Smart Money Parenting Turn Your Kids Into Assets, Not Liabilities w/ Dan Sullivan
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:
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