Smart Money Parenting Use Investing to Teach Your Kids How to Succeed by Thinking Long Term
Mar 17, 2023
29:17
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
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