Smart Money Parenting

Scott and Chad sit down and discuss the intricacies of parenting with Dan Sullivan, a renowned coach and mentor to thousands of people around the world. Dan talks about the history of parenting and why we are in the middle of a tremendous cultural shift and why Gravystack will change the world. Dan’s role model for his later years has been his father, who had his best business year at the age of 82. Dan felt that the day his father retired was the day he no longer knew who he was. There is a crisis in parenting and the younger generation at the moment. Up until recently, we’ve been living in a world shaped by the Bretton Woods Agreement after World War 2. The resulting political climate made sense as long as the Soviet Union existed, but after the collapse in 1991, everything has changed, and that has created an artificial world where we’ve been raising kids. In the 40’s and 50’s, children were an asset. The financial security of the family relied on children being able to accomplish tasks, but the relationship of children to parents began to change after that time. Children became more of an expense than an asset. In the past, it was more common for children to know what things cost and the finances of the family. The more accurate and fully you inform your children, the less chance you have of a misunderstanding. The current condition of parenting and children can be traced back all the way to the 60’s. Covid has had two benefits; children found out what their parents did for a living, and parents learned what their children are being taught in school. Education should be based on its practical ability to create value in the world. Finances are a major hole in the education of children in general. Children can’t educate themselves, despite what one side of the political divide says at the moment. Parents need to provide them the tools to succeed in the world. The average Strategic Coach client has 3.5 kids. Dan likes to say it’s because clients often end up with both a lot of time and money, which are great conditions for a larger-than-average family. We are on the threshold of a cultural shift in regards to economics and finance. Savings always beats debt.     Mentioned in This Episode: gravystack.com/smart smartmoneyparenting.com 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

Children need to experience healthy struggles to realize their full potential. Scott and Chad discuss how to create smart, successful, confident children by allowing them the space to overcome challenges in their own lives. The impulse to give your children all the things you never had as a kid comes from a good place, but it can prevent them from growing in the ways they need to. As parents, it’s easy for us to intervene and tell our kids what to do, but that hinders a child’s ability to make hard decisions for themselves. Your goal as a parent is to let your kids go through life experiences themselves, but to coach them along the way. We want to let our kids do dangerous things safely so they can build their competence and confidence. One way to gauge this is whether your children are willing to try new things. Are they nervous and hesitant about trying new activities? Helping a kid overcome a problem gives them confidence for life. Most kids struggle and want to give up as a default. Instead of telling them to suck it up and keep pushing, show them the value of overcoming challenges by embodying that value yourself. It takes discipline as a parent to allow your children to struggle. Ask questions instead of just solving their problems for them. Teach them to think through their challenges and work through things on their own. Watching your child figure out problems and gain confidence in themselves is fantastic. Solving your kid’s problems for them just creates a dependency. If your child needs to raise money for an activity, challenge them to reach out beyond family and friends. Overcoming challenges consistently will build children up into capable, confident, and effective adults. Chad tells a story of his seven-year-old son learning how to surf and being challenged enough to want to quit. You can’t expect your kids to get everything they need to be successful in public school.     Mentioned in This Episode: gravystack.com/smart smartmoneyparenting.com 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

Your relationship with your children is going to be the foundation for everything you do. If you try to enforce rules without having a strong relationship first, you end up with rebellion and strife. Listen in to Scott and Chad talk about how to develop trust with your children and why being a safe but firm authority figure is the foundation of a healthy relationship. Chad tells the story of how his daughter asked to have a cell phone in 7th grade and the reasons why he and his wife thought it wasn't the best idea. There is no substitute to spending time with your kids. If you find your children rebelling against your rules, you need to start by investing more time with them. The more you connect and show them that they are your priority, the more trust and depth of a relationship you will have. Don’t ask them about their day when you are staring at your phone. Give them your full undistracted attention and show them that you care. If you have more than one child, spend time with each of them one-on-one. You need to have a relationship built on trust in order to have difficult conversations or lay down rules. Every kid will push boundaries eventually. When that happens the goal is to be a safe wall and avoid blowing your top. Be the safe wall that your kids can bounce off of safely. Your kids will understand the rules and the boundaries better when they know they are part of a family unit. What your family stands for flows into your children’s relationship with the rules. Both Scott and Chad have family mottos that encourage everyone in their family to overcome challenges and hardships. This value structure leads to kids that feel confident and resilient, and encouraged to be their best selves. We want kids to be strong-willed, independent, and willing to stand up for what’s right, but that can only be established and enforced within a family where the relationships are built on love and trust. Chick-fil-A’s corporate culture is a good example of how results come from the quality of your relationships. They use the SERVE core values in the business. See and shape the future, Engage and develop others, Reinvent continuously, Value results and relationships, Embody the values You can hold people accountable and build great relationships at the same time. The best leaders have great relationships with their people.     Mentioned in This Episode: gravystack.com/smart smartmoneyparenting.com 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

