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The Wellness Mama Podcast

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

Sep 25, 2023
Scott Donnell, expert in financial literacy and teaching kids about wealth, discusses the importance of preparing kids for wealth at a young age. They cover topics like mindset keys to raising value creators, common pitfalls in parenting related to finances, and the potential impact of passing on money trauma to kids. They also introduce the Gravy Stack app for teaching kids about money management.
01:08:53

Episode guests

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Quick takeaways

  • Legacy families prioritize practical financial literacy and teach kids about earning, saving, spending, sharing, and investing money.
  • Legacy families focus on passing down heritage through quality time, shared experiences, and core values instead of solely relying on monetary inheritance.

Deep dives

Focusing on Practical Financial Skills for Kids

Legacy families prioritize teaching their kids good money skills, focusing on practical and useful financial literacy rather than hypothetical concepts. They teach kids about earning, saving, spending, sharing, and investing money. Instead of relying on allowance, they establish a home economy system where kids earn money by completing tasks and covering their own expenses. This approach teaches kids the value of earning and making informed financial decisions.

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