Financial literacy expert and entrepreneur Scott Donnell shares how to teach healthy money habits to kids, discussing Gen Z's skepticism about investing, the dangers of first-generation wealth, the quarter system for discipline, leaving heritage not inheritance, his entrepreneurship journey, teaching kids through business fares, the GravyStack system, and the influence of faith on family.
Teaching kids about money through practical experiences and skills is more effective than theoretical knowledge.
Delayed gratification is crucial for kids to learn, and parents should create opportunities for them to experience healthy struggle.
The lack of financial education in schools and society contributes to negative perceptions and misunderstandings surrounding money.
GravyStack is a comprehensive banking platform designed to teach kids about money and develop their money management skills and financial independence.
Deep dives
Teaching Kids about Money
The podcast episode explores the importance of teaching kids about money. Money is seen as a tool, not good or bad. Kids are taught the value of money through experiences and practical skills, rather than just theoretical knowledge. The hosts discuss the effectiveness of teaching money skills through programs like Apex Leadership Co. and My First Sale, which provide real-life experiences for kids to learn about money management, entrepreneurship, and financial literacy.
The Power of Delayed Gratification
Delayed gratification is emphasized as a crucial skill for kids to learn. Parents are encouraged to create opportunities for their children to experience healthy struggle and overcome challenges. This helps kids develop confidence, resilience, and practical skills for the future. GravyStack, a banking platform for kids, is highlighted as a tool to teach financial responsibility and delayed gratification.
Challenges in Teaching Kids about Money
The podcast delves into the challenges kids face when it comes to money. The lack of financial education in schools and society is discussed, and the negative perceptions and misunderstandings surrounding money are examined. The importance of teaching kids about the good and bad sides of money, the dangers of debt, and the value of delayed gratification are highlighted.
GravyStack: Banking for Kids
GravyStack is introduced as a comprehensive banking platform designed to teach kids about money. The platform offers a range of features including virtual jars, debit cards, and the ability to earn, save, spend, share, and invest money. The goal is to provide kids with practical financial education and real-life experiences to develop money management skills and financial independence.
Importance of Teaching Financial Literacy to Families
Teaching financial literacy to families is crucial for their well-being. The podcast episode highlights the significance of providing children with a financial education, emphasizing that parents should pay their kids a monthly allowance. By doing so, kids gain an understanding of money management and develop a sense of responsibility. This approach not only helps children cover their own expenses but also relieves financial burden from parents. Moreover, it fosters a sense of teamwork and strengthens family dynamics as children actively contribute to household responsibilities in new and creative ways.
Challenges and Rewards of Parenthood
The podcast episode explores the challenges and rewards of parenthood. While raising children can be demanding and expensive, it is also incredibly fulfilling. The speaker emphasizes that the difficult aspects of parenting, like sleepless nights and sacrificing personal freedom, contribute to personal growth and character development. The episode encourages parents to embrace the challenges and find joy in the journey of parenthood. It also highlights the importance of actively participating in a child's upbringing, rather than outsourcing it to others or relying solely on school education.
Influencing Children's Faith and Relationships
The podcast episode delves into the role of parents in shaping their children's faith and relationships. It emphasizes the necessity of being authentic in one's faith and actively incorporating it into family life. The episode encourages parents to pray with their children and involve them in discussions about faith, explaining its significance and relevance. It also highlights the importance of surrounding children with trusted advisors or mentors who share and reinforce the family's values. By nurturing their children's unique abilities and imparting wisdom through open and honest conversations, parents can help their children develop a strong foundation in their faith and relationships.
Scott Donnell is a financial literacy expert and serial entrepreneur who has helped more than 6 million families learn how to earn, spend, save and invest.
In this episode, Scott shares the exact steps you can take to instill healthy, wealthy money habits in your kids and family.
He also talks about: - Why Gen Z is pessimistic about their economic future and skeptical about investing - The dangers of “first-generation wealth” - How he gets his kids to clean up after themselves and help out around the house - The “quarter system” he uses to reward and discipline his kids without anyone losing their cool - Leaving your kids “heritage, not inheritance” - His thoughts on Dave Ramsey and Grant Cardone - How he founded, bootstrapped and sold a fast-growing school fundraising company - What kids learn by participating in business fares - How the GravyStack system replaces chores with paid “gigs” and puts them in charge of expenses - His religious faith and how it’s intertwined with family - A hack for keeping rebellious teenagers out of trouble
