Smart Money Parenting The 7 Money Mindsets Keeping Your Kids Poor
Apr 11, 2023
26:45
Did you know your money mindset can determine your financial destiny? In today's episode, hosts Chad Willardson and Scott Donnell break down the seven mindsets keeping you and your kids poor. They explain how these mindsets influence your money decisions, how to stop being anxious about money, and the changes you can make to secure your financial future.
- Scott and Chad start the conversation by revealing that the money mindsets you raise your kids with will stay with them forever.
- Scott and Chad explore why 90% of multi-generational wealth gets spent or wasted in one to two generations.
- Mindset #1 - Paying yourself last. It's crazy how much people spend on bills and expensive subscriptions without investing a single cent in their future.
- For Scott, paying yourself first keeps you motivated and gives you money confidence.
- Mindset #2 - Keeping up with friends that have expensive tastes.
- Chad shares why keeping up with the Joneses is terrible for your financial health - you don't know what they did to get there.
- Scott reveals the benefits of living off the interest of your investments.
- Scott is not a fan of the "fake-it-til-you-make-it mindset." He believes you'd much rather make smart money decisions until you make it.
- Mindset #3 - Not knowing where your money goes.
- Chad reveals that 92% of Americans don't look at their monthly statements - knowing your numbers is a crucial step toward financial independence.
- Mindset #4 - Debt and buying beyond what you can afford.
- Scott shares why he thinks living in debt is not a great way to live - and if you're in debt, you need to find a way out.
- According to Chad, the only type of debt you should have is appreciating debt or borrowing money to invest in something.
- Mindset #5 - Not planning for purchases in advance.
- Scott believes this is a common mistake among Americans - one that most cannot recover from.
- Mindset #6 - Not investing until you have enough money.
- Chad and Scott agree that people should stop assuming they'll invest when they get enough because they'll never have enough. The earlier you start, the better.
- Mindset #7 - Being clueless about taxes.
- For Scott, if you don't know your taxes, you'll forever have a poor mindset about money, which you'll likely pass on to your kids.
- Chad reveals where refunds come from and why you should not be excited when the IRS sends you a tax refund.
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