in trouble because you're essentially raising them in a bubble - and the bubble will burst.
- Involving your kids when unsubscribing from unnecessary programs is a great way to teach them the difference between wants and needs.
- Scott reveals the one game in GravyStack that can save you $547 annually.
- Learn how to uncover the motivation behind your child's wants and presumed needs.
- Scott explains why you don't have to say no every time your kid wants you to buy them something - make them earn money, and they'll learn how to spend it.
- According to Scott, it's essential that you don't assume your kids know the price of everything in the home.
- Chad reveals that kids don't like talking about money because it's the source of most arguments at home.
- Chad explains how money-related issues can strain parent-child relationships.
- Did you know that over 90% of generational wealth is lost or wasted by the second generation?
- Chad describes a great way to pass on generational wealth successfully.
- Remember, you're not a parent for 18 years. You're a parent for the rest of your life - it's a blessing when you do it right.
Mentioned in This Episode:
gravystack.com
smartmoneyparenting.com
Scott Donnell on LinkedIn - https://www.linkedin.com/in/donnell-scott/
Chad Willardson on LinkedIn - https://www.linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
Should all kids become entrepreneurs? In today's episode, hosts Chad Willardson and Scott Donnell discuss how kids can learn to think, act, and live like entrepreneurs.
They cover fun and engaging ways children can learn about entrepreneurship, lucrative businesses to start, and the skills needed for future career success.
- Scott starts the conversation by explaining why kids should be taught how to dream, act, and live like entrepreneurs.
- Chad and Scott believe that not all kids can become entrepreneurs - but thinking like one is probably one of the best skills you can teach a child.
- Scott reveals the ideal starting point when teaching kids how to become entrepreneurs.
- According to Scott, all kids have to learn the art of value creation and how to put something into the world that is useful to others.
- Scott reveals the tremendous impact The Children's Business Fair has had on kids worldwide.
- Scott breaks down the three foundational steps of a great pitch.
- Chad explains ways kids can learn how to develop viable business ideas.
- For Scott, the best way to find meaning in life is to solve problems for yourself and those around you.
- Scott describes why profit is not a bad thing - it's the lifeblood of every business and the reward for putting your capital at risk.
- Scott believes kids are far more likely to overcome laziness and negative self-doubt when they feel valued and of service to others.
- Chad explains how learning to pitch can help your kid overcome being introverted and socially awkward.
- Chad and Scott define price testing and how kids can learn to do it correctly.
- Chad talks about business opportunities for kids that are way better than lemonade stands.
Mentioned in This Episode:
The Compound Effect: Jumpstart Your Income, Your Life, Your Success by Darren Hardy
gravystack.com
smartmoneyparenting.com
Scott Donnell on LinkedIn - https://www.linkedin.com/in/donnell-scott/
Chad Willardson on LinkedIn - https://www.linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
What lessons should you teach your kids about taxes? In today's episode, hosts Chad Willardson and Scott Donnell discuss everything parents need to know about taxes and the hands-on strategies they can use to teach their kids about taxes. They cover when to start teaching kids about taxes, how to pay less taxes legally, and a brilliant way business owner parents can save on taxes.
- Scott starts the conversation by highlighting why we must teach our kids about taxes and tax codes.
- According to Chad, most people are clueless about taxes, so automatically, their kids struggle with taxes too.
- Chad shares an interesting story of an NBA player who couldn't believe that 50% of his earnings would go to the IRS.
- Scott and Chad agree that paying taxes is important because it keeps the country running.
- Chad explains what parents need to know about taxes before teaching it to their kids.
- Scott shares the history of taxes from the days of the Revolutionary War to where we are today.
- Chad believes an ideal step to teaching a child about taxes is making them understand that they have a say in how their taxes get spent.
- Chad talks about the benefits of showing your kids how to pay fewer taxes legally.
- For Scott, kids should not leave the house for college or work before understanding basic principles in the tax code - the earlier you start the better.
- Scott goes through a great game in GravyStack that shows kids ways to avoid the potential tax pitfalls that most people face once they start earning money.
