Today’s topic is a little different than my usual, but I think it’s a really important one. We’re talking about financial wellness today and especially how to help set our kids up with the financial skills they need to succeed. This is an important topic for families especially since stress around money can cause relationship stress and other stress in the home.
And I’m here today with Scott Donnell, the best-selling author of Value Creation Kid: The Healthy Struggles Your Children Need to Succeed. He’s also the host of the Smart Money parenting podcast, creator of the GravyStack app for kids, and all-around expert in helping parents teach kids financial literacy.
Scott goes into how to create generational wealth, the mindset keys to handling money, and why we might be passing down money trauma to our kids without realizing it. It’s not about earning tons of money as a parent to gift to your kids, but how to teach them the skills they need to earn and handle their own finances. As Scott puts it our “kids need heritage, not inheritance.”
My kids have been using and really liking the GravyStack app and I love it too. It plays like a game but it teaches kids valuable financial skills and helps simplify family financial culture. I was already doing a version of this on my own, but the app makes it so much easier!
This is a very far-ranging episode on financial literacy and wellness that I’m excited to share with you!
Episode Highlights With Scott
- How he came face to face with a bear and a shark and survived
- Understanding financial literacy and teaching this to our kids at a young age
- Passing on a generational legacy to kids
- Steps for building financial literacy with kids and preparing them for wealth at a young age
- The three “E”s of wealth with kids
- How to use the Gravy Stack app for teaching kids wealth
- Expectations, Expenses, and Extra Pay as Teachers of finances with Kids
- The things that differentiate families that create generational wealth
- Mindset keys to raising value creators
- Common pitfalls in parenting and how to avoid them
- Are you passing on money trauma to your kids without knowing it?
- The number one thing he learned from legacy families: kids need heritage not inheritance
- Why he doesn’t recommend an allowance and what to do instead
- 4 stages of earning for kids: Earning, asset appreciation, community gigs, service or product business
- Then save, invest, share, and spend
- His thoughts on college and higher education and why skills beat degrees
- 56% of college students get debt but not the degree
- Less than 1 in 4 22-year-olds are financially independent
Resources We Mention
- Smart Money Parenting Podcast
- Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
- The Road Less Stupid by Keith J. Cunningham
- Tiny Habits by BJ Fogg PhD
More From Wellness Mama
- 428: Michael Stevens on Designing Long-Term Financial Wellness for Your Family
- 407: Working Toward Financial Independence and Time Freedom With Joe DiSanto
- 413: How to Use Notion for Organization and Productivity With Sandra Halling
- 568: Ali Katz on Family Financial Planning + Freedom and Building Generational Wealth
- 483: Mark Wolynn on Why It Didn’t Start With You, Inherited Trauma & How We Heal
- Why We Are Creating a Business Incubator for Our Kids (And How)