How do we raise children that have more than we did, but don’t become spoiled rotten along the way? In this episode, Scott and Chad discuss their philosophies on raising children, and also making sure children stay grounded, smart, and grateful for what they have, with a foundation of personal finance before they graduate high school. The overlap of Scott’s and Chad’s books create the foundation for Gravystack. The audience of the podcast is made up of parents from across the financial spectrum, and they all want the same for their children. They care about their children’s success and financial wellbeing. If kids can learn how to create value, they are going to grow up with a mindset of abundance and empowerment that will help them their whole lives. There are so many competing identities vying for our kid’s attention. All education should be based on the value that it creates in the world. There are three types of value: material, emotional, and spiritual. Every kid can create a lens to view the world on how to create those kinds of values from every situation. The confidence you get from a value creation mindset is unlike any other. This is what entrepreneurs do, and if kids can adopt this mindset, it can change the world. Not wanting your kids to struggle comes from a point of love, but not having to overcome struggles is what turns kids into spoiled, entitled adults. You have to put in the work to earn the trophy for your accomplishments. Parents have a tendency to shelter their kids, but children need to struggle through certain things in order to learn their own value. Healthy struggles create capability in kids. Capabilities create confidence. Confidence and capability together creates value in the world. Going through tough things is the antidote to entitlement, victimhood, and laziness. There is so much pressure on the younger generations right now. The value creation cycle allows them to take off that pressure and find ways to create value in the world and feel good about the efforts they put in. The frameworks in the book remove the bribery and coercion that most parents have to resort to in order to get their kids to take action. If, as a parent, you always intervene in your kid’s life, you prevent them from ever developing the capabilities they need to succeed.     Mentioned in This Episode: gravystack.com/smart smartmoneyparenting.com 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

Should you split finances in marriage? In today's episode, hosts Chad Willardson and Scott Donnell discuss the benefits of being honest and transparent about finances in a marriage. They go through practical ways to talk about money with your spouse and how financial dishonesty destroys intimacy. Scott starts the conversation by explaining how raising smart money children requires input from both parents. How transparent should you be about money with your partner? Chad and Scott believe the more open you are, the more stable your relationship will be. According to Chad, people often marry polar opposites when it comes to finances - there is always a spender and a saver. Although there is no one-size-fits-all answer to finances, Chad and Scott agree that if you plan to stay married, you must be honest about your finances. If you want alignment in your marriage, you have to work together as a team. Scott describes how transparency builds confidence and intimacy in a marriage. For Chad, there is no point in hiding your finances because you'll have to face the truth at some point. Scott reveals the role finances play in building physical and emotional intimacy. Chad and Scott agree that secrets, especially financial secrets, ruin beautiful relationships. Chad shares why it's impossible to agree on finances 100% of the time. Scott and Chad break down financial infidelity - Do your marriage a favor and stop keeping money secrets from your spouse. Chad highlights the benefits of sharing your financial goals with your partner. According to Scott, great things happen when a couple becomes financially aligned. For Chad, the non-financially inclined spouse will appreciate you more when you're open and transparent about your finances.      Mentioned in This Episode: gravystack.com/smart smartmoneyparenting.com 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

