Smart Money Parenting Should Your Kids Know How Much Money You Make? w/ Shannon Waller
May 19, 2023
26:00
Do your kids know how much money you make? In today's episode, hosts Chad Willardson and Scott Donnell sit down with Shannon Waller from Strategic Coach to discuss the do's and don'ts of talking to your kids about the amount of money you make.
- Scott and Chad reveal how they talk to their kids about money and the benefits of creating value in the world.
- What are unique abilities? According to Shannon, these are things you are good at and love to do - so you always want to improve because you care.
- Shannon describes what it's like raising kids who know how to create value and leave a mark in the world.
- For Scott, the number one reason for making a lot of money is to buy back your freedom.
- What's the difference between envy and jealousy? Jealousy is when you want what someone else has. Envy, on the other hand, is when you don't want them to have it.
- It's totally okay to make a lot of money and tell your kids about it. But Shannon believes you must be careful about the number; otherwise, you risk raising spoiled and entitled kids.
- According to Scott, you need to help your kids understand there's no shame in making a lot of money.
- Chad talks about the type of money and investment conversations he has with his kids.
- Chad reveals why it doesn't make sense to hide everything from your kids because everything they need to know is just one Google search away.
- You need to help your kids understand that creating value in the world often comes with a financial reward.
- Scott is convinced that rules without relationship equals rebellion, but rules with relationship equals results.
- Scott and Chad go through the pros and cons of telling your kids how much you make.
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