- Chad shares a brilliant way business owners can save on taxes - employ your kids.
- Chad explains why you should never celebrate tax refunds and how you can work to eliminate them forever.
- Scott reveals an ingenious way your teenage kids can earn extra money during tax season.
- Scott shares a shocking static - 80% of all the money in circulation was printed in the last 2 ½ years.
- Chad and Scott agree that when the government is printing and spending money, you should be investing.
Mentioned in This Episode:
gravystack.com
smartmoneyparenting.com
Scott Donnell on LinkedIn - https://www.linkedin.com/in/donnell-scott/
Chad Willardson on LinkedIn - https://www.linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
Do your kids have the mindset of delayed gratification? In today's episode, hosts Chad Willardson and Scott Donnell discuss all things investing and thinking long-term with your kids.
They cover value creation and how learning delayed gratification will make your kids more successful in life.
- Scott starts the conversation by revealing that Gen Z is the least invested generation in history.
- Chad reveals why Stanford's Marshmallow Experiment is a great way to test a child's sense of delayed gratification.
- Chad shares ways to help your kids understand that long-term fulfillment is greater than short-term gratification.
- According to Scott, it's way easier to delay gratification when you don't have the expected outcomes at the top of your mind.
- Chad is convinced that willpower doesn't work - if you rely on willpower alone, you will eventually fall into temptation.
- Teaching kids to delay gratification and think long-term is difficult because even adults struggle with it.
- Chad shares how you can teach your kids to focus on the controllable.
- For Chad, the most important investment principle is to invest early and often.
- If you say your expenses cannot allow you to invest anything, Scott feels you need to find a way to earn more money or cut down on your expenses.
- Chad and Scott agree that the most significant advantage an investor will ever have is time - the earlier you start, the better your outcomes.
- Chad and Scott discuss the benefits of mastering the art of delayed gratification and how it can improve every aspect of your kid's life.
- Unfortunately, we are in a generation where kids have the attention span of a gnat - understand that teaching them instant gratification will be difficult.
- According to Chad, your kids will gravitate toward instant gratification if you don't stop them.
- Teach your kids that get-rich-quick schemes never work. Patience is key when it comes to creating wealth and value.
Mentioned in This Episode:
The Compound Effect: Jumpstart Your Income, Your Life, Your Success by Darren Hardy
gravystack.com
smartmoneyparenting.com
Scott Donnell on LinkedIn - https://www.linkedin.com/in/donnell-scott/
Chad Willardson on LinkedIn - https://www.linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
Are you a good financial role model to your kids? In today's episode, hosts Chad Willardson and Scott Donnell discuss how parents can become positive financial role models for their kids. They cover ways kids learn about money, the benefits of teaching your kids about the real cost of life, and why you should be as transparent as possible about money with your kids.
- Scott starts the conversation by describing how parents can become financial role models to their kids.
- According to Chad, kids learn a lot by watching and listening - how you talk and spend money will influence how they think about money.
- Scott and Chad believe that you're setting up your kids for failure if you don't talk about money in front of them.
- For Chad, being a role model is not just what you do but what you say and how you say it.
- Chad shares an interesting Disneyland story about how his youngest daughter thought about money and ATMs.
- Scott goes through the money conversations you should have with your kids.
- Scott explains why you should be as transparent as possible about money with your kids, but that doesn't mean you must tell them everything.
- Chad believes there's no downside to teaching your kids about the real cost of living.
- Scott and Chad agree on the benefits of talking to your kids about your investments.
- Scott highlights why it's not a good idea to outsource parenting to coaches and teachers.
- Kids need to start making financial decisions at home using money they've earned. This way, Scott believes they get to make mistakes and learn about money in a safe environment.
- Scott reveals the easiest way you can learn to talk to your kids about money and become a trusted role model.
- Chad highlights the benefits of talking about the value of different jobs and skills to your kids.
- Kids need mentors. If you don't know where to start, find a parent in your circle who is already successful at this and emulate what they do.