What is the best way to pass on inheritance to your loved ones or the community? In today's episode, hosts Chad Willardson and Scott Donnell discuss the 7 ways giving while living can add fulfillment and joy to your life. Scott and Chad start the conversation by explaining why giving while living is better than an inheritance after you die. For Chad, giving while living is about sharing your wealth and knowledge while you're alive so you can see the impact your money has on people. Scott believes dying with lots of money in the bank doesn't help you achieve anything. Scott explains the benefits of sharing your wealth while you're alive - you don't want your heirs to wait impatiently for you to die. Chad shares a heartbreaking story of how a mother and son moved in for their loved one's money barely 12 hours after his death. According to Scott, the satisfaction you get from giving while living can extend your life expectancy and deepen your relationships with loved ones. Chad reveals why giving is not about giving your heirs what they want all the time - you risk spoiling them if you do. Chad explains why giving while living is more powerful than inheritance without education. Scott and Chad reveal the amount of money you would need to guarantee a stress-free retirement. Scott shares the most important money habit to teach your kids. Give authentically because your kids can tell when you're inauthentic. Scott talks about his grandfather's legacy and how he used his wealth to build a tight-knit family.     Mentioned in This Episode: gravystack.com/smart smartmoneyparenting.com 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

How do you keep your kids safe online? In today's episode, hosts Chad Willardson and Scott Donnell go through practical ways parents can keep their kids safe online. They discuss the types of risks your child is exposed to, ways to identify potential online threats, and why you need to make it clear that they can talk to you about anything. Scott and Chad start the conversation by revealing many parents don't know where to start when it comes to keeping their kids safe online. According to Scott, all our kids are compromised as long as they own electronics. Chad shares a terrifying story of a malicious stranger targeting his teenage son. Scott and Chad agree that kids these days are way smarter than their parents when it comes to tech. Scott shares a shocking statistic - over 60% of 5-year-olds have made an in-app purchase using their parent's phone without them realizing it. Yes, kids are tech-savvy, but Scott believes they don't have enough experience to know when they are at risk. Chad and Scott break down a game in GravyStack that parents can use to teach their kids about online safety. For Chad, the best time to start teaching your kids about online safety is three years earlier than you think you should. Scott and Chad discuss building trust with your kids so they come to you when they feel compromised. Chad highlights the benefits of having rules around using technology in the house - and why he believes monitoring your kids is not an intrusion on their privacy.      Mentioned in This Episode: gravystack.com/smart smartmoneyparenting.com 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

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: gravystack.com/smart smartmoneyparenting.com 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

How would you react if your newly launched podcast hit the number one spot a few hours after launch? In today's episode, hosts Chad Willardson and Scott Donnell say thank you for supporting and believing in their mission to create 50 million financially competent kids ready to succeed in the real world. Mentioned in This Episode: gravystack.com/smart smartmoneyparenting.com 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

How do you build a strong relationship with your kids? In today's episode, hosts Chad Willardson and Scott Donnell go through ways parents can build deep relationships with their kids. They discuss the foundation of a strong parent-child relationship, signs your parenting style is super effective, and advice for parents with teens. Scott starts the conversation by revealing how they come up with podcast topics. According to Scott, teenagers generally don't want to rebel. They are just trying to find their place in the world. Scott and Chad emphasize that you want to be the one your children call when things are both good and bad. Scott explains why years 0 to 12 will shape the kind of relationship you'll have with your kids. Scott is convinced there is no substitute for spending time with your kids. Chad shares the benefits of intentionally spending time with your kids. Scott reveals that 93% of all the time you'll spend with your kids will be from years 0 to 18½. Nobody on their deathbed wishes they could have worked more. Chad talks about regrets and making time for your spouse and kids. For Scott, the people who matter don't mind - and those who mind don't matter. Scott and Chad break down common parenting styles and why just being present is the best one of them all. Scott reveals the secret to GravyStack's success and how they turn parents into heroes. According to Chad, parenting is not about being the best 100% of the time - you're human and bound to mess up at some point. Scott explains why he believes, as a parent, you'll know you're doing a good job when your kids come to you when they're unsure about something. Chad shares how a father-son relationship saved his life even before he was born.     Mentioned in This Episode: gravystack.com/smart smartmoneyparenting.com 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