How to Prepare Your Kids for Wealth & Financial Literacy With Scott Donnell
Podcast: The Wellness Mama PodcastPublished On: Mon Sep 25 2023
Description: Episode Highlights With ScottHow he came face to face with a bear and a shark and survivedUnderstanding financial literacy and teaching this to our kids at a young agePassing on a generational legacy to kidsSteps for building financial literacy with kids and preparing them for wealth at a young ageThe three “E”s of wealth with kidsHow to use the Gravy Stack app for teaching kids wealthExpectations, Expenses, and Extra Pay as Teachers of finances with KidsThe things that differentiate families that create generational wealthMindset keys to raising value creators Common pitfalls in parenting and how to avoid themAre 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 instead4 stages of earning for kids: Earning, asset appreciation, community gigs, service or product businessThen save, invest, share, and spendHis thoughts on college and higher education and why skills beat degrees56% of college students get debt but not the degreeLess than 1 in 4 22-year-olds are financially independent Resources We MentionGravyStackSmart Money Parenting PodcastValue Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee BensonThe Road Less Stupid by Keith J. CunninghamTiny Habits by BJ Fogg PhD
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