Mentioned in This Episode:
gravystack.com
smartmoneyparenting.com
Scott Donnell on LinkedIn - https://www.linkedin.com/in/donnell-scott/
Chad Willardson on LinkedIn - https://www.linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
Is there a way to teach your kids about taking initiative and doing things without being asked? In today's episode, hosts Chad Willardson and Scott Donnell discuss customer service and the benefits of going the extra mile.
They talk about ways parents can teach their kids to go above and beyond in everything they do and why going the extra mile is essential for long-term success.
- Scott and Chad start the conversation by describing why going the extra mile is a skill every kid should master.
- Chad explains what it really means to go the extra mile for someone.
- According to Scott, going above and beyond will make you price insensitive - people are more than happy to pay extra for a better customer experience.
- Scott and Chad agree that there's no better industry to work in as a kid than the service industry.
- Smart Money parents teach their kids how businesses interact with customers.
- Scott shares a crazy customer service experience at a local ice cream shop that left him and his kids disappointed.
- Chad talks about the foundations of a great customer experience.
- Scott believes that customers are not always right, but they deserve to be treated with respect.
- For Chad, the worst thing you can do as a parent is to raise entitled kids.
- Teaching your kids to go the extra mile will serve them in any career they choose to pursue.
- Scott shares ways you can teach your kids to be proactive and take initiative.
- Chad shares a great customer experience where a teenage waitress went above and beyond to ensure customers were having a good time.
- According to Chad, the thing that separates successful companies from average companies is great customer experience.
- Scott explains how teaching your kids to go the extra mile starts with little tasks at home.
- Your kids will be successful if they grow into the type of people that take the initiative and go the extra mile.
Mentioned in This Episode:
gravystack.com
smartmoneyparenting.com
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Scott Donnell on LinkedIn - https://www.linkedin.com/in/donnell-scott/
Chad Willardson on LinkedIn - https://www.linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
In today's episode, hosts Chad Willardson and Scott Donnell break down the 4 primary emotions and feelings your kids have about money.
They share how kids with different personalities spend their money and what you can do to ensure they don't make dire financial mistakes in the future.
- Chad starts the conversation by describing money emotions and how the money ideas you grew up with will stick with you for life.
- After interviewing over a thousand families, Scott and his team found that most parents don't know how to talk to their kids about money.
- They also found that kids dislike talking about money because they see it as the biggest source of conflict in the home.
- Chad and Scott dissect the four different money personalities in kids:
- The Brainy Kid - This kid is super information-based and knows a lot of things about money. However, they often suffer analysis paralysis, which leaves them stuck.
- The Mood Vibes - They have to buy something to feel worthy or good about themselves.
- The Saver - They crave stable and secure environments. They rarely overspend but often put off buying things that they need.
- The Bling - This kid buys things to be seen and noticed. All their money goes into purchasing status symbols like a cool bike or nice shoes.
- According to Chad, once you understand your child's money personality, you can know where to start with the money conversation.
- Scott believes parents should be careful about how they have money conversations with their kids and around their kids.
- Scott shares the benefits of having unique values about money as a family.
- Scott and Chad agree that giving your kids money they did not earn is the very definition of financial incompetence.
- Chad and Scott explain why kids can only learn to appreciate money if they work hard to earn it.
- Chad highlights the benefits of talking to your kids about the grave financial mistakes you made early in life.
- Scott reveals that kids at every age can have money conversations - you don't have to wait till they're 18 to start teaching them about money.
Mentioned in This Episode:
gravystack.com
smartmoneyparenting.com
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Scott Donnell on LinkedIn - https://www.linkedin.com/in/donnell-scott/
Chad Willardson on LinkedIn - https://www.linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
Is debt good or bad? In today's episode, hosts Chad Willardson and Scott Donnell discuss loans and why parents must teach their kids about debt.
They share some practical tips for teaching kids about debt in a way that highlights its negative impacts as well as ways they can use it to secure their financial future.
- Is debt good or bad? Chad and Scott agree that debt can be both good and bad, depending on a person's circumstances and use of the money.
- Scott and Chad discuss the basics of borrowing and why parents must teach their kids about debt.
- Chad believes parents have a duty to teach their kids the consequences of bad debt from a young age.
