Smart Money Parenting How to Set a Great Example With Money For Your Kids to Follow
Mar 14, 2023
21:27
Are you a good financial role model to your kids? In today's episode, hosts Chad Willardson and Scott Donnell discuss how parents can become positive financial role models for their kids. They cover ways kids learn about money, the benefits of teaching your kids about the real cost of life, and why you should be as transparent as possible about money with your kids.
- Scott starts the conversation by describing how parents can become financial role models to their kids.
- According to Chad, kids learn a lot by watching and listening - how you talk and spend money will influence how they think about money.
- Scott and Chad believe that you're setting up your kids for failure if you don't talk about money in front of them.
- For Chad, being a role model is not just what you do but what you say and how you say it.
- Chad shares an interesting Disneyland story about how his youngest daughter thought about money and ATMs.
- Scott goes through the money conversations you should have with your kids.
- Scott explains why you should be as transparent as possible about money with your kids, but that doesn't mean you must tell them everything.
- Chad believes there's no downside to teaching your kids about the real cost of living.
- Scott and Chad agree on the benefits of talking to your kids about your investments.
- Scott highlights why it's not a good idea to outsource parenting to coaches and teachers.
- Kids need to start making financial decisions at home using money they've earned. This way, Scott believes they get to make mistakes and learn about money in a safe environment.
- Scott reveals the easiest way you can learn to talk to your kids about money and become a trusted role model.
- Chad highlights the benefits of talking about the value of different jobs and skills to your kids.
- Kids need mentors. If you don't know where to start, find a parent in your circle who is already successful at this and emulate what they do.
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