Smart Money Parenting Do Your Kids Know What Stuff Costs?
Mar 28, 2023
20:22
How much do your kids know about what things cost? In today's episode, hosts Chad Willardson and Scott Donnell discuss how to teach kids about money and the true cost of things. They talk about the benefits of involving kids in financial decisions at home, a smart way to save $547 annually, and what it takes to raise financially literate kids.
- Do your kids know how much it costs to fund their lifestyle?
- Scott starts the conversation by describing why you need to start involving your kids in making financial decisions in the house.
- Scott believes your kids will struggle if they leave the nest without understanding the true cost of things.
- According to Chad, the easiest way to make your child appreciate money is for them to earn it and spend it.
- For Scott, the more a child can learn how much things cost, the better they become at differentiating between wants and needs.
- If your kids are not asking questions about money, Scott believes you're in trouble because you're essentially raising them in a bubble - and the bubble will burst.
- Involving your kids when unsubscribing from unnecessary programs is a great way to teach them the difference between wants and needs.
- Scott reveals the one game in GravyStack that can save you $547 annually.
- Learn how to uncover the motivation behind your child's wants and presumed needs.
- Scott explains why you don't have to say no every time your kid wants you to buy them something - make them earn money, and they'll learn how to spend it.
- According to Scott, it's essential that you don't assume your kids know the price of everything in the home.
- Chad reveals that kids don't like talking about money because it's the source of most arguments at home.
- Chad explains how money-related issues can strain parent-child relationships.
- Did you know that over 90% of generational wealth is lost or wasted by the second generation?
- Chad describes a great way to pass on generational wealth successfully.
- Remember, you're not a parent for 18 years. You're a parent for the rest of your life - it's a blessing when you do it right.
Mentioned in This Episode:
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