Smart Money Parenting Giving While Living is Better Than Inheritance
Apr 18, 2023
23:29
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:
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