- Scott explains how shrewd lenders make money out of people's ignorance.
- According to Scott, credit cards, although beneficial, have the potential to ruin a person's life if handled without care.
- Chad describes how bad debt not only has a financial burden but carries an emotional and mental burden as well.
- Chad highlights why kids need to be taught the real-life consequences of being in debt.
- For Scott, it doesn't make sense to borrow money to fund your lifestyle or keep up with the Joneses.
- Scott and Chad discuss the reasoning behind pro-debt versus anti-debt mindsets.
- If you have a credit card, the stats show you're automatically spending more without even thinking about it.
- Scott describes the joys of living debt-free and how it opens doors to more investment opportunities.
- Scott and Chad go through the practical games available on GravyStack that you can use to teach your kids about loans.
- Chad believes that families that take on banking and financial literacy at home are families whose kids enter the real world confident and capable of making smart financial decisions.
- Scott and Chad agree that you should only consider taking on debt if you're investing in financially appreciating assets.
- Chad explains the benefits of a good credit score and why you need to teach your kids about good and bad credit.
- Scott shares a plan for getting out of debt that actually works.
- Teach your kids that debt is not black and white. Sometimes it makes sense to take on debt, and sometimes it won't - but always have a second opinion before taking on debt.
Mentioned in This Episode:
gravystack.com
smartmoneyparenting.com
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Scott Donnell on LinkedIn - https://www.linkedin.com/in/donnell-scott/
Chad Willardson on LinkedIn - https://www.linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
Should personal finance be taught in schools? In today's episode, hosts Chad Willardson and Scott Donnell discuss why teaching financial education in schools is great, but parents shouldn't wait for the government to teach their kids about money. They share some shocking stats about financial literacy among millennials and why personal finance education should start early, both at home and school.
- Scott reveals that 22 states passed laws for personal financial education in schools - it's great to see the education system is finally realizing that kids need financial literacy.
- A recent study found 76% of 25-year-old adults lack basic financial literacy - Scott believes we cannot sit back and expect the school system to solve this scary situation.
- Scott and Chad agree that it doesn't make sense to entrust teachers with teaching our kids financial literacy when they themselves struggle with money.
- For Chad, it's frustrating to see kids graduate high school knowing how to dissect a frog but cannot calculate interest rates or define terms like inflation.
- Why teachers don't like talking about money and nutrition in schools.
- Chad believes it's absurd that some states still don't see financial literacy as an essential part of the school curriculum.
- According to Chad, you cannot teach kids budgeting when they don't make or spend money.
- Chad and Scott discuss the type of accounts available on GravyStack and how you can create a digitally animated flow of money for your kids.
- Scott explains why it's critical to teach your kids how to save, spend, and share money.
- According to Scott, GravyStack is unique because it teaches money management without the heavy financial jargon.
- Chad and Scott agree that you cannot homework your kids into financial literacy - the fastest way to teach them about money is to make it fun and practical, with a real-life application.
- Scott explains why he's against giving kids an allowance.
- Personal finance is about teaching kids ownership and accountability, two traits the school system will probably overlook when teaching kids about money.
- Scott and Chad reveal that GravyStack will be openly available for schools looking to solve the financial illiteracy epidemic in a fun and practical way.
- Financial education starts at home. The topic is way too crucial to leave to the school system.
Mentioned in This Episode:
gravystack.com
smartmoneyparenting.com
How do you teach your kids to be generous and not selfish? In today's episode, hosts Chad Willardson and Scott Donnell go through practical tips you can implement right now to teach your kids about generosity. They also discuss why it's important to raise kind and compassionate kids who know the value of giving back.
- Is generosity a teachable skill, or do kids have to be born with it?
- According to Chad, kids have different personalities, but they can all learn to be generous.
- Parents need to be generous first if they are to teach their kids generosity.
- Smart money parenting pro tip - teach your kids to give a portion of every dollar they make.
- Scott explains what smart money giving is all about.
- What do most super-rich people have in common?
- After 21 years of money management, Chad noticed that most successful people are givers.
