How to Prepare Your Kids for Wealth & Financial Literacy With Scott Donnell

Episode Highlights With Scott

• How he came face to face with a bear and a shark and survived
• Understanding financial literacy and teaching this to our kids at a young age
• Passing on a generational legacy to kids
• Steps for building financial literacy with kids and preparing them for wealth at a young age
• The three “E”s of wealth with kids
• How to use the Gravy Stack app for teaching kids wealth
• Expectations, Expenses, and Extra Pay as Teachers of finances with Kids
• The things that differentiate families that create generational wealth
• Mindset keys to raising value creators 
• Common pitfalls in parenting and how to avoid them
• Are you passing on money trauma to your kids without knowing it?
• The number one thing he learned from legacy families: kids need heritage not inheritance 
• Why he doesn’t recommend an allowance and what to do instead
• 4 stages of earning for kids: Earning, asset appreciation, community gigs, service or product business
• Then save, invest, share, and spend
• His thoughts on college and higher education and why skills beat degrees
• 56% of college students get debt but not the degree
• Less than 1 in 4 22-year-olds are financially independent 

Resources We Mention

• GravyStack
• Smart Money Parenting Podcast
• Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
• The Road Less Stupid by Keith J. Cunningham
• Tiny Habits by BJ Fogg PhD