- Scott reveals that generous giving can take many forms and doesn't necessarily have to come down to money.
- Scott and Chad agree that kids should earn the money they give out - only then can they learn the value of giving back.
- Chad shares an exciting story about a time they went beach cleaning during a holiday trip to Puerto Rico.
- Scott explains why he believes the easiest way to build tight family relationships and eliminate selfishness is to perform acts of charity together.
- Chad highlights how generous giving helps children develop an abundance mindset.
Mentioned in This Episode:
gravystack.com
smartmoneyparenting.com
How do you talk about money in front of your kids? In today's episode, hosts Chad Willardson and Scott Donnell discuss the role and impact of money in family relationships. They also share how parents can talk to their kids about money instead of making it a taboo topic.
- What is the biggest fight in a home?
- Chad reveals that the leading cause of divorce is money related - almost all couples have disagreed about money at some point in the relationship.
- There will always be money-related conflicts in the home - Scott explains how parents can show their kids healthy disputes and resolutions.
- Scott goes through reasons why talking about money matters.
- Why do most kids dislike talking about money?
- After surveying over 1000 kids, Scott and his team found that money was the common thing most kids disliked talking about - because Mom and Dad fight about it.
- How does a couple's relationship with money influence their intimacy?
- Chad shares a simple trick parents can use to teach their kids financial independence.
- The problem with obsessing over "I don't want my kids to go through what I went through."
- Chad and Scott agree that the way you talk to your kids about money will influence them for years to come.
- Scott explains why it's always a good idea for parents to be on the same page regarding money.
- According to Chad, you have to include your kids in money conversations and always talk about money in a positive light.
- Scott is convinced that the more you teach your kids about money from a young age, the less likely they are to make grave financial mistakes in future.
- This week's challenge - be intentional about how you talk about money in front of your kids.
Mentioned in This Episode:
gravystack.com
smartmoneyparenting.com
Should you give your kids an allowance? In today's episode, hosts Chad Willardson and Scott Donnell discuss the dos and don'ts of giving your kids an allowance. They also share practical money management strategies that are way better than giving your kids money they didn't earn.
- Scott and Chad start the conversation by sharing their thoughts on whether parents should give their kids an allowance.
- Chad reveals he's never been a fan of allowance because it's basically paying your kids for the mere fact that they exist.
- Although Chad and Scott agree that an allowance is an easy way to teach your kids money management, it's not the best.
- According to Chad, kids need to know that they have a role to play in the household - and they won't be paid for everything they do.
- For Scott, a great way to incentivize your kids to be more proactive in the house is to make it clear that not all tasks are created equal - some tasks warrant more pay than others.
- Chad highlights how his children earn money by going above and beyond their daily responsibilities.
- Chad is a big proponent of making your kids pay for their extra-curricular activities. If they want to go to Disney, they must earn it.
- Scott and Chad agree that parents should start teaching their kids money management as soon as they learn how to count.
- Scott believes the easiest way to ruin the relationship you have with your kids is to buy their love with money.
- Chad highlights the benefits of empowering kids to become the hero of their own financial stories.
- Scott explains how parents who never give their kids the opportunity to earn, manage, and spend money end up raising financially illiterate children.
- Scott shares how parents can take kids down the path to financial literacy using the GravyStack app - an app that harnesses the power of play to teach kids how to earn, save, invest, and share money.
Mentioned in This Episode:
gravystack.com
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
smartmoneyparenting.com
What would the world be like if we had 50 million kids financially competent and ready to succeed in the real world?
That's exactly what we're gonna do with the Smart Money Parenting Show. Each week, we're gonna bring you great content to raise great kids as amazing parents.
How do you keep your kids from not being only focused on themselves? Quickest way to keep your kids from being spoiled brats?
I'm the founder of GravyStack and a tech entrepreneur that serves over 8 million kids across the country. I'm the author of Smart, not Spoiled, helping kids be financially ready for their future.
I'm investing over a billion dollars for other people entrusted to make good money decisions and ... we're Dads.
Lots of ideas, parenting hacks, and great guests talking about how to talk to kids about money. Smart Monday Parenting.